2302 R St SE #115 · Auburn, WA 98002

$79,500

2 bd · 2.0 ba · 1,440 sqft · Manufactured · 45 Days on market

Built 1969 Fair condition 1,440 sqft lot Est $92k · 14% under

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Why this score? — see what drove the B+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• ARV discount +13.7/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Gated Leisure Manor 55+ community, extremely well cared for 2bd/2 ba home w/ 1,440sqft. Carport parking on both sides of the home, covered front porch welcomes you to the large family room w/ lots of natural light. Wraps to the dining room w/ built-in hutch & ceiling fan. Kitchen includes all newer appliances. Spacious family room w/ slider to back patio, closet doors to utility closet & entrance to 3/4 bath connected to 2nd bedroom. Continue down hallway to a very large linen closet and oversized primary w/ a walk-in-closet, double vanity and updated 3/4 bath. All electrical updated and whole home generator! Most all windows updated to vinyl windows. Storage shed at back of car

Key facts

• Covered front porch
• Large linen closet
• Newer appliances

Tags

• COVERED FRONT PORCH
• BUILT-IN HUTCH
• NEWER APPLIANCES
• SLIDER TO BACK PATIO
• LARGE LINEN CLOSET
• WALK-IN-CLOSET

Property features AI

Finance

• Other: Manufactured home park approved for sale
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Senior community (senior exemption); Park: Leisure Manor; Park amenities: BBQs, clubhouse, common area, exercise room, pool, recreational area, RV parking, security gate; Pets: see remarks; Land lease payable ($1,025)

Exterior

• Parking: Carport
• Security: Security gate; Security system
• Utilities: Public water; City sewer; Electric and natural gas energy sources; Electric water heater; Power by PSE; Cable: Xfinity; Internet: Xfinity
• Home design: Manufactured home (double wide); One story; North-facing; Good condition; Mobile home remains
• Construction: Metal/vinyl construction; Metal skirting; Tie-down foundation; Make: Gen, Model: 60CTW/24
• Exterior features: Metal/vinyl exterior; Patio/porch/deck; Back of carport storage; Paved lot

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Carpet
• Bathrooms: Two 3/4 bathrooms (two showers)
• Heating & cooling: Forced air heating; Window cooling units
• Interior features: Water heater; Security system; Dining room, entry, family room, living room
• Laundry & utility: Washer; Dryer; Water heater located in laundry

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $80k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $77k (3.0% below list) — sets the bar for market timing.
• Cap rate 22.5% vs local median 2.7% in Auburn — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 81/100 on livability (#75 in WA, #1,371 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Auburn School District (urban): math 47% / reading 56% proficiency, ranked #125 of 291 in WA (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.5%/yr); 171 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• This rent runs 31% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $550 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.5% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($77k) is reasonable based on typical stale-listing flexibility.

Recommended offer $77,115 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.59% ✓
• Cap rate: 22.53%
• Cash-on-cash: 57.98%
• DSCR: 3.58
• GRM: 3.2

CMA / ARV

• ARV (on-the-fly): $92,160
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2302 R St SE #11	0.00mi	2/2.0	1,440 (0%)	17mo	$85,900	$60	86
2302 R St SE #128	0.00mi	2/2.0	1,248 (-13%)	10mo	$80,000	$64	70
2302 R St SE #116	0.08mi	2/2.0	1,344 (-7%)	21mo	$86,000	$64	67
900 29th St SE Unit E-22	0.68mi	3/2.0 (+1)	1,440 (0%)	8mo	$50,000	$35	57
800 29th St SE Unit G16	0.69mi	3/2.0 (+1)	1,440 (0%)	23mo	$78,000	$54	44
3225 M St SE #144	0.62mi	3/2.0 (+1)	1,248 (-13%)	3mo	$155,000	$124	42
3225 M St SE #121	0.71mi	3/2.0 (+1)	1,344 (-7%)	15mo	$149,000	$111	38
3225 M St SE #145	0.71mi	3/2.0 (+1)	1,254 (-13%)	7mo	$105,000	$84	34
3225 M St SE #137	0.71mi	3/2.0 (+1)	1,232 (-14%)	17mo	$72,000	$58	24

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.51% rent growth · sell at horizon

5-year hold

• IRR: 54.8%
• Equity multiple: 3.36×
• Total profit: $52,613
• Equity at exit: $11,854

10-year hold

• IRR: 59.4%
• Equity multiple: 6.48×
• Total profit: $122,048
• Equity at exit: $6,874

Cash invested: $22,260 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

Just-cause statewide (2021); Seattle layers rent control restrictions + relocation assistance; very tenant-friendly.

Methodology + full state rankings →

ZIP-level market 98002

• Rents YoY: 1.5%
• Active inventory: 171
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $2,057 high
• Mortgage (P&I): −$417
• Tax est. 1.5%: −$99 /mo · $1,192/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$432
• Net cashflow: $1,076

Break-even live

Break-even rent $695

Max offer price $79,500

Occupancy floor 43%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $19,875
• Closing costs: $2,385
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1910 N Ct SE Auburn, WA	3.0	2.0	1570	$2,900	$1.85	10d	1	0.34mi
1526 29th St SE Auburn, WA	2.0	1.0	912	$1,595	$1.75	24d	1	0.43mi
2952 O St SE Unit F Auburn, WA	2.0	1.0	1051	$1,495	$1.42	1d	1	0.46mi
2455 F St SE Auburn, WA	1.0–3.0	1.0–2.0	757	$1,678	$2.21	2d	6	0.79mi
404 27th St SE Unit 19-1 Auburn, WA	2.0	1.0	1000	$1,750	$1.75	12d	1	0.87mi
418 17th St SE Unit 6C Auburn, WA	2.0	2.0	1219	$2,200	$1.80	24d	1	0.88mi
1014 37th St SE Apt 4 Auburn, WA	2.0	2.0	1005	$1,780	$1.77	4d	1	0.95mi
3320 Auburn Way S Auburn, WA	2.0	1.5	1033	$2,200	$2.13	1d	1	1.03mi
330 V St SE Unit 1 Auburn, WA	2.0	1.0	950	$2,400	$2.53	21d	1	1.19mi
2220 Noble Ct SE Auburn, WA	2.0	1.5–2.0	1200	$2,100	$1.75	1d	2	1.24mi
225 I St SE Unit 225 Auburn, WA	2.0	1.0	980	$2,100	$2.14	14d	1	1.33mi
107 N St SE Unit A Auburn, WA	2.0	1.0	1080	$1,750	$1.62	21d	1	1.34mi
29 R St NE Unit A Auburn, WA	2.0	1.0	900	$1,695	$1.88	24d	1	1.47mi
4704 Mill Pond Dr SE #213 Auburn, WA	2.0	2.0	1142	$2,750	$2.41	2d	1	1.49mi

Listing history 6 events

1. 2026-06-04
   status $79,500 Pending 45 DOM
2. 2026-06-03
   days on market $79,500 Active 45 DOM
3. 2026-06-02
   days on market $79,500 Active 44 DOM
4. 2026-06-01
   days on market $79,500 Active 43 DOM
5. 2026-05-31
   days on market $79,500 Active 42 DOM
6. 2026-04-19
   listed $79,500 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,683
• − Mortgage interest: −$4,453
• − Property taxes: −$1,192
• − Insurance: −$398
• − Repairs & maintenance: −$1,975
• − Management: −$1,975
• − Depreciation: −$2,313
• Taxable income: $12,378
• Est. tax owed @ 24.0%: −$2,971
• After-tax cash flow: $9,936/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This manufactured home requires moderate repairs and maintenance to improve its condition and value. Upgrading the exterior siding, carpet, and paint would significantly enhance its curb appeal and marketability.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major carpet — Severe wear and tear
• Major paint — Visible wear and tear

Value-add opportunities

• Both new siding — Enhances curb appeal and value
• Both new carpet — Improves comfort and value
• Both paint job — Enhances curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and tear	Major	$15,000–50,000
carpet · Severe wear and tear	Major	$15,000–50,000
paint · Visible wear and tear	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both new siding — Enhances curb appeal and value ↑
• Both new carpet — Improves comfort and value ↑
• Both paint job — Enhances curb appeal and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Auburn School District
• NCES district ID: 5300300
• Math proficiency: 47% ▼ -3.00%
• Reading proficiency: 56% ▼ -1.00%
• Median HH income: $58,048
• Composite: 46.73/100
• National rank: #5240
• State rank: #125 of 291 in WA

Livability — Auburn

• Score: 81/100
• State rank: #75
• US rank: #1371

Category grades

Amenities A+ Commute A+ Cost of living F Crime F Employment A+ Housing A+ Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Auburn, WA
• County: King County · 2,251,916 people
• City population: 74,969
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 37,509
• Household income: $78,684
• Rent vs Own: 51.1% rent · 48.9% own
• Severe rent burden: 2202.0

Population outlook (King County) Hauer SSP2

• Today (2025): 2,576,485 people
• By 2030: 2,803,316 · +8.8%
• By 2040: 3,255,921 · +26.4%
• By 2050: 3,706,444 · +43.9%
• By 2075: 4,746,063 · +84.2%
• By 2100: 5,407,730 · +109.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 46% Hispanic / Latino 24% Two or more races 13% Black 12% Asian 6% Pacific Islander 4% Native American 2%
• Hispanic origin (detail): Mexican 20%
• Common ancestry: Portuguese 4% Subsaharan African 4% Lithuanian 3%
• Foreign-born: 24% · Canada, Vietnam
• Languages at home: 63% English-only · Spanish 19% Russian/Polish/Slavic 6% Other Asian/Pacific 3%

Political lean MEDSL · King

• 2024 margin: Solid D (+51.7) · D 74.2% · R 22.5% · Other 3.4%
• 2008→2024 swing: +9.6pp toward D · 2008: 42.1pp · 2024: 51.7pp
• All cycles: 2024: D+51.7 2020: D+52.7 2016: D+50.4 2012: D+39.9 2008: D+42.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -677.96%
• Current HPI: 298.0849
• Rent YoY: ▲ 1.51%
• Metro: Seattle-Tacoma-Bellevue, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

Industry mix (Fortune 500 HQ in WA)

Industry	F500 HQs	Revenue
▸Retail	2	$269B
▸Technology / Retail	1	$638B
▸Technology	1	$245B
▸Telecommunications	1	$38B
▸Food / Beverage	1	$36B
▸Automotive / Trucks	1	$34B

Price history

1 event — show timeline

• 2026-04-19 Listed $79,500 NWMLS as Distributed by MLS Grid