23800 SE Tiger Mountain Rd #39 · Mirrormont, WA 98027

$39,500

1 bd · 1.0 ba · 500 sqft · Manufactured · 335 Days on market

Built 1967 Good condition $79/sqft · 39% below area Est $65k · 39% under ↓ 28% since listing

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Why this score? — see what drove the C 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 +15.0/30.0
• ARV discount +15.0/15.0
• Schools +7.3/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Condition / age +3.8/5.0
• Livability +3.2/5.0
• Rent growth +2.9/5.0
• Appreciation +0.0/10.0

Listing remarks

Peaceful AND affordable living awaits in this updated 1-bedroom 1 bath home in Issaquah’s desirable 55+ Tiger Mountain community. Surrounded by evergreens and just minutes from downtown Issaquah, this move-in ready retreat offers a newer ductless mini-split heat pump providing heat and A/C, updated electrical panel, and newer water heater. Enjoy an open floor plan, bright interior, and private patio with forest views. Perfect for downsizing, retirement, or low-maintenance living close to parks, hiking trails, shopping, dining, and healthcare—an ideal senior living situation offering comfort, convenience, and nature at your doorstep all while being one of the most reasonably pric

Key facts

• Hot water heater
• Ductless heat pump
• Quiet forest feel

Tags

• UPDATED HOME
• DUCTLESS HEAT PUMP
• MODERNIZED ELECTRICAL PANEL
• HOT WATER HEATER
• QUIET FOREST FEEL
• CONVENIENT LOCATION

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $40k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• Cap rate 41.6% vs local median 1.4% in Mirrormont — 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 65/100 on livability (#335 in WA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A; Watch: amenities F, commute F, cost of living F.
• Issaquah School District (suburban): math 77% / reading 81% proficiency, ranked #4 of 291 in WA (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+1.4%/yr); 227 active listings in the ZIP; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• This rent is only 14% of the median local income ($153k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $273 of loan paydown is wiped out by about $1k 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 + 1.4% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 335 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $33k (46%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $34,760 (12.0% below list)

Questions for the listing agent

1. It's been on market 335 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 4.59% ✓
• Cap rate: 41.56%
• Cash-on-cash: 125.95%
• DSCR: 6.60
• GRM: 1.8

CMA / ARV

• ARV (median comp): $65,265
• List price: $39,500
• Delta: -39.48%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.4% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.85×
• Total profit: $64,688
• Equity at exit: $5,890

10-year hold

• IRR: —
• Equity multiple: 13.68×
• Total profit: $140,217
• Equity at exit: $3,415

Cash invested: $11,060 (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 98027

• Rents YoY: 1.4%
• Active inventory: 227
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $1,815 medium
• Mortgage (P&I): −$207
• Tax est. 1.5%: −$49 /mo · $592/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$381
• Net cashflow: $1,161

Break-even live

Break-even rent $346

Max offer price $39,500

Occupancy floor 31%

Sensitivity live

Price	-10% $1,188	-5% $1,175	+0% $1,161	+5% $1,147	+10% $1,134
Rent	-10% $1,017	-5% $1,089	+0% $1,161	+5% $1,233	+10% $1,304
Rate	-1.0pp $1,181	-0.5pp $1,171	base $1,161	+0.5pp $1,151	+1.0pp $1,140

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: $9,875
• Closing costs: $1,185
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $39,500 Active 335 DOM
2. 2026-06-17
   days on market $39,500 Active 334 DOM
3. 2026-06-16
   days on market $39,500 Active 333 DOM
4. 2026-06-15
   days on market $39,500 Active 332 DOM
5. 2026-06-13
   days on market $39,500 Active 330 DOM
6. 2026-06-13
   days on market $39,500 Active 329 DOM
7. 2026-06-09
   days on market $39,500 Active 326 DOM
8. 2026-06-08
   days on market $39,500 Active 325 DOM
9. 2026-06-07
   days on market $39,500 Active 324 DOM
10. 2026-06-04
    days on market $39,500 Active 321 DOM
11. 2026-06-03
    days on market $39,500 Active 320 DOM
12. 2026-06-02
    pricedays on market $39,500 Active 319 DOM
13. 2026-06-01
    days on market $46,500 Active 318 DOM
14. 2026-05-31
    days on market $46,500 Active 317 DOM
15. 2026-05-01
    price $46,500
16. 2026-03-27
    price $54,000
17. 2026-01-09
    price $59,995
18. 2025-10-24
    price $65,000
19. 2025-07-31
    price $69,000
20. 2025-07-18
    listed $72,500 Active
21. 2023-07-07
    soldstatus $62,500 Closed
22. 2023-05-26
    status Pending
23. 2023-05-04
    listed $65,000 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 8 d/yr ≥86°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,780
• − Mortgage interest: −$2,213
• − Property taxes: −$592
• − Insurance: −$198
• − Repairs & maintenance: −$1,742
• − Management: −$1,742
• − Depreciation: −$1,149
• Taxable income: $14,144
• Est. tax owed @ 24.0%: −$3,394
• After-tax cash flow: $10,536/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 · 11 photos

Good 75/100 Cosmetic rehab

This updated 1-bedroom 1-bath mobile home in a serene community is move-in ready with a good condition score and minimal maintenance required.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace window screens — Improves energy efficiency and aesthetics

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace window screens — Improves energy efficiency and aesthetics ↑

ⓘ 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: Issaquah School District
• NCES district ID: 5303750
• Math proficiency: 77% ▼ -1.00%
• Reading proficiency: 81% ▲ 1.00%
• Median HH income: $109,747
• Composite: 73.35/100
• National rank: #339
• State rank: #4 of 291 in WA

Livability — Mirrormont

• Score: 65/100
• State rank: #335
• US rank: #12784

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mirrormont, WA
• County: King County · 2,251,916 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 28,955
• Household income: $153,301
• Rent vs Own: 32.4% rent · 67.6% own
• Severe rent burden: 737.0

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: Predominantly White (69%)
• Race & ethnicity: White 69% Asian 16% Two or more races 9% Hispanic / Latino 7% Black 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 5% Portuguese 5% Slovak 3%
• Foreign-born: 18% · China, Canada, South Korea
• Languages at home: 81% English-only · Chinese 5% Spanish 4% Other Indo-European 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: ▼ -862.37%
• Current HPI: 370.0484
• Rent YoY: ▲ 1.40%
• 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

-28.5% since first listed

9 events — show timeline

• 2026-05-01 Price Changed $46,500 NWMLS as Distributed by MLS Grid
• 2026-03-27 Price Changed $54,000 NWMLS as Distributed by MLS Grid
• 2026-01-09 Price Changed $59,995 NWMLS as Distributed by MLS Grid
• 2025-10-24 Price Changed $65,000 NWMLS as Distributed by MLS Grid
• 2025-07-31 Price Changed $69,000 NWMLS as Distributed by MLS Grid
• 2025-07-18 Listed $72,500 NWMLS as Distributed by MLS Grid
• 2023-07-07 Sold (MLS) $62,500 NWMLS as Distributed by MLS Grid
• 2023-05-26 Pending — NWMLS as Distributed by MLS Grid
• 2023-05-04 Listed $65,000 NWMLS as Distributed by MLS Grid