2500 S 370th St #117 · Lakeland South, WA 98003

$79,500

2 bd · 2.0 ba · 2,304 sqft · Manufactured · 215 Days on market

Built 1978 Good condition $35/sqft · 35% below area Est $123k · 35% under ↓ 30% since listing

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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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Schools +3.9/10.0
• Condition / age +3.8/5.0
• Rent growth +3.1/5.0
• Appreciation +0.0/10.0

Listing remarks

Extremely SPACIOUS 2304 square foot open floor plan in the wonderful 55+ Kloshe Illahee community! This TRIPLE WIDE has BEAUTIFUL VIEWS of the park. Massive primary suite has bathroom w/ soaking tub, double vanity, huge WIC & another ROOM, could be office or sitting room. Guest room is nicely sized w/ WIC & attached full bath. Great for entertaining w/ large kitchen, 2 separate living rooms, a dining room & BAR. NEW ROOF, newer water heater, crawl space w/ new insulation, new laminate floors & carpet. AC & Wood stove to keep you comfy. Relax & enjoy the big enclosed patio. Large shed for storage & carport. Clubhouse offers an exercise room, pool, ho

Key facts

• Double vanity
• Open floor plan
• Soaking tub

Tags

• OPEN FLOOR PLAN
• PRIMARY SUITE
• SOAKING TUB
• DOUBLE VANITY
• WALK-IN CLOSET
• LARGE KITCHEN

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $1k ($17k/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: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 27.5% vs local median 2.9% in Lakeland South — 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 79/100 on livability (#113 in WA, #2,299 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: amenities F, cost of living F.
• Federal Way School District (suburban): math 35% / reading 47% proficiency, ranked #207 of 291 in WA (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.3%/yr); 233 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• This rent runs 39% of the median local income ($75k/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 + 2.3% 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 215 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $30k (28%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $69,960 (12.0% below list)

Questions for the listing agent

1. It's been on market 215 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 1978 — 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: 3.11% ✓
• Cap rate: 27.47%
• Cash-on-cash: 75.65%
• DSCR: 4.37
• GRM: 2.7

CMA / ARV

• ARV (median comp): $122,968
• List price: $79,500
• Delta: -35.35%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2500 S 370th St #94	0.08mi	2/2.0	2,304 (0%)	16mo	$120,000	$52	83
2500 S 370th St #126	0.08mi	3/2.0 (+1)	1,960 (-15%)	7mo	$110,000	$56	61
2500 Alder St #39	0.67mi	2/2.0	2,312 (+0%)	9mo	$112,000	$48	60
2500 Alder St #208	0.71mi	2/2.0	2,040 (-12%)	19mo	$107,500	$53	32

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 · 2.33% rent growth · sell at horizon

5-year hold

• IRR: 74.8%
• Equity multiple: 4.36×
• Total profit: $74,873
• Equity at exit: $11,854

10-year hold

• IRR: 78.4%
• Equity multiple: 8.80×
• Total profit: $173,732
• 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 98003

• Rents YoY: 2.3%
• Active inventory: 233
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $2,472 medium
• Mortgage (P&I): −$417
• Tax est. 1.5%: −$99 /mo · $1,192/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$519
• Net cashflow: $1,403

Break-even live

Break-even rent $695

Max offer price $79,500

Occupancy floor 38%

Sensitivity live

Price	-10% $1,458	-5% $1,431	+0% $1,403	+5% $1,376	+10% $1,348
Rent	-10% $1,208	-5% $1,306	+0% $1,403	+5% $1,501	+10% $1,599
Rate	-1.0pp $1,443	-0.5pp $1,423	base $1,403	+0.5pp $1,383	+1.0pp $1,362

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 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2816 Laurel Loop Milton, WA	3.0	2.5	2272	$3,595	$1.58	17d	1	1.49mi

Listing history 28 events

1. 2026-06-21
   days on market $79,500 Active 215 DOM
2. 2026-06-18
   days on market $79,500 Active 212 DOM
3. 2026-06-17
   days on market $79,500 Active 211 DOM
4. 2026-06-16
   days on market $79,500 Active 210 DOM
5. 2026-06-15
   days on market $79,500 Active 209 DOM
6. 2026-06-13
   pricedays on market $79,500 Active 207 DOM
7. 2026-06-09
   days on market $89,500 Active 203 DOM
8. 2026-06-08
   days on market $89,500 Active 202 DOM
9. 2026-06-07
   days on market $89,500 Active 201 DOM
10. 2026-06-04
    days on market $89,500 Active 198 DOM
11. 2026-06-03
    days on market $89,500 Active 197 DOM
12. 2026-06-02
    days on market $89,500 Active 196 DOM
13. 2026-06-01
    days on market $89,500 Active 195 DOM
14. 2026-05-31
    days on market $89,500 Active 194 DOM
15. 2026-05-08
    price $91,500
16. 2026-05-08
    price $91,500
17. 2026-04-30
    price $93,500
18. 2026-04-30
    price $93,500
19. 2026-03-17
    price $95,000
20. 2026-03-17
    price $95,000
21. 2026-02-25
    price $99,950
22. 2026-02-25
    price $99,950
23. 2026-01-13
    price $110,000
24. 2026-01-02
    price $125,000
25. 2025-11-21
    status Active
26. 2025-11-01
    status Pending
27. 2025-10-30
    listed $130,000 Active
28. 2025-10-30
    listed $110,000 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 3/10 Moderate 7 d/yr ≥88°F today · 15 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: $29,661
• − Mortgage interest: −$4,453
• − Property taxes: −$1,192
• − Insurance: −$398
• − Repairs & maintenance: −$2,373
• − Management: −$2,373
• − Depreciation: −$2,313
• Taxable income: $16,559
• Est. tax owed @ 24.0%: −$3,974
• After-tax cash flow: $12,865/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 · 5 photos

Good 75/100 Cosmetic rehab

This triple-wide manufactured home in the Kloshe Illahee community is in good condition with a good condition score of 75. It has a good roof, exterior, and interior, and is well-maintained with a good landscaping and curb appeal. The home is ready for a new owner and would benefit from a fresh coat of paint and some trimming of the bushes to enhance its curb appeal and resale value.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Trim bushes — Improves landscaping and enhances curb appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Trim bushes — Improves landscaping and enhances curb appeal ↑

ⓘ 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: Federal Way School District
• NCES district ID: 5302820
• Math proficiency: 35% ▬ 0.00%
• Reading proficiency: 47% ▬ 0.00%
• Median HH income: $61,594
• Composite: 38.79/100
• National rank: #8361
• State rank: #207 of 291 in WA

Livability — Lakeland South

• Score: 79/100
• State rank: #113
• US rank: #2299

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lakeland South, WA
• County: King County · 2,251,916 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 51,619
• Household income: $75,319
• Rent vs Own: 53.1% rent · 46.9% own
• Severe rent burden: 2895.0

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 0.79)
• Race & ethnicity: White 32% Hispanic / Latino 23% Black 19% Two or more races 16% Asian 13% Pacific Islander 2%
• Hispanic origin (detail): Mexican 18%
• Common ancestry: Portuguese 3% Lithuanian 2% Swedish 2%
• Foreign-born: 32% · Canada, South Korea, Vietnam
• Languages at home: 57% English-only · Spanish 18% Other Indo-European 3% Russian/Polish/Slavic 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: ▼ -623.87%
• Current HPI: 327.5371
• Rent YoY: ▲ 2.33%
• 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

-29.6% since first listed

14 events — show timeline

• 2026-05-08 Price Changed $91,500 NWMLS as Distributed by MLS Grid
• 2026-05-08 Price Changed $91,500 NWMLS as Distributed by MLS Grid
• 2026-04-30 Price Changed $93,500 NWMLS as Distributed by MLS Grid
• 2026-04-30 Price Changed $93,500 NWMLS as Distributed by MLS Grid
• 2026-03-17 Price Changed $95,000 NWMLS as Distributed by MLS Grid
• 2026-03-17 Price Changed $95,000 NWMLS as Distributed by MLS Grid
• 2026-02-25 Price Changed $99,950 NWMLS as Distributed by MLS Grid
• 2026-02-25 Price Changed $99,950 NWMLS as Distributed by MLS Grid
• 2026-01-13 Price Changed $110,000 NWMLS as Distributed by MLS Grid
• 2026-01-02 Price Changed $125,000 NWMLS as Distributed by MLS Grid
• 2025-11-21 Relisted — NWMLS as Distributed by MLS Grid
• 2025-11-01 Pending — NWMLS as Distributed by MLS Grid
• 2025-10-30 Listed $110,000 NWMLS as Distributed by MLS Grid
• 2025-10-30 Listed $130,000 NWMLS as Distributed by MLS Grid