17410 87th Ave SE #13 · Cathcart, WA 98296

$69,000

2 bd · 2.0 ba · 924 sqft · Manufactured public records · 62 Days on market

Built 1987 $75/sqft · 30% below area Est $99k · 30% under ↓ 7% 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
• Schools +5.9/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover the potential of this 1987 manufactured home in Clearview East Mobile Park. Situated in a quiet, all-ages community with park-managed septic and convenient access to Highway 9, this 2-bedroom, 1.75-bath home offers a solid foundation for customization. Features include vaulted ceilings, ceiling fans, skylight, newer exterior paint, and a roof less than 10 years old. The primary suite includes a three-quarter bath and a walk-in closet. Offered as-is, the home would benefit from interior paint and updated flooring—providing an excellent opportunity to personalize the space. Additional highlights include a two-car carport and a modest backyard with a storage shed. A great chance

Key facts

• Newer exterior paint
• Vaulted ceilings
• Skylight

Tags

• CLEARVIEW EAST MOBILE PARK
• CONVENIENT ACCESS TO HIGHWAY 9
• VAULTED CEILINGS
• SKYLIGHT
• NEWER EXTERIOR PAINT
• ROOF LESS THAN 10 YEARS OLD

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $69k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $69k).
• Recommended offer: $65k (6.0% below list) — sets the bar for market timing.
• Cap rate 34.4% vs local median 2.2% in Cathcart — 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 60/100 on livability (#452 in WA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: schools C-, amenities F, commute F.
• Snohomish School District (suburban): math 58% / reading 69% proficiency, ranked #25 of 291 in WA (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: 222 active listings in the ZIP; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $477 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Snohomish County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($65k) is reasonable based on typical stale-listing flexibility.

Recommended offer $64,859 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 3.75% ✓
• Cap rate: 34.44%
• Cash-on-cash: 100.52%
• DSCR: 5.47
• GRM: 2.2

CMA / ARV

• ARV (median comp): $98,901
• List price: $69,000
• Delta: -30.23%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
17410 87th Ave #1	0.00mi	2/1.0	936 (+1%)	13mo	$75,000	$80	83

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 5.76×
• Total profit: $91,906
• Equity at exit: $10,288

10-year hold

• IRR: —
• Equity multiple: 12.01×
• Total profit: $212,794
• Equity at exit: $5,966

Cash invested: $19,320 (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 98296

• Active inventory: 222
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $2,589 medium
• Mortgage (P&I): −$362
• Tax from tax record: −$36 /mo · $435/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$544
• Net cashflow: $1,618

Break-even live

Break-even rent $540

Max offer price $69,000

Occupancy floor 32%

Sensitivity live

Price	-10% $1,657	-5% $1,638	+0% $1,618	+5% $1,599	+10% $1,579
Rent	-10% $1,414	-5% $1,516	+0% $1,618	+5% $1,721	+10% $1,823
Rate	-1.0pp $1,653	-0.5pp $1,636	base $1,618	+0.5pp $1,601	+1.0pp $1,582

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: $17,250
• Closing costs: $2,070
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $69,000 Active 62 DOM
2. 2026-06-17
   days on market $69,000 Active 61 DOM
3. 2026-06-16
   days on market $69,000 Active 60 DOM
4. 2026-06-15
   days on market $69,000 Active 59 DOM
5. 2026-06-13
   days on market $69,000 Active 57 DOM
6. 2026-06-09
   days on market $69,000 Active 53 DOM
7. 2026-06-08
   days on market $69,000 Active 52 DOM
8. 2026-06-07
   days on market $69,000 Active 51 DOM
9. 2026-06-04
   days on market $69,000 Active 48 DOM
10. 2026-06-03
    days on market $69,000 Active 47 DOM
11. 2026-06-02
    days on market $69,000 Active 46 DOM
12. 2026-06-01
    days on market $69,000 Active 45 DOM
13. 2026-05-31
    days on market $69,000 Active 44 DOM
14. 2026-05-08
    price $79,000
15. 2026-04-17
    listed $85,000 Active

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

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $435 · $36/mo
• Projected year-2 tax: $676 · $56/mo
• Expected delta: +$241/yr (+$20/mo · 55.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $31,067
• − Mortgage interest: −$3,865
• − Property taxes: −$435
• − Insurance: −$345
• − Repairs & maintenance: −$2,485
• − Management: −$2,485
• − Depreciation: −$2,007
• Taxable income: $19,444
• Est. tax owed @ 24.0%: −$4,667
• After-tax cash flow: $14,755/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.

Schools (NCES district)

• District: Snohomish School District
• NCES district ID: 5308020
• Math proficiency: 58% ▬ 0.00%
• Reading proficiency: 69% ▲ 1.00%
• Median HH income: $89,715
• Composite: 59.21/100
• National rank: #1934
• State rank: #25 of 291 in WA

Livability — Cathcart

• Score: 60/100
• State rank: #452
• US rank: #18627

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: Cathcart, WA
• City population: 27,201
• Population (ZIP): 27,201

Population outlook (Snohomish County) Hauer SSP2

• Today (2025): 899,800 people
• By 2030: 960,975 · +6.8%
• By 2040: 1,074,447 · +19.4%
• By 2050: 1,171,954 · +30.2%
• By 2075: 1,384,849 · +53.9%
• By 2100: 1,497,296 · +66.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Two or more races 9% Asian 8% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 6% Lithuanian 3% Italian 3%
• Foreign-born: 13% · Canada, China, Vietnam
• Languages at home: 85% English-only · Other Indo-European 3% Russian/Polish/Slavic 2% Spanish 2%

Political lean MEDSL · Snohomish

• 2024 margin: D (+19.0) · D 57.8% · R 38.9% · Other 3.3%
• 2008→2024 swing: +0.1pp no change · 2008: 18.9pp · 2024: 19.0pp
• All cycles: 2024: D+19.0 2020: D+20.6 2016: D+16.6 2012: D+16.2 2008: D+18.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -915.99%
• Current HPI: 348.9725
• Rent YoY: —
• Metro: —
• 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

-7.1% since first listed

2 events — show timeline

• 2026-05-08 Price Changed $79,000 NWMLS as Distributed by MLS Grid
• 2026-04-17 Listed $85,000 NWMLS as Distributed by MLS Grid

Property tax history

+6.6%/yr

Latest (2026): $435 · +47.1% YoY. Source: county tax records.