24 4th Ave S · Algona, WA 98001

$300,000

3 bd · 2.0 ba · 1,848 sqft · Manufactured · 43 Days on market

Built 1979 6,970 sqft lot Est $320k · 6% under

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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 +24.5/30.0
• ARV discount +10.3/15.0
• DSCR +7.9/10.0
• 1% rule +5.9/10.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity knocks in the heart of Algona! Positioned on a Mixed Use Commercial-zoned lot, this property offers exceptional flexibility for investors, builders, and buyers seeking a value-add project. The existing 1979 Bonprix doublewide manufactured home features 3 bedrooms and 2 bathrooms with a functional footprint ready for renovation, repositioning, or replacement. Bring your vision and unlock the full potential—whether you’re looking to renovate for resale, create a long-term rental, or explore redevelopment options in a growing corridor. The mixed-use zoning opens the door to a variety of possibilities (buyer to verify), making this a rare chance to blend residential and

Key facts

• 6,970 sq ft lot
• 2 parking spots
• Built 1979

Property features AI

Finance

• Other: Living area reported as 1,848 sq ft; Lot approx. 0.16 acre (approx. 85' x 80'); Lot number 2
• Financial info: Listing terms: Cash or rehab loan

Exterior

• Parking: 2 uncovered parking spaces; Driveway and off-street parking
• Utilities: Electric energy source; Public water (City of Algona); Sewer connected (City of Algona); Power by Puget Sound Energy; Electric water heater located in utility room
• Home design: Manufactured home (double wide, manufactured on land); One story; Main entry; Faces southeast; Property condition: fixer; Zoned mixed use commercial; Corner lot on a dead-end street, paved; value in land
• Construction: Metal/vinyl exterior; Composition roof; Tie-down foundation; Make: Bonprix
• Exterior features: Deck; Outbuildings; Brush and garden space

Interior

• Kitchen: Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms (all on the main level); Primary bedroom (main level)
• Flooring: Vinyl; Carpet
• Bathrooms: 2 full bathrooms (both on the main level); 2 bathtubs; 2 showers
• Heating & cooling: No central heating listed; No cooling listed
• Interior features: Dining room; Fireplace; Water heater
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $300k.

Deal economics

• At list price, monthly cash flow is $615 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $300k).
• Recommended offer: $291k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 78/100 on livability (#140 in WA, #2,781 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities D, cost of living D.
• 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.
• Zoned schools: Alpac Elementary School (636 students, 67% FRL); Auburn Riverside High School (1,909 students, 50% FRL).
• Market conditions: Rents rising (+3.5%/yr); 184 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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 37% of the median local income ($107k/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 $2k of loan paydown is wiped out by about $9k 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.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $82k; list at $300k implies a 264% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $291,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.09% ✓
• Cap rate: 8.75%
• Cash-on-cash: 8.78%
• DSCR: 1.39
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $319,704
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
415 4th Ave N	0.67mi	4/2.0 (+1)	1,848 (0%)	1mo	$320,000	$173	63

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 · 3.53% rent growth · sell at horizon

5-year hold

• IRR: -2.4%
• Equity multiple: 0.91×
• Total profit: $-7,723
• Equity at exit: $44,731

10-year hold

• IRR: 7.8%
• Equity multiple: 1.61×
• Total profit: $50,875
• Equity at exit: $25,939

Cash invested: $84,000 (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 98001

• Rents YoY: 3.5%
• Active inventory: 184
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $3,262 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$264 /mo · $3,162/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$685
• Net cashflow: $615

Break-even live

Break-even rent $2,483

Max offer price $300,000

Occupancy floor 76%

Sensitivity live

Price	-10% $785	-5% $700	+0% $615	+5% $530	+10% $445
Rent	-10% $357	-5% $486	+0% $615	+5% $744	+10% $873
Rate	-1.0pp $766	-0.5pp $691	base $615	+0.5pp $537	+1.0pp $458

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
110 2nd Ave S Algona, WA	3.0	2.0	1530	$3,600	$2.35	0d	1	0.18mi
131 Elise Ct Unit NA Pacific, WA	3.0	2.0	1668	$3,000	$1.80	0d	1	0.52mi
102 Hawthorne Ave S Pacific, WA	3.0	1.0	1285	$2,950	$2.30	0d	1	0.82mi
404 4th Ave SE Pacific, WA	3.0	2.0	2006	$3,600	$1.79	0d	1	1.16mi

Listing history 3 events

1. 2026-05-09
   status Pending
2. 2026-03-26
   listed $300,000 Active
3. 1993-06-15
   soldstatus $82,500

ⓘ 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: $3,162 · $264/mo
• Projected year-2 tax: $3,162 · $264/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 53% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥88°F today · 16 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: $39,139
• − Mortgage interest: −$16,805
• − Property taxes: −$3,162
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,131
• − Management: −$3,131
• − Depreciation: −$8,727
• Taxable income: $2,682
• Est. tax owed @ 24.0%: −$644
• After-tax cash flow: $6,735/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: 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 — Algona

• Score: 78/100
• State rank: #140
• US rank: #2781

Category grades

Amenities D Commute A+ Cost of living D Crime A- Employment B Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Algona, WA
• County: King County · 2,251,916 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 37,460
• Household income: $106,791
• Rent vs Own: 26.1% rent · 73.9% own
• Severe rent burden: 573.0

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 0.71)
• Race & ethnicity: White 47% Asian 17% Hispanic / Latino 17% Two or more races 12% Black 8% Pacific Islander 2%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Subsaharan African 5% Portuguese 3% Italian 3%
• Foreign-born: 28% · Canada, South Korea, Vietnam
• Languages at home: 65% English-only · Spanish 12% Russian/Polish/Slavic 5% Korean 4%

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: ▼ -616.80%
• Current HPI: 303.2883
• Rent YoY: ▲ 3.53%
• 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

+263.6% since first listed

3 events — show timeline

• 2026-05-09 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-26 Listed $300,000 NWMLS as Distributed by MLS Grid
• 1993-06-15 Sold (Public Records) $82,500 Public Records

Property tax history

+5.3%/yr

Latest (2025): $3,162 · +18.9% YoY. Source: county tax records.