11622 Silver Lake Rd #54 · Everett, WA 98208

$89,000

3 bd · 2.0 ba · 1,440 sqft · Manufactured public records · 330 Days on market

Built 1974 12 ac lot $62/sqft · 23% below area Est $115k · 23% under ↓ 4% 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 +4.8/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +1.7/5.0
• Appreciation +0.0/10.0

Listing remarks

NEW ROOF and HUGE PRICE REDUCTION! This is a really nice home in Silver Shores, a 55+ community off of Silver Lake! This 3-bed, 1.75 bath home is among the most spacious in the neighborhood at 1,440 sq ft! Full hall bathroom with tub, & en-suite bathroom off primary with shower. LVP flooring throughout main living spaces. The open concept kitchen flows to the dining area and living room- featuring large quartz island- perfect for entertaining! Carport with 1 covered parking spot, and additional parking spot in front of home. The active community center is just across the street, with library, game room, workout room, and frequent activities such as Zumba and Saturday breakfast! A short

Key facts

• Open concept kitchen
• Short walk to park
• Huge playground

Tags

• OPEN CONCEPT KITCHEN
• LARGE QUARTZ ISLAND
• SHORT WALK TO PARK
• HUGE PLAYGROUND

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $89k.

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 ($3k rent vs $89k).
• Recommended offer: $78k (12.0% below list) — sets the bar for market timing.
• Cap rate 25.3% vs local median 2.5% in Everett — 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 73/100 on livability (#199 in WA) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A, health & safety A; Watch: schools C-, crime D+, amenities F.
• Mukilteo School District (suburban): math 47% / reading 59% proficiency, ranked #111 of 291 in WA (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents falling (-3.2%/yr); 275 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 $615 of loan paydown is wiped out by about $3k 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 + 0.0% rent growth), your $25k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 330 days — a 12% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y ago; this cycle's ask has dropped $76k (46%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $78,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 330 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 1974 — 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. Crime grade is D 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: 2.85% ✓
• Cap rate: 25.30%
• Cash-on-cash: 67.87%
• DSCR: 4.02
• GRM: 2.9

CMA / ARV

• ARV (median comp): $115,468
• List price: $89,000
• Delta: -22.92%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11622 Silver Lake Rd #58	0.00mi	2/2.0 (-1)	1,344 (-7%)	4mo	$78,000	$58	80
620 112th St SE #227	0.28mi	3/2.0	1,404 (-2%)	4mo	$108,000	$77	79
11622 Silver Lake Rd #30	0.00mi	2/2.0 (-1)	1,344 (-7%)	7mo	$150,000	$112	78
11622 Silver Lake Rd #38	0.00mi	2/2.0 (-1)	1,560 (+8%)	12mo	$118,500	$76	71
620 112th St SE #189	0.28mi	2/2.0 (-1)	1,390 (-4%)	8mo	$145,500	$105	70
12219 Freeway Pl	0.40mi	2/2.0 (-1)	1,452 (+1%)	12mo	$525,000	$362	65
620 112th St SE #163	0.28mi	3/2.0	1,553 (+8%)	13mo	$225,000	$145	63
11622 Silver Lake Rd #84	0.00mi	2/2.0 (-1)	1,248 (-13%)	13mo	$130,000	$104	62
12030 2nd Dr SE	0.56mi	2/2.0 (-1)	1,436 (-0%)	10mo	$485,000	$338	60
620 112th St SE #153	0.28mi	2/2.0 (-1)	1,340 (-7%)	12mo	$110,000	$82	60
12030 Andrew Sater Rd	0.25mi	2/2.0 (-1)	1,264 (-12%)	6mo	$85,000	$67	58
620 112th St SE #218	0.28mi	2/2.0 (-1)	1,272 (-12%)	14mo	$120,000	$94	51

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 63.8%
• Equity multiple: 3.73×
• Total profit: $67,934
• Equity at exit: $13,270

10-year hold

• IRR: 67.3%
• Equity multiple: 6.86×
• Total profit: $146,115
• Equity at exit: $7,695

Cash invested: $24,920 (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 98208

• Rents YoY: -3.2%
• Active inventory: 275
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $2,537 high
• Mortgage (P&I): −$467
• Tax from tax record: −$91 /mo · $1,091/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$533
• Net cashflow: $1,409

Break-even live

Break-even rent $753

Max offer price $89,000

Occupancy floor 39%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11401 3rd Ave SE Everett, WA	2.0	1.0–2.0	862	$1,962	$2.28	2d	13	0.42mi
525 112th St SE Everett, WA	1.0–2.0	1.0–2.0	1019	$2,416	$2.37	2d	6	0.45mi
1701 121st St SE Everett, WA	1.0–3.0	1.0–2.0	867	$2,900	$3.34	2d	12	0.51mi
515 112th St SE Everett, WA	2.0–3.0	2.0–2.5	1050	$2,345	$2.23	3d	3	0.52mi
1726 121st St SE Unit A Everett, WA	4.0	2.5	1495	$2,550	$1.71	5d	1	0.56mi
2020 Lake Heights Dr Everett, WA	1.0–3.0	1.0–2.0	918	$2,424	$2.64	2d	16	0.64mi
133 124th St SE Everett, WA	1.0–2.0	1.0–2.0	820	$2,055	$2.50	2d	9	0.67mi
12115 19th Ave SE Everett, WA	1.0–3.0	1.0–2.0	884	$2,670	$3.02	2d	11	0.71mi
305 127th St SE Unit A Everett, WA	2.0	2.5	1456	$2,649	$1.82	44d	1	0.76mi
11225 19th Ave SE Everett, WA	1.0–3.0	1.0–2.0	925	$2,587	$2.80	3d	9	0.78mi
11026 Meridian Dr SE Everett, WA	3.0	2.5	1700	$3,000	$1.76	44d	1	0.79mi
4 112th St SW Unit A Everett, WA	3.0	2.5	1661	$3,300	$1.99	44d	1	0.79mi
128 127th St SE Everett, WA	3.0	1.0–2.0	884	$3,296	$3.73	2d	10	0.82mi
11311 19th Ave SE Everett, WA	1.0–3.0	1.0–2.0	932	$2,663	$2.86	2d	14	0.85mi
1304 Bruskrud Rd Everett, WA	2.0	1.5–2.0	900	$2,076	$2.31	5d	5	0.85mi
12510 23rd Dr SE Everett, WA	4.0	2.5	1757	$2,995	$1.70	24d	1	0.94mi
13401 Dumas Rd Mill Creek, WA	1.0–2.0	1.0–2.0	872	$2,237	$2.56	2d	5	0.94mi
222 124th St SW Unit A2 Everett, WA	3.0	2.5	1560	$2,975	$1.91	5d	1	1.00mi
13117 3rd Ave SE Unit J1 Everett, WA	3.0	3.0	1659	$3,249	$1.96	44d	1	1.03mi
10101 7th Ave SE Everett, WA	1.0–3.0	1.0–2.0	1073	$2,805	$2.61	2d	16	1.06mi
13510 N Creek Dr Mill Creek, WA	1.0–4.0	1.0–2.0	1020	$2,024	$1.98	4d	1	1.08mi
13105 21st Dr SE Everett, WA	2.0	2.0	1070	$1,899	$1.77	4d	4	1.13mi
120 SE Everett Mall Way Everett, WA	1.0–2.0	1.0–2.0	813	$2,172	$2.67	2d	43	1.14mi
2601 106th Pl SE Everett, WA	3.0	2.0	1221	$3,245	$2.66	12d	1	1.15mi
13004 Meridian Ave S Everett, WA	1.0–3.0	1.0–2.0	1025	$2,280	$2.22	2d	1	1.18mi
12600 4th Ave W Everett, WA	2.0	2.5	1336	$2,295	$1.72	17d	1	1.18mi
9618 19th Ave SE Unit C Everett, WA	3.0	3.0	1637	$3,200	$1.95	10d	1	1.31mi
923 112th St SW Everett, WA	1.0–3.0	1.0–2.0	858	$2,305	$2.69	2d	24	1.33mi
820 124th St SW Apt D Everett, WA	2.0	1.5	960	$1,595	$1.66	5d	1	1.36mi
11207 9th Pl W Everett, WA	2.0	1.0	995	$1,899	$1.91	20d	7	1.36mi
12522 8th Ave W Everett, WA	1.0–3.0	1.0–2.0	1005	$2,496	$2.48	5d	8	1.42mi
1108 Center Rd Everett, WA	2.0	2.0	1200	$2,150	$1.79	15d	1	1.43mi
1020 112th St SW Everett, WA	1.0–2.0	1.0–2.0	853	$1,752	$2.05	2d	7	1.43mi
9925 4th Ave W Apt 6 Everett, WA	2.0	2.0	1000	$1,445	$1.45	2d	1	1.43mi
11812 E Gibson Rd Everett, WA	2.0	2.0	956	$1,810	$1.89	2d	7	1.44mi
2228 137th St SE Mill Creek, WA	3.0	2.0	1858	$3,200	$1.72	5d	1	1.48mi
11719 12th Ave W Everett, WA	3.0	2.5	1533	$2,800	$1.83	44d	1	1.48mi
11727 12th Ave W #77 Everett, WA	3.0	2.5	1533	$3,100	$2.02	22d	1	1.49mi

Listing history 25 events

1. 2026-06-18
   days on market $89,000 Active 330 DOM
2. 2026-06-17
   days on market $89,000 Active 329 DOM
3. 2026-06-16
   days on market $89,000 Active 328 DOM
4. 2026-06-15
   days on market $89,000 Active 327 DOM
5. 2026-06-13
   days on market $89,000 Active 325 DOM
6. 2026-06-09
   days on market $89,000 Active 321 DOM
7. 2026-06-08
   days on market $89,000 Active 320 DOM
8. 2026-06-07
   days on market $89,000 Active 319 DOM
9. 2026-06-04
   days on market $89,000 Active 316 DOM
10. 2026-06-03
    days on market $89,000 Active 315 DOM
11. 2026-06-02
    days on market $89,000 Active 314 DOM
12. 2026-06-01
    days on market $89,000 Active 313 DOM
13. 2026-05-31
    days on market $89,000 Active 312 DOM
14. 2026-03-07
    price $120,000
15. 2026-01-07
    status Active
16. 2025-11-13
    price $135,000
17. 2025-09-22
    price $155,000
18. 2025-09-03
    status Active
19. 2025-08-29
    status Pending
20. 2025-07-17
    listed $165,000 Active
21. 2018-03-15
    soldstatus $85,000 Sold
22. 2018-03-09
    status Pending
23. 2018-02-25
    historical Pending - Backup Offer Requested
24. 2018-02-13
    price $99,950
25. 2018-01-04
    listed $124,950 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: $1,091 · $91/mo
• Projected year-2 tax: $1,091 · $91/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $30,443
• − Mortgage interest: −$4,985
• − Property taxes: −$1,091
• − Insurance: −$445
• − Repairs & maintenance: −$2,435
• − Management: −$2,435
• − Depreciation: −$2,589
• Taxable income: $16,461
• Est. tax owed @ 24.0%: −$3,951
• After-tax cash flow: $12,962/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: Mukilteo School District
• NCES district ID: 5305430
• Math proficiency: 47% ▼ -2.00%
• Reading proficiency: 59% ▬ 0.00%
• Median HH income: $60,807
• Composite: 48.17/100
• National rank: #4733
• State rank: #111 of 291 in WA

Livability — Everett

• Score: 73/100
• State rank: #199
• US rank: #5489

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Everett, WA
• County: Snohomish County · 786,756 people
• City population: 173,457
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 60,915
• Household income: $103,705
• Rent vs Own: 30.5% rent · 69.5% own
• Severe rent burden: 1617.0

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: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 55% Asian 17% Hispanic / Latino 14% Two or more races 13% Black 5%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Portuguese 5% Italian 3% Slovak 2%
• Foreign-born: 27% · Canada, Vietnam, South Korea
• Languages at home: 66% English-only · Spanish 9% Vietnamese 4% Other Asian/Pacific 4%

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: ▼ -884.74%
• Current HPI: 337.856
• Rent YoY: ▼ -3.16%
• 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

-4.0% since first listed

12 events — show timeline

• 2026-03-07 Price Changed $120,000 NWMLS as Distributed by MLS Grid
• 2026-01-07 Relisted — NWMLS as Distributed by MLS Grid
• 2025-11-13 Price Changed $135,000 NWMLS as Distributed by MLS Grid
• 2025-09-22 Price Changed $155,000 NWMLS as Distributed by MLS Grid
• 2025-09-03 Relisted — NWMLS as Distributed by MLS Grid
• 2025-08-29 Pending — NWMLS as Distributed by MLS Grid
• 2025-07-17 Listed $165,000 NWMLS as Distributed by MLS Grid
• 2018-03-15 Sold (MLS) $85,000 NWMLS as Distributed by MLS Grid
• 2018-03-09 Pending — NWMLS as Distributed by MLS Grid
• 2018-02-25 Contingent — NWMLS as Distributed by MLS Grid
• 2018-02-13 Price Changed $99,950 NWMLS as Distributed by MLS Grid
• 2018-01-04 Listed $124,950 NWMLS as Distributed by MLS Grid

Property tax history

+9.1%/yr

Latest (2026): $1,091 · +1.5% YoY. Source: county tax records.