4040 Auburn Way S #50 · Auburn, WA 98092

$59,999

2 bd · 1.0 ba · 700 sqft · Manufactured · 190 Days on market

Built 1964 ↓ 25% since listing

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Why this score? — see what drove the A- 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Listing remarks

Remodeled manufactured home located in an all-ages mobile home park. It's ready to move in, cozy and beautiful. It offers updated kitchen, flooring, paint, windows, doors, cabinets, tankless water heater and split A/C and heating system. Plenty of space for parking front and back of the unit and it has space for gardening. Enjoy the big deck and the newer appliances; this home has it all!

Key facts

• Newer appliances
• Big deck
• Updated kitchen

Tags

• REMODELED MANUFACTURED HOME
• UPDATED KITCHEN
• TANKLESS WATER HEATER
• SPLIT A/C AND HEATING SYSTEM
• BIG DECK
• NEWER APPLIANCES

Property features AI

Finance

• Other: Buyer to verify schools; Bus line nearby
• Financial info: Land lease amount $950; Listing terms: Cash or Conventional
• HOA & community: Pets allowed; Located in Wildwood Estate Mobile Park; Park approved for sale; Land lease

Exterior

• Parking: Carport; Uncovered parking
• Utilities: Electric and natural gas; Public/community water; Power: PSE; Tankless water heater (located in bathroom)
• Home design: Manufactured single wide home; Updated/remodeled condition; One level; Model CHMN; Mobile home remains; Tie down foundation
• Construction: Wood construction; Wood skirt; Composition roof; Torch down roof
• Exterior features: Wood products exterior; Patio/Porch/Deck; Common area (manufactured home park)

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Laminate
• Bathrooms: 1 full bathroom; 1 bathtub
• Heating & cooling: Ductless heating; Radiant heating; Has cooling
• Interior features: Water heater; Tankless water heater
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $60k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Cap rate 28.4% vs local median 2.7% in Auburn — 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 81/100 on livability (#75 in WA, #1,371 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• 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.
• Market conditions: Rents soft (-0.5%/yr); 291 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($415 loan paydown + $6k appreciation (10.0% local appreciation)).
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 0.0% rent growth), your $17k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 190 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $52,799 (12.0% below list)

Questions for the listing agent

1. It's been on market 190 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 1964 — 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 F 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: 3.21% ✓
• Cap rate: 28.40%
• Cash-on-cash: 78.95%
• DSCR: 4.51
• GRM: 2.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 86.3%
• Equity multiple: 6.80×
• Total profit: $97,460
• Equity at exit: $54,052

10-year hold

• IRR: 79.9%
• Equity multiple: 14.19×
• Total profit: $221,611
• Equity at exit: $116,565

Cash invested: $16,800 (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 98092

• Home prices YoY: 3.3%
• Rents YoY: -0.5%
• Active inventory: 291
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,924 medium
• Mortgage (P&I): −$315
• Tax est. 1.5%: −$75 /mo · $900/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $1,105

Break-even live

Break-even rent $525

Max offer price $59,999

Occupancy floor 38%

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2901 Auburn Way S Auburn, WA	1.0–2.0	1.0	667	$2,175	$3.26	1d	20	0.83mi

Listing history 13 events

1. 2026-05-31
   days on market $59,999 Active 190 DOM
2. 2026-05-02
   price $59,999
3. 2026-04-09
   price $55,999
4. 2026-04-07
   price $55,000
5. 2026-03-31
   price $58,000
6. 2026-03-27
   status Active
7. 2026-03-27
   historical
8. 2026-03-23
   price $60,000
9. 2026-02-27
   price $65,000
10. 2026-01-30
    price $70,000
11. 2026-01-20
    price $73,000
12. 2025-12-10
    price $75,000
13. 2025-11-22
    listed $80,000 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 3/10 Moderate
• 🌡 Heat 2/10 Low 6 d/yr ≥87°F today · 13 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: $23,087
• − Mortgage interest: −$3,361
• − Property taxes: −$900
• − Insurance: −$300
• − Repairs & maintenance: −$1,847
• − Management: −$1,847
• − Depreciation: −$1,745
• Taxable income: $13,086
• Est. tax owed @ 24.0%: −$3,141
• After-tax cash flow: $10,122/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 — Auburn

• Score: 81/100
• State rank: #75
• US rank: #1371

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Auburn, WA
• County: King County · 2,251,916 people
• City population: 74,969
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 50,224
• Household income: $122,300
• Rent vs Own: 25.7% rent · 74.3% own
• Severe rent burden: 1041.0

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: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 54% Hispanic / Latino 15% Asian 14% Two or more races 13% Native American 4% Black 3% Pacific Islander 2%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Portuguese 4% Italian 3% Subsaharan African 3%
• Foreign-born: 20% · Canada, South Korea, Vietnam
• Languages at home: 73% English-only · Spanish 9% Russian/Polish/Slavic 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: ▲ 49.75%
• Current HPI: 1554.06
• Rent YoY: ▼ -0.46%
• 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

-25.0% since first listed

12 events — show timeline

• 2026-05-02 Price Changed $59,999 NWMLS as Distributed by MLS Grid
• 2026-04-09 Price Changed $55,999 NWMLS as Distributed by MLS Grid
• 2026-04-07 Price Changed $55,000 NWMLS as Distributed by MLS Grid
• 2026-03-31 Price Changed $58,000 NWMLS as Distributed by MLS Grid
• 2026-03-27 Relisted — NWMLS as Distributed by MLS Grid
• 2026-03-27 Delisted — NWMLS as Distributed by MLS Grid
• 2026-03-23 Price Changed $60,000 NWMLS as Distributed by MLS Grid
• 2026-02-27 Price Changed $65,000 NWMLS as Distributed by MLS Grid
• 2026-01-30 Price Changed $70,000 NWMLS as Distributed by MLS Grid
• 2026-01-20 Price Changed $73,000 NWMLS as Distributed by MLS Grid
• 2025-12-10 Price Changed $75,000 NWMLS as Distributed by MLS Grid
• 2025-11-22 Listed $80,000 NWMLS as Distributed by MLS Grid