24222 54th Ave W #17 · Mountlake Terrace, WA 98043

$150,000

2 bd · 2.0 ba · 1,080 sqft · Manufactured public records · 49 Days on market

Built 1986 $139/sqft · 11% below area Est $176k · 15% under

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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 +14.1/15.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• Schools +5.4/10.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks

Tucked within a quiet and well-maintained 55+ community in Mountlake Terrace, this updated double-wide offers comfortable living with thoughtful improvements throughout. Spanning 1,120 sq ft, the home features 3 bedrooms, including a private primary retreat with a jetted soaking tub. The kitchen is both functional and inviting, outfitted with stainless steel appliances and generous workspace. Recent updates include refreshed siding and skirting, energy-efficient double-pane windows, a new heat pump with air conditioning (2023), and a newly updated shower in the second bathroom (2023). Skylights bring in abundant natural light, enhancing the home’s bright and airy feel. Outdoor spaces

Key facts

• Jetted soaking tub
• New heat pump
• Updated double-wide

Tags

• UPDATED DOUBLE-WIDE
• JETTED SOAKING TUB
• STAINLESS STEEL APPLIANCES
• NEW HEAT PUMP
• NEWLY UPDATED SHOWER
• SKYLIGHTS

Property features AI

Finance

• Other: Calculated living area 1120; Green feature: double pane windows
• Financial info: Land lease: $698; Listing terms: Cash
• HOA & community: Located in Youngs Mobile Home Park (approximately 71 homes); Park approved for sale; Pets allowed: cats and dogs; Senior community

Exterior

• Parking: Uncovered parking
• Utilities: Electric energy source; Public water (paid to park); Sewer paid to park; Power provided by Snohomish PUD
• Home design: Manufactured home (double wide); Fleetwood make, model 40/28; One story; Brick skirting; Mobile home remains; Good condition
• Construction: Wood construction; Composition roof; Pillar/post/pier foundation with tie downs; Manufactured after 06/15/1976
• Exterior features: Wood exterior; Wood products; Patio/porch/deck; Paved lot

Interior

• Kitchen: Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Vinyl plank; Carpet
• Bathrooms: 2 full bathrooms (2 bathtubs, 2 showers)
• Heating & cooling: Forced air heating; Heat pump for heating and cooling
• Interior features: Water heater; Skylights; Vaulted ceilings; Walk-in closet; Bath off primary; Patio/porch/deck
• Laundry & utility: Washer; Dryer; Water heater located in bedroom closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $856 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $146k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.1% vs local median 2.1% in Mountlake Terrace — 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 85/100 on livability (#28 in WA, #500 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: cost of living F.
• Edmonds School District (suburban): math 54% / reading 65% proficiency, ranked #53 of 291 in WA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-0.5%/yr); 82 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals leasing fast (median 13d 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 $1k of loan paydown is wiped out by about $4k 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 $42k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $125k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $145,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.49% ✓
• Cap rate: 13.14%
• Cash-on-cash: 24.46%
• DSCR: 2.09
• GRM: 5.6

CMA / ARV

• ARV (median comp): $175,708
• List price: $150,000
• Delta: -14.63%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24222 54th Ave W #55	0.00mi	3/2.0 (+1)	1,152 (+7%)	9mo	$215,000	$187	77
24222 54th Ave W #26	0.00mi	2/1.0	956 (-12%)	19mo	$75,000	$78	61

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: 14.6%
• Equity multiple: 1.56×
• Total profit: $23,623
• Equity at exit: $22,365

10-year hold

• IRR: 21.1%
• Equity multiple: 2.55×
• Total profit: $65,289
• Equity at exit: $12,969

Cash invested: $42,000 (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 98043

• Rents YoY: -0.5%
• Active inventory: 82
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $2,234 high
• Mortgage (P&I): −$787
• Tax from tax record: −$60 /mo · $719/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$469
• Net cashflow: $856

Break-even live

Break-even rent $1,151

Max offer price $150,000

Occupancy floor 57%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5407 244th St SW Unit C Mountlake Terrace, WA	2.0	1.5	850	$2,200	$2.59	18d	1	0.04mi
5407 244th St SW Apt B Mountlake Terrace, WA	2.0	1.5	850	$1,880	$2.21	5d	1	0.04mi
1795 NE 205th St Shoreline, WA	1.0	1.0	654	$1,724	$2.63	5d	3	0.19mi
23809 55th Ave W Mountlake Terrace, WA	2.0	1.5	1388	$2,650	$1.91	24d	1	0.29mi
19924 19th Ave NE Shoreline, WA	3.0	2.0	1259	$2,375	$1.89	18d	1	0.34mi
19837 25th Ave NE Unit B Shoreline, WA	2.0	1.0	900	$1,795	$1.99	18d	1	0.35mi
1614 NE 199th Ct Unit 1614 Shoreline, WA	3.0	2.0	1380	$2,964	$2.15	44d	1	0.38mi
20057 Ballinger Way NE Shoreline, WA	1.0–3.0	1.0–2.0	950	$1,963	$2.07	3d	10	0.39mi
24000 Van Ry Blvd Mountlake Terrace, WA	3.0	1.0–2.0	1013	$2,947	$2.91	2d	32	0.49mi
23905 Van Ry Blvd Mountlake Terrace, WA	1.0–2.0	1.0–2.0	830	$2,895	$3.49	2d	24	0.50mi
23005 60th Ave W Mountlake Terrace, WA	2.0	2.0	912	$2,750	$3.02	22d	1	0.89mi
4208 236th St SW Mountlake Terrace, WA	1.0–3.0	1.0–2.0	926	$2,338	$2.52	2d	26	0.90mi
23335 Cedar Way Unit B-102 Mountlake Terrace, WA	2.0	1.0	864	$2,200	$2.55	44d	1	0.95mi
18623 Perkins Pl NE Shoreline, WA	3.0	2.0	1500	$2,750	$1.83	44d	1	0.96mi
23111 44th Ave W Mountlake Terrace, WA	2.0	1.0	820	$1,945	$2.37	44d	1	1.01mi
18553 8th Ave NE Shoreline, WA	3.0	1.0–2.0	895	$3,096	$3.46	2d	1	1.16mi
407 NE 189th Ct Shoreline, WA	1.0	1.0	1200	$700	$0.58	12d	1	1.21mi
2405 N 202nd Pl Shoreline, WA	1.0–3.0	1.0–2.0	938	$2,270	$2.42	5d	17	1.23mi
22817 Lakeview Dr Mountlake Terrace, WA	1.0–2.0	1.0	887	$2,135	$2.41	2d	8	1.31mi
5607 222nd Pl SW Mountlake Terrace, WA	3.0	2.0	1274	$2,795	$2.19	18d	1	1.34mi
22715 Lakeview Dr Unit J2 Mountlake Terrace, WA	3.0	1.5	1200	$2,595	$2.16	15d	1	1.39mi
17712 15th Ave NE Shoreline, WA	2.0	1.0–2.0	789	$3,583	$4.54	2d	108	1.41mi
17567 15th Ave NE Shoreline, WA	1.0	1.0	669	$2,064	$3.08	2d	7	1.47mi

Listing history 20 events

1. 2026-06-18
   days on market $150,000 Active 49 DOM
2. 2026-06-17
   days on market $150,000 Active 48 DOM
3. 2026-06-16
   days on market $150,000 Active 47 DOM
4. 2026-06-15
   days on market $150,000 Active 46 DOM
5. 2026-06-13
   days on market $150,000 Active 44 DOM
6. 2026-06-13
   days on market $150,000 Active 43 DOM
7. 2026-06-09
   days on market $150,000 Active 40 DOM
8. 2026-06-08
   days on market $150,000 Active 39 DOM
9. 2026-06-07
   days on market $150,000 Active 38 DOM
10. 2026-06-04
    days on market $150,000 Active 35 DOM
11. 2026-06-03
    days on market $150,000 Active 34 DOM
12. 2026-06-02
    pricedays on market $150,000 Active 33 DOM
13. 2026-06-01
    days on market $160,000 Active 32 DOM
14. 2026-05-31
    days on market $160,000 Active 31 DOM
15. 2026-04-30
    listed $160,000 Active
16. 2021-03-24
    soldstatus $124,950 Sold
17. 2021-03-23
    status Pending
18. 2021-02-04
    status Pending - Backup Offer Requested
19. 2021-01-11
    price $124,950
20. 2020-11-02
    listed $134,950 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: $719 · $60/mo
• Projected year-2 tax: $1,470 · $122/mo
• Expected delta: +$751/yr (+$63/mo · 104.3%)

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

Taxation est. · year 1

• Rental income: $26,812
• − Mortgage interest: −$8,402
• − Property taxes: −$719
• − Insurance: −$750
• − Repairs & maintenance: −$2,145
• − Management: −$2,145
• − Depreciation: −$4,364
• Taxable income: $8,286
• Est. tax owed @ 24.0%: −$1,989
• After-tax cash flow: $8,284/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: Edmonds School District
• NCES district ID: 5302400
• Math proficiency: 54% ▼ -1.00%
• Reading proficiency: 65% ▬ 0.00%
• Median HH income: $67,451
• Composite: 53.94/100
• National rank: #3026
• State rank: #53 of 291 in WA

Livability — Mountlake Terrace

• Score: 85/100
• State rank: #28
• US rank: #500

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mountlake Terrace, WA
• County: Snohomish County · 786,756 people
• City population: 23,101
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 23,101
• Household income: $107,687
• Rent vs Own: 43.2% rent · 56.8% own
• Severe rent burden: 724.0

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 0.59)
• Race & ethnicity: White 61% Hispanic / Latino 17% Two or more races 11% Asian 10% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Portuguese 5% Italian 4% Lithuanian 3%
• Foreign-born: 18% · Canada, China, South Korea
• Languages at home: 76% English-only · Spanish 12% Other Asian/Pacific 3% Other Indo-European 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: ▼ -907.23%
• Current HPI: 347.9259
• Rent YoY: ▼ -0.47%
• 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

+11.2% since first listed

7 events — show timeline

• 2026-06-02 Price Changed $150,000 NWMLS as Distributed by MLS Grid
• 2026-04-30 Listed $160,000 NWMLS as Distributed by MLS Grid
• 2021-03-24 Sold (MLS) $124,950 NWMLS as Distributed by MLS Grid
• 2021-03-23 Pending — NWMLS as Distributed by MLS Grid
• 2021-02-04 Pending — NWMLS as Distributed by MLS Grid
• 2021-01-11 Price Changed $124,950 NWMLS as Distributed by MLS Grid
• 2020-11-02 Listed $134,950 NWMLS as Distributed by MLS Grid

Property tax history

+9.2%/yr

Latest (2026): $719 · +5.3% YoY. Source: county tax records.