33422 192nd Ave SE #58 · Lake Morton-Berrydale, WA 98092

$111,500

3 bd · 1.0 ba · 960 sqft · Manufactured · 19 Days on market

Built 1985 Good condition ↓ 11% 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
• Condition / age +4.0/5.0
• Livability +2.5/5.0
• Rent growth +2.4/5.0

Listing remarks

You love how the light pours through the skylight every morning as you make coffee in your stunning new kitchen. The white shaker cabinets, quartz countertops, and full suite of stainless steel appliances make cooking feel effortless. The open-concept layout gives you room to breathe, with vaulted ceilings and new luxury vinyl plank floors flowing from the living room all the way through. Your updated bathroom is a little retreat of its own, with matte black fixtures and a marble-look vanity that feels far from ordinary. Laundry is tucked away in its own room, your storage shed keeps things organized outside, and when the evenings are nice, you head out to your spacious backyard where matur

Key facts

• Quartz countertops
• New kitchen
• Skylight

Tags

• SKYLIGHT
• NEW KITCHEN
• WHITE SHAKER CABINETS
• QUARTZ COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• OPEN-CONCEPT LAYOUT

Property features AI

Finance

• Other: Estimated lot size ~0.14 acres; Calculated living area 960 square feet; Green feature: double pane windows
• Financial info: Cash offers only
• HOA & community: Park Place community with 91 homes; Land lease: $1,250/month

Exterior

• Parking: Uncovered parking
• Utilities: Electric service; Electric water heater; Community/public water (billed through park); Septic sewer; Power provided by PSE; Cable and internet: buyer to verify
• Home design: Manufactured double-wide home; Updated/remodeled condition; One story; Built by Liberty Homes; Mobile home remains on site
• Construction: Wood construction; Composition roof; Wood skirt; Pillar/post/pier foundation with tie downs; Manufactured after 6/15/1976
• Exterior features: Wood exterior; Wood products; Patio/porch/deck; Paved lot

Interior

• Kitchen: Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Vinyl plank
• Bathrooms: 1 full bath; 1 bathtub
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Water heater; Double pane windows
• Laundry & utility: Storage in back yard

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $112k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $112k).
• Recommended offer: $110k (1.5% below list) — sets the bar for market timing.
• Cap rate 19.4% vs local median 1.9% in Lake Morton-Berrydale — 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: area grade A — affects rentability + tenant quality, not the cash-flow math above.
• 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: Arthur Jacobsen Elementary (352 students, 58% FRL); Auburn Senior High School (1,844 students, 67% FRL) — zoned schools average 62% FRL vs 44% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.5%/yr); 296 active listings in the ZIP; 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 $12k of equity ($771 loan paydown + $11k 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 $31k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($110k) is reasonable based on typical stale-listing flexibility.

Recommended offer $109,827 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 2.26% ✓
• Cap rate: 19.42%
• Cash-on-cash: 46.87%
• DSCR: 3.09
• GRM: 3.7

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: 58.8%
• Equity multiple: 5.20×
• Total profit: $131,051
• Equity at exit: $100,448

10-year hold

• IRR: 51.1%
• Equity multiple: 10.98×
• Total profit: $311,701
• Equity at exit: $216,620

Cash invested: $31,220 (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: 296
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $2,519 medium
• Mortgage (P&I): −$585
• Tax est. 1.5%: −$139 /mo · $1,672/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$529
• Net cashflow: $1,219

Break-even live

Break-even rent $975

Max offer price $111,500

Occupancy floor 47%

Sensitivity live

Price	-10% $1,297	-5% $1,258	+0% $1,219	+5% $1,181	+10% $1,142
Rent	-10% $1,020	-5% $1,120	+0% $1,219	+5% $1,319	+10% $1,418
Rate	-1.0pp $1,276	-0.5pp $1,248	base $1,219	+0.5pp $1,191	+1.0pp $1,161

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: $27,875
• Closing costs: $3,345
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $111,500 Active 19 DOM
2. 2026-06-18
   days on market $111,500 Active 16 DOM
3. 2026-06-17
   days on market $111,500 Active 15 DOM
4. 2026-06-16
   days on market $111,500 Active 14 DOM
5. 2026-06-15
   days on market $111,500 Active 13 DOM
6. 2026-06-13
   days on market $111,500 Active 11 DOM
7. 2026-06-13
   days on market $111,500 Active 10 DOM
8. 2026-06-09
   days on market $111,500 Active 7 DOM
9. 2026-06-08
   days on market $111,500 Active 6 DOM
10. 2026-06-07
    days on market $111,500 Active 5 DOM
11. 2026-06-04
    days on market $111,500 Active 2 DOM
12. 2026-06-02
    remarks 699-char remark
13. 2026-06-02
    pricedays on marketlisting id $111,500 Active 1 DOM
14. 2026-04-03
    price $124,999
15. 2026-03-10
    price $130,000
16. 2026-02-17
    price $134,500
17. 2026-01-28
    listed $140,000 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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥88°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,228
• − Mortgage interest: −$6,246
• − Property taxes: −$1,672
• − Insurance: −$558
• − Repairs & maintenance: −$2,418
• − Management: −$2,418
• − Depreciation: −$3,244
• Taxable income: $13,672
• Est. tax owed @ 24.0%: −$3,281
• After-tax cash flow: $11,352/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This home is in excellent condition with a fresh interior and exterior, making it move-in ready and ideal for both resale and rental.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value
• Both exterior paint — refreshes the home's appearance
• Both landscaping and curb appeal — improves the home's overall appeal

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and adds value ↑
• Both exterior paint — refreshes the home's appearance ↑
• Both landscaping and curb appeal — improves the home's overall appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Lake Morton-Berrydale

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: King County · 2,251,916 people
• 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

-10.7% since first listed

4 events — show timeline

• 2026-04-03 Price Changed $124,999 NWMLS as Distributed by MLS Grid
• 2026-03-10 Price Changed $130,000 NWMLS as Distributed by MLS Grid
• 2026-02-17 Price Changed $134,500 NWMLS as Distributed by MLS Grid
• 2026-01-28 Listed $140,000 NWMLS as Distributed by MLS Grid