33422 192nd Ave SE #58

Lake Morton-Berrydale, WA 98092

$111,500A-

3 bd · 1.0 ba · 960 sqft · Built 1985 · Manufactured · Active · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,519/mo
• Mortgage (P&I): −$585
• Tax + insurance: −$186
• HOA: −$0
• Vac / Maint / Mgmt: −$529
• Net cashflow: $1,219/mo
• Annual: $14,634/yr
• Cap rate: 19.42%
• Cash-on-cash: 46.87%
• DSCR: 3.09
• 1% rule: 2.26%
• Cash to close: $31,220

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $112k. Condition is rated good.
• 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).
• It's been on market 19 days — a 2% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $110k (1.5% below list) — sets the bar for market timing.
• In year one you build about $12k of equity ($771 loan paydown + $11k appreciation (10.0% local appreciation)).
• 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).
• 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.
• 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.