725 37th St SE #31 · Auburn, WA 98002

$59,990

2 bd · 1.0 ba · 784 sqft · Manufactured · 78 Days on market

Built 1984 Fair condition 9.23 ac lot Est $92k · 35% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Fully Updated 2BR/1BA with Rare "Pit Set" Foundation Welcome to a home where the heavy lifting is done. This 784 sq. ft. 2 bed, 1 bath residence stands out with a professional "Pit Set" foundation and concrete surround, providing a low-profile look and enhanced stability. Interior Excellence: Enjoy a refreshed living space with new carpet, vinyl windows, and a modern kitchen/bath. Recent upgrades include all-new under-sink plumbing and valves, a water-saving comfort-height toilet, and a new tub/shower surround with updated hardware. Year-Round Efficiency: Stay worry-free with a new electric furnace, new water heater, and a routinely resealed metal roof. The 2-car ta

Key facts

• Vinyl windows
• New carpet
• New water heater

Tags

• NEW CARPET
• VINYL WINDOWS
• MODERN KITCHEN
• NEW TUB SHOWER SURROUND
• NEW ELECTRIC FURNACE
• NEW WATER HEATER

Property features AI

Finance

• Financial info: Land lease amount: $1,174; Listing terms: Cash or Conventional
• HOA & community: Located in Don Wan Estates (park-approved for sale); Pets allowed; Land lease

Exterior

• Parking: Carport
• Utilities: Electric energy source; Public water (park); Park sewer; PSE power; Cable: Xfinity
• Home design: Manufactured single-wide home; One story; East-facing
• Construction: Metal/vinyl construction; Metal roof; Concrete perimeter foundation; Manufactured after 06/15/1976; Model: 56/14, Make: REXC
• Exterior features: Patio/porch/deck; Landscaped; Metal/vinyl exterior

Interior

• Kitchen: Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Vinyl; Carpet
• Bathrooms: 1 full bathroom with tub and shower
• Heating & cooling: Forced air heating; High-efficiency heating; No central air
• Interior features: Water heater (electric) located in bedroom closet; Ceiling fan(s); Drapes; Vaulted ceilings
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $970 ($12k/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: $56k (6.0% below list) — sets the bar for market timing.
• Cap rate 25.7% 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.
• Zoned schools: Gildo Rey Elementary School (412 students, 76% FRL); Auburn Riverside High School (1,909 students, 50% FRL) — zoned schools average 63% FRL vs 44% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.5%/yr); 171 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.5% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($56k) is reasonable based on typical stale-listing flexibility.

Recommended offer $56,390 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 2.92% ✓
• Cap rate: 25.69%
• Cash-on-cash: 69.27%
• DSCR: 4.08
• GRM: 2.9

CMA / ARV

• ARV (on-the-fly): $91,728
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3105 M St SE #44	0.29mi	2/1.0	720 (-8%)	2mo	$36,000	$50	71
210 37th St SE #35	0.41mi	2/1.0	784 (0%)	13mo	$115,000	$147	70
900 29th St SE Unit E10	0.28mi	2/1.0	720 (-8%)	6mo	$29,000	$40	68
401 37 St SE #95	0.28mi	2/1.0	845 (+8%)	20mo	$100,000	$118	57
401 37th St SE #20	0.28mi	2/1.0	896 (+14%)	12mo	$100,000	$112	53
3225 M St SE #131	0.28mi	2/2.0	900 (+15%)	8mo	$105,000	$117	52
401 37th St SE #31	0.28mi	2/1.0	900 (+15%)	20mo	$118,000	$131	46

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 · 1.51% rent growth · sell at horizon

5-year hold

• IRR: 67.1%
• Equity multiple: 3.95×
• Total profit: $49,469
• Equity at exit: $8,945

10-year hold

• IRR: 70.8%
• Equity multiple: 7.69×
• Total profit: $112,392
• Equity at exit: $5,187

Cash invested: $16,797 (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 98002

• Rents YoY: 1.5%
• Active inventory: 171
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $1,752 high
• Mortgage (P&I): −$315
• Tax est. 1.5%: −$75 /mo · $900/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$368
• Net cashflow: $970

Break-even live

Break-even rent $525

Max offer price $59,990

Occupancy floor 40%

Sensitivity live

Price	-10% $1,011	-5% $990	+0% $970	+5% $949	+10% $928
Rent	-10% $831	-5% $900	+0% $970	+5% $1,039	+10% $1,108
Rate	-1.0pp $1,000	-0.5pp $985	base $970	+0.5pp $954	+1.0pp $938

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: $14,998
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1014 37th St SE Apt 4 Auburn, WA	2.0	2.0	1005	$1,780	$1.77	6d	1	0.16mi
1120 37th St SE Auburn, WA	2.0	1.0	788	$1,695	$2.15	13d	1	0.20mi
2952 O St SE Unit F Auburn, WA	2.0	1.0	1051	$1,495	$1.42	3d	1	0.50mi
2952 O St SE Unit D Auburn, WA	2.0	1.0	795	$1,375	$1.73	3d	1	0.50mi
1526 29th St SE Auburn, WA	2.0	1.0	912	$1,595	$1.75	25d	1	0.55mi
404 27th St SE Unit 19-1 Auburn, WA	2.0	1.0	1000	$1,750	$1.75	13d	1	0.57mi
2455 F St SE Auburn, WA	1.0–3.0	1.0–2.0	757	$1,678	$2.21	3d	6	0.72mi
703 47th St SE Auburn, WA	2.0	1.0–2.0	781	$1,970	$2.52	2d	7	0.75mi
732 4th Ave NE Pacific, WA	2.0	1.0	850	$1,805	$2.12	6d	2	0.76mi
417 22nd St SE Apt C Auburn, WA	2.0	1.0	600	$1,700	$2.83	0d	1	0.85mi
402 21st St SE Auburn, WA	1.0–2.0	1.0–1.5	747	$1,695	$2.27	15d	4	0.90mi
2020 F St SE Auburn, WA	1.0–2.0	1.0	725	$1,599	$2.21	25d	1	0.96mi
345 Pacific Ave N Pacific, WA	1.0–3.0	1.0–2.0	898	$1,950	$2.17	0d	10	1.03mi
1420 17th St SE Auburn, WA	1.0–2.0	1.0	725	$1,695	$2.34	4d	4	1.20mi
2901 Auburn Way S Auburn, WA	1.0–2.0	1.0	667	$2,175	$3.26	0d	20	1.45mi
508 4th Ave SE Pacific, WA	2.0	1.0	885	$2,100	$2.37	25d	1	1.48mi

Listing history 15 events

1. 2026-06-18
   days on market $59,990 Active 78 DOM
2. 2026-06-17
   days on market $59,990 Active 77 DOM
3. 2026-06-16
   days on market $59,990 Active 76 DOM
4. 2026-06-15
   days on market $59,990 Active 75 DOM
5. 2026-06-13
   days on market $59,990 Active 73 DOM
6. 2026-06-13
   days on market $59,990 Active 72 DOM
7. 2026-06-09
   pricedays on market $59,990 Active 69 DOM
8. 2026-06-08
   days on market $79,999 Active 68 DOM
9. 2026-06-07
   days on market $79,999 Active 67 DOM
10. 2026-06-04
    days on market $79,999 Active 64 DOM
11. 2026-06-03
    days on market $79,999 Active 63 DOM
12. 2026-06-02
    days on market $79,999 Active 62 DOM
13. 2026-06-01
    days on market $79,999 Active 61 DOM
14. 2026-05-31
    days on market $79,999 Active 60 DOM
15. 2026-04-01
    listed $79,999 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 3/10 Moderate 7 d/yr ≥87°F today · 15 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: $21,025
• − Mortgage interest: −$3,360
• − Property taxes: −$900
• − Insurance: −$300
• − Repairs & maintenance: −$1,682
• − Management: −$1,682
• − Depreciation: −$1,745
• Taxable income: $11,356
• Est. tax owed @ 24.0%: −$2,725
• After-tax cash flow: $8,909/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 · 13 photos

Fair 45/100 Moderate rehab

The home requires moderate renovations to update the kitchen and bathrooms, and some exterior improvements to enhance its curb appeal. These updates would significantly increase its resale and rental value.

Repairs flagged

• Major Kitchen countertops — Worn and in need of replacement
• Major Bathroom fixtures — Dated and in need of replacement
• Moderate Exterior siding — Weathered and may need repainting or replacement
• Minor Landscaping — Overgrown and could benefit from trimming and planting

Value-add opportunities

• Resale New kitchen appliances — Modern appliances can significantly increase appeal and value
• Resale New bathroom fixtures — Upgraded fixtures can enhance the home's appeal and functionality
• Both Landscaping improvements — Aesthetic improvements can increase curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen countertops · Worn and in need of replacement	Major	$15,000–50,000
Bathroom fixtures · Dated and in need of replacement	Major	$15,000–50,000
Exterior siding · Weathered and may need repainting or replacement	Moderate	$3,000–15,000
Landscaping · Overgrown and could benefit from trimming and planting	Minor	$500–3,000
Total estimated repair cost · 4 items		$33,500–118,000

Value-add ROI direction

• Resale New kitchen appliances — Modern appliances can significantly increase appeal and value ↑
• Resale New bathroom fixtures — Upgraded fixtures can enhance the home's appeal and functionality ↑
• Both Landscaping improvements — Aesthetic improvements can increase curb appeal and property value ↑

ⓘ 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 — 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): 37,509
• Household income: $78,684
• Rent vs Own: 51.1% rent · 48.9% own
• Severe rent burden: 2202.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 46% Hispanic / Latino 24% Two or more races 13% Black 12% Asian 6% Pacific Islander 4% Native American 2%
• Hispanic origin (detail): Mexican 20%
• Common ancestry: Portuguese 4% Subsaharan African 4% Lithuanian 3%
• Foreign-born: 24% · Canada, Vietnam
• Languages at home: 63% English-only · Spanish 19% Russian/Polish/Slavic 6% Other Asian/Pacific 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: ▼ -677.96%
• Current HPI: 298.0849
• Rent YoY: ▲ 1.51%
• 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

1 event — show timeline

• 2026-04-01 Listed $79,999 NWMLS as Distributed by MLS Grid