602 29th St SE #68 · Auburn, WA 98002

$180,000

3 bd · 2.0 ba · 1,344 sqft · Manufactured · 30 Days on market

Built 1999 Est $149k · 21% over

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Why this score? — see what drove the C 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 +25.9/30.0
• DSCR +8.7/10.0
• 1% rule +6.8/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Charming 3-bedroom, 2-bath home offering comfortable, modern living in a bright, open layout. The heart of the house is a spacious chef’s kitchen with generous counter and storage space—perfect for entertaining—flowing seamlessly into a large, open living room filled with natural light. Three well-proportioned bedrooms provide privacy and flexibility (ideal for a home office or guest room), and two full bathrooms add convenience for visitors. Thoughtful finishes, an efficient floor plan, and easy indoor-outdoor flow make this property a move-in-ready option for buyers seeking style and functionality.

Key facts

• Parking
• Built 1999
• Listed 29 days

Property features AI

Finance

• Other: Calculated building area: 1,344 square feet
• Financial info: Acceptable financing: Cash, Conventional
• HOA & community: Land lease in park: $1,096

Exterior

• Parking: Uncovered parking
• Utilities: Electric power
• Home design: Manufactured double-wide home; Single level
• Construction: Composition roof; Mobile home remains on site
• Exterior features: Located in Auburn Green Estates (manufactured home park); Pets allowed

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms
• Interior features: Dishwasher; Microwave; Refrigerator; Stove/Range

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $180k.

Deal economics

• At list price, monthly cash flow is $440 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $177k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.2% 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 rising (+1.5%/yr); 176 active listings in the ZIP; 11 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).
• This rent runs 33% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 21y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $54k; list at $180k implies a 236% gain — meaningful room to come down on a strong offer.

Recommended offer $177,300 (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. 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?
3. 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.
4. 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.
5. 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: 1.18% ✓
• Cap rate: 9.22%
• Cash-on-cash: 10.47%
• DSCR: 1.47
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $149,184
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
602 29th St SE #39	0.01mi	3/2.0	1,232 (-8%)	6mo	$155,000	$126	80
602 29th St SE #54	0.05mi	3/2.0	1,232 (-8%)	6mo	$55,000	$45	79
900 29th St SE Unit E-22	0.11mi	3/2.0	1,440 (+7%)	8mo	$50,000	$35	77
3225 M St SE #145	0.19mi	3/2.0	1,254 (-7%)	7mo	$105,000	$84	74
2304 A St SE #36	0.57mi	3/2.0	1,344 (0%)	1mo	$120,000	$89	73
3225 M St SE #144	0.29mi	3/2.0	1,248 (-7%)	3mo	$155,000	$124	72
607 37th St SE #81	0.33mi	4/2.0 (+1)	1,296 (-4%)	5mo	$115,000	$89	70
401 37th St SE #104	0.37mi	4/2.0 (+1)	1,248 (-7%)	0mo	$180,000	$144	66
210 37th St SE #130	0.49mi	3/2.0	1,248 (-7%)	2mo	$150,000	$120	64
707 37th St SE #71	0.35mi	4/2.0 (+1)	1,440 (+7%)	6mo	$160,000	$111	62
707 37th St SE #17	0.35mi	3/2.0	1,500 (+12%)	4mo	$147,500	$98	61
2902 B St SE	0.34mi	3/2.0	1,152 (-14%)	4mo	$312,500	$271	57

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: -2.3%
• Equity multiple: 0.92×
• Total profit: $-4,282
• Equity at exit: $26,839

10-year hold

• IRR: 5.7%
• Equity multiple: 1.40×
• Total profit: $19,921
• Equity at exit: $15,563

Cash invested: $50,400 (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: 176
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $2,131 high
• Mortgage (P&I): −$944
• Tax est. 1.5%: −$225 /mo · $2,700/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$448
• Net cashflow: $440

Break-even live

Break-even rent $1,575

Max offer price $180,000

Occupancy floor 74%

Sensitivity live

Price	-10% $564	-5% $502	+0% $440	+5% $377	+10% $315
Rent	-10% $271	-5% $355	+0% $440	+5% $524	+10% $608
Rate	-1.0pp $530	-0.5pp $485	base $440	+0.5pp $393	+1.0pp $346

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
404 27th St SE Unit 19-1 Auburn, WA	2.0	1.0	1000	$1,750	$1.75	13d	1	0.29mi
2455 F St SE Auburn, WA	1.0–3.0	1.0–2.0	757	$1,955	$2.58	4d	6	0.43mi
1014 37th St SE Apt 4 Auburn, WA	2.0	2.0	1005	$1,780	$1.77	6d	1	0.43mi
2952 O St SE Unit F Auburn, WA	2.0	1.0	1051	$1,495	$1.42	3d	1	0.45mi
1526 29th St SE Auburn, WA	2.0	1.0	912	$1,595	$1.75	25d	1	0.53mi
418 17th St SE Unit 6C Auburn, WA	2.0	2.0	1219	$2,200	$1.80	25d	1	0.79mi
1910 N Ct SE Auburn, WA	3.0	2.0	1570	$2,900	$1.85	12d	1	0.83mi
4704 Mill Pond Dr SE #213 Auburn, WA	2.0	2.0	1142	$2,750	$2.41	4d	1	0.90mi
4716 Mill Pond Dr SE Apt 1001 Auburn, WA	3.0	2.5	1673	$2,900	$1.73	12d	1	0.95mi
703 47th St SE Auburn, WA	2.0	1.0–2.0	781	$1,970	$2.52	3d	7	1.02mi
102 Hawthorne Ave S Pacific, WA	3.0	1.0	1285	$2,950	$2.30	0d	1	1.39mi

Listing history 18 events

1. 2026-06-21
   days on market $180,000 Active 30 DOM
2. 2026-06-18
   days on market $180,000 Active 27 DOM
3. 2026-06-17
   days on market $180,000 Active 26 DOM
4. 2026-06-16
   days on market $180,000 Active 25 DOM
5. 2026-06-15
   days on market $180,000 Active 24 DOM
6. 2026-06-13
   days on market $180,000 Active 22 DOM
7. 2026-06-13
   days on market $180,000 Active 21 DOM
8. 2026-06-09
   days on market $180,000 Active 18 DOM
9. 2026-06-08
   days on market $180,000 Active 17 DOM
10. 2026-06-07
    days on market $180,000 Active 16 DOM
11. 2026-06-04
    days on market $180,000 Active 13 DOM
12. 2026-06-03
    days on market $180,000 Active 12 DOM
13. 2026-06-02
    days on market $180,000 Active 11 DOM
14. 2026-06-01
    days on market $180,000 Active 10 DOM
15. 2026-05-31
    days on market $180,000 Active 9 DOM
16. 2026-05-22
    listed $180,000 Active
17. 2006-01-16
    soldstatus $53,500
18. 2005-11-14
    listed $62,000

ⓘ 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 1/10 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: $25,574
• − Mortgage interest: −$10,083
• − Property taxes: −$2,700
• − Insurance: −$900
• − Repairs & maintenance: −$2,046
• − Management: −$2,046
• − Depreciation: −$5,236
• Taxable income: $2,563
• Est. tax owed @ 24.0%: −$615
• After-tax cash flow: $4,661/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): 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

+190.3% since first listed

3 events — show timeline

• 2026-05-22 Listed $180,000 NWMLS as Distributed by MLS Grid
• 2006-01-16 Sold (MLS) $53,500 NWMLS as Distributed by MLS Grid
• 2005-11-14 Listed $62,000 NWMLS as Distributed by MLS Grid