2500 S 370th St #170 · Lakeland South, WA 98003

$229,000

3 bd · 2.0 ba · 1,790 sqft · Manufactured · 43 Days on market

Built 1989 Good condition $128/sqft · 83% above area

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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 +28.0/30.0
• DSCR +9.9/10.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Schools +3.9/10.0
• Rent growth +3.1/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautifully remodeled 3-bedroom, 2-bath home located in a desirable 55+ community. This spacious open-concept floor plan has been thoughtfully updated throughout with modern finishes and abundant natural light. The stunning kitchen features shaker-style cabinetry, solid-surface countertops, stainless steel appliances, new skylights, and plenty of storage and workspace, all new pex plumbing and new roof. . The large living and dining areas offer an airy, welcoming feel with new flooring throughout and recessed lighting. The primary suite includes a fully remodeled spa-like bathroom with dual sinks, a walk-in frameless glass shower, modern fixtures, and generous storage. Additional upgrade

Key facts

• 2 parking spots
• Community pool
• Built 1989

Property features AI

Finance

• Financial info: Land lease: $1,570; Listing terms: Cash or Conventional
• HOA & community: Park approved for sale; Kloshe Illahee park with 258 homes; Senior community; Pets allowed (cats and dogs; see remarks); Clubhouse, common area, exercise room, pool, sauna, spa/hot tub, tennis courts

Exterior

• Parking: Carport; RV parking (community)
• Utilities: Electric energy source; Public water; Sewer managed by HOA; Power provided by PSE; Electric water heater located by carport
• Home design: Manufactured double-wide home; One level; Manufactured after 6/15/1976; Good condition; Model: 64/28; Make: Liberty; Mobile home remains
• Construction: Metal/vinyl construction; Composition roof; Tie-down foundation
• Exterior features: Metal/vinyl exterior; Patio/porch/deck; Awnings; Located on a cul-de-sac; Paved access; Spa/Hot Tub (community)

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Vinyl plank; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Heating & cooling: Forced air heat; Heat pump (cooling)
• Interior features: Water heater; Skylights; Walk-in closet; Bath off primary
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $229k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $713 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $229k).
• Recommended offer: $222k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.0% vs local median 2.9% in Lakeland South — 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 79/100 on livability (#113 in WA, #2,299 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: amenities F, cost of living F.
• Federal Way School District (suburban): math 35% / reading 47% proficiency, ranked #207 of 291 in WA (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.3%/yr); 233 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 3d 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).
• At $2,906/mo this rent would consume 46% of the median local household income ($75k/yr) (locally 2895% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 + 2.3% rent growth), your $64k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $50k; list at $229k implies a 358% gain — meaningful room to come down on a strong offer.

Recommended offer $222,130 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 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. 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: 1.27% ✓
• Cap rate: 10.03%
• Cash-on-cash: 13.34%
• DSCR: 1.59
• GRM: 6.6

CMA / ARV

• ARV (median comp): $124,967
• List price: $229,000
• Delta: 83.25%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2500 370th St #183	0.11mi	3/2.0	1,800 (+1%)	4mo	$167,000	$93	91
2500 S 370th St #138	0.08mi	3/2.0	1,800 (+1%)	6mo	$104,000	$58	91
2500 S 370th St #142	0.08mi	3/2.0	1,848 (+3%)	7mo	$80,000	$43	86
2500 S 370th St #190	0.16mi	3/2.0	1,809 (+1%)	9mo	$115,000	$64	83
2500 S 370th St #227	0.00mi	3/2.0	1,680 (-6%)	10mo	$170,000	$101	82
2500 S 370th St #131	0.08mi	2/2.0 (-1)	1,680 (-6%)	5mo	$160,000	$95	77
2500 S 370th St #133	0.11mi	2/2.0 (-1)	1,848 (+3%)	10mo	$120,000	$65	76
2500 S 370th St #126	0.08mi	3/2.0	1,960 (+10%)	7mo	$110,000	$56	75
2500 S 370th St #147	0.08mi	3/2.5	1,935 (+8%)	8mo	$126,000	$65	75
2412 S 371st St #46	0.09mi	4/2.0 (+1)	1,968 (+10%)	4mo	$177,500	$90	71
2500 Alder St #317	0.67mi	3/2.0	1,935 (+8%)	6mo	$209,000	$108	50
2500 Alder St #52	0.67mi	2/2.0 (-1)	1,536 (-14%)	5mo	$145,000	$94	36

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 · 2.33% rent growth · sell at horizon

5-year hold

• IRR: 2.6%
• Equity multiple: 1.10×
• Total profit: $6,404
• Equity at exit: $34,145

10-year hold

• IRR: 11.5%
• Equity multiple: 1.88×
• Total profit: $56,354
• Equity at exit: $19,800

Cash invested: $64,120 (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 98003

• Rents YoY: 2.3%
• Active inventory: 233
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,906 high
• Mortgage (P&I): −$1,201
• Tax est. 1.5%: −$286 /mo · $3,435/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$610
• Net cashflow: $713

Break-even live

Break-even rent $2,003

Max offer price $229,000

Occupancy floor 70%

Sensitivity live

Price	-10% $871	-5% $792	+0% $713	+5% $634	+10% $555
Rent	-10% $483	-5% $598	+0% $713	+5% $828	+10% $943
Rate	-1.0pp $828	-0.5pp $771	base $713	+0.5pp $654	+1.0pp $593

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: $57,250
• Closing costs: $6,870
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2750 S 374th Pl Federal Way, WA	4.0	2.5	2210	$3,250	$1.47	0d	1	0.26mi
2020 S 360th St Federal Way, WA	1.0–3.0	1.0–2.0	971	$2,305	$2.37	0d	25	0.80mi
35726 30th Ave S Federal Way, WA	4.0	2.5	1990	$3,450	$1.73	16d	1	0.82mi
1211 S 376th St Milton, WA	1.0–2.0	1.0–2.0	952	$3,350	$3.52	0d	65	0.96mi
35703 16th Ave S Federal Way, WA	1.0–5.0	1.0–3.0	1098	$2,217	$2.02	3d	28	1.15mi
2816 Laurel Loop Milton, WA	3.0	2.5	2272	$3,595	$1.58	18d	1	1.49mi

Listing history 18 events

1. 2026-06-21
   days on market $229,000 Active 43 DOM
2. 2026-06-18
   days on market $229,000 Active 40 DOM
3. 2026-06-17
   days on market $229,000 Active 39 DOM
4. 2026-06-16
   days on market $229,000 Active 38 DOM
5. 2026-06-15
   days on market $229,000 Active 37 DOM
6. 2026-06-13
   days on market $229,000 Active 35 DOM
7. 2026-06-09
   days on market $229,000 Active 31 DOM
8. 2026-06-08
   days on market $229,000 Active 30 DOM
9. 2026-06-07
   days on market $229,000 Active 29 DOM
10. 2026-06-04
    days on market $229,000 Active 26 DOM
11. 2026-06-03
    days on market $229,000 Active 25 DOM
12. 2026-06-02
    days on market $229,000 Active 24 DOM
13. 2026-06-01
    days on market $229,000 Active 23 DOM
14. 2026-05-31
    days on market $229,000 Active 22 DOM
15. 2026-05-09
    listed $229,000 Active
16. 2025-10-16
    soldstatus $50,000 Closed
17. 2025-10-08
    status Pending
18. 2025-09-21
    listed $50,000 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥88°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: $34,870
• − Mortgage interest: −$12,828
• − Property taxes: −$3,435
• − Insurance: −$1,145
• − Repairs & maintenance: −$2,790
• − Management: −$2,790
• − Depreciation: −$6,662
• Taxable income: $5,221
• Est. tax owed @ 24.0%: −$1,253
• After-tax cash flow: $7,303/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 remodeled 3-bedroom home in a 55+ community offers a good condition with modern updates and ample natural light. It's move-in ready with minor maintenance items to address.

Value-add opportunities

• Resale Paint exterior siding — Enhances curb appeal
• Resale Replace deck boards — Improves durability and appearance
• Both Replace flooring — Freshens the interior and improves comfort

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior siding — Enhances curb appeal ↑
• Resale Replace deck boards — Improves durability and appearance ↑
• Both Replace flooring — Freshens the interior and improves comfort ↑

ⓘ 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: Federal Way School District
• NCES district ID: 5302820
• Math proficiency: 35% ▬ 0.00%
• Reading proficiency: 47% ▬ 0.00%
• Median HH income: $61,594
• Composite: 38.79/100
• National rank: #8361
• State rank: #207 of 291 in WA

Livability — Lakeland South

• Score: 79/100
• State rank: #113
• US rank: #2299

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lakeland South, WA
• County: King County · 2,251,916 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 51,619
• Household income: $75,319
• Rent vs Own: 53.1% rent · 46.9% own
• Severe rent burden: 2895.0

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 0.79)
• Race & ethnicity: White 32% Hispanic / Latino 23% Black 19% Two or more races 16% Asian 13% Pacific Islander 2%
• Hispanic origin (detail): Mexican 18%
• Common ancestry: Portuguese 3% Lithuanian 2% Swedish 2%
• Foreign-born: 32% · Canada, South Korea, Vietnam
• Languages at home: 57% English-only · Spanish 18% Other Indo-European 3% Russian/Polish/Slavic 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: ▼ -623.87%
• Current HPI: 327.5371
• Rent YoY: ▲ 2.33%
• 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

+358.0% since first listed

4 events — show timeline

• 2026-05-09 Listed $229,000 NWMLS as Distributed by MLS Grid
• 2025-10-16 Sold (MLS) $50,000 NWMLS as Distributed by MLS Grid
• 2025-10-08 Pending — NWMLS as Distributed by MLS Grid
• 2025-09-21 Listed $50,000 NWMLS as Distributed by MLS Grid