23835 15th Ave SE #40 · Bothell, WA 98021

$329,000

2 bd · 2.0 ba · 1,109 sqft · Manufactured · 182 Days on market

Built 2002 $297/sqft · 12% below area Est $375k · 12% under ↓ 2% since listing

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Why this score? — see what drove the D 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).

• ARV discount +13.0/15.0
• Cash flow +9.2/30.0
• Schools +6.7/10.0
• Livability +4.2/5.0
• Rent growth +2.9/5.0
• 1% rule +2.8/10.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Green Acres delivers the 55+ lifestyle you’ve been searching for, complete with daily events, quiet walking paths, and lovely lake views. This inviting home features 2 generously sized bedrooms and 1.75 baths, including a primary suite with a large walk-in shower. The open kitchen seamlessly connects to the dining and living areas, creating a bright, comfortable layout. The utility/mud room opens to an upgraded Trex deck perfect for relaxing outdoors, along with a storage shed for extra space. With two covered parking spots and a prime location near restaurants, shops, and freeway access, convenience is at your fingertips.

Key facts

• Lake views
• Storage shed
• Quiet walking paths

Tags

• QUIET WALKING PATHS
• LAKE VIEWS
• OPEN KITCHEN
• UPGRADED TREX DECK
• STORAGE SHED
• COVERED PARKING SPOTS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $329k.

Deal economics

• At list price, monthly cash flow is $-247 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $293k (10.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $257k (22.0% below list).
• Recommended offer: $257k (22.0% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 1.5% in Bothell — 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 83/100 on livability (#53 in WA, #962 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, health & safety A+; Watch: amenities C-, cost of living F.
• Northshore School District (suburban): math 69% / reading 78% proficiency, ranked #9 of 291 in WA (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: Maywood Hills Elementary (534 students, 22% FRL); Canyon Park Middle School (889 students, 21% FRL); Bothell High School (1,764 students, 23% FRL).
• Market conditions: Rents rising (+1.8%/yr); 256 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).
• This rent is only 17% of the median local income ($184k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Snohomish County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 182 days — a 12% lower offer ($290k) is reasonable based on typical stale-listing flexibility.

Recommended offer $256,542 (22.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 182 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
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. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.78% ✗
• Cap rate: 5.39%
• Cash-on-cash: -3.22%
• DSCR: 0.86
• GRM: 10.7

CMA / ARV

• ARV (median comp): $374,656
• List price: $329,000
• Delta: -12.19%
• Verdict: UNDERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23825 15th Ave SE #311	0.13mi	2/2.0	1,132 (+2%)	0mo	$287,500	$254	90
23825 15th Ave SE #180	0.13mi	2/2.0	1,118 (+1%)	12mo	$285,000	$255	83
23825 15th Ave SE #28	0.13mi	2/2.0	1,095 (-1%)	11mo	$300,000	$274	83
23825 15th Ave SE #62	0.13mi	2/2.0	1,012 (-9%)	8mo	$310,000	$306	72
23825 15th Ave SE #312	0.13mi	3/2.0 (+1)	1,152 (+4%)	13mo	$300,000	$260	72
23825 15th Ave SE #93	0.13mi	2/2.0	960 (-13%)	0mo	$255,000	$266	71
23825 15th Ave SE #133	0.13mi	2/2.0	1,244 (+12%)	9mo	$390,000	$314	66
1725 242nd St SE #219	0.31mi	2/2.0	1,056 (-5%)	14mo	$272,500	$258	66
23825 15th Ave SE #77	0.13mi	2/2.0	1,275 (+15%)	12mo	$325,000	$255	59
1725 242nd St SE #222	0.31mi	2/2.0	1,244 (+12%)	9mo	$375,000	$301	58
1725 242nd St SE #221	0.31mi	2/2.0	1,244 (+12%)	13mo	$400,000	$322	54
1725 242nd St SE #228	0.31mi	2/2.0	1,275 (+15%)	13mo	$380,000	$298	50

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 · 1.75% rent growth · sell at horizon

5-year hold

• IRR: -23.1%
• Equity multiple: 0.22×
• Total profit: $-72,190
• Equity at exit: $49,055

10-year hold

• IRR: -21.2%
• Equity multiple: -0.04×
• Total profit: $-95,711
• Equity at exit: $28,446

Cash invested: $92,120 (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 98021

• Rents YoY: 1.8%
• Active inventory: 256
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $2,565 high
• Mortgage (P&I): −$1,725
• Tax est. 1.5%: −$411 /mo · $4,935/yr
• Insurance: −$137
• HOA: −$0
• Vacancy / Maint / Mgmt: −$539
• Net cashflow: $-247

Break-even live

Break-even rent $2,878

Max offer price $293,264

Occupancy floor —

Sensitivity live

Price	-10% $-20	-5% $-133	+0% $-247	+5% $-361	+10% $-474
Rent	-10% $-450	-5% $-348	+0% $-247	+5% $-146	+10% $-44
Rate	-1.0pp $-81	-0.5pp $-163	base $-247	+0.5pp $-332	+1.0pp $-419

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: $82,250
• Closing costs: $9,870
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1630 228th St SE Bothell, WA	1.0–3.0	1.0–2.0	940	$2,328	$2.48	0d	12	0.55mi
23028 27th Ave SE Bothell, WA	1.0–3.0	1.0–2.0	880	$2,636	$2.99	0d	16	0.83mi
2207 227th St SE Bothell, WA	1.0–3.0	1.0–2.0	846	$2,238	$2.64	0d	8	0.84mi
22717 4th Ave SE Unit B Bothell, WA	2.0	1.0	860	$2,500	$2.91	26d	1	0.89mi
9611 NE 191st St Bothell, WA	1.0	1.0	687	$1,979	$2.88	3d	5	1.12mi
9616 NE 188th St #302 Bothell, WA	2.0	2.0	950	$2,195	$2.31	5d	1	1.19mi
10295 NE 189th St Bothell, WA	2.0	1.0	960	$2,150	$2.24	13d	2	1.28mi
24107 7th Ave W Bothell, WA	3.0	1.0	975	$2,795	$2.87	6d	1	1.32mi
21623 16th Dr SE Bothell, WA	1.0–3.0	1.0–2.0	990	$2,498	$2.52	0d	11	1.35mi
9634 Thorsk St Bothell, WA	1.0	1.0	661	$2,035	$3.08	3d	5	1.36mi
10315 NE 187th St Bothell, WA	2.0	1.5	900	$2,250	$2.50	0d	2	1.36mi
9924 NE 185th St Bothell, WA	1.0–3.0	1.0–2.0	1194	$2,952	$2.47	3d	7	1.39mi
10324 NE 186th St Unit 1 Bothell, WA	2.0	1.5	1108	$2,300	$2.08	45d	1	1.39mi
9226 NE 184th Pl Bothell, WA	3.0	1.5	1250	$3,750	$3.00	1d	1	1.41mi
19128 112th Ave NE Bothell, WA	1.0–2.0	1.0–2.0	1031	$3,105	$3.01	0d	17	1.43mi
18333 Bothell Way NE Bothell, WA	1.0	1.0	802	$2,159	$2.69	5d	9	1.43mi
18307 98th Ave NE Bothell, WA	1.0–2.0	1.0–2.0	769	$2,760	$3.59	3d	4	1.46mi
18420 102nd Ave NE Bothell, WA	1.0–2.0	1.0–2.0	800	$2,986	$3.73	0d	10	1.47mi

Listing history 8 events

1. 2026-06-07
   statusdays on market $329,000 Pending 182 DOM
2. 2026-06-04
   days on market $329,000 Active 181 DOM
3. 2026-06-03
   days on market $329,000 Active 180 DOM
4. 2026-06-02
   days on market $329,000 Active 179 DOM
5. 2026-06-01
   days on market $329,000 Active 178 DOM
6. 2026-05-31
   days on market $329,000 Active 177 DOM
7. 2026-03-28
   price $329,000
8. 2025-12-05
   listed $335,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $30,785
• − Mortgage interest: −$18,429
• − Property taxes: −$4,935
• − Insurance: −$1,645
• − Repairs & maintenance: −$2,463
• − Management: −$2,463
• − Depreciation: −$9,571
• Taxable loss: −$8,721
• Est. tax savings @ 24.0%: +$2,093
• After-tax cash flow: $-871/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: Northshore School District
• NCES district ID: 5305910
• Math proficiency: 69% ▼ -3.00%
• Reading proficiency: 78% ▼ -1.00%
• Median HH income: $92,951
• Composite: 67.41/100
• National rank: #826
• State rank: #9 of 291 in WA

Livability — Bothell

• Score: 83/100
• State rank: #53
• US rank: #962

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bothell, WA
• County: Snohomish County · 786,756 people
• City population: 141,635
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 35,631
• Household income: $183,786
• Rent vs Own: 18.9% rent · 81.1% own
• Severe rent burden: 413.0

Population outlook (Snohomish County) Hauer SSP2

• Today (2025): 899,800 people
• By 2030: 960,975 · +6.8%
• By 2040: 1,074,447 · +19.4%
• By 2050: 1,171,954 · +30.2%
• By 2075: 1,384,849 · +53.9%
• By 2100: 1,497,296 · +66.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 55% Asian 29% Two or more races 9% Hispanic / Latino 9% Black 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 4% Italian 3% Lithuanian 2%
• Foreign-born: 29% · China, Canada, South Korea
• Languages at home: 65% English-only · Other Indo-European 11% Other Asian/Pacific 6% Chinese 6%

Political lean MEDSL · Snohomish

• 2024 margin: D (+19.0) · D 57.8% · R 38.9% · Other 3.3%
• 2008→2024 swing: +0.1pp no change · 2008: 18.9pp · 2024: 19.0pp
• All cycles: 2024: D+19.0 2020: D+20.6 2016: D+16.6 2012: D+16.2 2008: D+18.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -903.22%
• Current HPI: 380.5475
• Rent YoY: ▲ 1.75%
• 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

-1.8% since first listed

2 events — show timeline

• 2026-03-28 Price Changed $329,000 NWMLS as Distributed by MLS Grid
• 2025-12-05 Listed $335,000 NWMLS as Distributed by MLS Grid