23835 15th Ave SE #40

Bothell, WA 98021

$329,000D

2 bd · 2.0 ba · 1,109 sqft · Built 2002 · Manufactured · Pending · 182 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,565/mo
• Mortgage (P&I): −$1,725
• Tax + insurance: −$548
• HOA: −$0
• Vac / Maint / Mgmt: −$539
• Net cashflow: $-247/mo
• Annual: $-2,964/yr
• Cap rate: 5.39%
• Cash-on-cash: -3.22%
• DSCR: 0.86
• 1% rule: 0.78%
• Cash to close: $92,120

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $329k.
• 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).
• It's been on market 182 days — a 12% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $257k (22.0% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Snohomish County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.

Questions for listing agent

• 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?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.