23708 Locust Way #71 · Bothell West, WA 98021

$315,000

4 bd · 1.0 ba · 1,512 sqft · Manufactured public records · 10 Days on market

Built 2022 Good condition 21 ac lot Est $575k · 45% 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 +27.0/30.0
• ARV discount +15.0/15.0
• DSCR +9.3/10.0
• Schools +6.7/10.0
• 1% rule +6.4/10.0
• Livability +4.5/5.0
• Condition / age +4.0/5.0
• Rent growth +2.9/5.0
• Appreciation +0.0/10.0

Listing remarks

Step into your dream of affordable Bothell homeownership! Nestled in a beautifully maintained, all-ages community within the highly sought after, Northshore School District, this nearly-new 2022 masterpiece feels like a breath of fresh air. From the moment you walk into the sun-drenched 1,512 sq ft layout, you will fall in love with the four spacious bedrooms, pristine 1.75 baths, and a dedicated laundry room designed for easy everyday living. The heart of the home shines with an expansive, open-concept living area and a contemporary kitchen that makes hosting gatherings an absolute joy. Retreat to your luxurious primary suite featuring an attached bath after a long day. Your private sanct

Key facts

• Contemporary kitchen
• 20.82 acre lot
• Built 2022

Tags

• NORTHSHORE SCHOOL DISTRICT
• OPEN CONCEPT LIVING AREA
• CONTEMPORARY KITCHEN
• DEDICATED LAUNDRY ROOM
• FULLY FENCED BACK YARD
• FULLY FENCED SIDE YARD

Property features AI

Finance

• Other: Buyer brokerage compensation: 3%
• Financial info: Listing terms: Cash, Conventional; Land lease: $1,300
• HOA & community: Country Club Estates park (approximately 114 homes); Park approved for sale

Exterior

• Parking: Carport
• Utilities: Public water; Alderwood Waste Water sewer; Snohomish County PUD power; Electric energy source; Electric water heater
• Home design: Manufactured double-wide home; One level; Mobile home remains
• Construction: Composition roof; Manufactured after 6/15/1976; Double wide body type
• Exterior features: Paved lot; BBQs; Clubhouse; Common area; RV parking

Interior

• Kitchen: Stove/Range; Refrigerator; Dishwasher; Kitchen with eating space
• Bedrooms: 4 bedrooms
• Flooring: Vinyl; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Heating & cooling: Forced air heating
• Interior features: Water heater; Ceiling fan(s); Vaulted ceilings; Walk-in pantry; Bath off primary; Double pane windows
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath manufactured listed at $315k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $881 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $315k).
• Cap rate 9.6% vs local median 2.2% in Bothell West — 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 91/100 on livability (#2 in WA, #63 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: 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.
• Market conditions: Rents rising (+1.8%/yr); 254 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $315,000

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. 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?
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: 1.14% ✓
• Cap rate: 9.65%
• Cash-on-cash: 11.98%
• DSCR: 1.53
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $574,560
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23708 Locust Way #65	0.00mi	3/2.0 (-1)	1,493 (-1%)	5mo	$294,000	$197	84
1119 Park Cir	0.48mi	3/2.0 (-1)	1,536 (+2%)	5mo	$645,000	$420	61
1121 244th St SW #66	0.52mi	3/2.0 (-1)	1,435 (-5%)	1mo	$76,800	$54	57
722 Wandering Creek Dr	0.73mi	3/2.0 (-1)	1,440 (-5%)	5mo	$570,000	$396	44
828 240th Pl SW	0.67mi	3/2.0 (-1)	1,512 (0%)	20mo	$564,757	$374	43
23706 Lake Dr W	0.50mi	3/2.0 (-1)	1,404 (-7%)	20mo	$512,500	$365	39
23803 Lake Dr W	0.54mi	3/2.0 (-1)	1,440 (-5%)	24mo	$500,000	$347	38
23716 9th Pl W	0.66mi	3/2.0 (-1)	1,296 (-14%)	3mo	$640,000	$494	34
23817 Willow Cir	0.65mi	3/2.0 (-1)	1,636 (+8%)	20mo	$621,500	$380	31
23632 Lake Dr E	0.58mi	3/2.0 (-1)	1,296 (-14%)	16mo	$525,000	$405	27
24105 8th Pl W	0.71mi	3/2.0 (-1)	1,404 (-7%)	24mo	$540,000	$385	26
24327 9th Ave W	0.74mi	3/2.0 (-1)	1,668 (+10%)	24mo	$600,000	$360	19

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: 0.2%
• Equity multiple: 1.01×
• Total profit: $508
• Equity at exit: $46,968

10-year hold

• IRR: 8.6%
• Equity multiple: 1.62×
• Total profit: $54,495
• Equity at exit: $27,235

Cash invested: $88,200 (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: 254
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $3,589 high
• Mortgage (P&I): −$1,652
• Tax from tax record: −$171 /mo · $2,057/yr
• Insurance: −$131
• HOA: −$0
• Vacancy / Maint / Mgmt: −$754
• Net cashflow: $881

Break-even live

Break-even rent $2,474

Max offer price $315,000

Occupancy floor 70%

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: $78,750
• Closing costs: $9,450
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1919 232nd Pl SW Bothell, WA	3.0	2.5	1900	$3,350	$1.76	17d	1	0.46mi
23423 11th Ave W Bothell, WA	3.0	2.5	1596	$3,399	$2.13	24d	1	0.61mi
23204 9th Pl W Bothell, WA	3.0	1.0	1200	$2,700	$2.25	4d	1	0.71mi
23727 Meridian Ave S Bothell, WA	3.0	1.5	1900	$3,500	$1.84	43d	1	1.23mi
302 225th St SW Bothell, WA	4.0	3.0	1836	$4,200	$2.29	43d	1	1.32mi
4208 236th St SW Mountlake Terrace, WA	1.0–3.0	1.0–2.0	926	$2,850	$3.08	2d	26	1.42mi
7000 NE 186th Pl Kenmore, WA	2.0–3.0	2.5	1441	$3,582	$2.49	2d	6	1.44mi

Listing history 8 events

1. 2026-06-08
   status $315,000 Pending 10 DOM
2. 2026-06-07
   days on market $315,000 Active 10 DOM
3. 2026-06-04
   days on market $315,000 Active 7 DOM
4. 2026-06-03
   days on market $315,000 Active 6 DOM
5. 2026-06-02
   days on market $315,000 Active 5 DOM
6. 2026-06-01
   days on market $315,000 Active 4 DOM
7. 2026-05-31
   days on market $315,000 Active 3 DOM
8. 2026-05-28
   listed $315,000 Active

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

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $2,057 · $171/mo
• Projected year-2 tax: $3,087 · $257/mo
• Expected delta: +$1,030/yr (+$86/mo · 50.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $43,067
• − Mortgage interest: −$17,645
• − Property taxes: −$2,057
• − Insurance: −$1,575
• − Repairs & maintenance: −$3,445
• − Management: −$3,445
• − Depreciation: −$9,164
• Taxable income: $5,736
• Est. tax owed @ 24.0%: −$1,377
• After-tax cash flow: $9,192/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 nearly-new 2022 manufactured home in a well-maintained community offers a good investment opportunity with minimal repairs and updates needed.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics
• Both Replacing carpet with hardwood flooring — Improves durability and adds value
• Both Upgrading kitchen appliances — Modernizes the space and adds value
• Both Upgrading bathroom fixtures — Enhances functionality and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Replacing carpet with hardwood flooring — Improves durability and adds value ↑
• Both Upgrading kitchen appliances — Modernizes the space and adds value ↑
• Both Upgrading bathroom fixtures — Enhances functionality and adds 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: 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 West

• Score: 91/100
• State rank: #2
• US rank: #63

Category grades

Amenities A+ 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 West, WA
• County: Snohomish County · 786,756 people
• 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 event — show timeline

• 2026-05-28 Listed $315,000 NWMLS as Distributed by MLS Grid