2304 A St SE #51 · Auburn, WA 98002

$125,000

2 bd · 1.0 ba · 600 sqft · Manufactured · 86 Days on market

Built 1973 Good condition

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +2.9/5.0
• Appreciation +0.0/10.0

Listing remarks

This well-maintained manufactured home features 3/4 oak hardwood flooring with a warm, rustic finish complemented by solid wood interior doors. The updated kitchen offers quartz-style countertops, while the bathroom showcases a walk-in glass shower with marble-style tile. Enjoy modern efficiency with a tankless water heater by Rheem. Outside, you'll find a detached bonus room-perfect for an office or studio- plus additional storage space. This property offers easy access to local amenities, shopping, and commuting routes. Seller financing is available!

Key facts

• Marble-style tile
• Walk-in glass shower
• Built 1973

Tags

• OAK HARDWOOD FLOORING
• SOLID WOOD INTERIOR DOORS
• QUARTZ-STYLE COUNTERTOPS
• WALK-IN GLASS SHOWER
• MARBLE-STYLE TILE
• TANKLESS WATER HEATER

Property features AI

Finance

• Other: Calculated living area approximately 600 square feet
• Financial info: Cash sale terms
• HOA & community: Located in Auburn Park MHP; Land lease: $1,120

Exterior

• Parking: Carport
• Utilities: Public water; Puget Sound Energy power (electric)
• Home design: Manufactured single-wide home (Manufactured House); One level; Model Newmoon 50/12
• Construction: Wood construction; Metal roof; Tie down foundation
• Exterior features: Wood exterior; Paved lot

Interior

• Kitchen: Kitchen with eating space; Includes dishwasher, garbage disposal, refrigerator, stove/range
• Bedrooms: 2 bedrooms
• Bathrooms: 1 three-quarter bathroom
• Heating & cooling: Baseboard heating; Electric energy source
• Interior features: Electric fireplace; Dishwasher, Garbage disposal, Refrigerator, Stove/Range
• Laundry & utility: Tie down foundation detail

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $125k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $513 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $118k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.2% 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.
• Zoned schools: Pioneer Elementary School (651 students, 78% FRL) — zoned schools average 78% FRL vs 44% district-wide (34 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.5%/yr); 171 active listings in the ZIP; 15 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k 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 + 1.5% rent growth), your $35k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($118k) is reasonable based on typical stale-listing flexibility.

Recommended offer $117,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
6. 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.
7. 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.
8. 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: 1.39% ✓
• Cap rate: 11.21%
• Cash-on-cash: 17.57%
• DSCR: 1.78
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.51% rent growth · sell at horizon

5-year hold

• IRR: 7.3%
• Equity multiple: 1.28×
• Total profit: $9,844
• Equity at exit: $18,638

10-year hold

• IRR: 15.3%
• Equity multiple: 2.16×
• Total profit: $40,466
• Equity at exit: $10,808

Cash invested: $35,000 (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: 171
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $1,742 high
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$366
• Net cashflow: $513

Break-even live

Break-even rent $1,093

Max offer price $125,000

Occupancy floor 66%

Sensitivity live

Price	-10% $599	-5% $556	+0% $513	+5% $469	+10% $426
Rent	-10% $375	-5% $444	+0% $513	+5% $581	+10% $650
Rate	-1.0pp $576	-0.5pp $544	base $513	+0.5pp $480	+1.0pp $447

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
417 22nd St SE Apt C Auburn, WA	2.0	1.0	600	$1,700	$2.83	0d	1	0.10mi
2455 F St SE Auburn, WA	1.0–3.0	1.0–2.0	757	$1,678	$2.21	3d	6	0.13mi
402 21st St SE Auburn, WA	1.0–2.0	1.0–1.5	747	$1,695	$2.27	15d	4	0.13mi
2020 F St SE Auburn, WA	1.0–2.0	1.0	725	$1,599	$2.21	25d	1	0.27mi
2935 O St SE Unit 49 Auburn, WA	1.0	1.0	490	$1,495	$3.05	25d	1	0.76mi
111 10th St SE Apt 1 Auburn, WA	1.0	1.0	560	$1,295	$2.31	25d	1	0.78mi
111 10th St SE Unit 4 Auburn, WA	1.0	1.0	560	$1,295	$2.31	5d	1	0.78mi
1420 17th St SE Auburn, WA	1.0–2.0	1.0	725	$1,695	$2.34	3d	4	0.82mi
109 S Division St Auburn, WA	1.0–2.0	1.0–2.0	849	$3,478	$4.09	0d	15	1.27mi
17 S Division St Auburn, WA	1.0–2.0	1.0	728	$2,105	$2.89	15d	5	1.31mi
345 Pacific Ave N Pacific, WA	1.0–3.0	1.0–2.0	898	$1,950	$2.17	0d	10	1.33mi
2 E Main St Auburn, WA	2.0	1.0–2.0	696	$2,425	$3.48	0d	12	1.33mi
128 E Main St Auburn, WA	2.0	1.0–2.0	680	$2,425	$3.56	0d	5	1.34mi
215 F St SW Apt 4 Auburn, WA	1.0	1.0	600	$1,245	$2.08	25d	1	1.35mi
105 N St SE Auburn, WA	1.0	1.0	676	$1,395	$2.06	22d	2	1.46mi

Listing history 15 events

1. 2026-06-18
   days on market $125,000 Active 86 DOM
2. 2026-06-17
   days on market $125,000 Active 85 DOM
3. 2026-06-16
   days on market $125,000 Active 84 DOM
4. 2026-06-15
   days on market $125,000 Active 83 DOM
5. 2026-06-13
   days on market $125,000 Active 81 DOM
6. 2026-06-13
   days on market $125,000 Active 80 DOM
7. 2026-06-09
   days on market $125,000 Active 77 DOM
8. 2026-06-08
   days on market $125,000 Active 76 DOM
9. 2026-06-07
   days on market $125,000 Active 75 DOM
10. 2026-06-04
    days on market $125,000 Active 72 DOM
11. 2026-06-03
    days on market $125,000 Active 71 DOM
12. 2026-06-02
    days on market $125,000 Active 70 DOM
13. 2026-06-01
    days on market $125,000 Active 69 DOM
14. 2026-05-31
    days on market $125,000 Active 68 DOM
15. 2026-03-24
    listed $125,000 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: $20,908
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$1,673
• − Management: −$1,673
• − Depreciation: −$3,636
• Taxable income: $4,424
• Est. tax owed @ 24.0%: −$1,062
• After-tax cash flow: $5,089/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 · 13 photos

Good 75/100 Cosmetic rehab

This well-maintained manufactured home offers a good condition with updated kitchen and bathroom. It's ready for a new owner with minor maintenance required.

Value-add opportunities

• Resale Paint exterior siding — Enhances curb appeal
• Both Replace gutters — Improves drainage and aesthetics

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior siding — Enhances curb appeal ↑
• Both Replace gutters — Improves drainage and aesthetics ↑

ⓘ 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: 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

1 event — show timeline

• 2026-03-24 Listed $125,000 NWMLS as Distributed by MLS Grid