11436 SE 208th St #136 · Kent, WA 98031

$74,950

2 bd · 2.0 ba · 1,152 sqft · Manufactured · 112 Days on market

Built 1981 Good condition $65/sqft · 44% below area Est $134k · 44% under ↓ 39% since listing

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +3.4/5.0
• Appreciation +0.0/10.0

Listing remarks

Price dramatically reduced, creating exceptional value and an incredible opportunity for the next owner. This could be your chance to own this beautifully updated home with extensive upgrades to nearly all major systems, including the roof, heat pump, windows, flooring, insulation, and kitchen. The seller’s loss is your gain with this move-in ready home in the desirable Pantera Lago 55+ community. Enjoy resort-style amenities including a pool, hot tub, library, game room, dog park, and community clubhouse with organized events and activities. Opportunities like this do not come around often. Seller is highly motivated and ready for their next chapter. Schedule your showing before thi

Key facts

• Updated appliances
• Heat pump
• New flooring

Tags

• FULLY RENOVATED KITCHEN
• UPDATED APPLIANCES
• NEW FLOORING
• FRESH INTERIOR PAINT
• HEAT PUMP
• NEW ROOF

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $75k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Recommended offer: $68k (9.0% below list) — sets the bar for market timing.
• Cap rate 24.8% vs local median 2.7% in Kent — 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 (#109 in WA, #2,154 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools C-, crime F, cost of living F.
• Kent School District (urban): math 47% / reading 57% proficiency, ranked #109 of 291 in WA (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.5%/yr); 167 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 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 $518 of loan paydown is wiped out by about $2k 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 + 3.5% rent growth), your $21k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 112 days — a 9% lower offer ($68k) is reasonable based on typical stale-listing flexibility.

Recommended offer $68,204 (9.0% below list)

Questions for the listing agent

1. It's been on market 112 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 2.83% ✓
• Cap rate: 24.83%
• Cash-on-cash: 66.21%
• DSCR: 3.95
• GRM: 2.9

CMA / ARV

• ARV (median comp): $133,523
• List price: $74,950
• Delta: -43.87%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11436 SE 208th St #170	0.12mi	2/2.0	1,250 (+8%)	21mo	$130,000	$104	62
20744 113th Pl SE	0.19mi	2/2.0	1,250 (+8%)	22mo	$105,000	$84	59
12212 SE 206th St	0.63mi	3/2.0 (+1)	1,080 (-6%)	8mo	$300,000	$278	49

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 · 3.53% rent growth · sell at horizon

5-year hold

• IRR: 66.1%
• Equity multiple: 3.99×
• Total profit: $62,769
• Equity at exit: $11,175

10-year hold

• IRR: 70.5%
• Equity multiple: 8.36×
• Total profit: $154,462
• Equity at exit: $6,480

Cash invested: $20,986 (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 98031

• Rents YoY: 3.5%
• Active inventory: 167
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $2,121 high
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,124/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$445
• Net cashflow: $1,158

Break-even live

Break-even rent $656

Max offer price $74,950

Occupancy floor 40%

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: $18,738
• Closing costs: $2,248
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10836 SE 204th St Kent, WA	1.0	1.0	850	$1,795	$2.11	44d	1	0.23mi
10836 SE 204th St Kent, WA	1.0	1.0	850	$1,795	$2.11	24d	1	0.23mi
20803 110th Ln SE Kent, WA	2.0	2.5	1361	$2,845	$2.09	44d	1	0.29mi
10833 SE 200th St Kent, WA	2.0	1.0	844	$1,600	$1.90	2d	1	0.30mi
20805 109th Ln SE Kent, WA	2.0	1.5	1250	$2,700	$2.16	44d	1	0.30mi
10820 SE 211th Pl Kent, WA	1.0–3.0	1.0–1.5	907	$2,032	$2.24	2d	20	0.39mi
11101 SE 208th St Kent, WA	1.0–3.0	1.0–2.0	971	$1,978	$2.04	2d	17	0.41mi
20506 103rd Ave SE Kent, WA	3.0	1.0	1180	$2,295	$1.94	24d	1	0.58mi
12012 SE 210th St Kent, WA	3.0	1.5	1230	$1,820	$1.48	24d	1	0.59mi
19002 108th Ave SE Unit 2 Renton, WA	2.0	1.0	800	$1,595	$1.99	11d	1	0.92mi
19002 108th Ave SE Renton, WA	2.0	1.0	800	$1,595	$1.99	3d	1	0.92mi
19002 108th Ave SE Unit 2 Renton, WA	2.0	1.0	800	$1,595	$1.99	11d	1	0.92mi
21822 107th Pl SE #6 Kent, WA	3.0	1.5	1152	$1,525	$1.32	22d	1	0.93mi
9333 S 200th St Kent, WA	3.0	1.0	1060	$2,450	$2.31	4d	1	1.18mi
21627 127th Pl SE Kent, WA	3.0	2.0	1420	$3,095	$2.18	17d	1	1.21mi
10815 SE 184th Ln Renton, WA	1.0–2.0	1.0–2.0	860	$2,445	$2.84	15d	3	1.28mi
22415 Benson Rd SE Kent, WA	2.0	1.0	706	$1,520	$2.15	2d	4	1.32mi
11211 SE 226th St Kent, WA	3.0	2.0	1012	$2,250	$2.22	18d	1	1.37mi
5301 Talbot Rd S Renton, WA	2.0	1.0–2.0	1046	$2,574	$2.46	2d	9	1.40mi
400 S 50th St Renton, WA	1.0–3.0	1.0–2.5	1082	$2,620	$2.42	2d	9	1.43mi

Listing history 17 events

1. 2026-06-18
   days on market $74,950 Active 112 DOM
2. 2026-06-17
   days on market $74,950 Active 111 DOM
3. 2026-06-16
   days on market $74,950 Active 110 DOM
4. 2026-06-15
   days on market $74,950 Active 109 DOM
5. 2026-06-13
   days on market $74,950 Active 107 DOM
6. 2026-06-09
   days on market $74,950 Active 103 DOM
7. 2026-06-08
   days on market $74,950 Active 102 DOM
8. 2026-06-07
   pricedays on market $74,950 Active 101 DOM
9. 2026-06-04
   days on market $84,950 Active 98 DOM
10. 2026-06-03
    days on market $84,950 Active 97 DOM
11. 2026-06-02
    days on market $84,950 Active 96 DOM
12. 2026-06-01
    days on market $84,950 Active 95 DOM
13. 2026-05-31
    days on market $84,950 Active 94 DOM
14. 2026-05-14
    price $84,950
15. 2026-04-16
    price $109,500
16. 2026-03-21
    price $124,500
17. 2026-02-26
    listed $139,950 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 ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 12 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,455
• − Mortgage interest: −$4,198
• − Property taxes: −$1,124
• − Insurance: −$375
• − Repairs & maintenance: −$2,036
• − Management: −$2,036
• − Depreciation: −$2,180
• Taxable income: $13,505
• Est. tax owed @ 24.0%: −$3,241
• After-tax cash flow: $10,653/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 75/100 Cosmetic rehab

This move-in ready manufactured home in Pantera Lago 55+ community offers updated interiors and new systems, making it an excellent investment opportunity.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Replace light fixtures — Improves aesthetics and energy efficiency

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Replace light fixtures — Improves aesthetics and energy efficiency ↑

ⓘ 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: Kent School District
• NCES district ID: 5303960
• Math proficiency: 47% ▼ -1.00%
• Reading proficiency: 57% ▼ -1.00%
• Median HH income: $69,823
• Composite: 48.25/100
• National rank: #4714
• State rank: #109 of 291 in WA

Livability — Kent

• Score: 79/100
• State rank: #109
• US rank: #2154

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kent, WA
• County: King County · 2,251,916 people
• City population: 119,479
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 40,094
• Household income: $105,965
• Rent vs Own: 32.8% rent · 67.2% own
• Severe rent burden: 1151.0

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 0.77)
• Race & ethnicity: White 36% Asian 27% Black 13% Hispanic / Latino 13% Two or more races 13% Pacific Islander 1%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Italian 5% Portuguese 2% Subsaharan African 2%
• Foreign-born: 31% · Canada, Vietnam, China
• Languages at home: 58% English-only · Spanish 9% Other Indo-European 7% Vietnamese 4%

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: ▼ -673.58%
• Current HPI: 308.1747
• Rent YoY: ▲ 3.53%
• 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

-39.3% since first listed

4 events — show timeline

• 2026-05-14 Price Changed $84,950 NWMLS as Distributed by MLS Grid
• 2026-04-16 Price Changed $109,500 NWMLS as Distributed by MLS Grid
• 2026-03-21 Price Changed $124,500 NWMLS as Distributed by MLS Grid
• 2026-02-26 Listed $139,950 NWMLS as Distributed by MLS Grid