5920 200th St SW #37 · Lynnwood, WA 98036

$105,000

2 bd · 1.5 ba · 756 sqft · Manufactured public records · 349 Days on market

Built 1969 3.33 ac lot $139/sqft · 25% below area Est $140k · 25% under ↓ 9% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.4/10.0
• Livability +3.9/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming home at Center Mobile Home Park in Lynnwood with all ages accepted! This home gets lots of natural light with 2 spacious beds and 1.75 baths. Enjoy peace of mind with freshly painted inside and outside & newer flooring. Open floor plan with living room is just off the dining room, kitchen and well maintained throughout. Great home and location. Easy Parking for up to 3 and extra guest parking right next to it. Located just minutes from Alderwood Mall Shopping and Lynnwood Center, restaurants, good schools, parks, I-5 and much more. Low maintenance living in a prime and convenient location. Move-in ready and close to everything you need. Come and tour it!

Key facts

• Guest parking
• Open floor plan
• Newer flooring

Tags

• NATURAL LIGHT
• FRESHLY PAINTED
• NEWER FLOORING
• OPEN FLOOR PLAN
• GUEST PARKING
• MINUTES FROM SHOPPING

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath manufactured listed at $105k.

Deal economics

• At list price, monthly cash flow is $841 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $105k).
• Recommended offer: $92k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.9% vs local median 2.2% in Lynnwood — 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 77/100 on livability (#150 in WA, #3,226 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, employment A; Watch: crime F, cost of living F.
• Edmonds School District (suburban): math 54% / reading 65% proficiency, ranked #53 of 291 in WA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.2%/yr); 184 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 $726 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 2.2% rent growth), your $29k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 349 days — a 12% lower offer ($92k) is reasonable based on typical stale-listing flexibility.

Recommended offer $92,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 349 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — 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: 1.89% ✓
• Cap rate: 15.91%
• Cash-on-cash: 34.34%
• DSCR: 2.53
• GRM: 4.4

CMA / ARV

• ARV (median comp): $140,164
• List price: $105,000
• Delta: -25.09%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.25% rent growth · sell at horizon

5-year hold

• IRR: 28.9%
• Equity multiple: 2.19×
• Total profit: $35,122
• Equity at exit: $15,656

10-year hold

• IRR: 35.9%
• Equity multiple: 4.19×
• Total profit: $93,709
• Equity at exit: $9,078

Cash invested: $29,400 (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 98036

• Rents YoY: 2.2%
• Active inventory: 184
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,984 high
• Mortgage (P&I): −$551
• Tax est. 1.5%: −$131 /mo · $1,575/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$417
• Net cashflow: $841

Break-even live

Break-even rent $919

Max offer price $105,000

Occupancy floor 53%

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: $26,250
• Closing costs: $3,150
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6008 202nd St SW Unit D Lynnwood, WA	2.0	1.0	825	$1,750	$2.12	16d	1	0.04mi
5812 200th St SW Unit B Lynnwood, WA	2.0	2.0	942	$2,300	$2.44	43d	1	0.12mi
19815 Scriber Lake Rd Lynnwood, WA	1.0	1.0	495	$1,634	$3.30	2d	10	0.19mi
5725 200th St SW Lynnwood, WA	2.0	1.0	800	$2,000	$2.50	16d	1	0.20mi
5720 198th St SW Lynnwood, WA	1.0	1.0	688	$1,525	$2.22	43d	1	0.25mi
19900 56th Ave W Unit A33 Lynnwood, WA	1.0	1.0	675	$1,645	$2.44	14d	1	0.27mi
5618 198th St SW Unit 202 Lynnwood, WA	2.0	1.0	817	$1,750	$2.14	3d	1	0.30mi
20620 60th Ave W Unit D Lynnwood, WA	3.0	2.0	1111	$2,400	$2.16	43d	1	0.32mi
6501 208th St SW Lynnwood, WA	1.0–2.0	1.0–2.0	850	$2,119	$2.49	1d	8	0.45mi
20427 68th Ave W Lynnwood, WA	1.0–2.0	1.0	875	$1,899	$2.17	12d	8	0.51mi
6707 196th St SW Lynnwood, WA	2.0	1.5	1000	$2,449	$2.45	3d	1	0.61mi
6601 210th St SW Lynnwood, WA	1.0–2.0	1.0	975	$1,830	$1.88	4d	2	0.62mi
19800 50th Ave W Lynnwood, WA	2.0	1.0	854	$1,790	$2.10	2d	4	0.66mi
21011 67th Ave W Unit 7 Lynnwood, WA	1.0	1.0	600	$1,350	$2.25	24d	1	0.67mi
4807 200th St SW Lynnwood, WA	2.0–3.0	1.0	935	$1,550	$1.66	1d	12	0.70mi
4800 200th St SW Unit E201 Lynnwood, WA	2.0	2.0	971	$2,300	$2.37	4d	1	0.71mi
19801 50th Ave W Lynnwood, WA	1.0–2.0	1.0	825	$1,925	$2.33	4d	5	0.74mi
5424 212th St SW Mountlake Terrace, WA	1.0–2.0	1.0	763	$2,995	$3.93	1d	6	0.81mi
4727 200th St SW Lynnwood, WA	1.0–2.0	1.0–1.5	875	$2,558	$2.92	1d	12	0.83mi
7221 196th St SW Lynnwood, WA	2.0–3.0	2.0–2.5	1172	$2,300	$1.96	1d	4	0.90mi
5024 212th St SW Unit C Mountlake Terrace, WA	2.0	1.0	912	$1,900	$2.08	43d	1	0.93mi
21416 52nd Ave W Mountlake Terrace, WA	1.0–2.0	1.0	700	$1,875	$2.68	1d	17	0.94mi
5311 188th St SW Lynnwood, WA	2.0	1.5	1004	$2,500	$2.49	43d	1	0.97mi
6102 St Albion Way Mountlake Terrace, WA	1.0–2.0	1.0	862	$1,740	$2.02	2d	6	1.00mi
7428 208th St SW Edmonds, WA	2.0	1.0	792	$1,949	$2.46	4d	8	1.03mi
18534 52nd Ave W Lynnwood, WA	2.0	2.0	1100	$2,295	$2.09	1d	1	1.06mi
5707 186th Pl SW Unit 4-PLEX 1 Lynnwood, WA	2.0	2.0	1000	$2,135	$2.13	24d	1	1.08mi
4301 Alderwood Mall Blvd Lynnwood, WA	2.0	1.0	440	$2,100	$4.77	2d	14	1.08mi
4710 212th St SW Mountlake Terrace, WA	2.0	1.0–2.0	865	$2,260	$2.61	3d	6	1.09mi
21412 48th Ave W Mountlake Terrace, WA	1.0–2.0	1.0–2.0	760	$2,287	$3.01	1d	5	1.09mi
21911 58th Ave W Mountlake Terrace, WA	2.0	1.5	1100	$2,295	$2.09	4d	1	1.13mi
4200 Alderwood Mall Blvd Lynnwood, WA	2.0	1.0–2.0	702	$2,820	$4.01	2d	13	1.14mi
21903 58th Ave W Unit 3G Mountlake Terrace, WA	2.0	1.5	1100	$2,295	$2.09	4d	1	1.14mi
20921 44th Ave W Lynnwood, WA	2.0–4.0	2.0	1273	$1,900	$1.49	1d	3	1.16mi
7700 196th St SW Unit A Edmonds, WA	1.0	1.0	608	$1,650	$2.71	43d	1	1.16mi
5624 183rd St SW Lynnwood, WA	1.0–2.0	1.0	787	$2,100	$2.67	4d	2	1.17mi
21521 73rd Pl W Unit 11 Edmonds, WA	2.0	1.0	750	$1,748	$2.33	43d	1	1.18mi
5620 183rd St SW Lynnwood, WA	1.0–2.0	1.0	787	$2,075	$2.63	2d	2	1.19mi
7806 196th St SW Edmonds, WA	2.0	1.0	850	$2,040	$2.40	43d	1	1.19mi
4402 212th St SW Mountlake Terrace, WA	2.0	1.0	880	$2,125	$2.41	4d	1	1.19mi

Listing history 17 events

1. 2026-06-18
   days on market $105,000 Active 349 DOM
2. 2026-06-17
   days on market $105,000 Active 348 DOM
3. 2026-06-16
   days on market $105,000 Active 347 DOM
4. 2026-06-15
   days on market $105,000 Active 346 DOM
5. 2026-06-13
   days on market $105,000 Active 344 DOM
6. 2026-06-13
   days on market $105,000 Active 343 DOM
7. 2026-06-09
   days on market $105,000 Active 340 DOM
8. 2026-06-08
   days on market $105,000 Active 339 DOM
9. 2026-06-07
   days on market $105,000 Active 338 DOM
10. 2026-06-04
    days on market $105,000 Active 335 DOM
11. 2026-06-03
    days on market $105,000 Active 334 DOM
12. 2026-06-02
    days on market $105,000 Active 333 DOM
13. 2026-06-01
    days on market $105,000 Active 332 DOM
14. 2026-05-31
    days on market $105,000 Active 331 DOM
15. 2025-12-17
    price $105,000
16. 2025-08-28
    price $107,500
17. 2025-07-04
    listed $115,000 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: $23,804
• − Mortgage interest: −$5,882
• − Property taxes: −$1,575
• − Insurance: −$525
• − Repairs & maintenance: −$1,904
• − Management: −$1,904
• − Depreciation: −$3,055
• Taxable income: $8,959
• Est. tax owed @ 24.0%: −$2,150
• After-tax cash flow: $7,947/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: Edmonds School District
• NCES district ID: 5302400
• Math proficiency: 54% ▼ -1.00%
• Reading proficiency: 65% ▬ 0.00%
• Median HH income: $67,451
• Composite: 53.94/100
• National rank: #3026
• State rank: #53 of 291 in WA

Livability — Lynnwood

• Score: 77/100
• State rank: #150
• US rank: #3226

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lynnwood, WA
• County: Snohomish County · 786,756 people
• City population: 152,865
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 42,370
• Household income: $88,958
• Rent vs Own: 40.3% rent · 59.7% own
• Severe rent burden: 1781.0

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 0.63)
• Race & ethnicity: White 56% Asian 18% Hispanic / Latino 11% Two or more races 9% Black 9%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 5% Italian 4% Lithuanian 2%
• Foreign-born: 27% · Canada, Vietnam, China
• Languages at home: 65% English-only · Spanish 8% Other Indo-European 4% Other Asian/Pacific 4%

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: ▼ -914.47%
• Current HPI: 354.9913
• Rent YoY: ▲ 2.25%
• 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

-8.7% since first listed

3 events — show timeline

• 2025-12-17 Price Changed $105,000 NWMLS as Distributed by MLS Grid
• 2025-08-28 Price Changed $107,500 NWMLS as Distributed by MLS Grid
• 2025-07-04 Listed $115,000 NWMLS as Distributed by MLS Grid

Property tax history

+10.8%/yr

Latest (2026): $144 · +24.6% YoY. Source: county tax records.