1402 22nd St NE #300 · Auburn, WA 98002

$90,000

2 bd · 2.0 ba · 1,248 sqft · Manufactured · 281 Days on market

Built 1977 Est $100k · 10% 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 +30.0/30.0
• ARV discount +11.9/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Updated, remodeled, BEAUTIFUL home in 55+ park. With an open living concept, covered front and back porch areas, landscaped lot, & covered area for two cars. Utility shed for extra storage. New windows, hot water heater, paint, furnace, roof, heat pump, flooring, appliances, ceiling fans & electrical panel. Real wood cabinets w/ custom built-ins. Remodeled primary bathroom provides tons of extra storage & LVP flooring. Plus a remodeled laundry room w/ a NEW energy efficient washer/dryer. Outside living in your large patio and yard creates your own oasis. This home is LIKE NEW and ready for you to experience living in a gated community w/ clubhouse, pool & many more am

Key facts

• Utility shed
• Open living concept
• Landscaped lot

Tags

• OPEN LIVING CONCEPT
• COVERED FRONT AND BACK PORCH
• LANDSCAPED LOT
• UTILITY SHED
• NEW WINDOWS
• REMODELED PRIMARY BATHROOM

Property features AI

Finance

• Other: Land lease amount applies
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Located in Rio Verde manufactured home park (approximately 278 homes); Park amenities include clubhouse, pool, exercise room, laundry, BBQ areas, common area, RV parking, security gate; Senior community with senior exemption; Pets allowed — see remarks; Land lease applies

Exterior

• Parking: Carport; Storage located at carport
• Security: Security gate (community)
• Utilities: Electric power (PSE); Community water (HOA); Sewer provided by HOA; Comcast cable and internet
• Home design: Manufactured double-wide (Frontier 52/24); Manufactured home (approved for sale in park); One level; Faces west; Property in good condition
• Construction: Metal/Vinyl construction materials; Composition roof; Tie down foundation; Manufactured house structure type
• Exterior features: Patio/porch/deck; Landscaped; Paved lot; Metal/Vinyl siding; Has view; Tie down foundation; Metal skirt

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Ceramic tile; Laminate; Vinyl plank; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Heating & cooling: Forced air heating; Heat pump; Central air conditioning
• Interior features: Water heater (electric, located in closet); Ceiling fan(s); Double pane windows; Dining room, entry, family room, living room, utility room, kitchen with eating space
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $90k.

Deal economics

• At list price, monthly cash flow is $918 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.5% 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.
• Market conditions: Rents rising (+1.5%/yr); 171 active listings in the ZIP; 36 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 $622 of loan paydown is wiped out by about $3k 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 $25k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 281 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y ago; this cycle's ask has dropped $40k (31%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $79,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 281 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 1977 — 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: 2.17% ✓
• Cap rate: 18.53%
• Cash-on-cash: 43.70%
• DSCR: 2.94
• GRM: 3.8

CMA / ARV

• ARV (on-the-fly): $99,840
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1402 22nd St NE #424	0.02mi	2/2.0	1,248 (0%)	1mo	$124,500	$100	98
1402 22nd St NE #222	0.00mi	2/2.0	1,248 (0%)	12mo	$90,000	$72	90
1402 22ND St NE #39	0.02mi	2/2.0	1,248 (0%)	11mo	$158,000	$127	90
1402 22nd St NE #11	0.02mi	2/2.0	1,368 (+10%)	2mo	$60,000	$44	81
1402 22nd St NE #428	0.02mi	2/2.0	1,344 (+8%)	11mo	$140,000	$104	77
1402 22nd St NE #27	0.27mi	2/2.0	1,344 (+8%)	0mo	$65,000	$48	74
1402 22nd St NE #233	0.39mi	2/2.0	1,248 (0%)	9mo	$90,000	$72	74
1402 22nd St NE #127	0.38mi	2/2.0	1,320 (+6%)	4mo	$137,500	$104	69
1402 22nd St NE #315	0.02mi	2/2.0	1,344 (+8%)	23mo	$118,000	$88	67
1402 22nd St NE #220	0.38mi	2/2.0	1,248 (0%)	24mo	$100,000	$80	62
1402 22nd St NE #455	0.39mi	2/2.0	1,344 (+8%)	18mo	$107,200	$80	54

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 · 1.51% rent growth · sell at horizon

5-year hold

• IRR: 38.9%
• Equity multiple: 2.63×
• Total profit: $41,012
• Equity at exit: $13,419

10-year hold

• IRR: 44.6%
• Equity multiple: 4.95×
• Total profit: $99,624
• Equity at exit: $7,782

Cash invested: $25,200 (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 98002

• Rents YoY: 1.5%
• Active inventory: 171
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,949 high
• Mortgage (P&I): −$472
• Tax est. 1.5%: −$112 /mo · $1,350/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$409
• Net cashflow: $918

Break-even live

Break-even rent $787

Max offer price $90,000

Occupancy floor 48%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2212 O St NE Unit D Auburn, WA	3.0	1.0	1000	$1,925	$1.93	21d	1	0.07mi
2025 M St NE Unit 2045 Auburn, WA	2.0	1.5	1248	$2,095	$1.68	21d	1	0.13mi
2222 L St NE Unit 2222LA Auburn, WA	2.0	1.0	895	$1,995	$2.23	2d	1	0.16mi
2409 N St NE Auburn, WA	2.0	1.0	900	$1,950	$2.17	15d	1	0.17mi
2414 N St NE Unit C Auburn, WA	3.0	1.0	1271	$1,950	$1.53	24d	1	0.18mi
2315 L St NE Unit 2315LA Auburn, WA	2.0	1.0	990	$1,995	$2.02	2d	1	0.22mi
2319 L St NE Unit 2319LB Auburn, WA	2.0	1.0	895	$1,995	$2.23	2d	1	0.23mi
2502 M St NE Unit 2502MA Auburn, WA	2.0	1.0	910	$2,050	$2.25	2d	1	0.23mi
1015 18th St NE Unit 931 935 1001 1007 Auburn, WA	2.0	1.0	900	$1,699	$1.89	24d	1	0.25mi
1741 22nd St NE Auburn, WA	1.0–3.0	1.0–2.0	902	$1,650	$1.83	2d	2	0.26mi
2545 M Pl NE Unit 2545MPC Auburn, WA	2.0	1.0	1000	$1,895	$1.90	24d	1	0.27mi
2556 M Pl NE Unit 2556MPC Auburn, WA	2.0	1.0	1000	$1,895	$1.90	20d	1	0.28mi
2602 J St NE Auburn, WA	2.0	1.0	897	$1,972	$2.20	3d	10	0.37mi
802 22nd St NE Unit 802 Auburn, WA	2.0	1.0	750	$1,585	$2.11	12d	1	0.38mi
2317 I St NE Unit 2319 Auburn, WA	3.0	2.0	1400	$2,275	$1.62	24d	1	0.41mi
987 26th Pl NE Auburn, WA	2.0	1.5	939	$1,795	$1.91	24d	1	0.42mi
2701 J St NE Unit 2701JB Auburn, WA	2.0	1.0	800	$2,050	$2.56	24d	1	0.42mi
2441 I St NE Auburn, WA	2.0	1.0	910	$1,795	$1.97	15d	1	0.43mi
1413 12th St NE Unit ADU Auburn, WA	3.0	1.0	1000	$2,400	$2.40	5d	1	0.49mi
1433 8th St NE Auburn, WA	1.0–3.0	1.0–1.5	1025	$2,244	$2.19	1d	13	0.69mi
31900 104th Ave SE Unit A206 Auburn, WA	2.0	1.5	1250	$2,000	$1.60	24d	1	0.72mi
1608 8th St NE Auburn, WA	2.0	1.0	809	$1,500	$1.85	10d	1	0.78mi
634 M St NE Unit 3 Auburn, WA	2.0	1.5	900	$1,650	$1.83	24d	1	0.82mi
1314 6th Pl NE Auburn, WA	3.0	1.5	1180	$3,200	$2.71	24d	1	0.84mi
511 M St NE Auburn, WA	2.0	1.0	742	$1,695	$2.28	5d	1	0.92mi
502 8th St NE Auburn, WA	1.0–2.0	1.0	687	$1,795	$2.61	2d	3	0.96mi
1221 A St NE Auburn, WA	1.0–2.0	1.0–2.0	741	$1,986	$2.68	1d	14	0.96mi
1107 A St NE Auburn, WA	1.0–2.0	1.0	654	$2,022	$3.09	2d	26	1.00mi
29 R St NE Unit A Auburn, WA	2.0	1.0	900	$1,695	$1.88	24d	1	1.17mi
421 3rd St NE Auburn, WA	2.0	1.0	870	$1,600	$1.84	12d	1	1.21mi
515 N Division St Auburn, WA	1.0–2.0	1.0	700	$1,750	$2.50	24d	4	1.27mi
44 5th St NE Apt 4 Auburn, WA	3.0	1.0	1000	$1,999	$2.00	24d	1	1.29mi
107 N St SE Unit A Auburn, WA	2.0	1.0	1080	$1,750	$1.62	21d	1	1.32mi
225 I St SE Unit 225 Auburn, WA	2.0	1.0	980	$2,100	$2.14	15d	1	1.47mi
24 Auburn Way S Auburn, WA	2.0	1.0	1000	$1,495	$1.50	24d	1	1.47mi
128 E Main St Auburn, WA	2.0	1.0–2.0	680	$2,425	$3.56	5d	6	1.50mi

Listing history 32 events

1. 2026-06-18
   days on market $90,000 Active 281 DOM
2. 2026-06-17
   days on market $90,000 Active 280 DOM
3. 2026-06-16
   days on market $90,000 Active 279 DOM
4. 2026-06-15
   days on market $90,000 Active 278 DOM
5. 2026-06-13
   days on market $90,000 Active 276 DOM
6. 2026-06-13
   days on market $90,000 Active 275 DOM
7. 2026-06-09
   days on market $90,000 Active 272 DOM
8. 2026-06-08
   days on market $90,000 Active 271 DOM
9. 2026-06-07
   days on market $90,000 Active 270 DOM
10. 2026-06-04
    days on market $90,000 Active 267 DOM
11. 2026-06-03
    days on market $90,000 Active 266 DOM
12. 2026-06-02
    days on market $90,000 Active 265 DOM
13. 2026-06-01
    days on market $90,000 Active 264 DOM
14. 2026-05-31
    days on market $90,000 Active 263 DOM
15. 2026-04-21
    price $90,000
16. 2026-04-09
    price $97,000
17. 2026-03-26
    price $100,000
18. 2026-03-11
    status Active
19. 2026-03-07
    historical
20. 2026-02-09
    price $115,000
21. 2025-10-21
    price $120,000
22. 2025-09-26
    price $125,000
23. 2025-09-06
    listed $130,000 Active
24. 2024-05-08
    soldstatus $90,000 Closed
25. 2024-05-03
    status Pending
26. 2024-04-07
    status Active
27. 2024-03-27
    status Pending
28. 2024-01-17
    price $110,000
29. 2023-12-13
    price $120,000
30. 2023-11-15
    listed $125,000 Active
31. 2006-05-23
    soldstatus $63,500
32. 2006-04-26
    listed $69,000

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 27% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥87°F today · 16 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: $23,387
• − Mortgage interest: −$5,041
• − Property taxes: −$1,350
• − Insurance: −$450
• − Repairs & maintenance: −$1,871
• − Management: −$1,871
• − Depreciation: −$2,618
• Taxable income: $10,185
• Est. tax owed @ 24.0%: −$2,444
• After-tax cash flow: $8,567/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: 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

+30.4% since first listed

18 events — show timeline

• 2026-04-21 Price Changed $90,000 NWMLS as Distributed by MLS Grid
• 2026-04-09 Price Changed $97,000 NWMLS as Distributed by MLS Grid
• 2026-03-26 Price Changed $100,000 NWMLS as Distributed by MLS Grid
• 2026-03-11 Relisted — NWMLS as Distributed by MLS Grid
• 2026-03-07 Delisted — NWMLS as Distributed by MLS Grid
• 2026-02-09 Price Changed $115,000 NWMLS as Distributed by MLS Grid
• 2025-10-21 Price Changed $120,000 NWMLS as Distributed by MLS Grid
• 2025-09-26 Price Changed $125,000 NWMLS as Distributed by MLS Grid
• 2025-09-06 Listed $130,000 NWMLS as Distributed by MLS Grid
• 2024-05-08 Sold (MLS) $90,000 NWMLS as Distributed by MLS Grid
• 2024-05-03 Pending — NWMLS as Distributed by MLS Grid
• 2024-04-07 Relisted — NWMLS as Distributed by MLS Grid
• 2024-03-27 Pending — NWMLS as Distributed by MLS Grid
• 2024-01-17 Price Changed $110,000 NWMLS as Distributed by MLS Grid
• 2023-12-13 Price Changed $120,000 NWMLS as Distributed by MLS Grid
• 2023-11-15 Listed $125,000 NWMLS as Distributed by MLS Grid
• 2006-05-23 Sold (MLS) $63,500 NWMLS as Distributed by MLS Grid
• 2006-04-26 Listed $69,000 NWMLS as Distributed by MLS Grid