15410 SE 272nd Park #78 · Kent, WA 98042

$224,999

3 bd · 2.0 ba · 1,234 sqft · Manufactured · 64 Days on market

Built 1990 Good condition $182/sqft · 42% below area Est $389k · 42% 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 +25.5/30.0
• ARV discount +15.0/15.0
• DSCR +8.5/10.0
• 1% rule +6.7/10.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautifully renovated home offering modern elegance and effortless living. This stunning residence features a bright open-concept layout filled with natural light, enhanced by a fresh, crisp white interior and thoughtfully curated finishes throughout. The fully updated kitchen is appointed with brand-new appliances and flows seamlessly into the main living space, creating an ideal setting for both everyday living and refined entertaining. A cozy wood-burning fireplace adds warmth and timeless charm. Step outside to a beautifully designed outdoor retreat featuring an expansive patio with stylish seating, perfect for relaxing or hosting gatherings. The spacious backyard is complemented by a d

Key facts

• Spacious backyard
• Expansive patio
• Outdoor retreat

Tags

• OPEN-CONCEPT LAYOUT
• FULLY UPDATED KITCHEN
• WOOD-BURNING FIREPLACE
• OUTDOOR RETREAT
• EXPANSIVE PATIO
• SPACIOUS BACKYARD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $225k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $526 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $211k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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 flat; 332 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($211k) is reasonable based on typical stale-listing flexibility.

Recommended offer $211,499 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% 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: 1.17% ✓
• Cap rate: 9.10%
• Cash-on-cash: 10.02%
• DSCR: 1.45
• GRM: 7.1

CMA / ARV

• ARV (median comp): $389,000
• List price: $224,999
• Delta: -42.16%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15232 SE 272nd St #79	0.16mi	3/2.0	1,120 (-9%)	6mo	$165,000	$147	73
27484 149th Pl SE #81	0.50mi	3/2.0	1,152 (-7%)	1mo	$389,000	$338	64
27479 150th Ave SE #104	0.48mi	3/2.0	1,152 (-7%)	4mo	$389,000	$338	64
27460 149th Pl SE #85	0.48mi	3/2.0	1,150 (-7%)	9mo	$439,000	$382	58
27404 149th Ave SE #62	0.45mi	3/2.0	1,344 (+9%)	9mo	$374,000	$278	57
15232 SE 272 St #116	0.14mi	4/2.0 (+1)	1,346 (+9%)	20mo	$190,000	$141	57
27427 149th Ave SE	0.48mi	3/2.0	1,152 (-7%)	14mo	$339,000	$294	55
27422 149th Ave SE #59	0.46mi	3/2.0	1,323 (+7%)	16mo	$465,500	$352	53
27515 150th Ln SE #143	0.46mi	3/2.0	1,417 (+15%)	2mo	$412,000	$291	52
15016 SE 274th Pl #121	0.39mi	3/2.0	1,356 (+10%)	17mo	$425,000	$313	52
27409 149th Ave SE	0.47mi	3/2.0	1,344 (+9%)	16mo	$360,000	$268	50
15030 SE 275th Way #142	0.46mi	2/2.0 (-1)	1,152 (-7%)	20mo	$305,000	$265	46

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 · 0.19% rent growth · sell at horizon

5-year hold

• IRR: -4.4%
• Equity multiple: 0.84×
• Total profit: $-10,158
• Equity at exit: $33,548

10-year hold

• IRR: 1.6%
• Equity multiple: 1.10×
• Total profit: $6,358
• Equity at exit: $19,454

Cash invested: $63,000 (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 98042

• Rents YoY: 0.2%
• Active inventory: 332
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $2,634 high
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,375/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$553
• Net cashflow: $526

Break-even live

Break-even rent $1,968

Max offer price $224,999

Occupancy floor 75%

Sensitivity live

Price	-10% $682	-5% $604	+0% $526	+5% $448	+10% $371
Rent	-10% $318	-5% $422	+0% $526	+5% $630	+10% $734
Rate	-1.0pp $639	-0.5pp $583	base $526	+0.5pp $468	+1.0pp $408

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14901 SE 272nd St Kent, WA	1.0–3.0	1.0–2.0	900	$2,321	$2.58	0d	16	0.39mi
14200 SE 272nd St Kent, WA	2.0	1.5–2.5	1550	$2,866	$1.85	0d	4	0.88mi
27403 141st Ave SE Kent, WA	3.0	1.5	960	$3,500	$3.65	3d	1	0.93mi
26902 169th Pl SE Covington, WA	1.0–2.0	1.0	671	$2,220	$3.31	11d	1	0.96mi
17126 SE 269th Pl Covington, WA	1.0–3.0	1.0–2.0	956	$2,587	$2.71	0d	15	1.02mi
17110 SE 276th St Covington, WA	1.0–3.0	1.0–2.0	852	$2,220	$2.61	0d	2	1.03mi
16830 SE Wax Rd Covington, WA	3.0	1.0–2.0	909	$2,458	$2.70	0d	14	1.04mi
27400 132nd Ave SE Kent, WA	1.0–2.0	1.0–2.0	842	$2,095	$2.49	2d	7	1.41mi

Listing history 14 events

1. 2026-06-18
   days on market $224,999 Active 64 DOM
2. 2026-06-17
   days on market $224,999 Active 63 DOM
3. 2026-06-16
   days on market $224,999 Active 62 DOM
4. 2026-06-15
   days on market $224,999 Active 61 DOM
5. 2026-06-13
   days on market $224,999 Active 59 DOM
6. 2026-06-09
   days on market $224,999 Active 55 DOM
7. 2026-06-08
   days on market $224,999 Active 54 DOM
8. 2026-06-07
   days on market $224,999 Active 53 DOM
9. 2026-06-04
   days on market $224,999 Active 50 DOM
10. 2026-06-03
    days on market $224,999 Active 49 DOM
11. 2026-06-02
    days on market $224,999 Active 48 DOM
12. 2026-06-01
    days on market $224,999 Active 47 DOM
13. 2026-05-31
    days on market $224,999 Active 46 DOM
14. 2026-04-15
    listed $224,999 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 · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 12 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,610
• − Mortgage interest: −$12,603
• − Property taxes: −$3,375
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,529
• − Management: −$2,529
• − Depreciation: −$6,545
• Taxable income: $2,903
• Est. tax owed @ 24.0%: −$697
• After-tax cash flow: $5,616/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 beautifully renovated home offers modern elegance and effortless living, with a fresh interior and updated appliances. The property is move-in ready with minor maintenance items to address.

Value-add opportunities

• Resale Paint exterior trim — Enhances curb appeal
• Rental Clean gutters — Keeps property in good condition

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior trim — Enhances curb appeal ↑
• Rental Clean gutters — Keeps property in good condition ↑

ⓘ 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): 50,216
• Household income: $127,552
• Rent vs Own: 17.7% rent · 82.3% own
• Severe rent burden: 892.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 62% Asian 13% Hispanic / Latino 12% Two or more races 12% Black 6%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 4% Subsaharan African 3% Italian 3%
• Foreign-born: 19% · Canada, Vietnam, China
• Languages at home: 75% English-only · Spanish 7% Russian/Polish/Slavic 4% Other Indo-European 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: ▼ -635.61%
• Current HPI: 297.7991
• Rent YoY: ▲ 0.19%
• 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

• 2026-04-15 Listed $224,999 NWMLS as Distributed by MLS Grid