3501 Auburn Way S #44 · Auburn, WA 98092

$99,950

3 bd · 2.0 ba · 1,232 sqft · Manufactured · 10 Days on market

Built 1989 Fair condition Est $112k · 11% under

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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 +12.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.4/5.0
• Condition / age +2.2/5.0

Listing remarks

Fantastic opportunity for affordable living in Palisades Estates! Located in an ALL-AGES gated community with a neighborhood playground, this 3-bedroom, 2-bath double-wide home offers an excellent canvas to bring your own design ideas and personal updates. The interior features a functional, spacious layout highlighted by a large kitchen with plenty of workspace. The primary suite serves as a comfortable retreat, boasting a full private bathroom and direct access to the expansive back deck and fenced yard. Multiple storage sheds offer plenty of space for your tools and gear and the park provides a dedicated RV parking lot for your larger vehicles. Great location close to local schools, shop

Key facts

• Gated community
• Fenced yard
• Large kitchen

Tags

• GATED COMMUNITY
• LARGE KITCHEN
• PRIVATE BATHROOM
• BACK DECK
• FENCED YARD
• STORAGE SHEDS

Property features AI

Finance

• Other: Bus line nearby
• Financial info: Land lease of $1,250; Acceptable financing: Cash or Conventional
• HOA & community: Park-approved for sale; Palisades Estates community; Common area, playground, recreational area; 74 homes in park; Security gate at community

Exterior

• Parking: Carport; RV parking available in park
• Security: Security gate
• Utilities: Electric power; Public water
• Home design: Manufactured double-wide home (Fleetwood); One level; West-facing entry; Average condition; Mobile home remains
• Construction: Wood construction; Composition roof; Wood skirt; Tie-down foundation
• Exterior features: Wood products siding; Patio/porch/deck; Landscaped

Interior

• Kitchen: Dishwasher; Refrigerator; Kitchen with eating space
• Bedrooms: 3 bedrooms
• Flooring: Laminate; Vinyl; Carpet
• Bathrooms: 2 full bathrooms; 2 bathtubs; 2 showers
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Water heater (electric); Skylights; Vaulted ceilings; Drapes; Walk-in closet; Bath off primary
• Laundry & utility: Washer; Dryer; Utility room; Water heater located in bedroom closet

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $100k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Cap rate 19.4% 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 soft (-0.5%/yr); 296 active listings in the ZIP; 3 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

• In year one you build about $11k of equity ($692 loan paydown + $10k appreciation (10.0% local appreciation)).
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 0.0% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $99,950

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.26% ✓
• Cap rate: 19.39%
• Cash-on-cash: 46.77%
• DSCR: 3.08
• GRM: 3.7

CMA / ARV

• ARV (on-the-fly): $112,112
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3501 Auburn Way S #58	0.33mi	3/2.0	1,296 (+5%)	20mo	$118,000	$91	60
3501 Auburn Way S #29	0.33mi	3/2.0	1,404 (+14%)	7mo	$70,000	$50	56

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 58.7%
• Equity multiple: 5.19×
• Total profit: $117,329
• Equity at exit: $90,043

10-year hold

• IRR: 51.0%
• Equity multiple: 10.97×
• Total profit: $279,121
• Equity at exit: $194,181

Cash invested: $27,986 (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 98092

• Home prices YoY: 3.3%
• Rents YoY: -0.5%
• Active inventory: 296
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $2,255 medium
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,499/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$474
• Net cashflow: $1,091

Break-even live

Break-even rent $874

Max offer price $99,950

Occupancy floor 47%

Sensitivity live

Price	-10% $1,160	-5% $1,125	+0% $1,091	+5% $1,056	+10% $1,022
Rent	-10% $913	-5% $1,002	+0% $1,091	+5% $1,180	+10% $1,269
Rate	-1.0pp $1,141	-0.5pp $1,116	base $1,091	+0.5pp $1,065	+1.0pp $1,038

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: $24,988
• Closing costs: $2,998
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2220 Noble Ct SE Auburn, WA	2.0	1.5–2.0	1200	$2,050	$1.71	0d	2	0.36mi
3320 Auburn Way S Auburn, WA	2.0	1.5	1033	$2,200	$2.13	0d	1	0.49mi
2901 Auburn Way S Auburn, WA	1.0–2.0	1.0	667	$2,175	$3.26	0d	20	0.67mi

Listing history 8 events

1. 2026-06-21
   days on market $99,950 Active 10 DOM
2. 2026-06-18
   days on market $99,950 Active 7 DOM
3. 2026-06-17
   days on market $99,950 Active 6 DOM
4. 2026-06-16
   days on market $99,950 Active 5 DOM
5. 2026-06-15
   days on market $99,950 Active 4 DOM
6. 2026-06-13
   days on market $99,950 Active 2 DOM
7. 2026-06-13
   remarks 699-char remark
8. 2026-06-13
   listed $99,950 Active 1 DOM

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,060
• − Mortgage interest: −$5,599
• − Property taxes: −$1,499
• − Insurance: −$500
• − Repairs & maintenance: −$2,165
• − Management: −$2,165
• − Depreciation: −$2,908
• Taxable income: $12,225
• Est. tax owed @ 24.0%: −$2,934
• After-tax cash flow: $10,155/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

Fair 45/100 Moderate rehab

The home is in fair condition with moderate repairs and maintenance needed. Painting and updating the interior and exterior, as well as replacing the kitchen flooring and bathroom countertops, can significantly increase its value.

Repairs flagged

• Minor Kitchen flooring — The flooring appears to be laminate or vinyl, which may need replacement.
• Minor Bathroom countertops — The countertops appear to be laminate or vinyl, which may need replacement.
• Minor Exterior paint — The exterior siding and paint may need touch-ups or repainting.
• Minor Interior paint — The interior walls and paint may need touch-ups or repainting.
• Minor Window frames — The window frames may need cleaning or repainting.

Value-add opportunities

• Both Painting and updating the interior and exterior — Painting and updating the interior and exterior can significantly improve the home's curb appeal and overall condition, making it more attractive to potential buyers or renters.
• Both Replacing the kitchen flooring — Replacing the kitchen flooring can improve the home's functionality and appearance, making it more attractive to potential buyers or renters.
• Both Replacing the bathroom countertops — Replacing the bathroom countertops can improve the home's functionality and appearance, making it more attractive to potential buyers or renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen flooring · The flooring appears to be laminate or vinyl, which may need replacement.	Minor	$500–3,000
Bathroom countertops · The countertops appear to be laminate or vinyl, which may need replacement.	Minor	$500–3,000
Exterior paint · The exterior siding and paint may need touch-ups or repainting.	Minor	$500–3,000
Interior paint · The interior walls and paint may need touch-ups or repainting.	Minor	$500–3,000
Window frames · The window frames may need cleaning or repainting.	Minor	$500–3,000
Total estimated repair cost · 5 items		$2,500–15,000

Value-add ROI direction

• Both Painting and updating the interior and exterior — Painting and updating the interior and exterior can significantly improve the home's curb appeal and overall condition, making it more attractive to potential buyers or renters. ↑
• Both Replacing the kitchen flooring — Replacing the kitchen flooring can improve the home's functionality and appearance, making it more attractive to potential buyers or renters. ↑
• Both Replacing the bathroom countertops — Replacing the bathroom countertops can improve the home's functionality and appearance, making it more attractive to potential buyers or renters. ↑

ⓘ 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): 50,224
• Household income: $122,300
• Rent vs Own: 25.7% rent · 74.3% own
• Severe rent burden: 1041.0

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 0.66)
• Race & ethnicity: White 54% Hispanic / Latino 15% Asian 14% Two or more races 13% Native American 4% Black 3% Pacific Islander 2%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Portuguese 4% Italian 3% Subsaharan African 3%
• Foreign-born: 20% · Canada, South Korea, Vietnam
• Languages at home: 73% English-only · Spanish 9% 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: ▲ 49.75%
• Current HPI: 1554.06
• Rent YoY: ▼ -0.46%
• 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

• 2026-06-11 Listed $99,950 NWMLS as Distributed by MLS Grid