3611 I St NE #188 · Auburn, WA 98002

$125,000

2 bd · 2.0 ba · 1,152 sqft · Manufactured · 133 Days on market

Built 1981 Est $115k · 9% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• ARV discount +3.7/15.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to easy living in this sought-after 55+ community — located on a private corner lot with extra sunshine, added space, and a beautiful garden setting that feels like your own little retreat. With fewer neighbors and more privacy, this home offers a peaceful, tucked-away feel that’s hard to find. Enjoy slow mornings on the spacious front deck overlooking the garden, perfect for coffee, planting flowers, or simply relaxing in the fresh air. Step inside to a bright, open great room designed for comfortable everyday living, with a natural flow between the living, dining, and kitchen spaces that makes the home feel welcoming and connected. Large windows invite in warm natural

Key facts

• Large windows
• Spacious front deck
• Newer heat pump

Tags

• PRIVATE CORNER LOT
• BEAUTIFUL GARDEN SETTING
• SPACIOUS FRONT DECK
• BRIGHT OPEN GREAT ROOM
• LARGE WINDOWS
• NEWER HEAT PUMP

Property features AI

Finance

• Other: Manufactured home approved for sale in park
• Financial info: Land lease: $860; Listing terms: Cash or Conventional
• HOA & community: Located in The River Estates (senior community); Park amenities: BBQs, clubhouse, common area, community waterfront, exercise room, high-speed internet availability, pool, sauna, sidewalks, spa/hot tub

Exterior

• Parking: Carport
• Utilities: Electric energy source
• Home design: Manufactured double-wide home (Fleetwood Sandlewood); One level
• Construction: Metal/vinyl construction; Composition roof
• Exterior features: Metal/vinyl exterior; Patio/porch/deck; Landscaped; Corner lot; Paved lot; Has view; Community waterfront / private beach access

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Laminate; Vinyl; Carpet
• Bathrooms: 2 full bathrooms (2 tubs, 2 showers)
• Heating & cooling: Forced air heating; Heat pump; Forced air cooling; Heat pump cooling
• Interior features: Wood-burning fireplace; Water heater in unit
• Laundry & utility: Washer; Dryer; Electric water heater (in unit)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $125k.

Deal economics

• At list price, monthly cash flow is $507 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.6% 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.
• Zoned schools: Dick Scobee Elementary School (825 students, 84% FRL); Auburn Senior High School (1,844 students, 67% FRL) — zoned schools average 75% FRL vs 44% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.5%/yr); 171 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 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 $864 of loan paydown is wiped out by about $4k 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 $35k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 133 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $75k; list at $125k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $152/mo.
• Climate carrying-cost: in FEMA flood zone AH (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 133 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.54% ✓
• Cap rate: 12.62%
• Cash-on-cash: 22.60%
• DSCR: 2.01
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $115,200
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3611 I St NE #182	0.00mi	3/2.0 (+1)	1,152 (0%)	14mo	$115,000	$100	83
3611 I St NE #203	0.00mi	2/1.0	1,150 (-0%)	20mo	$60,000	$52	79
3611 I St NE #260	0.20mi	3/2.0 (+1)	1,152 (0%)	13mo	$47,500	$41	75
3611 I St NE #91	0.20mi	2/1.5	1,232 (+7%)	3mo	$138,000	$112	75
3611 I St NE #293	0.20mi	2/2.0	1,248 (+8%)	20mo	$162,000	$130	60

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: 7.0%
• Equity multiple: 1.27×
• Total profit: $9,326
• Equity at exit: $18,638

10-year hold

• IRR: 14.8%
• Equity multiple: 2.11×
• Total profit: $38,877
• Equity at exit: $10,808

Cash invested: $35,000 (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 98002

• Rents YoY: 1.5%
• Active inventory: 171
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,928 high
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• Flood insurance flood zone: −$152 /mo · $1,824/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$405
• Net cashflow: $507

Break-even live

Break-even rent $1,286

Max offer price $125,000

Occupancy floor 69%

Sensitivity live

Price	-10% $594	-5% $550	+0% $507	+5% $464	+10% $421
Rent	-10% $355	-5% $431	+0% $507	+5% $583	+10% $660
Rate	-1.0pp $570	-0.5pp $539	base $507	+0.5pp $475	+1.0pp $442

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
802 45th St NE Auburn, WA	1.0–3.0	1.0–2.0	934	$1,999	$2.14	0d	11	0.52mi
902 28th St NE Unit 902 Auburn, WA	2.0	1.5	938	$1,699	$1.81	0d	1	0.58mi
2701 J St NE Unit 2701JB Auburn, WA	2.0	1.0	800	$2,050	$2.56	25d	1	0.62mi
987 26th Pl NE Auburn, WA	2.0	1.5	939	$1,795	$1.91	25d	1	0.64mi
2602 J St NE Auburn, WA	2.0	1.0	897	$1,972	$2.20	3d	10	0.67mi
4750 Auburn Way N Auburn, WA	1.0–4.0	1.0–2.0	1011	$2,102	$2.08	0d	9	0.70mi
2441 I St NE Auburn, WA	2.0	1.0	910	$1,795	$1.97	15d	1	0.75mi
2556 M Pl NE Unit 2556MPC Auburn, WA	2.0	1.0	1000	$1,895	$1.90	20d	1	0.75mi
2545 M Pl NE Unit 2545MPC Auburn, WA	2.0	1.0	1000	$1,895	$1.90	25d	1	0.77mi
2502 M St NE Unit 2502MA Auburn, WA	2.0	1.0	910	$2,050	$2.25	3d	1	0.79mi
2319 L St NE Unit 2319LB Auburn, WA	2.0	1.0	895	$1,995	$2.23	3d	1	0.83mi
2317 I St NE Unit 2319 Auburn, WA	3.0	2.0	1400	$2,275	$1.62	25d	1	0.84mi
2315 L St NE Unit 2315LA Auburn, WA	2.0	1.0	990	$1,995	$2.02	3d	1	0.85mi
2409 N St NE Auburn, WA	2.0	1.0	900	$1,950	$2.17	15d	1	0.85mi
2414 N St NE Unit C Auburn, WA	3.0	1.0	1271	$1,950	$1.53	25d	1	0.86mi
2222 L St NE Unit 2222LA Auburn, WA	2.0	1.0	895	$1,995	$2.23	3d	1	0.91mi
802 22nd St NE Unit 802 Auburn, WA	2.0	1.0	750	$1,585	$2.11	13d	1	0.96mi
2212 O St NE Unit D Auburn, WA	3.0	1.0	1000	$1,925	$1.93	22d	1	0.98mi
2025 M St NE Unit 2045 Auburn, WA	2.0	1.5	1248	$2,095	$1.68	22d	1	1.03mi
925 18th St NE Unit D Auburn, WA	2.0	1.0	800	$1,670	$2.09	0d	1	1.07mi
1015 18th St NE Unit 931 935 1001 1007 Auburn, WA	2.0	1.0	900	$1,699	$1.89	25d	1	1.07mi
1741 22nd St NE Auburn, WA	1.0–3.0	1.0–2.0	902	$1,662	$1.84	0d	3	1.11mi
1413 12th St NE Unit ADU Auburn, WA	3.0	1.0	1000	$2,400	$2.40	5d	1	1.50mi

Listing history 26 events

1. 2026-06-18
   days on market $125,000 Active 133 DOM
2. 2026-06-17
   days on market $125,000 Active 132 DOM
3. 2026-06-16
   days on market $125,000 Active 131 DOM
4. 2026-06-15
   days on market $125,000 Active 130 DOM
5. 2026-06-13
   days on market $125,000 Active 128 DOM
6. 2026-06-13
   days on market $125,000 Active 127 DOM
7. 2026-06-09
   days on market $125,000 Active 124 DOM
8. 2026-06-08
   days on market $125,000 Active 123 DOM
9. 2026-06-07
   days on market $125,000 Active 122 DOM
10. 2026-06-04
    days on market $125,000 Active 119 DOM
11. 2026-06-03
    days on market $125,000 Active 118 DOM
12. 2026-06-02
    days on market $125,000 Active 117 DOM
13. 2026-06-01
    days on market $125,000 Active 116 DOM
14. 2026-05-31
    days on market $125,000 Active 115 DOM
15. 2026-03-13
    status Active
16. 2026-03-07
    status Pending
17. 2026-01-29
    listed $125,000 Active
18. 2024-02-12
    soldstatus $75,000 Closed
19. 2024-01-23
    status Pending
20. 2024-01-10
    listed $69,500 Active
21. 2011-05-23
    historical
22. 2011-05-20
    soldstatus $14,000 Sold
23. 2011-04-09
    status Pending
24. 2010-11-29
    listed $14,000 Active
25. 2005-11-17
    soldstatus $55,000
26. 2005-09-13
    listed $55,000

ⓘ 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 5/10 Major FEMA zone AH · 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: $23,136
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$2,450
• − Repairs & maintenance: −$1,851
• − Management: −$1,851
• − Depreciation: −$3,636
• Taxable income: $4,472
• Est. tax owed @ 24.0%: −$1,073
• After-tax cash flow: $5,014/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

+127.3% since first listed

12 events — show timeline

• 2026-03-13 Relisted — NWMLS as Distributed by MLS Grid
• 2026-03-07 Pending — NWMLS as Distributed by MLS Grid
• 2026-01-29 Listed $125,000 NWMLS as Distributed by MLS Grid
• 2024-02-12 Sold (MLS) $75,000 NWMLS as Distributed by MLS Grid
• 2024-01-23 Pending — NWMLS as Distributed by MLS Grid
• 2024-01-10 Listed $69,500 NWMLS as Distributed by MLS Grid
• 2011-05-23 Delisted — NWMLS as Distributed by MLS Grid
• 2011-05-20 Sold (MLS) $14,000 NWMLS as Distributed by MLS Grid
• 2011-04-09 Pending — NWMLS as Distributed by MLS Grid
• 2010-11-29 Listed $14,000 NWMLS as Distributed by MLS Grid
• 2005-11-17 Sold (MLS) $55,000 NWMLS as Distributed by MLS Grid
• 2005-09-13 Listed $55,000 NWMLS as Distributed by MLS Grid