45800 SE North Bend Way #16 · North Bend, WA 98045

$92,500

2 bd · 1.0 ba · 710 sqft · Manufactured · 21 Days on market

Built 1965 Good condition $130/sqft · 6% above area Est $87k · 6% 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 +7.1/10.0
• ARV discount +4.8/15.0
• Rent growth +4.4/5.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Appreciation +0.0/10.0

Listing remarks

Fall in love with this darling home nestled in scenic North Bend with gorgeous Mt. Si views right outside your window! This super cute, move-in ready 2-bedroom home is filled with charm and thoughtful updates, including beautiful vinyl plank flooring, fresh paint, an updated bathroom, and a bright, refreshed kitchen perfect for cozy mornings and gathering with friends. Enjoy peaceful mountain and territorial views while being just minutes from shopping, restaurants, parks, trails, and easy I-90 access. Monthly space rent includes water, sewer, and lawn service. No age restrictions. Owner-occupied and park approval required. Come see why this sweet home is such a special find!

Key facts

• Mt si views
• Updated bathroom
• Refreshed kitchen

Tags

• MT SI VIEWS
• UPDATED BATHROOM
• REFRESHED KITCHEN
• PEACEFUL MOUNTAIN VIEWS
• TERRITORIAL VIEWS
• MINUTES FROM SHOPPING

Property features AI

Finance

• Other: Buyer to verify school information; Bus line nearby
• Financial info: Land lease: $1,149 (monthly); Listing terms: Cash or Conventional
• HOA & community: Park approved for sale; NorWest park with 24 homes; Playground and trails in the park; Cats allowed

Exterior

• Parking: 2 open uncovered parking spaces
• Utilities: Electric energy source; Electric water heater (located in spare bedroom); Community water (park); Sewer via park; Power provided by Tanner Electric; Cable: Comcast; Internet: Comcast
• Home design: Manufactured single-wide home; Updated/remodeled condition; One story; Make: Elcar, Model: 60D/12; Mobile home remains on site
• Construction: Metal/vinyl construction; Pillar/post/pier foundation with tie downs
• Exterior features: Metal/vinyl exterior; Paved lot

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range; Kitchen with eating space
• Bedrooms: 2 bedrooms
• Flooring: Vinyl plank
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; No central air
• Interior features: Water heater; Awnings; Ceiling fan(s); Double-pane windows; Patio/porch/deck; Vaulted ceilings
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $92k. Condition is rated good.

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 $92k).
• Recommended offer: $91k (1.5% below list) — sets the bar for market timing.
• Cap rate 19.9% vs local median 1.5% in North Bend — 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 73/100 on livability (#187 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B+; Watch: amenities C-, commute F, cost of living F.
• Snoqualmie Valley School District (town): math 73% / reading 80% proficiency, ranked #5 of 291 in WA (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Mount Si High School (2,081 students, 13% FRL) — zoned schools at 13% FRL track the district average.
• Market conditions: Rents rising fast (+7.8%/yr); 147 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• This rent is only 15% of the median local income ($176k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $640 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 + 7.8% rent growth), your $26k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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 $57k; list at $92k implies a 62% gain — meaningful room to come down on a strong offer.

Recommended offer $91,112 (1.5% below list)

Questions for the listing agent

1. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 2.31% ✓
• Cap rate: 19.91%
• Cash-on-cash: 48.64%
• DSCR: 3.16
• GRM: 3.6

CMA / ARV

• ARV (median comp): $87,354
• List price: $92,500
• Delta: 5.89%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
45800 SE North Bend Way #14	0.00mi	2/1.0	784 (+10%)	6mo	$87,000	$111	78
45800 SE North Bend Way #12	0.00mi	2/1.0	756 (+6%)	19mo	$110,000	$146	73

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 · 7.77% rent growth · sell at horizon

5-year hold

• IRR: 51.5%
• Equity multiple: 3.42×
• Total profit: $62,659
• Equity at exit: $13,792

10-year hold

• IRR: 58.8%
• Equity multiple: 8.32×
• Total profit: $189,500
• Equity at exit: $7,998

Cash invested: $25,900 (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 98045

• Rents YoY: 7.8%
• Active inventory: 147
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $2,138 medium
• Mortgage (P&I): −$485
• Tax est. 1.5%: −$116 /mo · $1,388/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$449
• Net cashflow: $1,050

Break-even live

Break-even rent $809

Max offer price $92,500

Occupancy floor 46%

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: $23,125
• Closing costs: $2,775
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
45414 SE North Bend Way Unit 4 North Bend, WA	1.0	1.0	468	$1,550	$3.31	4d	1	0.25mi
45414 SE North Bend Way North Bend, WA	1.0	1.0	468	$1,550	$3.31	2d	1	0.25mi

Listing history 13 events

1. 2026-06-07
   statusdays on market $92,500 Pending 21 DOM
2. 2026-06-04
   days on market $92,500 Active 20 DOM
3. 2026-06-03
   days on market $92,500 Active 19 DOM
4. 2026-06-02
   days on market $92,500 Active 18 DOM
5. 2026-06-01
   days on market $92,500 Active 17 DOM
6. 2026-05-31
   days on market $92,500 Active 16 DOM
7. 2026-05-15
   listed $92,500 Active
8. 2022-03-02
   soldstatus $57,000 Closed
9. 2022-01-16
   status Pending
10. 2021-11-27
    price $64,000
11. 2021-10-30
    price $67,000
12. 2021-08-20
    price $69,000
13. 2021-07-28
    listed $79,000 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 D · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 9 d/yr ≥84°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 11 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,656
• − Mortgage interest: −$5,181
• − Property taxes: −$1,388
• − Insurance: −$462
• − Repairs & maintenance: −$2,052
• − Management: −$2,052
• − Depreciation: −$2,691
• Taxable income: $11,829
• Est. tax owed @ 24.0%: −$2,839
• After-tax cash flow: $9,758/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

Good 80/100 Cosmetic rehab

This move-in ready 2-bedroom home is in good condition with updated interiors and a well-maintained exterior. It offers a great location with scenic views and easy access to amenities.

Value-add opportunities

• Both paint exterior — Fresh paint can enhance curb appeal and make the home look more inviting
• Both landscaping — Well-maintained landscaping can improve curb appeal and add value
• Both HVAC maintenance — Regular HVAC maintenance can improve air quality and energy efficiency, making the home more comfortable and cost-effective to run

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — Fresh paint can enhance curb appeal and make the home look more inviting ↑
• Both landscaping — Well-maintained landscaping can improve curb appeal and add value ↑
• Both HVAC maintenance — Regular HVAC maintenance can improve air quality and energy efficiency, making the home more comfortable and cost-effective to run ↑

ⓘ 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: Snoqualmie Valley School District
• NCES district ID: 5308040
• Math proficiency: 73% ▬ 0.00%
• Reading proficiency: 80% ▲ 1.00%
• Median HH income: $106,540
• Composite: 71.07/100
• National rank: #481
• State rank: #5 of 291 in WA

Livability — North Bend

• Score: 73/100
• State rank: #187
• US rank: #5052

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Bend, WA
• County: King County · 2,251,916 people
• City population: 15,289
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 15,289
• Household income: $175,765
• Rent vs Own: 16.3% rent · 83.7% own
• Severe rent burden: 281.0

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: Predominantly White (76%)
• Race & ethnicity: White 76% Two or more races 12% Hispanic / Latino 10% Asian 4% Native American 2%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: Slovak 4% Portuguese 3% Lithuanian 3%
• Foreign-born: 8% · Canada, China, South Korea
• Languages at home: 90% English-only · Spanish 6% Other Indo-European 1% Tagalog/Filipino 1%

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: ▼ -896.51%
• Current HPI: 341.5636
• Rent YoY: ▲ 7.77%
• 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

+17.1% since first listed

8 events — show timeline

• 2026-06-05 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-15 Listed $92,500 NWMLS as Distributed by MLS Grid
• 2022-03-02 Sold (MLS) $57,000 NWMLS as Distributed by MLS Grid
• 2022-01-16 Pending — NWMLS as Distributed by MLS Grid
• 2021-11-27 Price Changed $64,000 NWMLS as Distributed by MLS Grid
• 2021-10-30 Price Changed $67,000 NWMLS as Distributed by MLS Grid
• 2021-08-20 Price Changed $69,000 NWMLS as Distributed by MLS Grid
• 2021-07-28 Listed $79,000 NWMLS as Distributed by MLS Grid