7301 NE 175th St #309 · Kenmore, WA 98028

$17,450

2 bd · 1.0 ba · 720 sqft · Manufactured · 91 Days on market

Built 1975 $24/sqft · 78% below area

---

Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• Schools +6.7/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.3/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This is a fixer upper with a lot of potential! This unit comes with a covered carport and a small storage shed in the back yard. All appliances are without warranty. This unit has a washer, dryer, refrigerator, oven, microwave, and kitchen ceiling fan. Enjoy the beautiful green cabinets and small subway tile backsplash. Comes with a large living area with four large windows. House is sold, AS-IS WHERE-IS. But there is a lot of potential to make this a nice home. This home needs some love but when finished boasts an incredible location. Just 8 minutes from St. Edward State Park, 5 min from the Inglewood golf club, 4 min from Kenmore Rowing, and 3 min from Kenmore Lanes Bowling. With access t

Key facts

• Large living area
• Covered carport
• Kitchen ceiling fan

Tags

• COVERED CARPORT
• SMALL STORAGE SHED
• KITCHEN CEILING FAN
• LARGE LIVING AREA
• PRIVATE WATER FRONT
• BOAT LAUNCH

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $17k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $17k).
• Recommended offer: $16k (9.0% below list) — sets the bar for market timing.
• Cap rate 115.3% vs local median 1.6% in Kenmore — 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 86/100 on livability (#21 in WA, #427 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: cost of living F.
• Northshore School District (suburban): math 69% / reading 78% proficiency, ranked #9 of 291 in WA (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+2.1%/yr); 190 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 3d 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 $120 of loan paydown is wiped out by about $524 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 + 2.1% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($16k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y ago; this cycle's ask has dropped $2k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $15,879 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 12.37% ✓
• Cap rate: 115.26%
• Cash-on-cash: 389.16%
• DSCR: 18.32
• GRM: 0.7

CMA / ARV

• ARV (median comp): $78,318
• List price: $17,450
• Delta: -77.72%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7301 NE 175th St #114	0.03mi	2/1.0	720 (0%)	3mo	$45,000	$63	96
7301 NE 175th St #321	0.00mi	2/1.0	720 (0%)	14mo	$99,999	$139	88
7614 NE Bothell Way #11	0.28mi	2/1.0	672 (-7%)	1mo	$109,000	$162	75
7301 NE 175th St #324	0.05mi	1/1.0 (-1)	625 (-13%)	16mo	$27,000	$43	57

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 · 2.09% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 19.82×
• Total profit: $91,974
• Equity at exit: $2,602

10-year hold

• IRR: —
• Equity multiple: 41.32×
• Total profit: $196,996
• Equity at exit: $1,509

Cash invested: $4,886 (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 98028

• Rents YoY: 2.1%
• Active inventory: 190
• Price-to-rent: 0.7×

Monthly cashflow live

• Estimated rent: $2,158 high
• Mortgage (P&I): −$92
• Tax est. 1.5%: −$22 /mo · $262/yr
• Insurance: −$7
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$453
• Net cashflow: $1,518

Break-even live

Break-even rent $237

Max offer price $17,450

Occupancy floor 25%

Sensitivity live

Price	-10% $1,530	-5% $1,524	+0% $1,518	+5% $1,512	+10% $1,506
Rent	-10% $1,348	-5% $1,433	+0% $1,518	+5% $1,603	+10% $1,689
Rate	-1.0pp $1,527	-0.5pp $1,523	base $1,518	+0.5pp $1,514	+1.0pp $1,509

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: $4,362
• Closing costs: $524
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7711 NE 175th St Kenmore, WA	1.0	1.0	709	$1,874	$2.64	3d	1	0.22mi
17525 80th Ave NE Kenmore, WA	1.0–2.0	1.0–2.0	900	$1,999	$2.22	5d	4	0.42mi
18235 73rd Ave NE Kenmore, WA	1.0–2.0	1.0	787	$1,850	$2.35	5d	4	0.45mi
18249 73rd Ave NE Kenmore, WA	1.0–2.0	1.0–2.0	827	$2,400	$2.90	0d	6	0.48mi
18151 68th Ave NE Kenmore, WA	1.0	1.0	720	$2,194	$3.05	0d	4	0.51mi
6711 NE 182nd St Kenmore, WA	1.0–2.0	1.0–2.0	899	$2,587	$2.88	0d	9	0.55mi
17512 83rd Pl NE Kenmore, WA	1.0–2.0	1.0–2.0	850	$2,250	$2.65	3d	4	0.67mi
18930 68th Ave NE Kenmore, WA	1.0–2.0	1.0–2.0	799	$2,497	$3.13	0d	7	0.79mi
17725 Hall Rd Bothell, WA	1.0–2.0	1.0	772	$1,950	$2.52	0d	2	1.34mi
9517 NE 180th St Unit B106 Bothell, WA	1.0	1.0	730	$2,200	$3.01	21d	1	1.40mi
9517 NE 180th St Bothell, WA	1.0	1.0	730	$1,900	$2.60	25d	2	1.40mi
9525 NE 180th St Unit 306 Bothell, WA	1.0	1.0	740	$1,900	$2.57	3d	1	1.43mi
18209 96th Ave NE Bothell, WA	1.0	1.0	600	$1,850	$3.08	44d	1	1.45mi

Listing history 21 events

1. 2026-06-18
   days on market $17,450 Active 91 DOM
2. 2026-06-17
   days on market $17,450 Active 90 DOM
3. 2026-06-16
   days on market $17,450 Active 89 DOM
4. 2026-06-15
   days on market $17,450 Active 88 DOM
5. 2026-06-13
   days on market $17,450 Active 86 DOM
6. 2026-06-13
   days on market $17,450 Active 85 DOM
7. 2026-06-09
   days on market $17,450 Active 82 DOM
8. 2026-06-08
   days on market $17,450 Active 81 DOM
9. 2026-06-07
   days on market $17,450 Active 80 DOM
10. 2026-06-04
    days on market $17,450 Active 77 DOM
11. 2026-06-03
    days on market $17,450 Active 76 DOM
12. 2026-06-02
    days on market $17,450 Active 75 DOM
13. 2026-06-01
    days on market $17,450 Active 74 DOM
14. 2026-05-31
    days on market $17,450 Active 73 DOM
15. 2026-05-11
    price $17,450
16. 2026-03-19
    listed $18,950 Active
17. 2019-10-31
    soldstatus $47,000 Sold
18. 2019-10-05
    status Pending
19. 2019-07-23
    price $49,950
20. 2019-07-12
    price $54,500
21. 2019-06-21
    listed $56,500 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 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥86°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,901
• − Mortgage interest: −$977
• − Property taxes: −$262
• − Insurance: −$885
• − Repairs & maintenance: −$2,072
• − Management: −$2,072
• − Depreciation: −$508
• Taxable income: $19,125
• Est. tax owed @ 24.0%: −$4,590
• After-tax cash flow: $13,627/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: Northshore School District
• NCES district ID: 5305910
• Math proficiency: 69% ▼ -3.00%
• Reading proficiency: 78% ▼ -1.00%
• Median HH income: $92,951
• Composite: 67.41/100
• National rank: #826
• State rank: #9 of 291 in WA

Livability — Kenmore

• Score: 86/100
• State rank: #21
• US rank: #427

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kenmore, WA
• County: King County · 2,251,916 people
• City population: 23,741
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 23,741
• Household income: $139,764
• Rent vs Own: 30.7% rent · 69.3% own
• Severe rent burden: 557.0

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 0.55)
• Race & ethnicity: White 64% Asian 15% Hispanic / Latino 11% Two or more races 10% Black 3%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 5% Italian 4% Slovak 2%
• Foreign-born: 22% · Canada, China, South Korea
• Languages at home: 73% English-only · Spanish 7% Chinese 5% 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: ▼ -907.61%
• Current HPI: 392.3867
• Rent YoY: ▲ 2.09%
• 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

-69.1% since first listed

7 events — show timeline

• 2026-05-11 Price Changed $17,450 NWMLS as Distributed by MLS Grid
• 2026-03-19 Listed $18,950 NWMLS as Distributed by MLS Grid
• 2019-10-31 Sold (MLS) $47,000 NWMLS as Distributed by MLS Grid
• 2019-10-05 Pending — NWMLS as Distributed by MLS Grid
• 2019-07-23 Price Changed $49,950 NWMLS as Distributed by MLS Grid
• 2019-07-12 Price Changed $54,500 NWMLS as Distributed by MLS Grid
• 2019-06-21 Listed $56,500 NWMLS as Distributed by MLS Grid