2200 196th St SE #70 · Bothell East, WA 98012

$125,000

3 bd · 1.0 ba · 960 sqft · Manufactured public records · 135 Days on market

Built 1976 17 ac lot $130/sqft · 11% above area Est $112k · 11% 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 +6.7/10.0
• Livability +4.5/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• ARV discount +2.4/15.0
• Appreciation +0.0/10.0

Listing remarks

PRICED FOR A FAST SALE – $125,000! Seller financing available at 4.5%! Seller Incentive: Park Pays First 3 Months’ Rent! Opportunity to own a beautifully updated, truly turn-key manufactured home in the highly desirable gated 55+ Alder Trails community in the heart of Bothell–Mill Creek. Priced aggressively for immediate sale, this 2-bedroom, 2-bath home offers comfort, security, and resort-style living—Gated Community. Situated on a quiet corner lot, this home provides added privacy in a peaceful setting. The large fenced yard is surrounded by mature trees, creating a serene outdoor retreat perfect for relaxing, gardening, or entertaining. Enjoy multiple outdoor li

Key facts

• Gated community
• Quiet corner lot
• Large fenced yard

Tags

• GATED COMMUNITY
• QUIET CORNER LOT
• LARGE FENCED YARD
• MATURE TREES
• MULTIPLE OUTDOOR LIVING SPACES
• WELCOMING FRONT PORCH

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $125k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 19.0% vs local median 1.4% in Bothell East — 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 90/100 on livability (#5 in WA, #104 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, amenities 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 (+2.4%/yr); 451 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 3,982 units permitted in Snohomish County in 2024 (1,492 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.
• Snohomish County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.4% rent growth), your $35k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y ago; this cycle's ask has dropped $30k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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

Questions for the listing agent

1. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 2.12% ✓
• Cap rate: 18.98%
• Cash-on-cash: 45.31%
• DSCR: 3.02
• GRM: 3.9

CMA / ARV

• ARV (median comp): $112,381
• List price: $125,000
• Delta: 11.23%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2200 196th St SE #61	0.00mi	2/1.0 (-1)	924 (-4%)	2mo	$54,000	$58	87
2200 196th St SE #95	0.00mi	2/1.0 (-1)	924 (-4%)	10mo	$37,000	$40	80
2200 196th St. S.E. #45	0.00mi	2/2.0 (-1)	1,020 (+6%)	10mo	$62,000	$61	72
1729 194th St SE #6	0.42mi	2/2.0 (-1)	980 (+2%)	7mo	$175,000	$179	62
1332 192nd St SE #72	0.62mi	2/1.0 (-1)	896 (-7%)	4mo	$49,000	$55	52
2000 192nd St SE #128	0.32mi	3/2.0	1,080 (+12%)	11mo	$333,400	$309	51
1729 194th St SE #7	0.42mi	2/1.0 (-1)	826 (-14%)	11mo	$178,000	$215	43
1729 194th St SE #28	0.42mi	2/1.0 (-1)	836 (-13%)	18mo	$160,000	$191	39
1332 192nd St SE #17	0.62mi	2/1.0 (-1)	840 (-12%)	22mo	$109,950	$131	27

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 · 2.37% rent growth · sell at horizon

5-year hold

• IRR: 41.7%
• Equity multiple: 2.78×
• Total profit: $62,225
• Equity at exit: $18,638

10-year hold

• IRR: 47.6%
• Equity multiple: 5.45×
• Total profit: $155,730
• 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 98012

• Rents YoY: 2.4%
• Active inventory: 451
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $2,651 high
• Mortgage (P&I): −$656
• Tax from tax record: −$65 /mo · $785/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$557
• Net cashflow: $1,321

Break-even live

Break-even rent $979

Max offer price $125,000

Occupancy floor 45%

Sensitivity live

Price	-10% $1,392	-5% $1,357	+0% $1,321	+5% $1,286	+10% $1,251
Rent	-10% $1,112	-5% $1,217	+0% $1,321	+5% $1,426	+10% $1,531
Rate	-1.0pp $1,384	-0.5pp $1,353	base $1,321	+0.5pp $1,289	+1.0pp $1,256

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 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2009 196th St SE Bothell, WA	2.0	2.0	1017	$2,355	$2.32	44d	1	0.16mi
19611 24th Dr SE Unit A Bothell, WA	2.0	1.0	850	$1,700	$2.00	44d	1	0.17mi
19905 Bothell Everett Hwy Bothell, WA	3.0	1.0–3.0	1244	$3,595	$2.89	0d	1	0.20mi
20225 Bothell Everett Hwy Bothell, WA	1.0–3.0	1.0–2.0	893	$2,947	$3.30	0d	36	0.29mi
1730 196th St SE Bothell, WA	1.0–3.0	1.0–2.0	924	$2,990	$3.23	0d	1	0.32mi
19928 Bothell Everett Hwy Bothell, WA	1.0–2.0	1.0–2.0	813	$2,309	$2.84	0d	12	0.35mi
20310 Bothell Everett Hwy Bothell, WA	2.0–3.0	1.5–2.5	1195	$2,880	$2.41	44d	1	0.47mi
18930 Bothell Everett Hwy Unit V101 Bothell, WA	2.0	2.0	980	$2,225	$2.27	5d	1	0.52mi
1910 189th Pl SE Bothell, WA	2.0	2.0	1082	$2,395	$2.21	21d	1	0.54mi
18930 Bothell Everett Hwy Bothell, WA	1.0–2.0	1.0–2.0	933	$2,225	$2.38	15d	3	0.56mi
18930 Bothell Everett Hwy Bothell, WA	1.0–2.0	1.0–2.0	933	$2,325	$2.49	18d	3	0.56mi
20520 Bothell Everett Hwy Bothell, WA	1.0–2.0	1.0–2.0	845	$2,317	$2.74	2d	9	0.58mi
1805 186th Pl SE Bothell, WA	1.0–3.0	1.0–2.0	1043	$2,779	$2.66	0d	13	0.72mi
20532 Greening Rd Unit A Bothell, WA	2.0	1.0	780	$2,400	$3.08	44d	1	1.03mi
1225 183rd St SE Bothell, WA	1.0–3.0	1.0–2.0	952	$3,222	$3.38	0d	31	1.12mi
21623 16th Dr SE Bothell, WA	1.0–3.0	1.0–2.0	990	$3,175	$3.21	0d	11	1.27mi
19626 Filbert Rd Bothell, WA	3.0	1.0	1084	$2,800	$2.58	25d	1	1.37mi

Listing history 24 events

1. 2026-06-18
   days on market $125,000 Active 135 DOM
2. 2026-06-17
   days on market $125,000 Active 134 DOM
3. 2026-06-16
   days on market $125,000 Active 133 DOM
4. 2026-06-15
   days on market $125,000 Active 132 DOM
5. 2026-06-13
   days on market $125,000 Active 130 DOM
6. 2026-06-13
   days on market $125,000 Active 129 DOM
7. 2026-06-09
   days on market $125,000 Active 126 DOM
8. 2026-06-08
   days on market $125,000 Active 125 DOM
9. 2026-06-07
   days on market $125,000 Active 124 DOM
10. 2026-06-04
    days on market $125,000 Active 121 DOM
11. 2026-06-03
    days on market $125,000 Active 120 DOM
12. 2026-06-02
    days on market $125,000 Active 119 DOM
13. 2026-06-01
    days on market $125,000 Active 118 DOM
14. 2026-05-31
    days on market $125,000 Active 117 DOM
15. 2026-02-24
    price $125,000
16. 2026-02-03
    listed $155,000 Active
17. 2023-01-20
    soldstatus $135,000 Closed
18. 2023-01-03
    status Pending
19. 2022-11-16
    listed $149,000 Active
20. 2015-05-19
    soldstatus $32,000 Sold
21. 2015-05-13
    status Pending
22. 2015-05-08
    status Pending Inspection
23. 2015-05-01
    price $35,000
24. 2015-04-07
    listed $37,950 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $785 · $65/mo
• Projected year-2 tax: $1,225 · $102/mo
• Expected delta: +$440/yr (+$37/mo · 56.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $31,816
• − Mortgage interest: −$7,002
• − Property taxes: −$785
• − Insurance: −$625
• − Repairs & maintenance: −$2,545
• − Management: −$2,545
• − Depreciation: −$3,636
• Taxable income: $14,676
• Est. tax owed @ 24.0%: −$3,522
• After-tax cash flow: $12,335/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 — Bothell East

• Score: 90/100
• State rank: #5
• US rank: #104

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bothell East, WA
• County: Snohomish County · 786,756 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 77,041
• Household income: $146,144
• Rent vs Own: 33.6% rent · 66.4% own
• Severe rent burden: 1904.0

Population outlook (Snohomish County) Hauer SSP2

• Today (2025): 899,800 people
• By 2030: 960,975 · +6.8%
• By 2040: 1,074,447 · +19.4%
• By 2050: 1,171,954 · +30.2%
• By 2075: 1,384,849 · +53.9%
• By 2100: 1,497,296 · +66.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 51% Asian 28% Hispanic / Latino 10% Two or more races 9% Black 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 4% Italian 3% Slovak 2%
• Foreign-born: 29% · Canada, China, South Korea
• Languages at home: 65% English-only · Other Asian/Pacific 8% Other Indo-European 7% Spanish 6%

Political lean MEDSL · Snohomish

• 2024 margin: D (+19.0) · D 57.8% · R 38.9% · Other 3.3%
• 2008→2024 swing: +0.1pp no change · 2008: 18.9pp · 2024: 19.0pp
• All cycles: 2024: D+19.0 2020: D+20.6 2016: D+16.6 2012: D+16.2 2008: D+18.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -780.30%
• Current HPI: 366.3746
• Rent YoY: ▲ 2.37%
• 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

+229.4% since first listed

10 events — show timeline

• 2026-02-24 Price Changed $125,000 NWMLS as Distributed by MLS Grid
• 2026-02-03 Listed $155,000 NWMLS as Distributed by MLS Grid
• 2023-01-20 Sold (MLS) $135,000 NWMLS as Distributed by MLS Grid
• 2023-01-03 Pending — NWMLS as Distributed by MLS Grid
• 2022-11-16 Listed $149,000 NWMLS as Distributed by MLS Grid
• 2015-05-19 Sold (MLS) $32,000 NWMLS as Distributed by MLS Grid
• 2015-05-13 Pending — NWMLS as Distributed by MLS Grid
• 2015-05-08 Pending — NWMLS as Distributed by MLS Grid
• 2015-05-01 Price Changed $35,000 NWMLS as Distributed by MLS Grid
• 2015-04-07 Listed $37,950 NWMLS as Distributed by MLS Grid

Property tax history

+7.0%/yr

Latest (2026): $785 · -0.0% YoY. Source: county tax records.