602 29th St SE #3 · Auburn, WA 98002

$249,900

4 bd · 2.0 ba · 1,680 sqft · Manufactured · 18 Days on market

Built 1989 Good condition

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Why this score? — see what drove the C+ 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 +25.3/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +2.9/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to Auburn Green Estates! This is ownership pride at its best. Very well-maintained manufactured home offers stunning 1680 sq/ft, 4 bedrooms, 2 bathrooms. Huge top-of-the-line quality kitchen with stainless steel appliances, 3-seems quartz countertops and backsplash, large breakfast island, and abundant cabinetry. Enjoy a bright and open floor plan with spacious living areas, ample natural light to the dining room & living room. Large main bedroom with a walk-in closet and a gorgeous bathroom with a quartz countertop vanity and shower wall tile. Built-in desk and cabinets were recently installed in the 4th bedroom, so you can choose to use it as an office or a bedroom. The

Key facts

• Quartz countertops
• Abundant cabinetry
• 2 parking spots

Tags

• STAINLESS STEEL APPLIANCES
• QUARTZ COUNTERTOPS
• LARGE BREAKFAST ISLAND
• ABUNDANT CABINETRY
• BRIGHT AND OPEN FLOOR PLAN
• SPACIOUS LIVING AREAS

Property features AI

Finance

• Other: Bus line nearby
• Financial info: Accepts Cash and Conventional financing
• HOA & community: Located in Auburn Green MH Park (about 100 homes); Park amenities include common area, playground, recreational area; Pets allowed (cats and dogs); Park approved for sale; Land lease amount: $1,200

Exterior

• Parking: Carport; Uncovered parking
• Utilities: Electric power; Public water (included in park bill); Public sewer (included in park bill)
• Home design: Manufactured home (double wide); One story; North-facing; Model: 1989 60x28; Very good condition; Manufactured after 6/15/1976; Mobile home remains
• Construction: Cement construction materials; Composition roof; Concrete skirting; Tie-down foundation
• Exterior features: Cement/concrete exterior; Patio/porch/deck; Open space lot; Paved areas

Interior

• Kitchen: Refrigerator; Stove/Range; Garbage disposal
• Bedrooms: 4 bedrooms
• Flooring: Laminate; Vinyl plank; Carpet
• Bathrooms: 2 full bathrooms (2 tubs, 2 showers); Primary bath access
• Heating & cooling: Forced air heating; No central air
• Interior features: Water heater (tank) located in closet; Skylights; Ceiling fans; Double pane windows; Walk-in closet; Den/office, entry, family room, living room, kitchen with eating space, utility room
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $250k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $566 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $246k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.0% 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 rising (+1.5%/yr); 171 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 11d 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).
• This rent runs 44% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($246k) is reasonable based on typical stale-listing flexibility.

Recommended offer $246,151 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.16% ✓
• Cap rate: 9.01%
• Cash-on-cash: 9.71%
• DSCR: 1.43
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $164,640
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
602 29th St SE #3	0.00mi	4/2.0	1,680 (0%)	0mo	$225,000	$134	100
602 29th St SE #20	0.06mi	4/2.0	1,512 (-10%)	10mo	$183,000	$121	73
900 29th St SE Unit E-1	0.16mi	3/2.0 (-1)	1,848 (+10%)	3mo	$100,000	$54	68
900 29th St SE Unit E-22	0.12mi	3/2.0 (-1)	1,440 (-14%)	8mo	$50,000	$35	59
707 37th St SE #17	0.35mi	3/2.0 (-1)	1,500 (-11%)	4mo	$147,500	$98	58
1106 29th St SE	0.27mi	3/2.0 (-1)	1,848 (+10%)	10mo	$502,000	$272	57
707 37th St SE #71	0.35mi	4/2.0	1,440 (-14%)	6mo	$160,000	$111	55
800 29th St SE Unit G16	0.13mi	3/2.0 (-1)	1,440 (-14%)	23mo	$78,000	$54	46
210 37th St SE #81	0.56mi	3/2.0 (-1)	1,848 (+10%)	17mo	$116,000	$63	38

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: -3.4%
• Equity multiple: 0.88×
• Total profit: $-8,671
• Equity at exit: $37,261

10-year hold

• IRR: 4.6%
• Equity multiple: 1.31×
• Total profit: $21,993
• Equity at exit: $21,607

Cash invested: $69,972 (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: 7.2×

Monthly cashflow live

• Estimated rent: $2,903 medium
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,748/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$610
• Net cashflow: $566

Break-even live

Break-even rent $2,186

Max offer price $249,900

Occupancy floor 75%

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1910 N Ct SE Auburn, WA	3.0	2.0	1570	$2,900	$1.85	11d	1	0.83mi
4716 Mill Pond Dr SE Apt 1001 Auburn, WA	3.0	2.5	1673	$2,900	$1.73	11d	1	0.95mi
102 Hawthorne Ave S Pacific, WA	3.0	1.0	1285	$2,950	$2.30	2d	1	1.39mi

Listing history 4 events

1. 2026-06-02
   status $249,900 Pending 18 DOM
2. 2026-06-01
   days on market $249,900 Active 18 DOM
3. 2026-05-31
   days on market $249,900 Active 17 DOM
4. 2026-05-14
   listed $249,900 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 X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 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: $34,835
• − Mortgage interest: −$13,998
• − Property taxes: −$3,748
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,787
• − Management: −$2,787
• − Depreciation: −$7,270
• Taxable income: $2,995
• Est. tax owed @ 24.0%: −$719
• After-tax cash flow: $6,077/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 · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained, modern manufactured home in Auburn Green Estates is move-in ready with a good condition score and minimal repairs needed.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value
• Both exterior lighting — improves safety and enhances curb appeal
• Both smart home integration — increases home's marketability and convenience

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and adds value ↑
• Both exterior lighting — improves safety and enhances curb appeal ↑
• Both smart home integration — increases home's marketability and convenience ↑

ⓘ 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): 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

1 event — show timeline

• 2026-05-14 Listed $249,900 NWMLS as Distributed by MLS Grid