201 Union Ave SE #192 · Renton, WA 98059

$89,450

3 bd · 2.0 ba · 1,680 sqft · Manufactured · 78 Days on market

Built 1980 $53/sqft · 43% below area Est $157k · 43% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.7/10.0
• Livability +4.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to Leisure Estates in Renton Highlands, a gated 55+ community in one of the area’s most convenient locations. This spacious 3-bedroom, 1.75-bath double-wide offers approx. 1,680 sq ft with a smart, comfortable layout featuring a large living room, separate family room, dining area, utility room, and a private primary suite with its own bath and walk-in closet. Desirable corner location with covered carport parking and extra storage. One of the biggest highlights is the prime Renton location, with quick access to shopping, dining, grocery stores, entertainment, and I-405 for easy everyday living. Offered at an affordable price for the size and location, this is a rare oppo

Key facts

• Gated community
• Corner location
• Extra storage

Tags

• GATED COMMUNITY
• CORNER LOCATION
• COVERED CARPORT PARKING
• EXTRA STORAGE
• PRIME RENTON LOCATION
• QUICK ACCESS TO SHOPPING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $89k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $89k).
• Recommended offer: $84k (6.0% below list) — sets the bar for market timing.
• Cap rate 31.7% vs local median 2.3% in Renton — 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 83/100 on livability (#52 in WA, #949 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime D-, cost of living F.
• Renton School District (urban): math 47% / reading 55% proficiency, ranked #119 of 291 in WA (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 255 active listings in the ZIP; 18 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 $618 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 + 0.3% rent growth), your $25k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 26y ago; this cycle's ask has dropped $10k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $84,083 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-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?
5. Crime grade is D 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: 3.55% ✓
• Cap rate: 31.68%
• Cash-on-cash: 90.68%
• DSCR: 5.03
• GRM: 2.3

CMA / ARV

• ARV (median comp): $157,482
• List price: $89,450
• Delta: -43.20%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
201 Union Ave SE #147	0.00mi	2/2.0 (-1)	1,536 (-9%)	2mo	$100,000	$65	79
201 Union Ave SE #58	0.00mi	3/2.0	1,536 (-9%)	9mo	$130,000	$85	78
201 Union Ave SE #183	0.05mi	3/2.0	1,876 (+12%)	3mo	$65,000	$35	76
201 Union Ave SE #128	0.01mi	2/2.0 (-1)	1,536 (-9%)	8mo	$75,000	$49	74
201 Union Ave SE #251	0.01mi	2/2.0 (-1)	1,536 (-9%)	10mo	$184,995	$120	72
375 Union Ave SE #152	0.22mi	4/2.0 (+1)	1,809 (+8%)	0mo	$235,000	$130	72
201 Union Ave SE #92	0.05mi	3/2.0	1,440 (-14%)	11mo	$120,000	$83	65
201 Union Ave SE #188	0.17mi	2/2.0 (-1)	1,536 (-9%)	10mo	$179,000	$117	64
201 Union Ave SE #234	0.01mi	2/2.0 (-1)	1,440 (-14%)	10mo	$90,000	$63	62
201 Union Ave SE #157	0.17mi	3/2.0	1,440 (-14%)	8mo	$140,000	$97	61
201 Union Ave SE #74	0.17mi	2/2.0 (-1)	1,440 (-14%)	5mo	$181,500	$126	59
201 Union Ave SE #104	0.05mi	2/2.0 (-1)	1,440 (-14%)	14mo	$140,000	$97	58

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 · 0.29% rent growth · sell at horizon

5-year hold

• IRR: 88.3%
• Equity multiple: 4.90×
• Total profit: $97,661
• Equity at exit: $13,337

10-year hold

• IRR: 90.7%
• Equity multiple: 9.29×
• Total profit: $207,661
• Equity at exit: $7,734

Cash invested: $25,046 (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 98059

• Rents YoY: 0.3%
• Active inventory: 255
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $3,178 high
• Mortgage (P&I): −$469
• Tax est. 1.5%: −$112 /mo · $1,342/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$667
• Net cashflow: $1,893

Break-even live

Break-even rent $782

Max offer price $89,450

Occupancy floor 35%

Sensitivity live

Price	-10% $1,954	-5% $1,924	+0% $1,893	+5% $1,862	+10% $1,831
Rent	-10% $1,642	-5% $1,767	+0% $1,893	+5% $2,018	+10% $2,144
Rate	-1.0pp $1,938	-0.5pp $1,915	base $1,893	+0.5pp $1,869	+1.0pp $1,846

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: $22,362
• Closing costs: $2,684
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4319 NE 5th Ct #106 Renton, WA	2.0	2.0	1090	$2,250	$2.06	0d	1	0.70mi
4415 NE 5th St Renton, WA	1.0–3.0	1.0–2.0	923	$3,044	$3.30	0d	10	0.71mi
650 Duvall Ave NE Renton, WA	1.0–3.0	1.0–3.0	1020	$3,009	$2.95	0d	13	0.89mi
5027 NE 5th Pl Renton, WA	3.0	2.5	1287	$3,300	$2.56	25d	1	0.89mi
706 Bremerton Pl NE Renton, WA	4.0	2.5	1850	$3,600	$1.95	3d	1	0.93mi
14051 145th Ave SE Renton, WA	3.0	2.0	1548	$3,050	$1.97	0d	1	0.93mi
4627 NE 7th Pl Renton, WA	4.0	2.5	1870	$3,595	$1.92	25d	1	0.95mi
5415 NE 4th St Renton, WA	2.0	2.0	1810	$2,650	$1.46	45d	1	0.97mi
2902 SE 11th Pl #1066 Renton, WA	4.0	3.0	1823	$3,299	$1.81	25d	1	1.00mi
15205 140th Way SE Renton, WA	1.0–3.0	1.0–2.0	1121	$3,442	$3.07	0d	10	1.05mi
850 Bremerton Ave NE Renton, WA	4.0	2.5	2010	$3,490	$1.74	45d	1	1.06mi
1601 Olympia Ave SE Renton, WA	4.0	2.5	2230	$3,600	$1.61	45d	1	1.13mi
2227 SE 8th Pl Renton, WA	3.0	2.0	1560	$3,650	$2.34	4d	1	1.29mi
950 Harrington Ave NE Renton, WA	1.0–2.0	1.0–2.0	882	$2,854	$3.24	0d	9	1.32mi
12920 SE 157th Pl Renton, WA	3.0	2.0	1360	$2,950	$2.17	0d	1	1.37mi
2615 SE 16th St Renton, WA	4.0	3.0	1910	$3,100	$1.62	3d	1	1.39mi
2715 Sunset Ln NE Renton, WA	1.0–2.0	1.0–2.0	922	$3,131	$3.39	0d	7	1.44mi
3109 NE 11th Pl Unit 3109D Renton, WA	2.0	1.5	1186	$2,525	$2.13	4d	1	1.48mi

Listing history 36 events

1. 2026-06-21
   days on market $89,450 Active 78 DOM
2. 2026-06-18
   days on market $89,450 Active 75 DOM
3. 2026-06-17
   days on market $89,450 Active 74 DOM
4. 2026-06-16
   days on market $89,450 Active 73 DOM
5. 2026-06-15
   days on market $89,450 Active 72 DOM
6. 2026-06-13
   days on market $89,450 Active 70 DOM
7. 2026-06-13
   days on market $89,450 Active 69 DOM
8. 2026-06-09
   days on market $89,450 Active 66 DOM
9. 2026-06-08
   days on market $89,450 Active 65 DOM
10. 2026-06-07
    days on market $89,450 Active 64 DOM
11. 2026-06-04
    days on market $89,450 Active 61 DOM
12. 2026-06-03
    days on market $89,450 Active 60 DOM
13. 2026-06-02
    days on market $89,450 Active 59 DOM
14. 2026-06-01
    days on market $89,450 Active 58 DOM
15. 2026-05-31
    days on market $89,450 Active 57 DOM
16. 2026-04-10
    price $89,950
17. 2026-04-04
    listed $99,000 Active
18. 2018-10-03
    soldstatus $70,000 Sold
19. 2018-09-25
    status Pending
20. 2018-08-22
    status Active
21. 2018-08-04
    historical Contingent
22. 2018-07-13
    status Active
23. 2018-06-29
    historical Contingent
24. 2018-06-11
    listed $77,950 Active
25. 2013-03-29
    historical
26. 2013-03-14
    status Pending
27. 2013-03-12
    soldstatus $21,000 Sold
28. 2013-01-16
    price $24,950
29. 2013-01-02
    status Active
30. 2013-01-02
    historical Expired
31. 2012-07-25
    price $34,950
32. 2012-02-18
    listed $39,950 Active
33. 2003-12-12
    soldstatus $62,000
34. 2002-12-18
    listed $64,990
35. 2000-08-23
    soldstatus $65,990
36. 2000-02-13
    listed $65,990

ⓘ 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 ≥86°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: $38,139
• − Mortgage interest: −$5,011
• − Property taxes: −$1,342
• − Insurance: −$447
• − Repairs & maintenance: −$3,051
• − Management: −$3,051
• − Depreciation: −$2,602
• Taxable income: $22,635
• Est. tax owed @ 24.0%: −$5,432
• After-tax cash flow: $17,280/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: Renton School District
• NCES district ID: 5307230
• Math proficiency: 47% ▼ -1.00%
• Reading proficiency: 55% ▼ -1.00%
• Median HH income: $66,354
• Composite: 47.13/100
• National rank: #5108
• State rank: #119 of 291 in WA

Livability — Renton

• Score: 83/100
• State rank: #52
• US rank: #949

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Renton, WA
• County: King County · 2,251,916 people
• City population: 158,600
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 42,406
• Household income: $138,654
• Rent vs Own: 23.4% rent · 76.6% own
• Severe rent burden: 908.0

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 0.68)
• Race & ethnicity: White 48% Asian 29% Two or more races 15% Hispanic / Latino 9% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 3% Italian 3% Slovak 2%
• Foreign-born: 23% · China, Vietnam, Canada
• Languages at home: 67% English-only · Chinese 9% Vietnamese 6% Spanish 5%

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: ▼ -920.66%
• Current HPI: 338.4495
• Rent YoY: ▲ 0.29%
• 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

+36.3% since first listed

21 events — show timeline

• 2026-04-10 Price Changed $89,950 NWMLS as Distributed by MLS Grid
• 2026-04-04 Listed $99,000 NWMLS as Distributed by MLS Grid
• 2018-10-03 Sold (MLS) $70,000 NWMLS as Distributed by MLS Grid
• 2018-09-25 Pending — NWMLS as Distributed by MLS Grid
• 2018-08-22 Relisted — NWMLS as Distributed by MLS Grid
• 2018-08-04 Contingent — NWMLS as Distributed by MLS Grid
• 2018-07-13 Relisted — NWMLS as Distributed by MLS Grid
• 2018-06-29 Contingent — NWMLS as Distributed by MLS Grid
• 2018-06-11 Listed $77,950 NWMLS as Distributed by MLS Grid
• 2013-03-29 Delisted — NWMLS as Distributed by MLS Grid
• 2013-03-14 Pending — NWMLS as Distributed by MLS Grid
• 2013-03-12 Sold (MLS) $21,000 NWMLS as Distributed by MLS Grid
• 2013-01-16 Price Changed $24,950 NWMLS as Distributed by MLS Grid
• 2013-01-02 Relisted — NWMLS as Distributed by MLS Grid
• 2013-01-02 Delisted — NWMLS as Distributed by MLS Grid
• 2012-07-25 Price Changed $34,950 NWMLS as Distributed by MLS Grid
• 2012-02-18 Listed $39,950 NWMLS as Distributed by MLS Grid
• 2003-12-12 Sold (MLS) $62,000 NWMLS as Distributed by MLS Grid
• 2002-12-18 Listed $64,990 NWMLS as Distributed by MLS Grid
• 2000-08-23 Sold (MLS) $65,990 NWMLS as Distributed by MLS Grid
• 2000-02-13 Listed $65,990 NWMLS as Distributed by MLS Grid