1615 208th St SE #42 · Bothell West, WA 98012

$319,950

3 bd · 2.0 ba · 1,152 sqft · Manufactured public records · 56 Days on market

Built 1978 16 ac lot $278/sqft · 177% above area

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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 +18.0/30.0
• ARV discount +7.5/15.0
• Schools +6.7/10.0
• DSCR +5.6/10.0
• Livability +4.5/5.0
• 1% rule +3.5/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Don't miss this standout opportunity to get into Twin Creeks and the coveted Northshore School District. Tastefully remodeled and renovated throughout, this 4 total beds, 3 bath residence includes a studio w/ own bathroom for flexible living. The layout is open, offering true separation of space and everyday convenience. The interior showcases modern finishes throughout, like LVP flooring, newer base/door trim, newer paint, stainless steel appliances and quartz countertops in the kitchen, and more. Natural light pours in through the skylight, enhancing the open and inviting atmosphere. The deck provides an excellent area for relaxing or entertaining, and the dedicated storage space is valua

Key facts

• Quartz countertops
• Detached dadu
• Modern finishes

Tags

• NORTHSHORE SCHOOL DISTRICT
• DETACHED DADU
• MODERN FINISHES
• LVP FLOORING
• STAINLESS STEEL APPLIANCES
• QUARTZ COUNTERTOPS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $320k.

Deal economics

• At list price, monthly cash flow is $275 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $272k (15.0% below list).
• Recommended offer: $272k (15.0% below list) — sets the bar for 1% rule.
• Cap rate 7.3% vs local median 2.2% in Bothell West — 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 91/100 on livability (#2 in WA, #63 nationally) — a professional / high-income tenant draw. Strengths: schools 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 (+2.4%/yr); 451 active listings in the ZIP; 22 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 $2k of loan paydown is wiped out by about $10k 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.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($310k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $271,928 (15.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.85% ✗
• Cap rate: 7.32%
• Cash-on-cash: 3.68%
• DSCR: 1.16
• GRM: 9.8

CMA / ARV

• ARV (median comp): $168,631
• List price: $319,950
• Delta: 89.73%
• Verdict: OVERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2200 196th St SE #27	0.60mi	2/2.0 (-1)	1,152 (0%)	12mo	$77,000	$67	57
2200 196th St SE #30	0.60mi	2/2.0 (-1)	1,248 (+8%)	3mo	$110,000	$88	50
2200 196th St SE #81	0.60mi	3/2.0	1,176 (+2%)	23mo	$210,000	$179	49
2200 196th St SE #75	0.60mi	2/2.0 (-1)	1,152 (0%)	23mo	$110,000	$95	48
2200 196th St. S.E. #45	0.60mi	2/2.0 (-1)	1,020 (-12%)	10mo	$62,000	$61	39

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: -11.2%
• Equity multiple: 0.60×
• Total profit: $-36,227
• Equity at exit: $47,706

10-year hold

• IRR: -2.8%
• Equity multiple: 0.81×
• Total profit: $-16,630
• Equity at exit: $27,663

Cash invested: $89,586 (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: 9.8×

Monthly cashflow live

• Estimated rent: $2,719 high
• Mortgage (P&I): −$1,678
• Tax from tax record: −$62 /mo · $748/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$571
• Net cashflow: $275

Break-even live

Break-even rent $2,372

Max offer price $319,950

Occupancy floor 85%

Sensitivity live

Price	-10% $456	-5% $365	+0% $275	+5% $184	+10% $94
Rent	-10% $60	-5% $167	+0% $275	+5% $382	+10% $490
Rate	-1.0pp $436	-0.5pp $356	base $275	+0.5pp $192	+1.0pp $107

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: $79,988
• Closing costs: $9,598
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20520 Bothell Everett Hwy Bothell, WA	1.0–2.0	1.0–2.0	845	$2,317	$2.74	2d	9	0.11mi
20310 Bothell Everett Hwy Bothell, WA	2.0–3.0	1.5–2.5	1195	$2,880	$2.41	44d	1	0.15mi
19928 Bothell Everett Hwy Bothell, WA	1.0–2.0	1.0–2.0	813	$2,309	$2.84	0d	12	0.35mi
2129 Maltby Rd Bothell, WA	3.0	2.0	1207	$2,195	$1.82	0d	3	0.36mi
20225 Bothell Everett Hwy Bothell, WA	1.0–3.0	1.0–2.0	893	$2,947	$3.30	0d	36	0.43mi
19905 Bothell Everett Hwy Bothell, WA	3.0	1.0–3.0	1244	$3,595	$2.89	0d	1	0.43mi
1730 196th St SE Bothell, WA	1.0–3.0	1.0–2.0	924	$2,990	$3.23	0d	1	0.49mi
20532 Greening Rd Unit A Bothell, WA	2.0	1.0	780	$2,400	$3.08	44d	1	0.52mi
2009 196th St SE Bothell, WA	2.0	2.0	1017	$2,355	$2.32	44d	1	0.69mi
21623 16th Dr SE Bothell, WA	1.0–3.0	1.0–2.0	990	$3,175	$3.21	0d	11	0.73mi
19611 24th Dr SE Unit A Bothell, WA	2.0	1.0	850	$1,700	$2.00	44d	1	0.76mi
19324 22nd Ave SE #4 Bothell, WA	3.0	2.5	1195	$2,950	$2.47	25d	1	0.78mi
18930 Bothell Everett Hwy Unit V101 Bothell, WA	2.0	2.0	980	$2,225	$2.27	5d	1	0.87mi
18930 Bothell Everett Hwy Bothell, WA	1.0–2.0	1.0–2.0	933	$2,325	$2.49	18d	3	0.95mi
18930 Bothell Everett Hwy Bothell, WA	1.0–2.0	1.0–2.0	933	$2,225	$2.38	15d	3	0.95mi
20707 31st Dr SE Bothell, WA	2.0	2.0	1334	$2,740	$2.05	18d	1	0.96mi
1910 189th Pl SE Bothell, WA	2.0	2.0	1082	$2,395	$2.21	21d	1	0.99mi
19626 Filbert Rd Bothell, WA	3.0	1.0	1084	$2,800	$2.58	25d	1	1.13mi
1805 186th Pl SE Bothell, WA	1.0–3.0	1.0–2.0	1043	$2,779	$2.66	0d	13	1.17mi
2207 227th St SE Bothell, WA	1.0–3.0	1.0–2.0	846	$2,757	$3.26	0d	8	1.39mi
19011 Grannis Rd Bothell, WA	3.0	1.0	1296	$3,200	$2.47	0d	1	1.41mi
1225 183rd St SE Bothell, WA	1.0–3.0	1.0–2.0	952	$3,222	$3.38	0d	31	1.49mi

Listing history 3 events

1. 2026-04-10
   status Active
2. 2026-01-26
   status Pending
3. 2026-01-15
   listed $319,950 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: $748 · $62/mo
• Projected year-2 tax: $3,136 · $261/mo
• Expected delta: +$2,388/yr (+$199/mo · 319.3%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 60% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥86°F today · 14 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: $32,631
• − Mortgage interest: −$17,922
• − Property taxes: −$748
• − Insurance: −$1,600
• − Repairs & maintenance: −$2,611
• − Management: −$2,611
• − Depreciation: −$9,308
• Taxable loss: −$2,167
• Est. tax savings @ 24.0%: +$520
• After-tax cash flow: $3,817/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 West

• Score: 91/100
• State rank: #2
• US rank: #63

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 West, 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

3 events — show timeline

• 2026-04-10 Relisted — NWMLS as Distributed by MLS Grid
• 2026-01-26 Pending — NWMLS as Distributed by MLS Grid
• 2026-01-15 Listed $319,950 NWMLS as Distributed by MLS Grid

Property tax history

+8.4%/yr

Latest (2026): $748 · -7.5% YoY. Source: county tax records.