1402 22nd St NE #5 · Auburn, WA 98002

$109,950

3 bd · 2.0 ba · 1,536 sqft · Manufactured · 79 Days on market

Built 1976 Est $135k · 19% 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 +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this move in ready 3 bedroom/2 bath home in the active 55+ community Rio Verde. Step inside to luxurious AC and spacious living and dining rooms with tons of windows and wonderful natural light! The roomy kitchen is open to the family room with a slider to your covered outdoor living area. Spacious primary bedroom with extra large closet and walk in shower. 2 additional good sized bedrooms and a full main bath. New carpet throughout! Head outside to your beautifully landscaped yard with sprinkler system. Extra guest parking across the street and RV parking available. The Rio Verde community offers a security gate, clubhouse, pool and a calendar full of activities!

Key facts

• Security gate
• Clubhouse
• Landscaped yard

Tags

• COVERED OUTDOOR LIVING AREA
• LANDSCAPED YARD
• SPRINKLER SYSTEM
• SECURITY GATE
• CLUBHOUSE
• POOL

Property features AI

Finance

• Other: Pets: see remarks; Bus line nearby
• Financial info: Listing terms: Cash
• HOA & community: Land lease of $1,192; Park approved for sale; Rio Verde park with 288 homes; Clubhouse, common area, exercise room, pool, spa/hot tub, RV parking, security gate, high-speed internet available

Exterior

• Parking: Carport; RV parking (park amenity)
• Security: Security system; Security gate (park amenity)
• Utilities: Electric energy source; Public water (through park); Sewer through park; Power by PSE; Cable and internet via Comcast
• Home design: Manufactured double-wide home (24x64); One level; South facing; Good condition
• Construction: Metal skirting; Metal/vinyl construction materials; Composition roof; Manufactured house; mobile home remains
• Exterior features: Metal/vinyl exterior; Awnings; Patio/porch/deck; Landscaped; Paved lot; Has view; Spa/Hot Tub (community)

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Vinyl; Carpet
• Bathrooms: Two three-quarter bathrooms (2 showers total)
• Heating & cooling: Forced air heating; Heat pump; Central air conditioning
• Interior features: Water heater; Vaulted ceilings; Skylights; Drapes; Walk-in closet
• Laundry & utility: Washer; Dryer; Utility room; Water heater in closet

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $110k.

Deal economics

• At list price, monthly cash flow is $980 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Cap rate 17.0% 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; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 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 34% 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 $760 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 + 1.5% rent growth), your $31k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $25k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $68k; list at $110k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $103,353 (6.0% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% 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. 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?
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: 2.00% ✓
• Cap rate: 16.98%
• Cash-on-cash: 38.19%
• DSCR: 2.70
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $135,168
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1402 22nd St NE #29	0.00mi	2/2.0 (-1)	1,536 (0%)	5mo	$149,500	$97	91
1402 22nd St NE #549	0.00mi	3/2.0	1,459 (-5%)	2mo	$70,000	$48	90
1402 22nd St NE #65	0.00mi	2/2.0 (-1)	1,535 (-0%)	8mo	$86,500	$56	89
1402 22nd St NE #203	0.00mi	3/2.0	1,632 (+6%)	5mo	$143,500	$88	85
1402 22nd St NE #509	0.00mi	2/2.0 (-1)	1,440 (-6%)	1mo	$130,000	$90	84
1402 22nd St NE #52	0.00mi	2/2.0 (-1)	1,440 (-6%)	6mo	$120,000	$83	79
1402 22nd St NE #11	0.00mi	2/2.0 (-1)	1,368 (-11%)	2mo	$60,000	$44	75
1402 22nd St NE #402	0.37mi	2/2.0 (-1)	1,440 (-6%)	2mo	$115,500	$80	66
1402 22nd St NE #27	0.25mi	2/2.0 (-1)	1,344 (-12%)	0mo	$65,000	$48	62
1402 22nd St NE #47	0.38mi	2/2.0 (-1)	1,440 (-6%)	11mo	$158,750	$110	58
1402 22nd St NE #515	0.38mi	3/2.0	1,680 (+9%)	11mo	$221,000	$132	58
1402 22nd St NE #127	0.37mi	2/2.0 (-1)	1,320 (-14%)	4mo	$137,500	$104	51

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: 32.6%
• Equity multiple: 2.34×
• Total profit: $41,358
• Equity at exit: $16,394

10-year hold

• IRR: 38.8%
• Equity multiple: 4.36×
• Total profit: $103,537
• Equity at exit: $9,506

Cash invested: $30,786 (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: 4.2×

Monthly cashflow live

• Estimated rent: $2,202 high
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$137 /mo · $1,649/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$462
• Net cashflow: $980

Break-even live

Break-even rent $962

Max offer price $109,950

Occupancy floor 51%

Sensitivity live

Price	-10% $1,056	-5% $1,018	+0% $980	+5% $942	+10% $904
Rent	-10% $806	-5% $893	+0% $980	+5% $1,067	+10% $1,154
Rate	-1.0pp $1,035	-0.5pp $1,008	base $980	+0.5pp $951	+1.0pp $922

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: $27,488
• Closing costs: $3,298
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2025 M St NE Unit 2045 Auburn, WA	2.0	1.5	1248	$2,095	$1.68	22d	1	0.13mi
2414 N St NE Unit C Auburn, WA	3.0	1.0	1271	$1,950	$1.53	24d	1	0.18mi
1741 22nd St NE Auburn, WA	1.0–3.0	1.0–2.0	902	$1,650	$1.83	3d	2	0.26mi
2317 I St NE Unit 2319 Auburn, WA	3.0	2.0	1400	$2,275	$1.62	24d	1	0.41mi
1433 8th St NE Auburn, WA	1.0–3.0	1.0–1.5	1025	$2,839	$2.77	2d	13	0.69mi
31900 104th Ave SE Unit A206 Auburn, WA	2.0	1.5	1250	$2,000	$1.60	24d	1	0.72mi
1314 6th Pl NE Auburn, WA	3.0	1.5	1180	$3,200	$2.71	24d	1	0.84mi
107 N St SE Unit A Auburn, WA	2.0	1.0	1080	$1,750	$1.62	22d	1	1.32mi

Listing history 24 events

1. 2026-06-18
   days on market $109,950 Active 79 DOM
2. 2026-06-17
   days on market $109,950 Active 78 DOM
3. 2026-06-16
   days on market $109,950 Active 77 DOM
4. 2026-06-15
   pricedays on market $109,950 Active 76 DOM
5. 2026-06-13
   days on market $118,950 Active 74 DOM
6. 2026-06-13
   days on market $118,950 Active 73 DOM
7. 2026-06-09
   days on market $118,950 Active 70 DOM
8. 2026-06-08
   days on market $118,950 Active 69 DOM
9. 2026-06-07
   days on market $118,950 Active 68 DOM
10. 2026-06-04
    days on market $118,950 Active 65 DOM
11. 2026-06-03
    days on market $118,950 Active 64 DOM
12. 2026-06-02
    days on market $118,950 Active 63 DOM
13. 2026-06-01
    days on market $118,950 Active 62 DOM
14. 2026-05-31
    days on market $118,950 Active 61 DOM
15. 2026-05-18
    price $118,950
16. 2026-04-30
    price $124,950
17. 2026-04-25
    price $129,950
18. 2026-03-31
    listed $134,950 Active
19. 2017-05-08
    soldstatus $68,000 Sold
20. 2017-04-21
    status Pending
21. 2017-04-12
    price $69,900
22. 2017-04-04
    status Active
23. 2017-03-30
    historical
24. 2017-02-18
    listed $68,200 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 6/10 Major FEMA zone X (unshaded) · 27% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥87°F today · 16 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: $26,423
• − Mortgage interest: −$6,159
• − Property taxes: −$1,649
• − Insurance: −$550
• − Repairs & maintenance: −$2,114
• − Management: −$2,114
• − Depreciation: −$3,199
• Taxable income: $10,638
• Est. tax owed @ 24.0%: −$2,553
• After-tax cash flow: $9,203/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: 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

+74.4% since first listed

10 events — show timeline

• 2026-05-18 Price Changed $118,950 NWMLS as Distributed by MLS Grid
• 2026-04-30 Price Changed $124,950 NWMLS as Distributed by MLS Grid
• 2026-04-25 Price Changed $129,950 NWMLS as Distributed by MLS Grid
• 2026-03-31 Listed $134,950 NWMLS as Distributed by MLS Grid
• 2017-05-08 Sold (MLS) $68,000 NWMLS as Distributed by MLS Grid
• 2017-04-21 Pending — NWMLS as Distributed by MLS Grid
• 2017-04-12 Price Changed $69,900 NWMLS as Distributed by MLS Grid
• 2017-04-04 Relisted — NWMLS as Distributed by MLS Grid
• 2017-03-30 Delisted — NWMLS as Distributed by MLS Grid
• 2017-02-18 Listed $68,200 NWMLS as Distributed by MLS Grid