2500 S 370th St #184 · Lakeland South, WA 98003

$149,900

3 bd · 2.0 ba · 1,620 sqft · Manufactured · 28 Days on market

Built 1987 Est $152k · at est.

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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
• ARV discount +8.2/15.0
• Livability +4.0/5.0
• Schools +3.9/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Kloshe Ilahee, a sought-after 55+ community in Federal Way offering a peaceful, secluded setting paired with exceptional resort-style amenities, including a clubhouse with TV lounge, game room, fitness center, sauna, hot tub, and a large heated outdoor pool, fostering an active and social lifestyle. This 3-bedroom, 2-bath home features a spacious open-concept design filled with natural light and enhanced by vaulted ceilings, creating a warm and welcoming atmosphere. Ample storage throughout adds extra comfort and flexibility. The attached outside shed provides two separate storage areas perfect for hobbies, seasonal items, or additional workspace. A highly desirable heat pump ens

Key facts

• Fitness center
• Heat pump
• Large covered deck

Tags

• CLUBHOUSE WITH TV LOUNGE
• FITNESS CENTER
• LARGE HEATED OUTDOOR POOL
• ATTACHED OUTSIDE SHED
• HEAT PUMP
• LARGE COVERED DECK

Property features AI

Finance

• Financial info: Land lease applies
• HOA & community: Located in a manufactured home park (Kloshe Illahee); Park approved for sale; Senior community; Park amenities include clubhouse, common area, exercise room, pool, RV parking, sauna, spa/hot tub, and tennis courts; Approximately 258 homes in the park; Pets allowed (dogs OK; see park rules)

Exterior

• Parking: Carport
• Utilities: Electric service; Community water (covered by park); Sewer service covered by park; Power provided by PSE; Starlink internet; Electric water heater
• Home design: Manufactured double-wide home (Clayton 60/27); One level; Good condition; Slab foundation
• Construction: Wood construction; Composition and metal roof
• Exterior features: Wood exterior; Wood products; Corner lot; Cul-de-sac setting; Open space nearby; Secluded location; Spa on property or community spa

Interior

• Kitchen: Dishwasher; Double oven; Microwave
• Bedrooms: 3 bedrooms
• Flooring: Laminate flooring; Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Heat pump (heating and cooling)
• Interior features: Electric water heater; Skylights; Vaulted ceilings; Ceiling fan(s); Double pane windows; Landscaped
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 15.9% vs local median 2.9% in Lakeland South — 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 79/100 on livability (#113 in WA, #2,299 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: amenities F, cost of living F.
• Federal Way School District (suburban): math 35% / reading 47% proficiency, ranked #207 of 291 in WA (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.3%/yr); 231 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 2d 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 45% of the median local income ($75k/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 $1k of loan paydown is wiped out by about $4k 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 + 2.3% rent growth), your $42k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y ago 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.
• Current owner paid $105k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $147,651 (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. 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.
3. 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.
4. 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: 1.88% ✓
• Cap rate: 15.85%
• Cash-on-cash: 34.15%
• DSCR: 2.52
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $152,280
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2500 S 370th St #225	0.00mi	3/2.0	1,500 (-7%)	0mo	$160,000	$107	87
2500 S 370th St #131	0.00mi	2/2.0 (-1)	1,680 (+4%)	5mo	$160,000	$95	85
2500 S 370th St #161	0.08mi	3/2.0	1,500 (-7%)	2mo	$175,000	$117	83
2500 S 370th St #227	0.08mi	3/2.0	1,680 (+4%)	10mo	$170,000	$101	82
2500 S 370th St #138	0.00mi	3/2.0	1,800 (+11%)	6mo	$104,000	$58	77
2500 370th St #183	0.11mi	3/2.0	1,800 (+11%)	4mo	$167,000	$93	74
2500 S 370th #63	0.00mi	3/2.0	1,440 (-11%)	10mo	$124,999	$87	73
2500 S 370th St #162	0.00mi	3/2.0	1,380 (-15%)	4mo	$160,000	$116	72
2500 S 370th St #142	0.00mi	3/2.0	1,848 (+14%)	7mo	$80,000	$43	71
2500 S 370th St #190	0.12mi	3/2.0	1,809 (+12%)	9mo	$115,000	$64	67
2500 S 370th St #133	0.11mi	2/2.0 (-1)	1,848 (+14%)	10mo	$120,000	$65	58
2500 Alder St #52	0.73mi	2/2.0 (-1)	1,536 (-5%)	5mo	$145,000	$94	48

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 · 2.33% rent growth · sell at horizon

5-year hold

• IRR: 28.8%
• Equity multiple: 2.19×
• Total profit: $49,936
• Equity at exit: $22,351

10-year hold

• IRR: 35.8%
• Equity multiple: 4.19×
• Total profit: $133,960
• Equity at exit: $12,961

Cash invested: $41,972 (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 98003

• Rents YoY: 2.3%
• Active inventory: 231
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $2,823 high
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$593
• Net cashflow: $1,194

Break-even live

Break-even rent $1,311

Max offer price $149,900

Occupancy floor 53%

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1926 S 368th Pl #206 Federal Way, WA	2.0	2.5	1176	$2,995	$2.55	1d	1	0.29mi
2750 S 374th Pl Federal Way, WA	4.0	2.5	2210	$3,250	$1.47	1d	1	0.34mi
2020 S 360th St Federal Way, WA	1.0–3.0	1.0–2.0	971	$2,305	$2.37	1d	24	0.72mi
35726 30th Ave S Federal Way, WA	4.0	2.5	1990	$3,450	$1.73	14d	1	0.77mi
1211 S 376th St Milton, WA	1.0–2.0	1.0–2.0	952	$3,350	$3.52	1d	63	0.95mi
35703 16th Ave S Federal Way, WA	1.0–5.0	1.0–3.0	1098	$2,217	$2.02	1d	28	1.07mi

Listing history 22 events

1. 2026-06-18
   days on market $149,900 Active 28 DOM
2. 2026-06-17
   days on market $149,900 Active 27 DOM
3. 2026-06-16
   days on market $149,900 Active 26 DOM
4. 2026-06-15
   days on market $149,900 Active 25 DOM
5. 2026-06-13
   pricedays on market $149,900 Active 23 DOM
6. 2026-06-09
   days on market $154,900 Active 19 DOM
7. 2026-06-08
   days on market $154,900 Active 18 DOM
8. 2026-06-07
   days on market $154,900 Active 17 DOM
9. 2026-06-04
   days on market $154,900 Active 14 DOM
10. 2026-06-03
    days on market $154,900 Active 13 DOM
11. 2026-06-02
    days on market $154,900 Active 12 DOM
12. 2026-06-01
    days on market $154,900 Active 11 DOM
13. 2026-05-31
    days on market $154,900 Active 10 DOM
14. 2026-05-21
    listed $154,900 Active
15. 2019-08-01
    soldstatus $104,950 Sold
16. 2019-07-23
    status Pending
17. 2019-06-27
    historical Contingent
18. 2019-06-15
    status Pending
19. 2019-06-07
    listed $104,950 Active
20. 2018-03-12
    soldstatus $86,500 Sold
21. 2018-02-01
    status Pending Inspection
22. 2018-01-05
    listed $96,700 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 ≥88°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: $33,879
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$750
• − Repairs & maintenance: −$2,710
• − Management: −$2,710
• − Depreciation: −$4,361
• Taxable income: $12,703
• Est. tax owed @ 24.0%: −$3,049
• After-tax cash flow: $11,285/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: Federal Way School District
• NCES district ID: 5302820
• Math proficiency: 35% ▬ 0.00%
• Reading proficiency: 47% ▬ 0.00%
• Median HH income: $61,594
• Composite: 38.79/100
• National rank: #8361
• State rank: #207 of 291 in WA

Livability — Lakeland South

• Score: 79/100
• State rank: #113
• US rank: #2299

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lakeland South, WA
• County: King County · 2,251,916 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 51,619
• Household income: $75,319
• Rent vs Own: 53.1% rent · 46.9% own
• Severe rent burden: 2895.0

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 0.79)
• Race & ethnicity: White 32% Hispanic / Latino 23% Black 19% Two or more races 16% Asian 13% Pacific Islander 2%
• Hispanic origin (detail): Mexican 18%
• Common ancestry: Portuguese 3% Lithuanian 2% Swedish 2%
• Foreign-born: 32% · Canada, South Korea, Vietnam
• Languages at home: 57% English-only · Spanish 18% Other Indo-European 3% Russian/Polish/Slavic 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: ▼ -623.87%
• Current HPI: 327.5371
• Rent YoY: ▲ 2.33%
• 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

+60.2% since first listed

9 events — show timeline

• 2026-05-21 Listed $154,900 NWMLS as Distributed by MLS Grid
• 2019-08-01 Sold (MLS) $104,950 NWMLS as Distributed by MLS Grid
• 2019-07-23 Pending — NWMLS as Distributed by MLS Grid
• 2019-06-27 Contingent — NWMLS as Distributed by MLS Grid
• 2019-06-15 Pending — NWMLS as Distributed by MLS Grid
• 2019-06-07 Listed $104,950 NWMLS as Distributed by MLS Grid
• 2018-03-12 Sold (MLS) $86,500 NWMLS as Distributed by MLS Grid
• 2018-02-01 Pending — NWMLS as Distributed by MLS Grid
• 2018-01-05 Listed $96,700 NWMLS as Distributed by MLS Grid