415 Lakeview Rd Unit K35 · Martha Lake, WA 98087

$275,000

2 bd · 2.0 ba · 1,596 sqft · Manufactured public records · 61 Days on market

Built 1989 14 ac lot $172/sqft · 97% 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 +24.9/30.0
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• Schools +5.4/10.0
• 1% rule +5.3/10.0
• Livability +4.2/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Better than new! This home was completely remodeled last year. Starting with a new roof all the way down to the crawl space! Brand-new stainless-steel appliances, top of the line washer and dryer, brand-new furnace and water heater as well! turnkey and ready to go. Rare 4 bedroom in an all-ages park in a convenient location. Only minutes to I-5 and I-405 for the commuters dream. 3 parking spaces as well! Finished 12x14 shed with power off the carport. Could use for storage or could easily be turned into a craft room or gym! Don't miss out!

Key facts

• New furnace
• Remodeled
• New water heater

Tags

• NEW ROOF
• STAINLESS STEEL APPLIANCES
• NEW FURNACE
• NEW WATER HEATER
• REMODELED
• CONVENIENT LOCATION

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $275k.

Deal economics

• At list price, monthly cash flow is $595 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $258k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 2.0% in Martha Lake — 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 84/100 on livability (#44 in WA, #775 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: schools D, cost of living F.
• Edmonds School District (suburban): math 54% / reading 65% proficiency, ranked #53 of 291 in WA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.2%/yr); 232 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).
• This rent runs 32% of the median local income ($107k/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 $8k 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 61 days — a 6% lower offer ($258k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 26y 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.

Recommended offer $258,499 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.03% ✓
• Cap rate: 8.89%
• Cash-on-cash: 9.27%
• DSCR: 1.41
• GRM: 8.1

CMA / ARV

• ARV (median comp): $139,311
• List price: $275,000
• Delta: 97.40%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
415 Lakeview Rd Unit K10	0.00mi	3/2.0 (+1)	1,512 (-5%)	14mo	$177,000	$117	75
415 Lake View Rd Unit K13	0.00mi	2/2.0	1,404 (-12%)	18mo	$110,000	$78	65

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 · 1.22% rent growth · sell at horizon

5-year hold

• IRR: -4.2%
• Equity multiple: 0.85×
• Total profit: $-11,803
• Equity at exit: $41,003

10-year hold

• IRR: 3.5%
• Equity multiple: 1.24×
• Total profit: $18,250
• Equity at exit: $23,777

Cash invested: $77,000 (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 98087

• Rents YoY: 1.2%
• Active inventory: 232
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,838 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$90 /mo · $1,085/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$596
• Net cashflow: $595

Break-even live

Break-even rent $2,085

Max offer price $275,000

Occupancy floor 74%

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1011 147th St SW Lynnwood, WA	3.0	2.5	2243	$3,500	$1.56	43d	1	0.47mi
15319 Ash Way Lynnwood, WA	2.0–3.0	2.5	1366	$2,695	$1.97	43d	2	0.57mi
609 142nd St SW Lynnwood, WA	3.0	2.0	1646	$3,399	$2.07	43d	1	0.65mi
1602 151st Pl SW Lynnwood, WA	3.0	2.5	1597	$3,800	$2.38	24d	1	0.68mi
14615 Madison Way Lynnwood, WA	2.0–4.0	2.0	1288	$1,899	$1.47	4d	1	0.71mi
15 164th St SW Bothell, WA	3.0	2.5	1522	$2,895	$1.90	13d	1	0.78mi
15631 Ash Way Lynnwood, WA	2.0	1.0–2.0	786	$2,401	$3.05	2d	18	0.79mi
16201 Meadow Rd Unit B1 Lynnwood, WA	3.0	2.5	1971	$3,200	$1.62	4d	1	0.80mi
1717 153rd St SW Lynnwood, WA	3.0	1.5	1372	$3,100	$2.26	43d	1	0.80mi
15706 Ash Way Unit 1234677P Lynnwood, WA	2.0	1.0	1991	$5,350	$2.69	12d	1	0.81mi
14509 16th Pl W Lynnwood, WA	3.0	2.5	1920	$3,500	$1.82	4d	1	0.83mi
16619 Larch Way Lynnwood, WA	1.0–3.0	1.0–2.0	1005	$2,334	$2.32	2d	13	0.84mi
418 138th Pl SW Everett, WA	3.0	2.0	1600	$3,000	$1.88	43d	1	0.86mi
16626 6th Ave W Lynnwood, WA	1.0–3.0	1.0–2.0	904	$2,043	$2.26	1d	7	0.89mi
16605 6th Ave W Lynnwood, WA	3.0	1.0–2.0	953	$1,888	$1.98	1d	9	0.89mi
13921 12th Pl W Lynnwood, WA	3.0	3.5	2175	$3,600	$1.66	24d	1	0.91mi
16503 13th Ave W Unit B2 Lynnwood, WA	3.0	3.0	1614	$3,200	$1.98	43d	1	0.93mi
16503 13th Ave W Unit B10 Lynnwood, WA	3.0	3.0	1614	$3,250	$2.01	43d	1	0.93mi
16503 13th Ave W Unit B4 Lynnwood, WA	3.0	3.0	1614	$3,200	$1.98	24d	1	0.93mi
1830 145th St SW Lynnwood, WA	3.0	2.5	1873	$3,500	$1.87	16d	1	0.95mi
16720 6th Ave W Lynnwood, WA	1.0–3.0	1.0–2.0	826	$2,081	$2.52	1d	10	0.96mi
16720 North Rd Bothell, WA	1.0–3.0	1.0–2.0	926	$2,032	$2.19	4d	3	0.96mi
14701 Main St Mill Creek, WA	1.0–3.0	1.0–2.0	998	$2,570	$2.57	1d	15	1.01mi
16116 Ash Way Lynnwood, WA	1.0–3.0	1.0–2.0	1000	$2,420	$2.42	2d	9	1.06mi
14420 N Creek Dr Mill Creek, WA	1.0–3.0	1.0–2.0	1117	$2,672	$2.39	1d	25	1.09mi
15520 Mill Creek Blvd Mill Creek, WA	2.0	2.0	1117	$2,473	$2.21	1d	8	1.11mi
16101 Bothell Everett Hwy Unit E207 Mill Creek, WA	3.0	2.0	1077	$2,600	$2.41	4d	1	1.22mi
16605 Ash Way Lynnwood, WA	2.0	1.0–2.0	802	$3,125	$3.89	2d	71	1.31mi
13004 Meridian Ave S Everett, WA	1.0–3.0	1.0–2.0	1025	$1,961	$1.91	1d	1	1.36mi
13117 3rd Ave SE Unit J1 Everett, WA	3.0	3.0	1659	$3,249	$1.96	43d	1	1.41mi
13730 Manor Way Unit F2 Lynnwood, WA	3.0	3.5	1626	$3,400	$2.09	43d	1	1.41mi
13510 N Creek Dr Mill Creek, WA	1.0–4.0	1.0–2.0	1020	$1,642	$1.61	3d	1	1.47mi
15433 Country Club Dr Unit A204 Mill Creek, WA	3.0	2.0	1152	$2,850	$2.47	17d	1	1.48mi
15433 Country Club Dr Unit A204 Mill Creek, WA	3.0	2.0	1152	$2,700	$2.34	4d	1	1.48mi

Listing history 25 events

1. 2026-06-18
   days on market $275,000 Active 61 DOM
2. 2026-06-17
   days on market $275,000 Active 60 DOM
3. 2026-06-16
   days on market $275,000 Active 59 DOM
4. 2026-06-15
   days on market $275,000 Active 58 DOM
5. 2026-06-13
   days on market $275,000 Active 56 DOM
6. 2026-06-13
   days on market $275,000 Active 55 DOM
7. 2026-06-09
   days on market $275,000 Active 52 DOM
8. 2026-06-08
   days on market $275,000 Active 51 DOM
9. 2026-06-07
   days on market $275,000 Active 50 DOM
10. 2026-06-04
    days on market $275,000 Active 47 DOM
11. 2026-06-03
    days on market $275,000 Active 46 DOM
12. 2026-06-02
    days on market $275,000 Active 45 DOM
13. 2026-06-01
    days on market $275,000 Active 44 DOM
14. 2026-05-31
    days on market $275,000 Active 43 DOM
15. 2026-04-18
    listed $275,000 Active
16. 2025-04-09
    soldstatus $250,000
17. 2025-04-01
    soldstatus $250,000
18. 2025-04-01
    listed $250,000
19. 2017-11-30
    soldstatus $65,000 Sold
20. 2017-11-02
    status Pending Inspection
21. 2017-10-05
    listed $69,500 Active
22. 2004-01-07
    soldstatus $32,500
23. 2003-11-03
    listed $39,500
24. 2000-06-22
    soldstatus $65,000
25. 2000-05-11
    listed $65,000

ⓘ 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: $1,085 · $90/mo
• Projected year-2 tax: $2,695 · $225/mo
• Expected delta: +$1,610/yr (+$134/mo · 148.3%)

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

Taxation est. · year 1

• Rental income: $34,051
• − Mortgage interest: −$15,404
• − Property taxes: −$1,085
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,724
• − Management: −$2,724
• − Depreciation: −$8,000
• Taxable income: $2,738
• Est. tax owed @ 24.0%: −$657
• After-tax cash flow: $6,477/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: Edmonds School District
• NCES district ID: 5302400
• Math proficiency: 54% ▼ -1.00%
• Reading proficiency: 65% ▬ 0.00%
• Median HH income: $67,451
• Composite: 53.94/100
• National rank: #3026
• State rank: #53 of 291 in WA

Livability — Martha Lake

• Score: 84/100
• State rank: #44
• US rank: #775

Category grades

Amenities B- 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: Martha Lake, WA
• County: Snohomish County · 786,756 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 41,796
• Household income: $106,693
• Rent vs Own: 48.0% rent · 52.0% own
• Severe rent burden: 2303.0

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: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 48% Asian 20% Two or more races 13% Hispanic / Latino 12% Black 8% Pacific Islander 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 3% Slovak 3% Italian 3%
• Foreign-born: 29% · Canada, South Korea, Vietnam
• Languages at home: 64% English-only · Spanish 6% Russian/Polish/Slavic 5% Other Indo-European 5%

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: ▼ -723.54%
• Current HPI: 320.6888
• Rent YoY: ▲ 1.22%
• 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

+323.1% since first listed

11 events — show timeline

• 2026-04-18 Listed $275,000 NWMLS as Distributed by MLS Grid
• 2025-04-09 Sold (Public Records) $250,000 Public Records
• 2025-04-01 Listed $250,000 NWMLS as Distributed by MLS Grid
• 2025-04-01 Sold (MLS) $250,000 NWMLS as Distributed by MLS Grid
• 2017-11-30 Sold (MLS) $65,000 NWMLS as Distributed by MLS Grid
• 2017-11-02 Pending — NWMLS as Distributed by MLS Grid
• 2017-10-05 Listed $69,500 NWMLS as Distributed by MLS Grid
• 2004-01-07 Sold (MLS) $32,500 NWMLS as Distributed by MLS Grid
• 2003-11-03 Listed $39,500 NWMLS as Distributed by MLS Grid
• 2000-06-22 Sold (MLS) $65,000 NWMLS as Distributed by MLS Grid
• 2000-05-11 Listed $65,000 NWMLS as Distributed by MLS Grid

Property tax history

+6.4%/yr

Latest (2026): $1,085 · +9.9% YoY. Source: county tax records.