7301 NE 175th St #215

Kenmore, WA 98028

$99,000C

2 bd · 2.0 ba · 1,536 sqft · Built 1972 · Manufactured · Active

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,151/mo
• Mortgage (P&I): −$519
• Tax + insurance: −$231
• HOA: −$0
• Vac / Maint / Mgmt: −$452
• Net cashflow: $948/mo
• Annual: $11,379/yr
• Cap rate: 18.59%
• Cash-on-cash: 43.93%
• DSCR: 2.95
• 1% rule: 2.17%
• Cash to close: $27,720

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $99k. Condition is rated fair.
• At list price, monthly cash flow is $948 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $99k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#21 in WA, #427 nationally) — a professional / high-income tenant draw. Strengths: crime 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.
• Zoned schools: Kenmore Elementary (424 students, 44% FRL); Kenmore Middle School (718 students, 25% FRL); Inglemoor Hs (1,542 students, 20% FRL) — zoned schools average 30% FRL vs 12% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents rising (+2.1%/yr); 357 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 30d on market — plan ~3-4 weeks tenant-placement turnaround); 47% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $30k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $85k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 2.1% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 18.6% vs local median 1.6% in Kenmore — 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.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen flooring — Yellow linoleum is dated and could be replaced.
• Minor: Kitchen cabinetry — Dated style and could be updated.
• Minor: Kitchen appliances — Older style and could be replaced.
• Minor: Bathroom fixtures — Dated style and could be updated.