11436 SE 208th St #7 · Kent, WA 98031

$120,000

2 bd · 2.0 ba · 1,344 sqft · Manufactured · 92 Days on market

Built 1980 $89/sqft · 9% below area Est $132k · 9% 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 +11.7/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Enjoy peaceful, easy living with exceptional outdoor space in this beautifully updated home in Pantera Lago. Situated on a desirable perimeter lot, this property offers a quiet setting along with a spacious wrap-around covered deck—perfect for relaxing, entertaining, or enjoying the outdoors year-round. Inside, the home features a bright, open layout with updated finishes throughout, creating a clean and inviting atmosphere. The living spaces flow comfortably, making everyday living simple and enjoyable. The kitchen offers modern touches and functionality, while the primary suite provides a private retreat with added comfort. Every detail has been thoughtfully refreshed to deliver a m

Key facts

• Perimeter lot
• Heat pump
• Newer roof

Tags

• PERIMETER LOT
• VAULTED CEILINGS
• OPEN-CONCEPT LAYOUT
• WRAP-AROUND COVERED DECK
• NEWER ROOF
• HEAT PUMP

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $109k (9.0% below list) — sets the bar for market timing.
• Cap rate 16.9% vs local median 2.6% in Kent — 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 (#109 in WA, #2,154 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools C-, crime F, cost of living F.
• Kent School District (urban): math 47% / reading 57% proficiency, ranked #109 of 291 in WA (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.5%/yr); 169 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 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 + 3.5% rent growth), your $34k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 92 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 23y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $74k; list at $120k implies a 62% gain — meaningful room to come down on a strong offer.

Recommended offer $109,200 (9.0% below list)

Questions for the listing agent

1. It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% 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. 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?
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: 1.99% ✓
• Cap rate: 16.91%
• Cash-on-cash: 37.91%
• DSCR: 2.69
• GRM: 4.2

CMA / ARV

• ARV (median comp): $132,500
• List price: $120,000
• Delta: -9.43%
• Verdict: FAIR
• Comps: 11 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11436 SE 208th St #180	0.00mi	2/2.0	1,440 (+7%)	5mo	$132,500	$92	84
11436 SE 208th St #88	0.06mi	3/2.0 (+1)	1,464 (+9%)	8mo	$126,000	$86	71
20750 113th Pl SE	0.16mi	3/2.0 (+1)	1,456 (+8%)	4mo	$65,000	$45	70
11436 SE 208th St #36	0.06mi	3/2.0 (+1)	1,500 (+12%)	6mo	$168,000	$112	68
11436 SE 208th St #170	0.06mi	2/2.0	1,250 (-7%)	21mo	$130,000	$104	68
11436 SE 208th St #41	0.06mi	2/2.0	1,458 (+8%)	24mo	$250,000	$171	63
20744 113th Pl SE	0.16mi	2/2.0	1,250 (-7%)	22mo	$105,000	$84	62
11436 SE 208th St #116	0.06mi	2/2.0	1,498 (+12%)	20mo	$145,000	$97	62
11436 SE 208th St #92	0.00mi	3/2.0 (+1)	1,536 (+14%)	17mo	$133,500	$87	57
12218 SE 206th St	0.54mi	3/2.0 (+1)	1,480 (+10%)	6mo	$415,000	$280	47

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 · 3.53% rent growth · sell at horizon

5-year hold

• IRR: 34.6%
• Equity multiple: 2.47×
• Total profit: $49,485
• Equity at exit: $17,892

10-year hold

• IRR: 41.7%
• Equity multiple: 5.04×
• Total profit: $135,618
• Equity at exit: $10,375

Cash invested: $33,600 (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 98031

• Rents YoY: 3.5%
• Active inventory: 169
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $2,393 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$503
• Net cashflow: $1,062

Break-even live

Break-even rent $1,050

Max offer price $120,000

Occupancy floor 51%

Sensitivity live

Price	-10% $1,144	-5% $1,103	+0% $1,062	+5% $1,020	+10% $979
Rent	-10% $872	-5% $967	+0% $1,062	+5% $1,156	+10% $1,251
Rate	-1.0pp $1,122	-0.5pp $1,092	base $1,062	+0.5pp $1,030	+1.0pp $999

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20803 110th Ln SE Kent, WA	2.0	2.5	1361	$2,845	$2.09	45d	1	0.30mi
20805 109th Ln SE Kent, WA	2.0	1.5	1250	$2,700	$2.16	45d	1	0.33mi
11101 SE 208th St Kent, WA	1.0–3.0	1.0–2.0	971	$2,026	$2.09	0d	18	0.36mi
10820 SE 211th Pl Kent, WA	1.0–3.0	1.0–1.5	907	$1,966	$2.17	0d	20	0.38mi
12012 SE 210th St Kent, WA	3.0	1.5	1230	$1,820	$1.48	25d	1	0.47mi
20506 103rd Ave SE Kent, WA	3.0	1.0	1180	$2,295	$1.94	25d	1	0.67mi
19388 114th Pl SE Kent, WA	3.0	2.5	1600	$3,095	$1.93	45d	1	0.75mi
21822 107th Pl SE #6 Kent, WA	3.0	1.5	1152	$1,525	$1.32	23d	1	0.90mi
11500 SE 221st Pl Kent, WA	3.0	2.5	1770	$3,100	$1.75	45d	1	1.02mi
21627 127th Pl SE Kent, WA	3.0	2.0	1420	$3,095	$2.18	18d	1	1.09mi
9333 S 200th St Kent, WA	3.0	1.0	1060	$2,450	$2.31	5d	1	1.29mi
11211 SE 226th St Kent, WA	3.0	2.0	1012	$2,250	$2.22	19d	1	1.31mi
10815 SE 184th Ln Renton, WA	1.0–2.0	1.0–2.0	860	$2,445	$2.84	16d	3	1.36mi
18307 121st Pl SE Renton, WA	3.0	2.5	1580	$2,995	$1.90	0d	1	1.49mi

Listing history 31 events

1. 2026-06-21
   days on market $120,000 Active 92 DOM
2. 2026-06-18
   days on market $120,000 Active 89 DOM
3. 2026-06-17
   days on market $120,000 Active 88 DOM
4. 2026-06-16
   days on market $120,000 Active 87 DOM
5. 2026-06-15
   days on market $120,000 Active 86 DOM
6. 2026-06-13
   days on market $120,000 Active 84 DOM
7. 2026-06-09
   days on market $120,000 Active 80 DOM
8. 2026-06-08
   days on market $120,000 Active 79 DOM
9. 2026-06-07
   days on market $120,000 Active 78 DOM
10. 2026-06-04
    days on market $120,000 Active 75 DOM
11. 2026-06-03
    days on market $120,000 Active 74 DOM
12. 2026-06-02
    days on market $120,000 Active 73 DOM
13. 2026-06-01
    days on market $120,000 Active 72 DOM
14. 2026-05-31
    days on market $120,000 Active 71 DOM
15. 2026-04-24
    price $120,000
16. 2026-03-21
    listed $130,000 Active
17. 2019-02-28
    soldstatus $74,000 Sold
18. 2019-02-28
    status Pending
19. 2019-02-20
    status Pending Inspection
20. 2019-02-07
    listed $74,000 Active
21. 2014-10-07
    historical
22. 2014-10-03
    soldstatus $65,000 Sold
23. 2014-09-18
    status Pending
24. 2014-09-12
    status Pending Inspection
25. 2014-08-23
    listed $70,000 Active
26. 2007-05-04
    soldstatus $36,000
27. 2007-01-02
    listed $46,000
28. 2004-08-26
    soldstatus $32,500
29. 2004-05-03
    listed $32,500
30. 2003-04-30
    soldstatus $25,000
31. 2003-01-06
    listed $29,990

ⓘ 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 ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 12 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,722
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$600
• − Repairs & maintenance: −$2,298
• − Management: −$2,298
• − Depreciation: −$3,491
• Taxable income: $11,513
• Est. tax owed @ 24.0%: −$2,763
• After-tax cash flow: $9,975/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: Kent School District
• NCES district ID: 5303960
• Math proficiency: 47% ▼ -1.00%
• Reading proficiency: 57% ▼ -1.00%
• Median HH income: $69,823
• Composite: 48.25/100
• National rank: #4714
• State rank: #109 of 291 in WA

Livability — Kent

• Score: 79/100
• State rank: #109
• US rank: #2154

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kent, WA
• County: King County · 2,251,916 people
• City population: 119,479
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 40,094
• Household income: $105,965
• Rent vs Own: 32.8% rent · 67.2% own
• Severe rent burden: 1151.0

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 0.77)
• Race & ethnicity: White 36% Asian 27% Black 13% Hispanic / Latino 13% Two or more races 13% Pacific Islander 1%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Italian 5% Portuguese 2% Subsaharan African 2%
• Foreign-born: 31% · Canada, Vietnam, China
• Languages at home: 58% English-only · Spanish 9% Other Indo-European 7% Vietnamese 4%

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: ▼ -673.58%
• Current HPI: 308.1747
• Rent YoY: ▲ 3.53%
• 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

+300.1% since first listed

17 events — show timeline

• 2026-04-24 Price Changed $120,000 NWMLS as Distributed by MLS Grid
• 2026-03-21 Listed $130,000 NWMLS as Distributed by MLS Grid
• 2019-02-28 Sold (MLS) $74,000 NWMLS as Distributed by MLS Grid
• 2019-02-28 Pending — NWMLS as Distributed by MLS Grid
• 2019-02-20 Pending — NWMLS as Distributed by MLS Grid
• 2019-02-07 Listed $74,000 NWMLS as Distributed by MLS Grid
• 2014-10-07 Delisted — NWMLS as Distributed by MLS Grid
• 2014-10-03 Sold (MLS) $65,000 NWMLS as Distributed by MLS Grid
• 2014-09-18 Pending — NWMLS as Distributed by MLS Grid
• 2014-09-12 Pending — NWMLS as Distributed by MLS Grid
• 2014-08-23 Listed $70,000 NWMLS as Distributed by MLS Grid
• 2007-05-04 Sold (MLS) $36,000 NWMLS as Distributed by MLS Grid
• 2007-01-02 Listed $46,000 NWMLS as Distributed by MLS Grid
• 2004-08-26 Sold (MLS) $32,500 NWMLS as Distributed by MLS Grid
• 2004-05-03 Listed $32,500 NWMLS as Distributed by MLS Grid
• 2003-04-30 Sold (MLS) $25,000 NWMLS as Distributed by MLS Grid
• 2003-01-06 Listed $29,990 NWMLS as Distributed by MLS Grid