24222 54th Ave W #12 · Mountlake Terrace, WA 98043

$114,900

2 bd · 1.0 ba · 952 sqft · Manufactured public records · 32 Days on market

Built 1978 $121/sqft · 15% below area Est $136k · 15% 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 +14.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.4/10.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to easy, well-situated living in this move-in ready gem, nestled in Young's MHP, a 55+ community. This charming 2-bedroom, 1-bath home has been updated throughout - featuring new carpet, fresh interior paint, and updated lighting fixtures that give the space a bright, modern feel. Stay comfortable year-round with forced air heating and an efficient ductless mini-split system providing A/C. Outside, you'll find a covered deck and a convenient storage shed for all your extras, plus an ADA-compliant aluminum wheelchair ramp for easy, accessible entry. One of the standout features of this park is the exceptionally low space rent – under $700 per month – making this an i

Key facts

• 2 parking spots
• Built 1978
• Listed 32 days

Property features AI

Finance

• Other: Buyer to verify school assignments
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Located in Young's Mobile Home Park (about 71 homes); Park approved for sale; Senior community status noted; Pets allowed — see remarks; Land lease: $698

Exterior

• Parking: 2 open/uncovered parking spaces
• Utilities: Electric energy; Public water (City of Mountlake Terrace); Public sewer (City of Mountlake Terrace); Power provided by SnoPUD; Electric water heater
• Home design: Manufactured single-wide home; One story; East-facing
• Construction: Built by Liberty (model 56 / 14 ridgewood); Metal/vinyl construction materials; Aluminum skirting; Torch down roof; Tie-down foundation; Manufactured after June 15, 1976; Mobile home remains in place
• Exterior features: Metal/vinyl exterior; Patio/porch/deck; Double pane windows; Located on a cul-de-sac; Paved access

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Vinyl; Carpet
• Bathrooms: One three-quarter bath (1 shower)
• Heating & cooling: Forced air heating; Has cooling
• Interior features: Water heater; Accessible bathroom; Accessible entrance; Kitchen with eating space; Living room
• Laundry & utility: Washer; Water heater located in utility closet in primary bedroom

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $115k.

Deal economics

• At list price, monthly cash flow is $978 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Recommended offer: $111k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.5% vs local median 2.1% in Mountlake Terrace — 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 85/100 on livability (#28 in WA, #500 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: 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 soft (-0.5%/yr); 82 active listings in the ZIP; 19 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $794 of loan paydown is wiped out by about $3k 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.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $32k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($111k) is reasonable based on typical stale-listing flexibility.

Recommended offer $111,453 (3.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.83% ✓
• Cap rate: 16.51%
• Cash-on-cash: 36.48%
• DSCR: 2.62
• GRM: 4.5

CMA / ARV

• ARV (median comp): $135,550
• List price: $114,900
• Delta: -15.23%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24222 54th Ave W #26	0.00mi	2/1.0	956 (+0%)	19mo	$75,000	$78	84
24313 54th Ave W #3	0.05mi	2/2.0	886 (-7%)	6mo	$135,000	$152	77

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 29.0%
• Equity multiple: 2.16×
• Total profit: $37,462
• Equity at exit: $17,132

10-year hold

• IRR: 34.7%
• Equity multiple: 3.76×
• Total profit: $88,833
• Equity at exit: $9,934

Cash invested: $32,172 (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 98043

• Rents YoY: -0.5%
• Active inventory: 82
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $2,106 high
• Mortgage (P&I): −$603
• Tax from tax record: −$35 /mo · $425/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$442
• Net cashflow: $978

Break-even live

Break-even rent $868

Max offer price $114,900

Occupancy floor 49%

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5407 244th St SW Apt B Mountlake Terrace, WA	2.0	1.5	850	$1,880	$2.21	5d	1	0.04mi
5407 244th St SW Unit C Mountlake Terrace, WA	2.0	1.5	850	$2,200	$2.59	18d	1	0.04mi
1795 NE 205th St Shoreline, WA	1.0	1.0	654	$1,724	$2.63	5d	3	0.19mi
19837 25th Ave NE Unit B Shoreline, WA	2.0	1.0	900	$1,795	$1.99	18d	1	0.35mi
19921 19th Ave NE Shoreline, WA	1.0	1.0	650	$1,599	$2.46	4d	1	0.36mi
20057 Ballinger Way NE Shoreline, WA	1.0–3.0	1.0–2.0	950	$1,963	$2.07	3d	10	0.39mi
24000 Van Ry Blvd Mountlake Terrace, WA	3.0	1.0–2.0	1013	$2,947	$2.91	2d	32	0.49mi
23905 Van Ry Blvd Mountlake Terrace, WA	1.0–2.0	1.0–2.0	830	$2,895	$3.49	2d	24	0.50mi
2609 NE 195th St Lake Forest Park, WA	1.0	1.0	634	$1,558	$2.46	3d	5	0.66mi
23005 60th Ave W Mountlake Terrace, WA	2.0	2.0	912	$2,750	$3.02	22d	1	0.89mi
4208 236th St SW Mountlake Terrace, WA	1.0–3.0	1.0–2.0	926	$2,338	$2.52	2d	26	0.90mi
23335 Cedar Way Unit B-102 Mountlake Terrace, WA	2.0	1.0	864	$2,200	$2.55	43d	1	0.95mi
23111 44th Ave W Mountlake Terrace, WA	2.0	1.0	820	$1,945	$2.37	43d	1	1.01mi
18553 8th Ave NE Shoreline, WA	3.0	1.0–2.0	895	$3,096	$3.46	1d	1	1.16mi
2405 N 202nd Pl Shoreline, WA	1.0–3.0	1.0–2.0	938	$2,270	$2.42	5d	17	1.23mi
22817 Lakeview Dr Mountlake Terrace, WA	1.0–2.0	1.0	887	$2,135	$2.41	2d	8	1.31mi
17712 15th Ave NE Shoreline, WA	2.0	1.0–2.0	789	$3,583	$4.54	1d	108	1.41mi
1549 NE 177th St Shoreline, WA	1.0	1.0	615	$1,550	$2.52	24d	1	1.47mi
17567 15th Ave NE Shoreline, WA	1.0	1.0	669	$2,064	$3.08	2d	7	1.47mi

Listing history 4 events

1. 2026-06-02
   status $114,900 Pending 32 DOM
2. 2026-06-01
   days on market $114,900 Active 32 DOM
3. 2026-05-31
   days on market $114,900 Active 31 DOM
4. 2026-04-30
   listed $114,900 Active

ⓘ 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: $425 · $35/mo
• Projected year-2 tax: $1,126 · $94/mo
• Expected delta: +$701/yr (+$58/mo · 165.1%)

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

Taxation est. · year 1

• Rental income: $25,273
• − Mortgage interest: −$6,436
• − Property taxes: −$425
• − Insurance: −$574
• − Repairs & maintenance: −$2,022
• − Management: −$2,022
• − Depreciation: −$3,343
• Taxable income: $10,451
• Est. tax owed @ 24.0%: −$2,508
• After-tax cash flow: $9,227/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 — Mountlake Terrace

• Score: 85/100
• State rank: #28
• US rank: #500

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mountlake Terrace, WA
• County: Snohomish County · 786,756 people
• City population: 23,101
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 23,101
• Household income: $107,687
• Rent vs Own: 43.2% rent · 56.8% own
• Severe rent burden: 724.0

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 61% Hispanic / Latino 17% Two or more races 11% Asian 10% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Portuguese 5% Italian 4% Lithuanian 3%
• Foreign-born: 18% · Canada, China, South Korea
• Languages at home: 76% English-only · Spanish 12% Other Asian/Pacific 3% Other Indo-European 2%

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: ▼ -907.23%
• Current HPI: 347.9259
• Rent YoY: ▼ -0.47%
• 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

2 events — show timeline

• 2026-06-02 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-30 Listed $114,900 NWMLS as Distributed by MLS Grid

Property tax history

+13.1%/yr

Latest (2024): $425 · +33.4% YoY. Source: county tax records.