43010 SE North Bend Way #65 · North Bend, WA 95045

$134,500

2 bd · 1.0 ba · 784 sqft · Manufactured · 30 Days on market

Built 2026 Good condition Est $96k · 41% over

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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
• Schools +7.1/10.0
• Condition / age +4.2/5.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

BRAND NEW home in the highly desirable Mount Si Mobile Home Park in the heart of North Bend! This thoughtfully designed 2-bedroom, 1-bath home features an open-concept layout with spacious living, dining, and kitchen areas, perfect for everyday living and entertaining. Situated on a generously sized lot with 2 parking spaces, this home offers a peaceful mountain-town lifestyle just minutes from I-90, downtown North Bend, shopping, restaurants, hiking trails, and the natural beauty of the Snoqualmie Valley. Enjoy living in one of the area’s most well-maintained and sought-after parks. Lot rent is $1150/ month.

Key facts

• Generously sized lot
• Open-concept layout
• 2 parking spots

Tags

• OPEN-CONCEPT LAYOUT
• SPACIOUS LIVING DINING KITCHEN
• GENEROUSLY SIZED LOT

Property features AI

Finance

• Other: Manufactured home park approved for sale; Mobile home remains on site
• Financial info: Land lease: $1,150; Listing terms: Cash or Conventional
• HOA & community: Located in Mount Si Mobile Home Park with about 85 homes; Park amenities include common area and playground; Land lease applicable

Exterior

• Parking: 2 open (uncovered) parking spaces
• Utilities: Community water; Community sewer; Puget Sound Energy for power; Xfinity internet
• Home design: Manufactured single-wide home; One level; Residential property in very good condition; Has a view
• Construction: Wood construction; Composition roof; Tie down foundation
• Exterior features: Wood products siding; Paved lot

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Vinyl plank; Carpet
• Bathrooms: 1 full bathroom with tub and shower
• Heating & cooling: Forced air heating; No cooling
• Interior features: Entry; Living room; Kitchen with eating space; Dishwasher; Refrigerator; Stove/Range
• Laundry & utility: Tie down foundation (manufactured home)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $134k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $922 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $134k).
• Recommended offer: $132k (1.5% below list) — sets the bar for market timing.
• Cap rate 15.1% vs local median 1.5% in North Bend — 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 73/100 on livability (#187 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B+; Watch: amenities C-, commute F, cost of living F.
• Snoqualmie Valley School District (town): math 73% / reading 80% proficiency, ranked #5 of 291 in WA (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Mount Si High School (2,081 students, 13% FRL) — zoned schools at 13% FRL track the district average.
• Market conditions: 1 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $930 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 + 3.0% rent growth), your $38k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($132k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $132,482 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.81% ✓
• Cap rate: 15.12%
• Cash-on-cash: 31.51%
• DSCR: 2.40
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $95,648
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
43010 SE North Bend Way #53	0.07mi	2/1.0	780 (-0%)	3mo	$94,800	$122	94
43010 SE North Bend Way #29	0.07mi	2/1.0	728 (-7%)	10mo	$94,900	$130	77
43010 SE North Bend Way #40	0.07mi	2/1.0	672 (-14%)	1mo	$60,000	$89	72
43010 SE North Bend Way #51	0.07mi	2/1.0	715 (-9%)	23mo	$50,000	$70	63

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.9%
• Equity multiple: 1.98×
• Total profit: $37,028
• Equity at exit: $20,054

10-year hold

• IRR: 31.8%
• Equity multiple: 3.87×
• Total profit: $108,203
• Equity at exit: $11,629

Cash invested: $37,660 (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 95045

• Active inventory: 1
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $2,428 medium
• Mortgage (P&I): −$705
• Tax est. 1.5%: −$168 /mo · $2,018/yr
• Insurance: −$56
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$510
• Net cashflow: $922

Break-even live

Break-even rent $1,261

Max offer price $134,500

Occupancy floor 57%

Sensitivity live

Price	-10% $1,015	-5% $969	+0% $922	+5% $876	+10% $829
Rent	-10% $731	-5% $826	+0% $922	+5% $1,018	+10% $1,114
Rate	-1.0pp $990	-0.5pp $957	base $922	+0.5pp $888	+1.0pp $852

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: $33,625
• Closing costs: $4,035
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1835 SE 136th St North Bend, WA	1.0–3.0	1.0–2.5	1151	$3,329	$2.89	0d	4	0.61mi
530 E North Bend Way North Bend, WA	1.0	1.0	649	$2,250	$3.47	0d	1	0.77mi
415 Healy Ave S Apt 111 North Bend, WA	2.0	1.0	842	$2,150	$2.55	0d	1	1.06mi
226 Cedar Ave S Unit 4 North Bend, WA	2.0	1.0	800	$1,795	$2.24	25d	1	1.09mi

Listing history 16 events

1. 2026-06-21
   days on market $134,500 Active 30 DOM
2. 2026-06-18
   days on market $134,500 Active 27 DOM
3. 2026-06-17
   days on market $134,500 Active 26 DOM
4. 2026-06-16
   days on market $134,500 Active 25 DOM
5. 2026-06-15
   days on market $134,500 Active 24 DOM
6. 2026-06-13
   days on market $134,500 Active 22 DOM
7. 2026-06-13
   days on market $134,500 Active 21 DOM
8. 2026-06-09
   days on market $134,500 Active 18 DOM
9. 2026-06-08
   days on market $134,500 Active 17 DOM
10. 2026-06-07
    days on market $134,500 Active 16 DOM
11. 2026-06-04
    days on market $134,500 Active 13 DOM
12. 2026-06-03
    days on market $134,500 Active 12 DOM
13. 2026-06-02
    days on market $134,500 Active 11 DOM
14. 2026-06-01
    days on market $134,500 Active 10 DOM
15. 2026-05-31
    days on market $134,500 Active 9 DOM
16. 2026-05-22
    listed $134,500 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 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 8 d/yr ≥84°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 12 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,139
• − Mortgage interest: −$7,534
• − Property taxes: −$2,018
• − Insurance: −$1,470
• − Repairs & maintenance: −$2,331
• − Management: −$2,331
• − Depreciation: −$3,913
• Taxable income: $9,542
• Est. tax owed @ 24.0%: −$2,290
• After-tax cash flow: $8,778/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.

Condition & rehab AI · 30 photos

Good 85/100 Cosmetic rehab

This well-maintained and updated mobile home in a desirable park offers a peaceful mountain-town lifestyle with modern amenities and a good condition score.

Value-add opportunities

• Both Painting the exterior — Enhances curb appeal and value
• Both Landscaping improvements — Enhances curb appeal and value
• Both New flooring in bathrooms — Improves aesthetics and functionality
• Both New kitchen backsplash — Enhances aesthetics and functionality

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior — Enhances curb appeal and value ↑
• Both Landscaping improvements — Enhances curb appeal and value ↑
• Both New flooring in bathrooms — Improves aesthetics and functionality ↑
• Both New kitchen backsplash — Enhances aesthetics and functionality ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Snoqualmie Valley School District
• NCES district ID: 5308040
• Math proficiency: 73% ▬ 0.00%
• Reading proficiency: 80% ▲ 1.00%
• Median HH income: $106,540
• Composite: 71.07/100
• National rank: #481
• State rank: #5 of 291 in WA

Livability — North Bend

• Score: 73/100
• State rank: #187
• US rank: #5052

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Bend, WA
• City population: 15,289
• Population (ZIP): 4,291

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: Hispanic / Latino 48% White 45% Two or more races 23% Asian 2%
• Hispanic origin (detail): Mexican 42% Cuban 1%
• Common ancestry: Lithuanian 4% Slovak 2% Russian 2%
• Foreign-born: 16% · Canada
• Languages at home: 68% English-only · Spanish 31% Tagalog/Filipino 1%

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: ▼ -192.07%
• Current HPI: 194.9664
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-05-22 Listed $134,500 NWMLS as Distributed by MLS Grid