2302 R St SE #55 · Auburn, WA 98022

$25,999

2 bd · 1.0 ba · 849 sqft · Manufactured · 130 Days on market

Built 1968 ↓ 26% since listing

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Excellent location in Leisure Manor 55+ gated community. Bright and Roomy 2 bed / 1 bath home with 2 oversized covered patio's and 4 additional sheds for extra storage space. Enter through the kitchen with all of your appliances, laundry on one side and dining room with built in hutch on the other. Family room with slider to 2nd oversized covered patio for year-round enjoyment. Stairs to the front yard and oversized back yard, ample room for your dream garden! 2 bedrooms and full bath at the back of the home. Excellent clubhouse with all the things, pool for summer enjoyment and indoor activities for all other days! Equipped for a generator.

Key facts

• Extra storage space
• Built in hutch
• Excellent clubhouse

Tags

• LEISURE MANOR GATED COMMUNITY
• OVERSIZED COVERED PATIO
• EXTRA STORAGE SPACE
• BUILT IN HUTCH
• AMPLE ROOM FOR GARDEN
• EXCELLENT CLUBHOUSE

Property features AI

Finance

• Other: Buyer to verify schools
• Financial info: Land lease: $1,066; Listing terms: Cash or Conventional
• HOA & community: Leisure Manor mobile home park (approved for sale); Park amenities: BBQs, clubhouse, common area, exercise room, pool, RV parking; 127 homes in park; Senior community

Exterior

• Parking: Carport
• Security: Security gate (park)
• Utilities: Electric energy source; Public water (billed by park); Sewer billed by park; Puget Sound Energy power; Electric water heater in closet; Cable: Xfinity; Internet: Xfinity
• Home design: Manufactured home (double wide); One level; South facing; Make: STAX, Model: 43STLT20; Condition: Good; Mobile home remains on lot
• Construction: Metal roof; Metal skirt; Metal/vinyl construction
• Exterior features: Metal/vinyl exterior; Patio/porch/deck; Drapes; Double pane windows; Storage in back yard and back of carport

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Laminate flooring; Carpet
• Bathrooms: 1 full bathroom (includes 1 bathtub and 1 shower)
• Heating & cooling: Forced air heating; Window unit cooling
• Interior features: Water heater; Electric fireplace
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $26k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $26k).
• Recommended offer: $23k (12.0% below list) — sets the bar for market timing.
• Cap rate 63.1% vs local median 2.7% in Auburn — 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 81/100 on livability (#75 in WA, #1,371 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Auburn School District (urban): math 47% / reading 56% proficiency, ranked #125 of 291 in WA (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Chinook Elementary School (562 students, 70% FRL); Olympic Middle School (900 students, 78% FRL); Auburn Senior High School (1,844 students, 67% FRL) — zoned schools average 72% FRL vs 44% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.3%/yr); 227 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• This rent is only 18% of the median local income ($120k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $180 of loan paydown is wiped out by about $780 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 + 4.3% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 130 days — a 12% lower offer ($23k) is reasonable based on typical stale-listing flexibility.

Recommended offer $22,879 (12.0% below list)

Questions for the listing agent

1. It's been on market 130 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 6.87% ✓
• Cap rate: 63.11%
• Cash-on-cash: 202.91%
• DSCR: 10.03
• GRM: 1.2

CMA / ARV

• ARV (on-the-fly): $63,675
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2302 R St SE #55	0.00mi	2/1.0	849 (0%)	1mo	$23,500	$28	99
2302 R St SE #61	0.00mi	2/1.0	849 (0%)	19mo	$35,000	$41	84
2302 R St SE #46	0.01mi	2/1.0	784 (-8%)	23mo	$80,000	$102	67
3225 M St SE #131	0.62mi	2/2.0	900 (+6%)	8mo	$105,000	$117	50
900 29th St SE Unit D-11	0.59mi	3/2.0 (+1)	960 (+13%)	3mo	$71,750	$75	39

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 · 4.32% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 11.52×
• Total profit: $76,616
• Equity at exit: $3,877

10-year hold

• IRR: —
• Equity multiple: 25.44×
• Total profit: $177,906
• Equity at exit: $2,248

Cash invested: $7,280 (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 98022

• Rents YoY: 4.3%
• Active inventory: 227
• Price-to-rent: 1.2×

Monthly cashflow live

• Estimated rent: $1,786 high
• Mortgage (P&I): −$136
• Tax est. 1.5%: −$32 /mo · $390/yr
• Insurance: −$11
• HOA: −$0
• Vacancy / Maint / Mgmt: −$375
• Net cashflow: $1,231

Break-even live

Break-even rent $227

Max offer price $25,999

Occupancy floor 26%

Sensitivity live

Price	-10% $1,249	-5% $1,240	+0% $1,231	+5% $1,222	+10% $1,213
Rent	-10% $1,090	-5% $1,160	+0% $1,231	+5% $1,301	+10% $1,372
Rate	-1.0pp $1,244	-0.5pp $1,238	base $1,231	+0.5pp $1,224	+1.0pp $1,217

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: $6,500
• Closing costs: $780
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1420 17th St SE Auburn, WA	1.0–2.0	1.0	725	$1,695	$2.34	5d	4	0.40mi
1526 29th St SE Auburn, WA	2.0	1.0	912	$1,595	$1.75	26d	1	0.43mi
2952 O St SE Unit D Auburn, WA	2.0	1.0	795	$1,375	$1.73	4d	1	0.46mi
2952 O St SE Unit F Auburn, WA	2.0	1.0	1051	$1,495	$1.42	4d	1	0.46mi
2020 F St SE Auburn, WA	1.0–2.0	1.0	725	$1,599	$2.21	26d	1	0.73mi
2901 Auburn Way S Auburn, WA	1.0–2.0	1.0	667	$2,175	$3.26	0d	20	0.73mi
2455 F St SE Auburn, WA	1.0–3.0	1.0–2.0	757	$1,678	$2.21	4d	6	0.79mi
417 22nd St SE Apt C Auburn, WA	2.0	1.0	600	$1,700	$2.83	1d	1	0.81mi
402 21st St SE Auburn, WA	1.0–2.0	1.0–1.5	747	$1,695	$2.27	17d	4	0.82mi
404 27th St SE Unit 19-1 Auburn, WA	2.0	1.0	1000	$1,750	$1.75	14d	1	0.87mi
1120 37th St SE Auburn, WA	2.0	1.0	788	$1,695	$2.15	14d	1	0.90mi
1014 37th St SE Apt 4 Auburn, WA	2.0	2.0	1005	$1,780	$1.77	7d	1	0.95mi
3320 Auburn Way S Auburn, WA	2.0	1.5	1033	$2,200	$2.13	0d	1	1.03mi
330 V St SE Unit 1 Auburn, WA	2.0	1.0	950	$2,400	$2.53	24d	1	1.19mi
111 10th St SE Unit 4 Auburn, WA	1.0	1.0	560	$1,295	$2.31	7d	1	1.29mi
111 10th St SE Apt 1 Auburn, WA	1.0	1.0	560	$1,295	$2.31	26d	1	1.29mi
225 I St SE Unit 225 Auburn, WA	2.0	1.0	980	$2,100	$2.14	17d	1	1.33mi
107 N St SE Unit A Auburn, WA	2.0	1.0	1080	$1,750	$1.62	24d	1	1.34mi
105 N St SE Auburn, WA	1.0	1.0	676	$1,395	$2.06	24d	2	1.36mi
29 R St NE Unit A Auburn, WA	2.0	1.0	900	$1,695	$1.88	26d	1	1.47mi

Listing history 3 events

1. 2026-05-23
   status Pending
2. 2026-03-05
   price $25,999
3. 2026-01-13
   listed $34,999 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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,427
• − Mortgage interest: −$1,456
• − Property taxes: −$390
• − Insurance: −$130
• − Repairs & maintenance: −$1,714
• − Management: −$1,714
• − Depreciation: −$756
• Taxable income: $15,266
• Est. tax owed @ 24.0%: −$3,664
• After-tax cash flow: $11,108/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: Auburn School District
• NCES district ID: 5300300
• Math proficiency: 47% ▼ -3.00%
• Reading proficiency: 56% ▼ -1.00%
• Median HH income: $58,048
• Composite: 46.73/100
• National rank: #5240
• State rank: #125 of 291 in WA

Livability — Auburn

• Score: 81/100
• State rank: #75
• US rank: #1371

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Auburn, WA
• County: King County · 2,251,916 people
• City population: 74,969
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 22,418
• Household income: $120,406
• Rent vs Own: 18.8% rent · 81.2% own
• Severe rent burden: 382.0

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: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 10% Two or more races 9% Asian 2% Native American 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 7% Italian 4% Slovak 3%
• Foreign-born: 6% · Canada
• Languages at home: 91% English-only · Spanish 6% Other Indo-European 1% German/W. Germanic 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: ▼ -605.16%
• Current HPI: 297.9161
• Rent YoY: ▲ 4.32%
• 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

-25.7% since first listed

3 events — show timeline

• 2026-05-23 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-05 Price Changed $25,999 NWMLS as Distributed by MLS Grid
• 2026-01-13 Listed $34,999 NWMLS as Distributed by MLS Grid