36010 State Route 2 #2 · Startup, WA 98294

$225,000

2 bd · 1.0 ba · 924 sqft · Manufactured public records · 220 Days on market

Built 1979 ↓ 13% 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 +14.6/30.0
• ARV discount +7.5/15.0
• DSCR +4.5/10.0
• Schools +4.5/10.0
• 1% rule +4.1/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Turn the key to elevated living ~ a mov-in ready home in a serene RV park setting. This stunning & spacious home offers 3bdrms + a bonus/flex room, sits along the Wallace River and provides convenient access to bus line. Soaring ceilings and new flooring throughout invite you into this light-filled, move-in ready haven. Updated kitchen includes new cabinets, modern & sleek countertops, paint, lighting, huge center island, SS appliances and more. Your spacious primary suite features a dramatic 3/4 bath w/ a custom tiled shower, glass doors, slate floors, dual sinks and a generous walk-in closet. Low maintenance, partially fenced backyard provides a pleasing and calm space to rela

Key facts

• Updated kitchen
• Custom tiled shower
• 2 parking spots

Tags

• UPDATED KITCHEN
• CUSTOM TILED SHOWER
• LOW MAINTENANCE BACKYARD
• GENEROUS WALK-IN CLOSET

Property features AI

Finance

• Other: Buyer brokerage compensation: 3%; Double pane windows (energy efficient feature)
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Land lease: $875; Manufactured home park approved for sale; Wallace River MHRV Park (about 45 homes); Pets: see remarks; High speed internet available in park

Exterior

• Parking: Uncovered parking; 2 open parking spaces
• Utilities: Public water; Septic sewer; PUD power; Electric energy source
• Home design: Manufactured double-wide home; Updated/remodeled condition; One story; Newp make; Vaulted ceilings
• Construction: Wood construction; Composition roof; Pillar/post/pier foundation; Manufactured after 6/15/1976
• Exterior features: Wood products siding; Patio/porch/deck; Paved lot; On waterfront; Has view

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Laminate
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Heating & cooling: Wall furnace
• Interior features: Water heater; Den/office; Kitchen with eating space; Utility room; Vaulted ceilings; Walk-in closet; Bath off primary
• Laundry & utility: Utility room; Electric water heater (located in utility room)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $225k.

Deal economics

• At list price, monthly cash flow is $55 ($657/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $204k (9.4% below list).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 59/100 on livability (#482 in WA) — a working-class tenant base; expect higher turnover. Strengths: housing A+; Watch: employment C-, crime D+, commute D+.
• Sultan School District (town): math 42% / reading 56% proficiency, ranked #143 of 291 in WA (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sultan Senior High School (583 students, 55% FRL) — zoned schools average 55% FRL vs 39% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 103 active listings in the ZIP; 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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 220 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.

Recommended offer $198,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 220 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 1979 — 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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is D 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.91% ✗
• Cap rate: 6.58%
• Cash-on-cash: 1.04%
• DSCR: 1.05
• GRM: 9.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -14.6%
• Equity multiple: 0.48×
• Total profit: $-32,943
• Equity at exit: $33,548

10-year hold

• IRR: -5.9%
• Equity multiple: 0.62×
• Total profit: $-24,073
• Equity at exit: $19,454

Cash invested: $63,000 (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 98294

• Home prices YoY: -26.4%
• Active inventory: 103
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,038 medium
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,375/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $55

Break-even live

Break-even rent $1,968

Max offer price $225,000

Occupancy floor 92%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-01
   status Pending
2. 2026-04-02
   price $225,000
3. 2026-01-16
   price $230,000
4. 2025-10-17
   price $240,000
5. 2025-09-23
   listed $259,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $24,450
• − Mortgage interest: −$12,603
• − Property taxes: −$3,375
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,956
• − Management: −$1,956
• − Depreciation: −$6,545
• Taxable loss: −$3,111
• Est. tax savings @ 24.0%: +$747
• After-tax cash flow: $1,403/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: Sultan School District
• NCES district ID: 5308550
• Math proficiency: 42% ▬ 0.00%
• Reading proficiency: 56% ▲ 3.00%
• Median HH income: $63,955
• Composite: 45.32/100
• National rank: #5739
• State rank: #143 of 291 in WA

Livability — Startup

• Score: 59/100
• State rank: #482
• US rank: #20082

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Startup, WA
• Population (ZIP): 7,838

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: Predominantly White (67%)
• Race & ethnicity: White 67% Hispanic / Latino 17% Two or more races 14% Asian 8% Native American 3% Black 1%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Portuguese 7% Slovak 6% Italian 2%
• Foreign-born: 21% · Canada, Vietnam
• Languages at home: 79% English-only · Spanish 15% Other Asian/Pacific 4% Vietnamese 1%

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: ▼ -99.36%
• Current HPI: 277.4099
• 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

-13.1% since first listed

5 events — show timeline

• 2026-05-01 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-02 Price Changed $225,000 NWMLS as Distributed by MLS Grid
• 2026-01-16 Price Changed $230,000 NWMLS as Distributed by MLS Grid
• 2025-10-17 Price Changed $240,000 NWMLS as Distributed by MLS Grid
• 2025-09-23 Listed $259,000 NWMLS as Distributed by MLS Grid

Property tax history

+4.3%/yr

Latest (2026): $70 · +5.9% YoY. Source: county tax records.