1402 22nd St NE #503 · Auburn, WA 98002

$194,950

2 bd · 2.0 ba · 1,440 sqft · Manufactured · 257 Days on market

Built 1988

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Why this score? — see what drove the C- 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 +19.1/30.0
• ARV discount +7.5/15.0
• DSCR +6.0/10.0
• 1% rule +5.1/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Proud to present this classy home located in Rio Verde. This is hands down the most well maintained home I have come across in quite some time. Starting with the clean and solid street appeal to the covered back deck that leads to private patio & garden area out back. Features 1,440 sq ft, 2 beds, 2 updated baths, large open living room/dining room with great light from the south facing front windows. Well planned kitchen, plenty of storage and counterspace. The primary bedroom is amazing with slider door to access the covered back deck. All this and a oversized 2-car garage with room to store everything. Newer roof, heat pump, bathroom updates, super clean and dialed in! If you want

Key facts

• Garden area
• Plenty of storage
• Covered back deck

Tags

• COVERED BACK DECK
• PRIVATE PATIO
• GARDEN AREA
• SOUTH FACING FRONT WINDOWS
• WELL PLANNED KITCHEN
• PLENTY OF STORAGE

Property features AI

Finance

• Other: Directions available from Auburn Way North; gated access required
• Financial info: Listing terms: Cash, Conventional
• HOA & community: Located in Rio Verde mobile home park; Park approved for sale; Senior community; Park amenities include clubhouse, exercise room, laundry, RV parking, security gate, high-speed internet availability; Approximately 287 homes in park; Land lease: $1,265

Exterior

• Parking: Carport
• Security: Security gate
• Utilities: Public water (billed by Rio Verde); Sewer billed by Rio Verde; Electric service (PSE); Natural gas available; Cable billed by Rio Verde; Internet (Xfinity)
• Home design: Manufactured home (Double wide); Made by Buckingham; One story; South-facing; Has view; Mobile home remains with property; Very good condition; Manufactured after 06/15/1976
• Construction: Metal/vinyl construction; Composition roof
• Exterior features: Metal/vinyl exterior; Patio/porch/deck; Landscaped; Curbs; Paved

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Laminate flooring; Carpet
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom; 1 bathtub; 2 showers
• Heating & cooling: Forced air heating; Heat pump; Forced air cooling; Heat pump cooling
• Interior features: Vaulted ceilings; Skylights; Ceiling fan(s); Drapes; Walk-in closet(s); Bath off primary; Dining room; Entry; Family room; Kitchen with eating space; Living room; Utility room; Double pane windows
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $195k.

Deal economics

• At list price, monthly cash flow is $205 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• Recommended offer: $172k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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.
• Market conditions: Rents rising (+1.5%/yr); 171 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 257 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 16y ago; this cycle's ask has dropped $20k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $195k implies a 178% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $171,556 (12.0% below list)

Questions for the listing agent

1. It's been on market 257 days. Have you received any prior offers? Is the seller open to a 12% 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: 1.01% ✓
• Cap rate: 7.56%
• Cash-on-cash: 4.52%
• DSCR: 1.20
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $119,520
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1402 22nd St NE #509	0.00mi	2/2.0	1,440 (0%)	1mo	$130,000	$90	99
1402 22nd St NE #52	0.00mi	2/2.0	1,440 (0%)	6mo	$120,000	$83	95
1402 22nd St NE #549	0.00mi	3/2.0 (+1)	1,459 (+1%)	2mo	$70,000	$48	91
1402 22nd St NE #11	0.00mi	2/2.0	1,368 (-5%)	2mo	$60,000	$44	90
1402 22nd St NE #29	0.00mi	2/2.0	1,536 (+7%)	5mo	$149,500	$97	85
1402 22nd St NE #65	0.00mi	2/2.0	1,535 (+7%)	8mo	$86,500	$56	83
1402 22nd St NE #402	0.37mi	2/2.0	1,440 (0%)	2mo	$115,500	$80	81
1402 22nd St NE #424	0.00mi	2/2.0	1,248 (-13%)	1mo	$124,500	$100	77
1402 22nd St NE #27	0.25mi	2/2.0	1,344 (-7%)	0mo	$65,000	$48	77
1402 22nd St NE #203	0.00mi	3/2.0 (+1)	1,632 (+13%)	5mo	$143,500	$88	68
1402 22nd St NE #127	0.37mi	2/2.0	1,320 (-8%)	4mo	$137,500	$104	65
1402 22nd St NE #233	0.38mi	2/2.0	1,248 (-13%)	9mo	$90,000	$72	52

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 · 1.51% rent growth · sell at horizon

5-year hold

• IRR: -10.9%
• Equity multiple: 0.61×
• Total profit: $-21,381
• Equity at exit: $29,068

10-year hold

• IRR: -3.9%
• Equity multiple: 0.76×
• Total profit: $-13,214
• Equity at exit: $16,856

Cash invested: $54,586 (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 98002

• Rents YoY: 1.5%
• Active inventory: 171
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,965 high
• Mortgage (P&I): −$1,022
• Tax est. 1.5%: −$244 /mo · $2,924/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$413
• Net cashflow: $205

Break-even live

Break-even rent $1,705

Max offer price $194,950

Occupancy floor 85%

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: $48,738
• Closing costs: $5,848
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2212 O St NE Unit D Auburn, WA	3.0	1.0	1000	$1,925	$1.93	22d	1	0.07mi
2025 M St NE Unit 2045 Auburn, WA	2.0	1.5	1248	$2,095	$1.68	22d	1	0.13mi
2222 L St NE Unit 2222LA Auburn, WA	2.0	1.0	895	$1,995	$2.23	3d	1	0.16mi
2409 N St NE Auburn, WA	2.0	1.0	900	$1,950	$2.17	15d	1	0.17mi
2414 N St NE Unit C Auburn, WA	3.0	1.0	1271	$1,950	$1.53	24d	1	0.18mi
2315 L St NE Unit 2315LA Auburn, WA	2.0	1.0	990	$1,995	$2.02	3d	1	0.22mi
2319 L St NE Unit 2319LB Auburn, WA	2.0	1.0	895	$1,995	$2.23	3d	1	0.23mi
2502 M St NE Unit 2502MA Auburn, WA	2.0	1.0	910	$2,050	$2.25	3d	1	0.23mi
1015 18th St NE Unit 931 935 1001 1007 Auburn, WA	2.0	1.0	900	$1,699	$1.89	24d	1	0.25mi
1741 22nd St NE Auburn, WA	1.0–3.0	1.0–2.0	902	$1,650	$1.83	3d	2	0.26mi
2545 M Pl NE Unit 2545MPC Auburn, WA	2.0	1.0	1000	$1,895	$1.90	24d	1	0.27mi
2556 M Pl NE Unit 2556MPC Auburn, WA	2.0	1.0	1000	$1,895	$1.90	20d	1	0.28mi
2602 J St NE Auburn, WA	2.0	1.0	897	$1,972	$2.20	3d	10	0.37mi
2317 I St NE Unit 2319 Auburn, WA	3.0	2.0	1400	$2,275	$1.62	24d	1	0.41mi
987 26th Pl NE Auburn, WA	2.0	1.5	939	$1,795	$1.91	24d	1	0.42mi
2441 I St NE Auburn, WA	2.0	1.0	910	$1,795	$1.97	15d	1	0.43mi
1413 12th St NE Unit ADU Auburn, WA	3.0	1.0	1000	$2,400	$2.40	5d	1	0.49mi
1433 8th St NE Auburn, WA	1.0–3.0	1.0–1.5	1025	$2,244	$2.19	2d	13	0.69mi
31900 104th Ave SE Unit A206 Auburn, WA	2.0	1.5	1250	$2,000	$1.60	24d	1	0.72mi
634 M St NE Unit 3 Auburn, WA	2.0	1.5	900	$1,650	$1.83	24d	1	0.82mi
1314 6th Pl NE Auburn, WA	3.0	1.5	1180	$3,200	$2.71	24d	1	0.84mi
1221 A St NE Auburn, WA	1.0–2.0	1.0–2.0	741	$1,986	$2.68	2d	14	0.96mi
29 R St NE Unit A Auburn, WA	2.0	1.0	900	$1,695	$1.88	24d	1	1.17mi
515 N Division St Auburn, WA	1.0–2.0	1.0	700	$1,750	$2.50	24d	4	1.27mi
44 5th St NE Apt 4 Auburn, WA	3.0	1.0	1000	$1,999	$2.00	24d	1	1.29mi
107 N St SE Unit A Auburn, WA	2.0	1.0	1080	$1,750	$1.62	22d	1	1.32mi
225 I St SE Unit 225 Auburn, WA	2.0	1.0	980	$2,100	$2.14	15d	1	1.47mi
24 Auburn Way S Auburn, WA	2.0	1.0	1000	$1,495	$1.50	24d	1	1.47mi
128 E Main St Auburn, WA	2.0	1.0–2.0	680	$2,425	$3.56	5d	6	1.50mi

Listing history 25 events

1. 2026-06-18
   days on market $194,950 Active 257 DOM
2. 2026-06-17
   days on market $194,950 Active 256 DOM
3. 2026-06-16
   days on market $194,950 Active 255 DOM
4. 2026-06-15
   days on market $194,950 Active 254 DOM
5. 2026-06-13
   pricedays on market $194,950 Active 252 DOM
6. 2026-06-13
   days on market $204,950 Active 251 DOM
7. 2026-06-09
   days on market $204,950 Active 248 DOM
8. 2026-06-08
   days on market $204,950 Active 247 DOM
9. 2026-06-07
   days on market $204,950 Active 246 DOM
10. 2026-06-04
    days on market $204,950 Active 243 DOM
11. 2026-06-03
    days on market $204,950 Active 242 DOM
12. 2026-06-02
    days on market $204,950 Active 241 DOM
13. 2026-06-01
    days on market $204,950 Active 240 DOM
14. 2026-05-31
    days on market $204,950 Active 239 DOM
15. 2026-05-19
    price $204,950
16. 2026-05-15
    status Active
17. 2026-05-01
    status Pending
18. 2026-03-01
    status Active
19. 2026-03-01
    historical
20. 2025-09-20
    listed $215,000 Active
21. 2010-11-05
    historical
22. 2010-11-03
    soldstatus $70,000 Sold
23. 2010-10-20
    status Pending
24. 2010-10-15
    status Pending Inspection
25. 2010-07-08
    listed $75,900 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 6/10 Major FEMA zone X (unshaded) · 27% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥87°F today · 16 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: $23,585
• − Mortgage interest: −$10,920
• − Property taxes: −$2,924
• − Insurance: −$975
• − Repairs & maintenance: −$1,887
• − Management: −$1,887
• − Depreciation: −$5,671
• Taxable loss: −$679
• Est. tax savings @ 24.0%: +$163
• After-tax cash flow: $2,628/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): 37,509
• Household income: $78,684
• Rent vs Own: 51.1% rent · 48.9% own
• Severe rent burden: 2202.0

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 0.72)
• Race & ethnicity: White 46% Hispanic / Latino 24% Two or more races 13% Black 12% Asian 6% Pacific Islander 4% Native American 2%
• Hispanic origin (detail): Mexican 20%
• Common ancestry: Portuguese 4% Subsaharan African 4% Lithuanian 3%
• Foreign-born: 24% · Canada, Vietnam
• Languages at home: 63% English-only · Spanish 19% Russian/Polish/Slavic 6% Other Asian/Pacific 3%

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: ▼ -677.96%
• Current HPI: 298.0849
• Rent YoY: ▲ 1.51%
• 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

+170.0% since first listed

11 events — show timeline

• 2026-05-19 Price Changed $204,950 NWMLS as Distributed by MLS Grid
• 2026-05-15 Relisted — NWMLS as Distributed by MLS Grid
• 2026-05-01 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-01 Relisted — NWMLS as Distributed by MLS Grid
• 2026-03-01 Delisted — NWMLS as Distributed by MLS Grid
• 2025-09-20 Listed $215,000 NWMLS as Distributed by MLS Grid
• 2010-11-05 Delisted — NWMLS as Distributed by MLS Grid
• 2010-11-03 Sold (MLS) $70,000 NWMLS as Distributed by MLS Grid
• 2010-10-20 Pending — NWMLS as Distributed by MLS Grid
• 2010-10-15 Pending — NWMLS as Distributed by MLS Grid
• 2010-07-08 Listed $75,900 NWMLS as Distributed by MLS Grid