23121 Edmonds Way #1 · Esperance, WA 98020

$175,000

2 bd · 1.0 ba · 1,216 sqft · Manufactured public records · 27 Days on market

Built 1968 2.67 ac lot $144/sqft · at area comps Est $171k · at est.

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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 +29.6/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +6.4/15.0
• Schools +5.4/10.0
• Livability +4.4/5.0
• Rent growth +4.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Conveniently located in Ridge Acres all-ages park and just minutes from everything Edmonds offers, this roomy doublewide presents a special opportunity with a versatile two-kitchen layout—each with separate entrances and living areas—ideal for an in-law setup. Bright and well-maintained, the spacious home features 3 bedrooms, den, 2 bathrooms, a tastefully updated kitchen, newer paint, and durable laminate flooring. Step outside to your private, landscaped corner-lot yard—perfect for gardening, entertaining, or relaxing in the sunshine. Additional highlights include 2 covered tandem carport spaces and 2 large storage units behind the carport. A great, affordable home in a

Key facts

• 2.67 acre lot
• 3 parking spots
• Built 1968

Property features AI

Finance

• Other: Calculated building area: 1216; Lot size approx. 2.6701 acres; Directions: West on Edmonds Way from Hwy 99, right on 232nd St SW, 2nd left into park
• Financial info: Listing terms: Cash or Conventional; Land lease: $1,204
• HOA & community: Park approved for sale; Located in Ridge Acres mobile home park with 33 homes; Pets allowed: cats and dogs

Exterior

• Parking: Carport
• Utilities: Public water; Electric service
• Home design: Manufactured double wide (FTWD 57x20); Updated/remodeled condition; One level; Manufactured house / residential property; Mobile home remains
• Construction: Cement plank and wood construction; Metal roof
• Exterior features: Cement planked and wood exterior; Patio/porch/deck; Landscaped; Corner lot; Paved

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Laminate; Vinyl
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Heating & cooling: Forced air heating; Electric power
• Interior features: Den/office; Dining room; Entry; Family room; Kitchen with and without 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/1.0-bath manufactured listed at $175k.

Deal economics

• At list price, monthly cash flow is $631 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $172k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 88/100 on livability (#11 in WA, #210 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, employment 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 rising fast (+7.0%/yr); 118 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 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 $1k of loan paydown is wiped out by about $5k 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 + 7.0% rent growth), your $49k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 24y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $135k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $172,375 (1.5% below list)

Questions for the listing agent

1. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.33% ✓
• Cap rate: 10.62%
• Cash-on-cash: 15.44%
• DSCR: 1.69
• GRM: 6.3

CMA / ARV

• ARV (median comp): $170,687
• List price: $175,000
• Delta: 2.53%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23121 Edmonds Way #1	0.00mi	3/2.0 (+1)	1,216 (0%)	0mo	$164,000	$135	91

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 · 7.02% rent growth · sell at horizon

5-year hold

• IRR: 10.7%
• Equity multiple: 1.44×
• Total profit: $21,637
• Equity at exit: $26,093

10-year hold

• IRR: 22.8%
• Equity multiple: 3.33×
• Total profit: $114,390
• Equity at exit: $15,131

Cash invested: $49,000 (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 98020

• Rents YoY: 7.0%
• Active inventory: 118
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $2,329 high
• Mortgage (P&I): −$918
• Tax est. 1.5%: −$219 /mo · $2,625/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$489
• Net cashflow: $631

Break-even live

Break-even rent $1,531

Max offer price $175,000

Occupancy floor 68%

Sensitivity live

Price	-10% $751	-5% $691	+0% $631	+5% $570	+10% $510
Rent	-10% $447	-5% $539	+0% $631	+5% $723	+10% $815
Rate	-1.0pp $719	-0.5pp $675	base $631	+0.5pp $585	+1.0pp $539

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23413 Edmonds Way Unit A6 Edmonds, WA	2.0	3.0	1440	$3,300	$2.29	44d	1	0.14mi
9011 236th St SW Unit D Edmonds, WA	2.0	1.0	804	$1,550	$1.93	18d	1	0.26mi
22816 Edmonds Way Edmonds, WA	1.0–2.0	1.0–2.0	775	$1,995	$2.57	0d	3	0.27mi
8833 238th St SW Edmonds, WA	2.0	1.0	975	$1,800	$1.85	44d	1	0.38mi
7929 236th St SW Edmonds, WA	1.0	1.0	737	$1,600	$2.17	5d	2	0.68mi
9501 244th St SW Edmonds, WA	1.0–2.0	1.0–2.0	731	$2,897	$3.96	0d	22	0.69mi
7918 236th St SW Edmonds, WA	1.0	1.0	737	$1,670	$2.26	10d	4	0.70mi
8104 238th St SW Unit C Edmonds, WA	2.0	2.5	1248	$2,500	$2.00	17d	1	0.70mi
23122 76th Ave W Edmonds, WA	2.0	1.0	900	$1,860	$2.07	3d	2	0.82mi
22906 76th Ave W Edmonds, WA	2.0	1.0	800	$2,222	$2.78	5d	3	0.86mi
7712 224th St SW Edmonds, WA	3.0	2.5	1490	$3,500	$2.35	18d	1	0.90mi
20221 Aurora Ave N Shoreline, WA	3.0	1.0–2.0	846	$2,616	$3.09	0d	9	0.94mi
1121 N 200th St Shoreline, WA	2.0	1.0	775	$1,529	$1.97	17d	1	1.13mi
7909 218th St SW #6 Edmonds, WA	2.0	1.0	946	$2,500	$2.64	0d	1	1.14mi
1162 N 198th St Shoreline, WA	3.0	2.5	1410	$2,895	$2.05	25d	1	1.21mi
7603 218th St SW Unit A Edmonds, WA	3.0	1.0	1000	$2,250	$2.25	5d	1	1.22mi
22817 Lakeview Dr Mountlake Terrace, WA	1.0–2.0	1.0	887	$2,135	$2.41	2d	8	1.26mi
21323 80th Ave W Edmonds, WA	1.0–2.0	1.0	655	$1,585	$2.42	22d	2	1.27mi
21319 80th Ave W Unit 21317 House Edmonds, WA	2.0	1.0	850	$2,400	$2.82	25d	1	1.29mi
22715 Lakeview Dr Unit J2 Mountlake Terrace, WA	3.0	1.5	1200	$2,495	$2.08	0d	1	1.34mi
2405 N 202nd Pl Shoreline, WA	1.0–3.0	1.0–2.0	938	$2,270	$2.42	5d	17	1.34mi
19414 Aurora Ave N Shoreline, WA	2.0	1.0	850	$1,750	$2.06	5d	1	1.38mi
21112 80th Ave W Edmonds, WA	2.0	1.0	1000	$1,895	$1.90	18d	1	1.40mi
21112 80th Ave W Edmonds, WA	2.0	1.0	1000	$1,795	$1.79	0d	1	1.40mi
21010 83rd Ave W Edmonds, WA	1.0	1.0	741	$1,950	$2.63	3d	1	1.42mi
1022 N 192nd St Shoreline, WA	2.0	1.0	950	$1,750	$1.84	0d	2	1.45mi
1022 N 192nd St Unit 2C Shoreline, WA	2.0	1.0	950	$1,750	$1.84	24d	1	1.45mi
1150 N 192nd St Shoreline, WA	2.0	1.0–2.0	777	$2,295	$2.95	0d	12	1.45mi
21521 73rd Pl W Unit 11 Edmonds, WA	2.0	1.0	750	$1,748	$2.33	44d	1	1.45mi
1140 N 192nd St Shoreline, WA	2.0	1.0	561	$2,161	$3.85	2d	9	1.49mi

Listing history 6 events

1. 2026-04-30
   listed $175,000 Active
2. 2024-04-01
   soldstatus $135,000 Closed
3. 2024-03-20
   status Pending
4. 2024-03-19
   listed $130,000 Active
5. 2003-03-18
   soldstatus $30,000
6. 2002-09-12
   listed $32,919

ⓘ 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: $27,948
• − Mortgage interest: −$9,803
• − Property taxes: −$2,625
• − Insurance: −$875
• − Repairs & maintenance: −$2,236
• − Management: −$2,236
• − Depreciation: −$5,091
• Taxable income: $5,083
• Est. tax owed @ 24.0%: −$1,220
• After-tax cash flow: $6,346/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 — Esperance

• Score: 88/100
• State rank: #11
• US rank: #210

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Esperance, WA
• County: Snohomish County · 786,756 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 19,551
• Household income: $130,319
• Rent vs Own: 25.1% rent · 74.9% own
• Severe rent burden: 433.0

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: Predominantly White (85%)
• Race & ethnicity: White 85% Asian 6% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Portuguese 7% Italian 5% Slovak 4%
• Foreign-born: 9% · Canada, China, South Korea
• Languages at home: 91% English-only · Other Indo-European 2% Other Asian/Pacific 1% Spanish 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: ▼ -952.13%
• Current HPI: 339.0232
• Rent YoY: ▲ 7.02%
• 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

+431.6% since first listed

7 events — show timeline

• 2026-05-28 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-30 Listed $175,000 NWMLS as Distributed by MLS Grid
• 2024-04-01 Sold (MLS) $135,000 NWMLS as Distributed by MLS Grid
• 2024-03-20 Pending — NWMLS as Distributed by MLS Grid
• 2024-03-19 Listed $130,000 NWMLS as Distributed by MLS Grid
• 2003-03-18 Sold (MLS) $30,000 NWMLS as Distributed by MLS Grid
• 2002-09-12 Listed $32,919 NWMLS as Distributed by MLS Grid

Property tax history

+6.3%/yr

Latest (2026): $345 · -1.4% YoY. Source: county tax records.