3611 I St #39 · Auburn, WA 98002

$75,000

2 bd · 2.0 ba · 1,536 sqft · Manufactured · 13 Days on market

Built 1979 Fair condition

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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
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to The River Estates, a peaceful and inviting 55+ community where comfort and convenience come together! This beautifully maintained 2-bedroom, 2-bathroom home features a spacious open floor plan designed for easy living and entertaining. The large kitchen offers abundant cabinet and storage space, and all appliances are included for added convenience. The spacious primary suite includes a relaxing soaking tub, double vanity, and walk-in shower, creating the perfect retreat. You’ll also appreciate the generously sized laundry room, covered carport, and additional storage for all your extras. Residents of The River Estates enjoy wonderful community amenities, including a clubho

Key facts

• Double vanity
• Open floor plan
• Soaking tub

Tags

• OPEN FLOOR PLAN
• LARGE KITCHEN
• ABUNDANT CABINET SPACE
• SPACIOUS PRIMARY SUITE
• SOAKING TUB
• DOUBLE VANITY

Property features AI

Finance

• Other: Buyer broker compensation: 2.5%
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Located in The River Estates; Senior community; Park amenities: BBQs, clubhouse, common area, community waterfront, laundry, pool, spa/hot tub, RV parking, trails; Park approved for sale; Land lease: $920/month

Exterior

• Parking: Carport; RV parking (community)
• Utilities: Public water; Electric water heater; PSE power; Sewer handled by park (pay to park)
• Home design: Manufactured double-wide home; One level; MARLE model 64/24; Residential property; Manufactured after 6/15/1976; Community has waterfront views
• Construction: Metal/Vinyl construction; Composition roof; Concrete ribbon foundation; Manufactured house structure
• Exterior features: Metal/vinyl exterior; Paved lot with sidewalk; Spa/Hot Tub (community)

Interior

• Kitchen: Dishwasher; Stove/Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Vinyl; Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Baseboard heating; Electric energy source
• Interior features: Water heater; Dining room; Entry; Kitchen with eating area; Living room; Utility room; Has view
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $75k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $984 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Cap rate 24.5% 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); 176 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• This rent runs 32% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k 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 + 1.5% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $152/mo.
• Climate carrying-cost: in FEMA flood zone AH (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $75,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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.
7. 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.
8. 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: 2.79% ✓
• Cap rate: 24.47%
• Cash-on-cash: 64.93%
• DSCR: 3.89
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $156,672
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3611 I St #39	0.00mi	2/2.0	1,536 (0%)	0mo	$30,000	$20	100
3611 I St NE #237	0.03mi	2/2.0	1,536 (0%)	1mo	$140,300	$91	98
3611 I St NE #247	0.03mi	2/2.0	1,560 (+2%)	14mo	$167,500	$107	84
3611 I St NE #16	0.03mi	3/2.0 (+1)	1,456 (-5%)	1mo	$155,000	$106	84
3611 I St NE #72	0.15mi	3/2.0 (+1)	1,500 (-2%)	2mo	$85,000	$57	82
3611 I St NE #218	0.03mi	2/2.0	1,488 (-3%)	15mo	$55,000	$37	81
3611 I St NE #162	0.19mi	3/2.0 (+1)	1,456 (-5%)	4mo	$148,000	$102	75
3611 I St NE #26	0.03mi	2/2.0	1,344 (-12%)	12mo	$175,000	$130	68
3611 I St NE #304	0.03mi	2/2.0	1,344 (-12%)	12mo	$122,000	$91	67
3611 I St NE #291	0.20mi	2/2.0	1,380 (-10%)	8mo	$175,000	$127	67
3611 I St NE #180	0.20mi	3/2.0 (+1)	1,440 (-6%)	12mo	$220,000	$153	66
3611 NE I St #257	0.03mi	3/2.0 (+1)	1,749 (+14%)	13mo	$132,500	$76	59

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: 52.8%
• Equity multiple: 3.27×
• Total profit: $47,569
• Equity at exit: $11,183

10-year hold

• IRR: 57.4%
• Equity multiple: 6.25×
• Total profit: $110,333
• Equity at exit: $6,485

Cash invested: $21,000 (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 98002

• Rents YoY: 1.5%
• Active inventory: 176
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $2,095 high
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,125/yr
• Insurance: −$31
• Flood insurance flood zone: −$152 /mo · $1,824/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$440
• Net cashflow: $984

Break-even live

Break-even rent $849

Max offer price $75,000

Occupancy floor 48%

Sensitivity live

Price	-10% $1,036	-5% $1,010	+0% $984	+5% $958	+10% $932
Rent	-10% $819	-5% $902	+0% $984	+5% $1,067	+10% $1,150
Rate	-1.0pp $1,022	-0.5pp $1,003	base $984	+0.5pp $965	+1.0pp $945

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
802 45th St NE Auburn, WA	1.0–3.0	1.0–2.0	934	$1,999	$2.14	0d	11	0.52mi
4750 Auburn Way N Auburn, WA	1.0–4.0	1.0–2.0	1011	$2,102	$2.08	0d	10	0.70mi
2317 I St NE Unit 2319 Auburn, WA	3.0	2.0	1400	$2,275	$1.62	25d	1	0.84mi
2414 N St NE Unit C Auburn, WA	3.0	1.0	1271	$1,950	$1.53	25d	1	0.86mi
1462 51st Pl NE Auburn, WA	3.0	2.5	1539	$2,900	$1.88	3d	1	0.98mi
2025 M St NE Unit 2045 Auburn, WA	2.0	1.5	1248	$2,095	$1.68	23d	1	1.03mi
1741 22nd St NE Auburn, WA	1.0–3.0	1.0–2.0	902	$1,662	$1.84	0d	3	1.11mi

Listing history 1 events

1. 2026-05-14
   listed $75,000 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 5/10 Major FEMA zone AH · 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: $25,134
• − Mortgage interest: −$4,201
• − Property taxes: −$1,125
• − Insurance: −$2,200
• − Repairs & maintenance: −$2,011
• − Management: −$2,011
• − Depreciation: −$2,182
• Taxable income: $11,405
• Est. tax owed @ 24.0%: −$2,737
• After-tax cash flow: $9,075/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 · 12 photos

Fair 45/100 Moderate rehab

This manufactured home requires moderate repairs and updates to improve its condition and value. The home is move-in ready with some cosmetic updates that would significantly enhance its appeal.

Repairs flagged

• Minor exterior siding — Some discoloration
• Minor interior walls — Some discoloration
• Minor kitchen cabinets — Some wear
• Minor bathroom fixtures — Standard fixtures

Value-add opportunities

• Both paint interior walls — Enhances curb appeal and interior aesthetics
• Both replace carpet with hardwood — Improves comfort and value
• Both update kitchen cabinets — Modernizes the space and adds value
• Both update bathrooms — Modernizes the space and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Some discoloration	Minor	$500–3,000
interior walls · Some discoloration	Minor	$500–3,000
kitchen cabinets · Some wear	Minor	$500–3,000
bathroom fixtures · Standard fixtures	Minor	$500–3,000
Total estimated repair cost · 4 items		$2,000–12,000

Value-add ROI direction

• Both paint interior walls — Enhances curb appeal and interior aesthetics ↑
• Both replace carpet with hardwood — Improves comfort and value ↑
• Both update kitchen cabinets — Modernizes the space and adds value ↑
• Both update bathrooms — Modernizes the space and adds value ↑

ⓘ 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: 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

1 event — show timeline

• 2026-05-14 Listed $75,000 NWMLS as Distributed by MLS Grid