4111 164th St SW #61 · North Lynnwood, WA 98087

$79,995

2 bd · 1.0 ba · 924 sqft · Manufactured public records · 258 Days on market

Built 1977 $87/sqft · 17% below area Est $104k · 23% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.4/10.0
• Livability +4.5/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

55+ Community Welcome Home to Comfort & Community Living! Updated throughout, the bright kitchen offers all new appliances including garbage disposal. It opens to the living space making this home feel spacious. Relax in a newly tiled walk in shower with seat that offers a spa like feel off primary bedroom. New furnace and hot water tank gives peace of mind that this home is move in ready. Step outside to enjoy the outdoors on your private patio and small deck, or take advantage of the 8' x 10' lighted shed for additional storage. Tandem 2 car covered carport. Community is pet-friendly (dogs under 40 lbs. and cats allowed), plus RV parking and extra storage options available. Convenie

Key facts

• Bright kitchen
• Lighted shed
• Private patio

Tags

• BRIGHT KITCHEN
• NEW APPLIANCES
• NEWLY TILED WALK IN SHOWER
• PRIVATE PATIO
• LIGHTED SHED
• TANDEM 2 CAR COVERED CARPORT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $80k.

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 $80k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 25.6% vs local median 2.4% in North Lynnwood — 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 90/100 on livability (#6 in WA, #107 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute 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 (+1.2%/yr); 232 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 $553 of loan paydown is wiped out by about $2k 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 + 1.2% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 258 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 25y ago; this cycle's ask has dropped $50k (38%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $12k; list at $80k implies a 569% gain — meaningful room to come down on a strong offer.

Recommended offer $70,395 (12.0% below list)

Questions for the listing agent

1. It's been on market 258 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 1977 — 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 2.80% ✓
• Cap rate: 25.59%
• Cash-on-cash: 68.93%
• DSCR: 4.07
• GRM: 3.0

CMA / ARV

• ARV (median comp): $104,429
• List price: $79,995
• Delta: -23.40%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4111 164th St SW #36	0.00mi	2/1.0	924 (0%)	4mo	$39,900	$43	96
4111 164th St SW #16	0.00mi	2/2.0	952 (+3%)	0mo	$40,000	$42	91
3832 164th St SW #10	0.27mi	2/2.0	924 (0%)	11mo	$113,556	$123	74
3832 164th St SW Unit 9	0.27mi	2/2.0	1,008 (+9%)	8mo	$95,000	$94	61

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 · 1.22% rent growth · sell at horizon

5-year hold

• IRR: 66.4%
• Equity multiple: 3.90×
• Total profit: $65,033
• Equity at exit: $11,928

10-year hold

• IRR: 70.1%
• Equity multiple: 7.54×
• Total profit: $146,497
• Equity at exit: $6,917

Cash invested: $22,399 (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 98087

• Rents YoY: 1.2%
• Active inventory: 232
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $2,242 high
• Mortgage (P&I): −$420
• Tax from tax record: −$32 /mo · $383/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$471
• Net cashflow: $1,287

Break-even live

Break-even rent $614

Max offer price $79,995

Occupancy floor 38%

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: $19,999
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4217 164th St SW Unit A204 Lynnwood, WA	3.0	2.0	1100	$2,450	$2.23	43d	1	0.11mi
3805 164th St SW Lynnwood, WA	1.0–2.0	1.0–2.0	843	$2,295	$2.72	1d	5	0.20mi
15914 44th Ave W Lynnwood, WA	1.0–2.0	1.0–2.0	932	$2,159	$2.32	1d	10	0.26mi
3711 164th St SW Lynnwood, WA	1.0–2.0	1.0–2.0	845	$2,533	$3.00	1d	7	0.27mi
2510 164th St SW Lynnwood, WA	3.0	1.0–2.0	998	$2,670	$2.68	1d	1	0.32mi
15700 44th Ave W Lynnwood, WA	1.0–3.0	1.0–2.0	940	$1,979	$2.11	2d	1	0.33mi
16419 Spruce Way Lynnwood, WA	2.0	2.0	946	$2,550	$2.70	1d	1	0.33mi
16104 36th Ave W Lynnwood, WA	1.0–2.0	1.0	761	$2,099	$2.76	2d	6	0.33mi
16419 Spruce Way Unit H4 Lynnwood, WA	2.0	2.0	900	$2,350	$2.61	43d	1	0.34mi
4109 156th St SW Unit A3 Lynnwood, WA	2.0	1.0	988	$1,895	$1.92	24d	1	0.35mi
4109 156th St SW Unit B4 Lynnwood, WA	2.0	1.0	985	$1,995	$2.03	43d	1	0.35mi
3333 164th St SW Lynnwood, WA	1.0–2.0	1.0–2.0	1048	$2,518	$2.40	2d	20	0.39mi
4525 164th St SW Lynnwood, WA	2.0–3.0	1.0–2.0	1093	$1,902	$1.74	1d	13	0.41mi
15713 35th Ave W Lynnwood, WA	2.0	1.0	940	$2,000	$2.13	24d	1	0.47mi
16200 Admiralty Way Lynnwood, WA	2.0	1.0–2.0	783	$3,019	$3.86	1d	33	0.57mi
16003 Admiralty Way Lynnwood, WA	1.0–4.0	1.0–2.0	1156	$1,891	$1.64	1d	5	0.63mi
16604 48th Ave W Lynnwood, WA	1.0–3.0	1.0–2.0	890	$2,162	$2.43	2d	9	0.63mi
3116 164th St SW #2211 Lynnwood, WA	2.0	1.5	1100	$2,475	$2.25	4d	1	0.68mi
16308 52nd Ave W Unit 4 Edmonds, WA	2.0	1.0	900	$1,795	$1.99	10d	1	0.72mi
15001 35th Ave W Lynnwood, WA	1.0–3.0	1.0–2.0	885	$2,010	$2.27	4d	15	0.79mi
17314 44th Ave W Unit C Lynnwood, WA	2.0	1.5	1000	$2,200	$2.20	17d	1	0.81mi
3717 148th St SW Lynnwood, WA	2.0	1.0–2.0	865	$1,912	$2.21	2d	6	0.88mi
4902 148th St SW Edmonds, WA	1.0–2.0	1.0–2.0	801	$2,221	$2.77	1d	10	0.90mi
17529 44th Ave W Lynnwood, WA	2.0	1.0	1000	$2,395	$2.40	3d	1	0.96mi
4410 176th St SW Lynnwood, WA	1.0–2.0	1.0	770	$1,850	$2.40	4d	3	1.00mi
4432 176th St SW Unit 2 Lynnwood, WA	2.0	2.0	1004	$2,195	$2.19	23d	1	1.07mi
4432 176th St SW Unit 3 Lynnwood, WA	2.0	2.0	1004	$2,195	$2.19	43d	1	1.07mi
4428 176th St SW Unit 4 Lynnwood, WA	2.0	2.0	1004	$2,195	$2.19	23d	1	1.07mi
4702 176th St SW Lynnwood, WA	1.0–2.0	1.0	886	$1,925	$2.17	2d	8	1.08mi
4816 176th St SW Lynnwood, WA	1.0–2.0	1.0–1.5	802	$1,970	$2.45	2d	6	1.09mi
4502 176th St SW Unit 2 Lynnwood, WA	2.0	2.0	1004	$2,195	$2.19	43d	1	1.11mi
5419 172nd Pl SW Lynnwood, WA	3.0	2.0	980	$2,895	$2.95	24d	1	1.11mi
17422 52nd Ave W Lynnwood, WA	2.0	1.5	850	$1,960	$2.31	24d	1	1.12mi
17828 44th Ave W Unit 2 Lynnwood, WA	2.0	2.0	750	$2,100	$2.80	43d	1	1.14mi
14611 Admiralty Way Lynnwood, WA	1.0–3.0	1.0–2.0	1004	$2,299	$2.29	1d	11	1.18mi
14500 Admiralty Way Lynnwood, WA	2.0	1.5	816	$1,700	$2.08	2d	1	1.22mi
16116 Ash Way Lynnwood, WA	1.0–3.0	1.0–2.0	1000	$2,420	$2.42	2d	9	1.34mi
18031 36th Ave W Lynnwood, WA	1.0–2.0	1.0–2.0	760	$2,186	$2.88	2d	6	1.34mi
16605 Ash Way Lynnwood, WA	2.0	1.0–2.0	802	$3,125	$3.89	2d	71	1.35mi
18124 36th Ave W Lynnwood, WA	1.0–2.0	1.0–2.0	821	$2,155	$2.62	2d	8	1.36mi

Listing history 21 events

1. 2026-06-18
   days on market $79,995 Active 258 DOM
2. 2026-06-17
   days on market $79,995 Active 257 DOM
3. 2026-06-16
   days on market $79,995 Active 256 DOM
4. 2026-06-15
   days on market $79,995 Active 255 DOM
5. 2026-06-13
   days on market $79,995 Active 253 DOM
6. 2026-06-13
   days on market $79,995 Active 252 DOM
7. 2026-06-09
   days on market $79,995 Active 249 DOM
8. 2026-06-08
   days on market $79,995 Active 248 DOM
9. 2026-06-07
   days on market $79,995 Active 247 DOM
10. 2026-06-04
    days on market $79,995 Active 244 DOM
11. 2026-06-03
    days on market $79,995 Active 243 DOM
12. 2026-06-02
    days on market $79,995 Active 242 DOM
13. 2026-06-01
    days on market $79,995 Active 241 DOM
14. 2026-05-31
    days on market $79,995 Active 240 DOM
15. 2026-04-30
    price $79,995
16. 2026-02-05
    price $99,990
17. 2025-10-03
    listed $129,950 Active
18. 2004-03-19
    soldstatus $11,950
19. 2004-01-13
    listed $11,950
20. 2001-09-25
    soldstatus $9,500
21. 2001-09-07
    listed $9,900

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

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $383 · $32/mo
• Projected year-2 tax: $784 · $65/mo
• Expected delta: +$401/yr (+$33/mo · 104.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $26,909
• − Mortgage interest: −$4,481
• − Property taxes: −$383
• − Insurance: −$400
• − Repairs & maintenance: −$2,153
• − Management: −$2,153
• − Depreciation: −$2,327
• Taxable income: $15,012
• Est. tax owed @ 24.0%: −$3,603
• After-tax cash flow: $11,838/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 — North Lynnwood

• Score: 90/100
• State rank: #6
• US rank: #107

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Lynnwood, WA
• County: Snohomish County · 786,756 people
• City population: 40,607
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 41,796
• Household income: $106,693
• Rent vs Own: 48.0% rent · 52.0% own
• Severe rent burden: 2303.0

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: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 48% Asian 20% Two or more races 13% Hispanic / Latino 12% Black 8% Pacific Islander 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 3% Slovak 3% Italian 3%
• Foreign-born: 29% · Canada, South Korea, Vietnam
• Languages at home: 64% English-only · Spanish 6% Russian/Polish/Slavic 5% Other Indo-European 5%

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: ▼ -723.54%
• Current HPI: 320.6888
• Rent YoY: ▲ 1.22%
• 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

+708.0% since first listed

7 events — show timeline

• 2026-04-30 Price Changed $79,995 NWMLS as Distributed by MLS Grid
• 2026-02-05 Price Changed $99,990 NWMLS as Distributed by MLS Grid
• 2025-10-03 Listed $129,950 NWMLS as Distributed by MLS Grid
• 2004-03-19 Sold (MLS) $11,950 NWMLS as Distributed by MLS Grid
• 2004-01-13 Listed $11,950 NWMLS as Distributed by MLS Grid
• 2001-09-25 Sold (MLS) $9,500 NWMLS as Distributed by MLS Grid
• 2001-09-07 Listed $9,900 NWMLS as Distributed by MLS Grid

Property tax history

+9.0%/yr

Latest (2026): $383 · +13.3% YoY. Source: county tax records.