2302 R St SE #43 · Auburn, WA 98002

$65,000

2 bd · 2.0 ba · 1,392 sqft · Manufactured · 39 Days on market

Built 1972 Est $89k · 27% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Leisure Manor 55+ gated community offers this spacious 2 bedroom /1.75 bathroom home with 1,392 sqft. Oversized covered front porch welcomes you through the entry to the large living room with lots of windows that overlooks the dining room with built-in hutch for extra storage space. Great flow through to the kitchen with all appliances included, glass cooktop stove, French door refrigerator, dishwasher & microwave. Extra space off kitchen to use as you please with a slider to spacious covered patio. Large garden area for all you planting needs with a detached shed or workshop with power. Great community clubhouse with swimming pool, rec area and year-round community gatherings.

Key facts

• Gated community
• Covered front porch
• Glass cooktop stove

Tags

• GATED COMMUNITY
• COVERED FRONT PORCH
• BUILT-IN HUTCH
• GLASS COOKTOP STOVE
• FRENCH DOOR REFRIGERATOR
• DETACHED SHED

Property features AI

Finance

• Other: Mobile home remains
• Financial info: Land lease: $1,081/month; Listing terms: Cash
• HOA & community: Located in Leisure Manor (senior community); Park amenities: BBQs, clubhouse, common area, exercise room, pool, recreational area, security gate; Park approved for sale

Exterior

• Parking: Carport
• Security: Security gate
• Utilities: Public water; Electric energy source; Electric water heater; Cable: Comcast; Internet: Comcast
• Home design: Manufactured home (double wide); One level; Southwest facing; Good condition; Entry and family room included
• Construction: Metal/vinyl construction; Composition roof; Metal skirting; Tie-down foundation; Manufactured house (double wide)
• Exterior features: Metal/vinyl exterior; Awnings; Patio/porch/deck

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Laminate; Vinyl; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Water heater; Ceiling fan(s); Double pane windows; Drapes; Patio/porch/deck; Walk-in closet
• Laundry & utility: Washer; Dryer; Utility room; Storage at back of home

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $65k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 27.8% 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; 14 comparable units currently listed for rent nearby; rentals leasing fast (median 14d 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 31% 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 $449 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 $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 16y 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 $52k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $63,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 3.15% ✓
• Cap rate: 27.84%
• Cash-on-cash: 76.94%
• DSCR: 4.42
• GRM: 2.6

CMA / ARV

• ARV (on-the-fly): $89,088
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2302 R St SE #11	0.00mi	2/2.0	1,440 (+3%)	17mo	$85,900	$60	80
2302 R St SE #128	0.00mi	2/2.0	1,248 (-10%)	10mo	$80,000	$64	75
2302 R St SE #116	0.08mi	2/2.0	1,344 (-3%)	21mo	$86,000	$64	73
900 29th St SE Unit E-22	0.68mi	3/2.0 (+1)	1,440 (+3%)	8mo	$50,000	$35	51
3225 M St SE #144	0.62mi	3/2.0 (+1)	1,248 (-10%)	3mo	$155,000	$124	46
3225 M St SE #121	0.71mi	3/2.0 (+1)	1,344 (-3%)	15mo	$149,000	$111	44
3225 M St SE #145	0.71mi	3/2.0 (+1)	1,254 (-10%)	7mo	$105,000	$84	39
800 29th St SE Unit G16	0.69mi	3/2.0 (+1)	1,440 (+3%)	23mo	$78,000	$54	38
3225 M St SE #137	0.71mi	3/2.0 (+1)	1,232 (-12%)	17mo	$72,000	$58	28

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: 75.2%
• Equity multiple: 4.34×
• Total profit: $60,802
• Equity at exit: $9,692

10-year hold

• IRR: 78.5%
• Equity multiple: 8.51×
• Total profit: $136,742
• Equity at exit: $5,620

Cash invested: $18,200 (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: 2.6×

Monthly cashflow live

• Estimated rent: $2,046 high
• Mortgage (P&I): −$341
• Tax est. 1.5%: −$81 /mo · $975/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$430
• Net cashflow: $1,167

Break-even live

Break-even rent $569

Max offer price $65,000

Occupancy floor 38%

Sensitivity live

Price	-10% $1,212	-5% $1,189	+0% $1,167	+5% $1,145	+10% $1,122
Rent	-10% $1,005	-5% $1,086	+0% $1,167	+5% $1,248	+10% $1,329
Rate	-1.0pp $1,200	-0.5pp $1,184	base $1,167	+0.5pp $1,150	+1.0pp $1,133

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1910 N Ct SE Auburn, WA	3.0	2.0	1570	$2,900	$1.85	12d	1	0.34mi
1526 29th St SE Auburn, WA	2.0	1.0	912	$1,595	$1.75	25d	1	0.43mi
2952 O St SE Unit F Auburn, WA	2.0	1.0	1051	$1,495	$1.42	3d	1	0.46mi
2455 F St SE Auburn, WA	1.0–3.0	1.0–2.0	757	$1,678	$2.21	3d	6	0.79mi
404 27th St SE Unit 19-1 Auburn, WA	2.0	1.0	1000	$1,750	$1.75	13d	1	0.87mi
418 17th St SE Unit 6C Auburn, WA	2.0	2.0	1219	$2,200	$1.80	25d	1	0.88mi
1014 37th St SE Apt 4 Auburn, WA	2.0	2.0	1005	$1,780	$1.77	6d	1	0.95mi
3320 Auburn Way S Auburn, WA	2.0	1.5	1033	$2,200	$2.13	0d	1	1.03mi
330 V St SE Unit 1 Auburn, WA	2.0	1.0	950	$2,400	$2.53	23d	1	1.19mi
2220 Noble Ct SE Auburn, WA	2.0	1.5–2.0	1200	$2,048	$1.71	0d	2	1.24mi
225 I St SE Unit 225 Auburn, WA	2.0	1.0	980	$2,100	$2.14	16d	1	1.33mi
107 N St SE Unit A Auburn, WA	2.0	1.0	1080	$1,750	$1.62	23d	1	1.34mi
29 R St NE Unit A Auburn, WA	2.0	1.0	900	$1,695	$1.88	25d	1	1.47mi
4704 Mill Pond Dr SE #213 Auburn, WA	2.0	2.0	1142	$2,750	$2.41	3d	1	1.49mi

Listing history 26 events

1. 2026-06-21
   days on market $65,000 Active 39 DOM
2. 2026-06-18
   days on market $65,000 Active 36 DOM
3. 2026-06-17
   days on market $65,000 Active 35 DOM
4. 2026-06-16
   days on market $65,000 Active 34 DOM
5. 2026-06-15
   days on market $65,000 Active 33 DOM
6. 2026-06-13
   days on market $65,000 Active 31 DOM
7. 2026-06-13
   days on market $65,000 Active 30 DOM
8. 2026-06-09
   days on market $65,000 Active 27 DOM
9. 2026-06-08
   days on market $65,000 Active 26 DOM
10. 2026-06-07
    days on market $65,000 Active 25 DOM
11. 2026-06-04
    days on market $65,000 Active 22 DOM
12. 2026-06-03
    days on market $65,000 Active 21 DOM
13. 2026-06-02
    days on market $65,000 Active 20 DOM
14. 2026-06-01
    days on market $65,000 Active 19 DOM
15. 2026-05-31
    days on market $65,000 Active 18 DOM
16. 2026-05-13
    listed $65,000 Active
17. 2021-07-06
    soldstatus $52,000 Closed
18. 2021-06-21
    status Pending
19. 2021-06-16
    listed $59,950 Active
20. 2015-09-21
    historical
21. 2015-09-21
    soldstatus $26,000 Sold
22. 2015-07-20
    status Pending Inspection
23. 2015-06-26
    listed $24,000 Active
24. 2011-02-17
    soldstatus $23,000 Sold
25. 2011-02-04
    status Pending Inspection
26. 2010-11-29
    listed $23,000 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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 14 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: $24,550
• − Mortgage interest: −$3,641
• − Property taxes: −$975
• − Insurance: −$325
• − Repairs & maintenance: −$1,964
• − Management: −$1,964
• − Depreciation: −$1,891
• Taxable income: $13,790
• Est. tax owed @ 24.0%: −$3,310
• After-tax cash flow: $10,694/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

+182.6% since first listed

11 events — show timeline

• 2026-05-13 Listed $65,000 NWMLS as Distributed by MLS Grid
• 2021-07-06 Sold (MLS) $52,000 NWMLS as Distributed by MLS Grid
• 2021-06-21 Pending — NWMLS as Distributed by MLS Grid
• 2021-06-16 Listed $59,950 NWMLS as Distributed by MLS Grid
• 2015-09-21 Delisted — NWMLS as Distributed by MLS Grid
• 2015-09-21 Sold (MLS) $26,000 NWMLS as Distributed by MLS Grid
• 2015-07-20 Pending — NWMLS as Distributed by MLS Grid
• 2015-06-26 Listed $24,000 NWMLS as Distributed by MLS Grid
• 2011-02-17 Sold (MLS) $23,000 NWMLS as Distributed by MLS Grid
• 2011-02-04 Pending — NWMLS as Distributed by MLS Grid
• 2010-11-29 Listed $23,000 NWMLS as Distributed by MLS Grid