3611 I St NE #237 · Auburn, WA 98002

$147,000

2 bd · 2.0 ba · 1,536 sqft · Manufactured · 89 Days on market

Built 1980 Est $157k · 6% 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 +10.3/15.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• 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

Brighten up your life in Unit 237 ~ Spacious Home at The River Estates in North Auburn~ NOTE: You must be age 55 or older to live at this senior home park ~ You'll enjoy the Peaceful Vibe at this Fantastic Community ~ See Walk-Through Tour Attached ~ 2 Large Bedrooms, 2 Full Bathrooms ~ Brand New Furnace w/ 10 year Warranty~Full size Washer Dryer~Laundry Room w/ ample Storage~Laminate wood flooring throughout w/ Carpet in Living Room ~ Spacious Kitchen; Stove, Microwave, Dishwasher, Refrigerator, Pantries w/ turntables ~ Garbage Disposal ~Skylight ~ Plentiful Storage ~ Brand New Insulation~Wood Burning Stove will save on winter heating costs ~ Covered Porch and Ramp for all access ~ Carport

Key facts

• Garbage disposal
• Laundry room
• Spacious kitchen

Tags

• BRAND NEW FURNACE
• FULL SIZE WASHER DRYER
• LAUNDRY ROOM
• LAMINATE WOOD FLOORING
• SPACIOUS KITCHEN
• GARBAGE DISPOSAL

Property features AI

Finance

• Other: Listing terms: Cash or Conventional
• Financial info: Land lease / space rent applies ($875)
• HOA & community: Located in The River Estates (senior community); Park amenities: clubhouse, pool, spa/hot tub, exercise room, trails, sidewalks, common areas, BBQs, laundry, high-speed internet available

Exterior

• Parking: Carport; RV parking available in park
• Utilities: Public water; Sewer billed by manager with space rent; Puget Sound Energy power; Electric water heater (located in laundry room); Xfinity/Comcast cable and internet
• Home design: Manufactured home (double wide); One level; Faces west; Entry level: one-story; Mobile home remains on site
• Construction: Metal/vinyl construction; Composition roof; Tie-down foundation; Manufactured after 06/15/1976
• Exterior features: Metal/vinyl exterior; Patio/porch/deck; Landscaped; Paved lot; Community waterfront / private beach; Has view; Shed under carport; Spa/Hot Tub (community)

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Laminate; Carpet
• Bathrooms: 2 full bathrooms; Jetted/soaking tub in primary
• Heating & cooling: Forced air heating; No central air; Electric energy source; Double pane windows (energy efficient)
• Interior features: Fireplace (wood burning); Water heater; Vaulted ceilings; Ceiling fans; Skylights; Drapes
• Laundry & utility: Washer; Dryer; Utility/laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $147k.

Deal economics

• At list price, monthly cash flow is $463 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $147k).
• Recommended offer: $138k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.3% 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; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 3d 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 $1k of loan paydown is wiped out by about $4k 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 89 days — a 6% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 9y 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 $50k; list at $147k implies a 194% gain — meaningful room to come down on a strong offer.

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 $138,180 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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: 1.40% ✓
• Cap rate: 11.31%
• Cash-on-cash: 17.92%
• DSCR: 1.80
• GRM: 5.9

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 NE #237	0.00mi	2/2.0	1,536 (0%)	1mo	$140,300	$91	100
3611 I St #39	0.03mi	2/2.0	1,536 (0%)	0mo	$30,000	$20	98
3611 I St NE #247	0.00mi	2/2.0	1,560 (+2%)	14mo	$167,500	$107	86
3611 I St NE #16	0.00mi	3/2.0 (+1)	1,456 (-5%)	1mo	$155,000	$106	86
3611 I St NE #218	0.00mi	2/2.0	1,488 (-3%)	14mo	$55,000	$37	83
3611 I St NE #72	0.15mi	3/2.0 (+1)	1,500 (-2%)	2mo	$85,000	$57	82
3611 I St NE #162	0.18mi	3/2.0 (+1)	1,456 (-5%)	4mo	$148,000	$102	75
3611 I St NE #26	0.00mi	2/2.0	1,344 (-12%)	12mo	$175,000	$130	69
3611 I St NE #304	0.00mi	2/2.0	1,344 (-12%)	12mo	$122,000	$91	69
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	65
3611 NE I St #257	0.00mi	3/2.0 (+1)	1,749 (+14%)	13mo	$132,500	$76	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 · 1.51% rent growth · sell at horizon

5-year hold

• IRR: 1.8%
• Equity multiple: 1.07×
• Total profit: $2,730
• Equity at exit: $21,918

10-year hold

• IRR: 9.7%
• Equity multiple: 1.70×
• Total profit: $28,693
• Equity at exit: $12,710

Cash invested: $41,160 (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: 5.9×

Monthly cashflow live

• Estimated rent: $2,064 high
• Mortgage (P&I): −$771
• Tax est. 1.5%: −$184 /mo · $2,205/yr
• Insurance: −$61
• Flood insurance flood zone: −$152 /mo · $1,824/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$433
• Net cashflow: $463

Break-even live

Break-even rent $1,478

Max offer price $147,000

Occupancy floor 73%

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: $36,750
• Closing costs: $4,410
• 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	895	$1,749	$1.95	2d	11	0.52mi
4750 Auburn Way N Auburn, WA	1.0–4.0	1.0–2.0	1011	$2,102	$2.08	2d	10	0.70mi
2317 I St NE Unit 2319 Auburn, WA	3.0	2.0	1400	$2,275	$1.62	24d	1	0.84mi
2414 N St NE Unit C Auburn, WA	3.0	1.0	1271	$1,950	$1.53	24d	1	0.86mi
1462 51st Pl NE Auburn, WA	3.0	2.5	1539	$2,900	$1.88	2d	1	0.98mi
2025 M St NE Unit 2045 Auburn, WA	2.0	1.5	1248	$2,095	$1.68	22d	1	1.03mi
1741 22nd St NE Auburn, WA	1.0–3.0	1.0–2.0	902	$1,650	$1.83	3d	2	1.11mi

Listing history 17 events

1. 2026-05-01
   status Pending
2. 2026-02-01
   listed $147,000 Active
3. 2018-04-23
   soldstatus $50,000 Sold
4. 2018-04-14
   status Pending
5. 2018-04-09
   price $59,950
6. 2018-03-21
   status Active
7. 2018-03-13
   status Pending
8. 2018-02-15
   price $66,000
9. 2018-02-14
   price $68,000
10. 2018-02-14
    price $66,000
11. 2018-01-26
    status Active
12. 2017-12-13
    status Pending
13. 2017-12-01
    status Pending Inspection
14. 2017-11-13
    listed $68,000 Active
15. 2017-05-18
    soldstatus $50,000 Sold
16. 2017-03-10
    status Pending Inspection
17. 2017-02-11
    listed $55,000 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: $24,770
• − Mortgage interest: −$8,234
• − Property taxes: −$2,205
• − Insurance: −$2,560
• − Repairs & maintenance: −$1,982
• − Management: −$1,982
• − Depreciation: −$4,276
• Taxable income: $3,532
• Est. tax owed @ 24.0%: −$848
• After-tax cash flow: $4,706/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

+167.3% since first listed

17 events — show timeline

• 2026-05-01 Pending — NWMLS as Distributed by MLS Grid
• 2026-02-01 Listed $147,000 NWMLS as Distributed by MLS Grid
• 2018-04-23 Sold (MLS) $50,000 NWMLS as Distributed by MLS Grid
• 2018-04-14 Pending — NWMLS as Distributed by MLS Grid
• 2018-04-09 Price Changed $59,950 NWMLS as Distributed by MLS Grid
• 2018-03-21 Relisted — NWMLS as Distributed by MLS Grid
• 2018-03-13 Pending — NWMLS as Distributed by MLS Grid
• 2018-02-15 Price Changed $66,000 NWMLS as Distributed by MLS Grid
• 2018-02-14 Price Changed $68,000 NWMLS as Distributed by MLS Grid
• 2018-02-14 Price Changed $66,000 NWMLS as Distributed by MLS Grid
• 2018-01-26 Relisted — NWMLS as Distributed by MLS Grid
• 2017-12-13 Pending — NWMLS as Distributed by MLS Grid
• 2017-12-01 Pending — NWMLS as Distributed by MLS Grid
• 2017-11-13 Listed $68,000 NWMLS as Distributed by MLS Grid
• 2017-05-18 Sold (MLS) $50,000 NWMLS as Distributed by MLS Grid
• 2017-03-10 Pending — NWMLS as Distributed by MLS Grid
• 2017-02-11 Listed $55,000 NWMLS as Distributed by MLS Grid