201 Union Ave SE #35 · Renton, WA 98059

$140,000

3 bd · 2.0 ba · 1,536 sqft · Manufactured · 200 Days on market

Manufactured home 55+ age-restricted Built 1977 Good condition $91/sqft · 20% below area Est $176k · 20% under

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Why this score? — see what drove the C+ 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 +22.5/30.0
• ARV discount +15.0/15.0
• 1% rule +7.5/10.0
• DSCR +7.5/10.0
• Schools +4.7/10.0
• Livability +4.2/5.0
• Condition / age +4.0/5.0
• Rent growth +2.6/5.0
• Appreciation +2.5/10.0
• Manufactured-home adj. -5.6

Listing remarks

Welcome to Leisure Estates, a sought-after 55+ gated community in Renton! This spacious double-wide manufactured home offers 1,536 sq ft with 3 bedrooms and 1.75 baths. Features include a primary suite with bath, walk-in closet, skylights, vinyl and wall-to-wall carpet flooring, and central A/C. Enjoy outdoor living with a patio/porch and landscaped yard. Appliances included. Two covered parking spaces. Leisure Estates offers outstanding amenities including a clubhouse, pool, spa, sauna, golf, tennis courts, exercise room, RV parking, sidewalks, and security gate. Park-approved sale required. Convenient location close to shopping, dining, and services.

Key facts

• Gated community
• Clubhouse
• Walk-in closet

Tags

• GATED COMMUNITY
• PRIMARY SUITE
• WALK-IN CLOSET
• OUTDOOR LIVING
• LANDSCAPED YARD
• CLUBHOUSE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $140k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.5% vs local median 2.4% in Renton — 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 83/100 on livability (#52 in WA, #949 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime D-, cost of living F.
• Renton School District (urban): math 47% / reading 55% proficiency, ranked #119 of 291 in WA (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Maplewood Heights Elementary School (610 students, 27% FRL); Mcknight Middle School (861 students, 52% FRL); Hazen Senior High School (1,871 students, 40% FRL) — zoned schools at 39% FRL track the district average.
• Market conditions: Rents flat; 345 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals lingering (median 40d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 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.
• At projected returns (-3.0% appreciation + 0.3% rent growth), your $39k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 200 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 23y ago; this cycle's ask has dropped $45k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $69k; list at $140k implies a 103% gain — meaningful room to come down on a strong offer.

Recommended offer $123,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 200 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 B-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. Crime grade is D 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?
7. 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.
8. 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.
9. 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: 1.85% ✓
• Cap rate: 15.52%
• Cash-on-cash: 32.96%
• DSCR: 2.47
• GRM: 4.5

CMA / ARV

• ARV (median comp): $175,846
• List price: $140,000
• Delta: -20.38%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
201 Union Ave SE #147	0.17mi	2/2.0 (-1)	1,536 (0%)	4mo	$100,000	$65	84
201 Union Ave SE #58	0.17mi	3/2.0	1,536 (0%)	10mo	$130,000	$85	83
201 Union Ave SE #157	0.00mi	3/2.0	1,440 (-6%)	10mo	$140,000	$97	82
201 Union Ave SE #128	0.18mi	2/2.0 (-1)	1,536 (0%)	9mo	$75,000	$49	79
201 Union Ave SE #74	0.00mi	2/2.0 (-1)	1,440 (-6%)	7mo	$181,500	$126	79
201 Union Ave SE #251	0.18mi	2/2.0 (-1)	1,536 (0%)	11mo	$184,995	$120	77
201 Union Ave SE #249	0.00mi	2/2.0 (-1)	1,344 (-12%)	5mo	$185,500	$138	70
201 Union Ave SE #234	0.18mi	2/2.0 (-1)	1,440 (-6%)	12mo	$90,000	$63	66
375 Union Ave SE #136	0.25mi	3/2.0	1,344 (-12%)	2mo	$192,448	$143	66
375 Union Ave SE #125	0.36mi	3/2.0	1,344 (-12%)	1mo	$210,000	$156	61
201 Union Ave SE #112	0.22mi	2/2.0 (-1)	1,339 (-13%)	4mo	$86,000	$64	60
201 Union Ave SE #247	0.22mi	2/2.0 (-1)	1,344 (-12%)	7mo	$175,000	$130	58

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 · 0.29% rent growth · sell at horizon

5-year hold

• IRR: 25.0%
• Equity multiple: 2.00×
• Total profit: $39,050
• Equity at exit: $20,874

10-year hold

• IRR: 31.1%
• Equity multiple: 3.44×
• Total profit: $95,754
• Equity at exit: $12,105

Cash invested: $39,200 (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 →

Seller's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 5 active · 6 under contract
• Months of supply: 2.7 mo (37%/mo absorbed)
• Median asking: $105,500 ($72/sqft)
• Median days on market: 37 d
• This list price: 80% of active listings are priced below it
• ARV vs active asking: +59.9% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 98059

• Rents YoY: 0.3%
• Active inventory: 345
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $2,587 high
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,100/yr
• Insurance: −$58
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$543
• Net cashflow: $1,077

Break-even live

Break-even rent $1,225

Max offer price $140,000

Occupancy floor 53%

Sensitivity live

Price	-10% $1,173	-5% $1,125	+0% $1,077	+5% $1,028	+10% $980
Rent	-10% $872	-5% $974	+0% $1,077	+5% $1,179	+10% $1,281
Rate	-1.0pp $1,147	-0.5pp $1,112	base $1,077	+0.5pp $1,040	+1.0pp $1,003

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: $35,000
• Closing costs: $4,200
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4211 SE 1st Pl Renton, WA	4.0	2.0	1890	$4,600	$2.43	7d	1	0.26mi
4326 NE 2nd Ln Renton, WA	4.0	2.5	1900	$3,595	$1.89	18d	1	0.33mi
351 Vashon Ct NE Renton, WA	2.0	2.0	1310	$2,950	$2.25	40d	1	0.35mi
4319 NE 5th Ct #106 Renton, WA	2.0	2.0	1090	$2,250	$2.06	48d	1	0.61mi
4415 NE 5th St Renton, WA	1.0–3.0	1.0–2.0	923	$3,026	$3.28	7d	13	0.63mi
650 Duvall Ave NE Renton, WA	1.0–3.0	1.0–3.0	1020	$2,877	$2.82	7d	13	0.84mi
706 Bremerton Pl NE Renton, WA	4.0	2.5	1850	$3,600	$1.95	51d	1	0.85mi
4627 NE 7th Pl Renton, WA	4.0	2.5	1870	$3,595	$1.92	73d	1	0.87mi
5027 NE 5th Pl Renton, WA	3.0	2.5	1287	$3,300	$2.56	73d	1	0.88mi
850 Bremerton Ave NE Renton, WA	4.0	2.5	2010	$3,490	$1.74	93d	1	0.96mi
5415 NE 4th St Renton, WA	2.0	2.0	1810	$2,650	$1.46	93d	1	1.01mi
14204 SE 144th St Renton, WA	3.0	1.5	1600	$3,400	$2.12	26d	1	1.03mi
633 Ilwaco Pl NE Renton, WA	4.0	2.5	2240	$4,500	$2.01	7d	1	1.04mi
2902 SE 11th Pl #1066 Renton, WA	4.0	3.0	1823	$3,299	$1.81	73d	1	1.04mi
14051 145th Ave SE Renton, WA	3.0	2.0	1548	$3,050	$1.97	48d	1	1.08mi
14051 145th Ave SE Renton, WA	2.0	2.0	1548	$2,950	$1.91	17d	1	1.08mi
3605 NE 10th Ct Renton, WA	3.0	2.0	1330	$3,090	$2.32	13d	1	1.11mi
950 Harrington Ave NE Renton, WA	1.0–2.0	1.0–2.0	868	$2,641	$3.04	9d	15	1.15mi
15205 140th Way SE Renton, WA	1.0–3.0	1.0–2.0	1121	$3,513	$3.13	7d	11	1.21mi
1601 Olympia Ave SE Renton, WA	4.0	2.5	2230	$3,600	$1.61	93d	1	1.24mi
2227 SE 8th Pl Renton, WA	3.0	2.0	1560	$3,250	$2.08	18d	1	1.29mi
3109 NE 11th Pl Unit 3109D Renton, WA	2.0	1.5	1186	$2,525	$2.13	52d	1	1.32mi
2950 NE 11th St Renton, WA	1.0–3.0	1.0–3.0	1111	$4,440	$4.00	7d	7	1.34mi
1930 NE 7th Ct Renton, WA	3.0	2.5	1742	$3,300	$1.89	41d	1	1.44mi
2615 SE 16th St Renton, WA	4.0	3.0	1910	$3,025	$1.58	21d	1	1.45mi
825 Sunset Blvd NE Unit B-1 Renton, WA	2.0	2.5	1150	$2,650	$2.30	61d	1	1.47mi

Listing history 50 events

1. 2026-08-08
   days on market $140,000 Active 200 DOM
2. 2026-08-06
   days on market $140,000 Active 198 DOM
3. 2026-08-05
   pricedays on market $140,000 Active 197 DOM
4. 2026-08-04
   days on market $165,000 Active 196 DOM
5. 2026-08-03
   days on market $165,000 Active 195 DOM
6. 2026-07-31
   days on market $165,000 Active 192 DOM
7. 2026-07-30
   days on market $165,000 Active 190 DOM
8. 2026-07-28
   days on market $165,000 Active 189 DOM
9. 2026-07-26
   days on market $165,000 Active 187 DOM
10. 2026-07-24
    days on market $165,000 Active 185 DOM
11. 2026-07-23
    days on market $165,000 Active 184 DOM
12. 2026-07-22
    days on market $165,000 Active 183 DOM
13. 2026-07-21
    days on market $165,000 Active 182 DOM
14. 2026-07-20
    days on market $165,000 Active 181 DOM
15. 2026-07-18
    days on market $165,000 Active 179 DOM
16. 2026-07-18
    days on market $165,000 Active 178 DOM
17. 2026-07-16
    days on market $165,000 Active 177 DOM
18. 2026-07-15
    days on market $165,000 Active 176 DOM
19. 2026-07-14
    days on market $165,000 Active 175 DOM
20. 2026-07-13
    days on market $165,000 Active 174 DOM
21. 2026-07-13
    days on market $165,000 Active 173 DOM
22. 2026-07-11
    days on market $165,000 Active 172 DOM
23. 2026-07-10
    days on market $165,000 Active 171 DOM
24. 2026-07-09
    days on market $165,000 Active 170 DOM
25. 2026-07-07
    days on market $165,000 Active 168 DOM
26. 2026-07-06
    days on market $165,000 Active 167 DOM
27. 2026-07-06
    days on market $165,000 Active 166 DOM
28. 2026-07-05
    days on market $165,000 Active 165 DOM
29. 2026-07-03
    days on market $165,000 Active 164 DOM
30. 2026-07-02
    days on market $165,000 Active 163 DOM
31. 2026-07-01
    days on market $165,000 Active 162 DOM
32. 2026-06-30
    days on market $165,000 Active 161 DOM
33. 2026-06-29
    days on market $165,000 Active 160 DOM
34. 2026-06-28
    days on market $165,000 Active 159 DOM
35. 2026-06-27
    days on market $165,000 Active 158 DOM
36. 2026-06-26
    days on market $165,000 Active 157 DOM
37. 2026-06-24
    days on market $165,000 Active 155 DOM
38. 2026-06-22
    days on market $165,000 Active 153 DOM
39. 2026-06-21
    days on market $165,000 Active 152 DOM
40. 2026-06-18
    days on market $165,000 Active 149 DOM
41. 2026-06-17
    days on market $165,000 Active 148 DOM
42. 2026-06-16
    days on market $165,000 Active 147 DOM
43. 2026-06-15
    days on market $165,000 Active 146 DOM
44. 2026-06-13
    days on market $165,000 Active 144 DOM
45. 2026-06-13
    days on market $165,000 Active 143 DOM
46. 2026-06-09
    days on market $165,000 Active 140 DOM
47. 2026-06-08
    days on market $165,000 Active 139 DOM
48. 2026-06-07
    days on market $165,000 Active 138 DOM
49. 2026-06-04
    days on market $165,000 Active 135 DOM
50. 2026-06-03
    days on market $165,000 Active 134 DOM

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥86°F today · 15 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: $31,049
• − Mortgage interest: −$7,842
• − Property taxes: −$2,100
• − Insurance: −$700
• − Repairs & maintenance: −$2,484
• − Management: −$2,484
• − Depreciation: −$4,073
• Taxable income: $11,366
• Est. tax owed @ 24.0%: −$2,728
• After-tax cash flow: $10,191/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

Good 80/100 Cosmetic rehab Est. rehab $7,680–$23,040 screening

This well-maintained manufactured home in Leisure Estates offers a good condition with minor updates needed to enhance its resale and rental value.

Repairs flagged

• Minor kitchen cabinets — Aesthetic update needed.
• Minor bathroom fixtures — Update to modernize the space.
• Minor kitchen countertops — Clean and freshen up the space.

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Replace kitchen cabinets — Modern cabinets improve functionality and aesthetics. ↑
• Both Update bathroom fixtures — Modern fixtures improve functionality and aesthetics. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Zoned Schools

Elementary Maplewood Heights Elementary School Middle Mcknight Middle School High Hazen Senior High School

Schools (NCES district)

• District: Renton School District
• NCES district ID: 5307230
• Math proficiency: 47% ▼ -1.00%
• Reading proficiency: 55% ▼ -1.00%
• Median HH income: $66,354
• Composite: 47.13/100
• National rank: #5108
• State rank: #119 of 291 in WA

A Composite livability gradescore 83/100

Livability — Renton

• Score: 83/100
• State rank: #52
• US rank: #949

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Renton, WA
• County: King County · 2,576,485 people
• City population: 158,600
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 42,406
• Household income: $138,654
• Rent vs Own: 23.4% rent · 76.6% own
• Severe rent burden: 10% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 48% Asian 29% Two or more races 15% Hispanic / Latino 9% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 3% Italian 3% Slovak 2%
• Foreign-born: 23% · China, Vietnam, Canada
• Languages at home: 67% English-only · Chinese 9% Vietnamese 6% Spanish 5%

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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: ▼ -920.66%
• Current HPI: 338.4495
• Rent YoY: ▲ 0.29%
• Metro: Seattle-Tacoma-Bellevue, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

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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

+139.3% since first listed

4 events — show timeline

• 2026-04-13 Price Changed $165,000 NWMLS as Distributed by MLS Grid
• 2026-01-20 Listed $185,000 NWMLS as Distributed by MLS Grid
• 2003-11-26 Sold (MLS) $68,950 NWMLS as Distributed by MLS Grid
• 2003-09-28 Listed $68,950 NWMLS as Distributed by MLS Grid