201 Union Ave SE #35 · Renton, WA 98059

$165,000

3 bd · 2.0 ba · 1,536 sqft · Manufactured · 152 Days on market

Built 1977 Good condition $107/sqft · at area comps Est $157k · at est.

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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 +5.4/15.0
• Schools +4.7/10.0
• Livability +4.2/5.0
• Condition / age +4.0/5.0
• Rent growth +2.6/5.0
• Appreciation +0.0/10.0

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 $165k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $165k).
• Recommended offer: $145k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.3% vs local median 2.3% 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; 255 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $1k of loan paydown is wiped out by about $5k 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 $46k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 152 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 23y ago; this cycle's ask has dropped $20k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $69k; list at $165k implies a 139% gain — meaningful room to come down on a strong offer.

Recommended offer $145,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 152 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: 1.93% ✓
• Cap rate: 16.32%
• Cash-on-cash: 35.80%
• DSCR: 2.59
• GRM: 4.3

CMA / ARV

• ARV (median comp): $157,482
• List price: $165,000
• Delta: 4.77%
• Verdict: FAIR
• 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 #188	0.00mi	2/2.0 (-1)	1,536 (0%)	10mo	$179,000	$117	87
201 Union Ave SE #147	0.17mi	2/2.0 (-1)	1,536 (0%)	2mo	$100,000	$65	85
201 Union Ave SE #58	0.17mi	3/2.0	1,536 (0%)	9mo	$130,000	$85	85
201 Union Ave SE #157	0.00mi	3/2.0	1,440 (-6%)	8mo	$140,000	$97	83
201 Union Ave SE #74	0.00mi	2/2.0 (-1)	1,440 (-6%)	5mo	$181,500	$126	80
201 Union Ave SE #128	0.18mi	2/2.0 (-1)	1,536 (0%)	8mo	$75,000	$49	80
201 Union Ave SE #251	0.18mi	2/2.0 (-1)	1,536 (0%)	10mo	$184,995	$120	78
201 Union Ave SE #249	0.00mi	2/2.0 (-1)	1,344 (-12%)	4mo	$185,500	$138	71
201 Union Ave SE #234	0.18mi	2/2.0 (-1)	1,440 (-6%)	10mo	$90,000	$63	68
375 Union Ave SE #136	0.25mi	3/2.0	1,344 (-12%)	0mo	$192,448	$143	67
201 Union Ave SE #112	0.22mi	2/2.0 (-1)	1,339 (-13%)	2mo	$86,000	$64	61
201 Union Ave SE #247	0.22mi	2/2.0 (-1)	1,344 (-12%)	6mo	$175,000	$130	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 · 0.29% rent growth · sell at horizon

5-year hold

• IRR: 28.4%
• Equity multiple: 2.14×
• Total profit: $52,631
• Equity at exit: $24,602

10-year hold

• IRR: 34.2%
• Equity multiple: 3.73×
• Total profit: $126,164
• Equity at exit: $14,266

Cash invested: $46,200 (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 98059

• Rents YoY: 0.3%
• Active inventory: 255
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $3,188 high
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,475/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$669
• Net cashflow: $1,378

Break-even live

Break-even rent $1,443

Max offer price $165,000

Occupancy floor 52%

Sensitivity live

Price	-10% $1,492	-5% $1,435	+0% $1,378	+5% $1,321	+10% $1,264
Rent	-10% $1,126	-5% $1,252	+0% $1,378	+5% $1,504	+10% $1,630
Rate	-1.0pp $1,461	-0.5pp $1,420	base $1,378	+0.5pp $1,336	+1.0pp $1,292

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4319 NE 5th Ct #106 Renton, WA	2.0	2.0	1090	$2,250	$2.06	1d	1	0.61mi
4415 NE 5th St Renton, WA	1.0–3.0	1.0–2.0	923	$3,044	$3.30	0d	10	0.63mi
650 Duvall Ave NE Renton, WA	1.0–3.0	1.0–3.0	1020	$3,009	$2.95	0d	13	0.84mi
706 Bremerton Pl NE Renton, WA	4.0	2.5	1850	$3,600	$1.95	3d	1	0.85mi
4627 NE 7th Pl Renton, WA	4.0	2.5	1870	$3,595	$1.92	25d	1	0.87mi
5027 NE 5th Pl Renton, WA	3.0	2.5	1287	$3,300	$2.56	25d	1	0.88mi
850 Bremerton Ave NE Renton, WA	4.0	2.5	2010	$3,490	$1.74	45d	1	0.96mi
5415 NE 4th St Renton, WA	2.0	2.0	1810	$2,650	$1.46	45d	1	1.01mi
2902 SE 11th Pl #1066 Renton, WA	4.0	3.0	1823	$3,299	$1.81	26d	1	1.04mi
14051 145th Ave SE Renton, WA	3.0	2.0	1548	$3,050	$1.97	0d	1	1.08mi
950 Harrington Ave NE Renton, WA	1.0–2.0	1.0–2.0	882	$2,854	$3.24	1d	9	1.15mi
15205 140th Way SE Renton, WA	1.0–3.0	1.0–2.0	1121	$3,542	$3.16	0d	10	1.21mi
1601 Olympia Ave SE Renton, WA	4.0	2.5	2230	$3,600	$1.61	45d	1	1.24mi
2715 Sunset Ln NE Renton, WA	1.0–2.0	1.0–2.0	922	$3,131	$3.39	1d	7	1.27mi
2227 SE 8th Pl Renton, WA	3.0	2.0	1560	$3,650	$2.34	5d	1	1.29mi
3109 NE 11th Pl Unit 3109D Renton, WA	2.0	1.5	1186	$2,525	$2.13	5d	1	1.32mi
2950 NE 11th St Renton, WA	1.0–2.0	1.0–2.5	1050	$3,937	$3.75	0d	16	1.35mi
1930 NE 7th Ct Renton, WA	3.0	2.5	1742	$3,450	$1.98	1d	1	1.44mi
2615 SE 16th St Renton, WA	4.0	3.0	1910	$3,100	$1.62	3d	1	1.45mi
825 Sunset Blvd NE Unit B-1 Renton, WA	2.0	2.5	1150	$2,650	$2.30	14d	1	1.47mi

Listing history 19 events

1. 2026-06-21
   days on market $165,000 Active 152 DOM
2. 2026-06-18
   days on market $165,000 Active 149 DOM
3. 2026-06-17
   days on market $165,000 Active 148 DOM
4. 2026-06-16
   days on market $165,000 Active 147 DOM
5. 2026-06-15
   days on market $165,000 Active 146 DOM
6. 2026-06-13
   days on market $165,000 Active 144 DOM
7. 2026-06-13
   days on market $165,000 Active 143 DOM
8. 2026-06-09
   days on market $165,000 Active 140 DOM
9. 2026-06-08
   days on market $165,000 Active 139 DOM
10. 2026-06-07
    days on market $165,000 Active 138 DOM
11. 2026-06-04
    days on market $165,000 Active 135 DOM
12. 2026-06-03
    days on market $165,000 Active 134 DOM
13. 2026-06-02
    days on market $165,000 Active 133 DOM
14. 2026-06-01
    days on market $165,000 Active 132 DOM
15. 2026-05-31
    days on market $165,000 Active 131 DOM
16. 2026-04-13
    price $165,000
17. 2026-01-20
    listed $185,000 Active
18. 2003-11-26
    soldstatus $68,950
19. 2003-09-28
    listed $68,950

ⓘ 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: $38,257
• − Mortgage interest: −$9,243
• − Property taxes: −$2,475
• − Insurance: −$825
• − Repairs & maintenance: −$3,061
• − Management: −$3,061
• − Depreciation: −$4,800
• Taxable income: $14,793
• Est. tax owed @ 24.0%: −$3,550
• After-tax cash flow: $12,989/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

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.

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · Aesthetic update needed.	Minor	$500–3,000
bathroom fixtures · Update to modernize the space.	Minor	$500–3,000
kitchen countertops · Clean and freshen up the space.	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• 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. ↑

ⓘ 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: 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

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 · 2,251,916 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: 908.0

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: 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%

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

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