2500 S 370th St #26 · Lakeland South, WA 98003

$110,000

2 bd · 2.0 ba · 1,344 sqft · Manufactured · 24 Days on market

Built 1990 Good condition Est $128k · 14% 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 +13.7/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Schools +3.9/10.0
• Condition / age +3.8/5.0
• Rent growth +3.1/5.0
• Appreciation +0.0/10.0

Listing remarks

Come live in the beautiful 55+ community of Kloshe Illahee! Enjoy a clubhouse, pool, spa, and exercise room and easy access to freeway, shopping centers, and restaurants. Quiet two-bedroom, two-bath double wide manufactured home shines with double-pane windows, skylights, and 6-inch walls. Includes a spacious kitchen, large front room, utility room with washer/dryer and soaking sink. Tons of storage throughout. Outside extended shed for extra storage or shop space. Lots of upgrades (roof and skylights 2023, heat pump 2023, refrigerator 2022, water heater 2022, washer/dryer 2020, toilet/sinks/faucets in primary bath 2022/2024)! Low maintenance landscaping. Flat driveway!

Key facts

• Clubhouse
• Spa
• Exercise room

Tags

• CLUBHOUSE
• POOL
• SPA
• EXERCISE ROOM
• DOUBLE PANE WINDOWS
• SKYLIGHTS

Property features AI

Finance

• Other: Located in Kloshe Illahee park
• Financial info: Land lease payment (approx. $1,434); Listing terms: Cash or Conventional
• HOA & community: Senior community; Park approved for sale; Park has about 258 homes; Pets allowed

Exterior

• Parking: Carport
• Utilities: Electric energy source; Public water
• Home design: Manufactured double-wide home (Silvercrest 56/24); Single-story; Mobile home remains in place; Property type: Manufactured Home
• Construction: Manufactured after 6/15/1976; Double-wide body type
• Exterior features: Patio/porch/deck; Common areas and community BBQs; Clubhouse; Exercise room; High-speed internet available

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Ceramic tile; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath
• Heating & cooling: Heat pump heating; Heat pump cooling; Double pane windows (energy efficient)
• Interior features: Dining room; Wood-burning fireplace; Drapes; Patio/porch/deck
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $110k. Condition is rated good.

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 $110k).
• Recommended offer: $108k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.9% vs local median 2.9% in Lakeland South — 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 79/100 on livability (#113 in WA, #2,299 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: amenities F, cost of living F.
• Federal Way School District (suburban): math 35% / reading 47% proficiency, ranked #207 of 291 in WA (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.3%/yr); 233 active listings in the ZIP; 6 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 39% of the median local income ($75k/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 $761 of loan paydown is wiped out by about $3k 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 + 2.3% rent growth), your $31k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.

Recommended offer $108,350 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 2.20% ✓
• Cap rate: 18.88%
• Cash-on-cash: 44.96%
• DSCR: 3.00
• GRM: 3.8

CMA / ARV

• ARV (on-the-fly): $127,680
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2500 S 370th St N #85	0.01mi	2/2.0	1,344 (0%)	6mo	$125,000	$93	94
2500 S 370th St #213	0.01mi	2/2.0	1,344 (0%)	7mo	$69,900	$52	94
2500 S 370th St #160	0.01mi	2/2.0	1,344 (0%)	9mo	$120,000	$89	92
2500 S 370th St #208	0.09mi	2/2.0	1,344 (0%)	10mo	$110,000	$82	88
2500 S 370th St #54	0.01mi	3/2.0 (+1)	1,344 (0%)	9mo	$127,500	$95	87
2500 S 370th St #162	0.01mi	3/2.0 (+1)	1,380 (+3%)	4mo	$160,000	$116	87
2500 S 370th St #32	0.09mi	2/2.0	1,248 (-7%)	0mo	$84,000	$67	84
37301 28th Ave S	0.28mi	2/2.0	1,248 (-7%)	0mo	$200,000	$160	75
2500 S 370th St #225	0.01mi	3/2.0 (+1)	1,500 (+12%)	0mo	$160,000	$107	75
2500 S 370th St #161	0.09mi	3/2.0 (+1)	1,500 (+12%)	2mo	$175,000	$117	70
2430 S 371st St #49	0.17mi	3/2.0 (+1)	1,200 (-11%)	2mo	$190,000	$158	68
2500 Alder St #52	0.74mi	2/2.0	1,536 (+14%)	5mo	$145,000	$94	38

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 · 2.33% rent growth · sell at horizon

5-year hold

• IRR: 41.3%
• Equity multiple: 2.76×
• Total profit: $54,085
• Equity at exit: $16,401

10-year hold

• IRR: 47.2%
• Equity multiple: 5.39×
• Total profit: $135,313
• Equity at exit: $9,511

Cash invested: $30,800 (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 98003

• Rents YoY: 2.3%
• Active inventory: 233
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $2,423 high
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$138 /mo · $1,650/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$509
• Net cashflow: $1,154

Break-even live

Break-even rent $962

Max offer price $110,000

Occupancy floor 47%

Sensitivity live

Price	-10% $1,230	-5% $1,192	+0% $1,154	+5% $1,116	+10% $1,078
Rent	-10% $963	-5% $1,058	+0% $1,154	+5% $1,250	+10% $1,345
Rate	-1.0pp $1,209	-0.5pp $1,182	base $1,154	+0.5pp $1,125	+1.0pp $1,096

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1926 S 368th Pl #206 Federal Way, WA	2.0	2.5	1176	$2,995	$2.55	2d	1	0.29mi
35929 21st Pl S Federal Way, WA	2.0	1.5–2.0	1174	$2,650	$2.26	0d	5	0.63mi
2020 S 360th St Federal Way, WA	1.0–3.0	1.0–2.0	971	$1,915	$1.97	2d	24	0.72mi
1211 S 376th St Milton, WA	1.0–2.0	1.0–2.0	952	$3,350	$3.52	0d	65	0.95mi
35703 16th Ave S Federal Way, WA	1.0–5.0	1.0–3.0	1098	$1,874	$1.71	2d	28	1.07mi
207 Meridian Ave E Edgewood, WA	1.0–2.0	1.0–2.0	835	$2,498	$2.99	0d	18	1.25mi

Listing history 15 events

1. 2026-06-21
   days on market $110,000 Active 24 DOM
2. 2026-06-18
   days on market $110,000 Active 21 DOM
3. 2026-06-17
   days on market $110,000 Active 20 DOM
4. 2026-06-16
   days on market $110,000 Active 19 DOM
5. 2026-06-15
   days on market $110,000 Active 18 DOM
6. 2026-06-13
   days on market $110,000 Active 16 DOM
7. 2026-06-09
   days on market $110,000 Active 12 DOM
8. 2026-06-08
   days on market $110,000 Active 11 DOM
9. 2026-06-07
   days on market $110,000 Active 10 DOM
10. 2026-06-04
    days on market $110,000 Active 7 DOM
11. 2026-06-03
    days on market $110,000 Active 6 DOM
12. 2026-06-02
    days on market $110,000 Active 5 DOM
13. 2026-06-01
    days on market $110,000 Active 4 DOM
14. 2026-05-31
    days on market $110,000 Active 3 DOM
15. 2026-05-28
    listed $110,000 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥88°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: $29,075
• − Mortgage interest: −$6,162
• − Property taxes: −$1,650
• − Insurance: −$550
• − Repairs & maintenance: −$2,326
• − Management: −$2,326
• − Depreciation: −$3,200
• Taxable income: $12,862
• Est. tax owed @ 24.0%: −$3,087
• After-tax cash flow: $10,761/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 75/100 Cosmetic rehab

This well-maintained manufactured home in a 55+ community offers a good condition with minor updates needed for a fresh look and increased value.

Repairs flagged

• Minor kitchen cabinets — dated and could be replaced
• Minor bathroom fixtures — dated and could be replaced
• Minor paint — faded and could be refreshed

Value-add opportunities

• Resale new kitchen cabinets — modernizes the space and adds value
• Resale new bathroom fixtures — modernizes the space and adds value
• Resale paint refresh — refreshes the interior and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and could be replaced	Minor	$500–3,000
bathroom fixtures · dated and could be replaced	Minor	$500–3,000
paint · faded and could be refreshed	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Resale new kitchen cabinets — modernizes the space and adds value ↑
• Resale new bathroom fixtures — modernizes the space and adds value ↑
• Resale paint refresh — refreshes the interior and adds value ↑

ⓘ 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: Federal Way School District
• NCES district ID: 5302820
• Math proficiency: 35% ▬ 0.00%
• Reading proficiency: 47% ▬ 0.00%
• Median HH income: $61,594
• Composite: 38.79/100
• National rank: #8361
• State rank: #207 of 291 in WA

Livability — Lakeland South

• Score: 79/100
• State rank: #113
• US rank: #2299

Category grades

Amenities F 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: Lakeland South, WA
• County: King County · 2,251,916 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 51,619
• Household income: $75,319
• Rent vs Own: 53.1% rent · 46.9% own
• Severe rent burden: 2895.0

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 0.79)
• Race & ethnicity: White 32% Hispanic / Latino 23% Black 19% Two or more races 16% Asian 13% Pacific Islander 2%
• Hispanic origin (detail): Mexican 18%
• Common ancestry: Portuguese 3% Lithuanian 2% Swedish 2%
• Foreign-born: 32% · Canada, South Korea, Vietnam
• Languages at home: 57% English-only · Spanish 18% Other Indo-European 3% Russian/Polish/Slavic 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: ▼ -623.87%
• Current HPI: 327.5371
• Rent YoY: ▲ 2.33%
• 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

1 event — show timeline

• 2026-05-28 Listed $110,000 NWMLS as Distributed by MLS Grid