11436 SE 208th St #124 · Kent, WA 98031

$139,000

2 bd · 2.0 ba · 1,680 sqft · Manufactured · 18 Days on market

Built 1981 $83/sqft · 6% above area Est $131k · 6% over

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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 +4.8/15.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Extensive updates and upgrades, too many to list, in this beautiful, 1,680 square foot home in the coveted Pantera Lago 55+ community. The main entry leads to an open living room with large windows, newer carpet and flooring, and vaulted ceilings with beam detailing. The gorgeous, fully remodeled in 2019 kitchen is the highlight of the home! Bright and spacious, two garden windows, lovely counters, cabinetry, and appliances, an eating bar. .. you're going to love preparing meals here! The kitchen opens to the family room with a slider to the wonderful deck, which was completely redone in 2020. The dining room features beautiful built-in cabinetry and shelving unit for lots of display spa

Key facts

• Built in desk
• Walk in shower
• Separate soaking tub

Tags

• FULLY REMODELED KITCHEN
• BUILT IN DESK
• PRIVATE EN-SUITE BATH
• WALK IN SHOWER
• SEPARATE SOAKING TUB
• OVERSIZED UTILITY ROOM

Property features AI

Finance

• Other: Park approved for sale; Mobile home remains
• Financial info: Listing terms: Cash or Conventional; Land lease amount: $1,125
• HOA & community: Located in Pantera Lago manufactured home park with 188 homes; Park amenities include clubhouse, pool, spa/hot tub, sauna, exercise room, BBQs, sidewalks, high-speed internet availability

Exterior

• Parking: Carport; RV parking available in park
• Security: Clubhouse and community amenities in park
• Utilities: Electric energy source; Public water (park water company); Park sewer; Power provided by PSE
• Home design: Manufactured home (double wide); Golden West make; One story; Pillar/post/pier foundation; Metal skirt; Composition roof; Entry facing within park
• Construction: Metal/vinyl construction; Manufactured after 06/15/1976
• Exterior features: Metal/vinyl exterior; Patio/porch/deck; Awnings; Curbs, paved streets, sidewalks; Common area

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Vinyl; Carpet
• Bathrooms: 2 full bathrooms (2 bathtubs, 2 showers)
• Heating & cooling: Forced air heating; Heat pump; Central air
• Interior features: Water heater (electric, located in closet); Vaulted ceilings; Bath off primary
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $139k.

Deal economics

• At list price, monthly cash flow is $954 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Recommended offer: $137k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.5% vs local median 2.6% in Kent — 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 (#109 in WA, #2,154 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools C-, crime F, cost of living F.
• Kent School District (urban): math 47% / reading 57% proficiency, ranked #109 of 291 in WA (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.5%/yr); 169 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $961 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 + 3.5% rent growth), your $39k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($137k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 8y 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 $115k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $136,915 (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. 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?
3. 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.
4. 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.
5. 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: 1.74% ✓
• Cap rate: 14.53%
• Cash-on-cash: 29.40%
• DSCR: 2.31
• GRM: 4.8

CMA / ARV

• ARV (median comp): $131,233
• List price: $139,000
• Delta: 5.92%
• Verdict: FAIR
• Comps: 12 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11436 SE 208th St #124	0.00mi	2/2.0	1,680 (0%)	0mo	$115,000	$68	100
11436 SE 208th St #123	0.04mi	2/2.0	1,659 (-1%)	11mo	$130,000	$78	87
11436 SE 208th St #15	0.00mi	2/2.0	1,566 (-7%)	16mo	$255,000	$163	75
11436 SE 208th St #188	0.04mi	2/2.0	1,848 (+10%)	10mo	$140,000	$76	74
11436 SE 208th St #180	0.04mi	2/2.0	1,440 (-14%)	5mo	$132,500	$92	70
11436 SE 208th St #36	0.06mi	3/2.0 (+1)	1,500 (-11%)	6mo	$168,000	$112	70
11436 SE 208th #29	0.06mi	2/2.0	1,800 (+7%)	23mo	$180,000	$100	66
11436 SE 208th St #92	0.04mi	3/2.0 (+1)	1,536 (-9%)	17mo	$133,500	$87	65
11436 SE 208th St #88	0.06mi	3/2.0 (+1)	1,464 (-13%)	8mo	$126,000	$86	64
11436 SE 208th St #116	0.06mi	2/2.0	1,498 (-11%)	20mo	$145,000	$97	63
20750 113th Pl SE	0.16mi	3/2.0 (+1)	1,456 (-13%)	4mo	$65,000	$45	62
12218 SE 206th St	0.57mi	3/2.0 (+1)	1,480 (-12%)	7mo	$415,000	$280	43

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 · 3.53% rent growth · sell at horizon

5-year hold

• IRR: 24.5%
• Equity multiple: 2.02×
• Total profit: $39,544
• Equity at exit: $20,725

10-year hold

• IRR: 32.6%
• Equity multiple: 4.04×
• Total profit: $118,174
• Equity at exit: $12,018

Cash invested: $38,920 (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 98031

• Rents YoY: 3.5%
• Active inventory: 169
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $2,423 high
• Mortgage (P&I): −$729
• Tax est. 1.5%: −$174 /mo · $2,085/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$509
• Net cashflow: $954

Break-even live

Break-even rent $1,216

Max offer price $139,000

Occupancy floor 56%

Sensitivity live

Price	-10% $1,050	-5% $1,002	+0% $954	+5% $906	+10% $858
Rent	-10% $762	-5% $858	+0% $954	+5% $1,049	+10% $1,145
Rate	-1.0pp $1,024	-0.5pp $989	base $954	+0.5pp $918	+1.0pp $881

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20803 110th Ln SE Kent, WA	2.0	2.5	1361	$2,845	$2.09	45d	1	0.27mi
20805 109th Ln SE Kent, WA	2.0	1.5	1250	$2,700	$2.16	45d	1	0.29mi
11101 SE 208th St Kent, WA	1.0–3.0	1.0–2.0	971	$2,026	$2.09	0d	18	0.35mi
10820 SE 211th Pl Kent, WA	1.0–3.0	1.0–1.5	907	$1,966	$2.17	0d	20	0.35mi
12012 SE 210th St Kent, WA	3.0	1.5	1230	$1,820	$1.48	25d	1	0.51mi
20506 103rd Ave SE Kent, WA	3.0	1.0	1180	$2,295	$1.94	25d	1	0.63mi
19388 114th Pl SE Kent, WA	3.0	2.5	1600	$3,095	$1.93	45d	1	0.75mi
21822 107th Pl SE #6 Kent, WA	3.0	1.5	1152	$1,525	$1.32	23d	1	0.88mi
11500 SE 221st Pl Kent, WA	3.0	2.5	1770	$3,100	$1.75	45d	1	1.02mi
21627 127th Pl SE Kent, WA	3.0	2.0	1420	$3,095	$2.18	18d	1	1.13mi
9333 S 200th St Kent, WA	3.0	1.0	1060	$2,450	$2.31	5d	1	1.25mi
5301 Talbot Rd S Renton, WA	2.0	1.0–2.0	1046	$2,532	$2.42	0d	9	1.49mi

Listing history 8 events

1. 2026-05-04
   status Pending
2. 2026-04-23
   listed $139,000 Active
3. 2019-03-29
   soldstatus $60,000 Sold
4. 2019-02-17
   status Pending
5. 2019-02-02
   historical Contingent
6. 2019-01-24
   status Active
7. 2019-01-21
   status Pending Inspection
8. 2018-12-20
   listed $69,950 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 ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 12 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,076
• − Mortgage interest: −$7,786
• − Property taxes: −$2,085
• − Insurance: −$695
• − Repairs & maintenance: −$2,326
• − Management: −$2,326
• − Depreciation: −$4,044
• Taxable income: $9,814
• Est. tax owed @ 24.0%: −$2,355
• After-tax cash flow: $9,087/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: Kent School District
• NCES district ID: 5303960
• Math proficiency: 47% ▼ -1.00%
• Reading proficiency: 57% ▼ -1.00%
• Median HH income: $69,823
• Composite: 48.25/100
• National rank: #4714
• State rank: #109 of 291 in WA

Livability — Kent

• Score: 79/100
• State rank: #109
• US rank: #2154

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kent, WA
• County: King County · 2,251,916 people
• City population: 119,479
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 40,094
• Household income: $105,965
• Rent vs Own: 32.8% rent · 67.2% own
• Severe rent burden: 1151.0

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 0.77)
• Race & ethnicity: White 36% Asian 27% Black 13% Hispanic / Latino 13% Two or more races 13% Pacific Islander 1%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Italian 5% Portuguese 2% Subsaharan African 2%
• Foreign-born: 31% · Canada, Vietnam, China
• Languages at home: 58% English-only · Spanish 9% Other Indo-European 7% Vietnamese 4%

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: ▼ -673.58%
• Current HPI: 308.1747
• Rent YoY: ▲ 3.53%
• 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

+64.4% since first listed

11 events — show timeline

• 2026-06-17 Sold (MLS) $115,000 NWMLS as Distributed by MLS Grid
• 2026-05-27 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-20 Relisted — NWMLS as Distributed by MLS Grid
• 2026-05-04 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-23 Listed $139,000 NWMLS as Distributed by MLS Grid
• 2019-03-29 Sold (MLS) $60,000 NWMLS as Distributed by MLS Grid
• 2019-02-17 Pending — NWMLS as Distributed by MLS Grid
• 2019-02-02 Contingent — NWMLS as Distributed by MLS Grid
• 2019-01-24 Relisted — NWMLS as Distributed by MLS Grid
• 2019-01-21 Pending — NWMLS as Distributed by MLS Grid
• 2018-12-20 Listed $69,950 NWMLS as Distributed by MLS Grid