18501 52nd Ave W #22 · Lynnwood, WA 98037

$119,500

2 bd · 2.0 ba · 1,248 sqft · Manufactured public records · 20 Days on market

Built 1981 Est $134k · 11% 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 +12.2/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.4/10.0
• Livability +3.9/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautifully maintained and spacious home located in a quiet gated 55+ community. This move-in ready home features new carpet and vinyl flooring, professionally re-leveled floors, a new dishwasher, new hot water heater, updated lighting throughout (except kitchen). Vaulted ceilings and an open floor plan create a bright and inviting living space. Enjoy meals in the built-in breakfast nook or formal dining room. Relax in the large primary suite with adjoining en-suite bath and soaker tub. The walk-in utility room includes washer/dryer and abundant cabinet storage. Outside, the large covered area offers parking, a powered workshop, and a deck perfect for outdoor enjoyment. The community clubho

Key facts

• Gated community
• New carpet
• New hot water heater

Tags

• GATED COMMUNITY
• NEW CARPET
• NEW HOT WATER HEATER
• UPDATED LIGHTING
• BUILT-IN BREAKFAST NOOK
• LARGE COVERED AREA

Property features AI

Finance

• Other: Energy-efficient double pane windows
• Financial info: Land lease: $1,350; Listing terms: Cash or Conventional
• HOA & community: Located in Royalwood Estates manufactured home park; Park approved for sale; Clubhouse, common area, exercise room, recreational area; High-speed internet available; Security gate; 89 homes in the park

Exterior

• Parking: Carport; RV parking (park amenity)
• Security: Security gate
• Utilities: Public water (billed by park); Sewer billed by park; Electric and natural gas available; Electric water heater located in guest bedroom closet; Cable: Xfinity; Internet: Xfinity; Power service: Snohomish County PUD
• Home design: Manufactured home (double wide); One level; Good condition; Model: SOMERSET (GOLDENWEST); Mobile home remains; Skirted with metal
• Construction: Metal/vinyl and wood construction materials; Torch down roof; Pillar/post/pier foundation
• Exterior features: Patio/porch/deck; Awnings; Landscaped; Metal/vinyl and wood exterior

Interior

• Kitchen: Dishwasher; Garbage disposal; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Vinyl; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 2 bathtubs; 1 shower
• Heating & cooling: Forced air heating
• Interior features: Water heater; Jetted/soaking tub; Vaulted ceilings; Drapes; Dining room, entry, family room, living room, utility room, and kitchen with eating space
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $989 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.2% vs local median 2.2% in Lynnwood — 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 77/100 on livability (#150 in WA, #3,226 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, employment A; Watch: crime F, cost of living F.
• Edmonds School District (suburban): math 54% / reading 65% proficiency, ranked #53 of 291 in WA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.4%/yr); 173 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $826 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Snohomish County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.4% rent growth), your $33k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 16y 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 $20k; list at $120k implies a 497% gain — meaningful room to come down on a strong offer.

Recommended offer $117,707 (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: 1.84% ✓
• Cap rate: 16.22%
• Cash-on-cash: 35.46%
• DSCR: 2.58
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $133,536
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
18501 52nd Ave W #83	0.08mi	2/2.0	1,260 (+1%)	10mo	$135,000	$107	87
18501 52nd Ave W #54	0.00mi	2/2.0	1,096 (-12%)	0mo	$145,000	$132	80
5220 176th St SW #12	0.45mi	2/1.5	1,200 (-4%)	12mo	$95,000	$79	61
5220 176th St SW #9	0.45mi	2/2.0	1,336 (+7%)	12mo	$73,800	$55	57
5220 176th St SW #14	0.45mi	2/2.0	1,330 (+7%)	15mo	$83,500	$63	56
5220 176th St SW #50	0.45mi	2/2.0	1,200 (-4%)	22mo	$99,900	$83	54
4515 176th St SW #33	0.66mi	3/2.0 (+1)	1,248 (0%)	14mo	$157,000	$126	52
17408 44th Ave W #32	0.73mi	3/2.0 (+1)	1,188 (-5%)	11mo	$225,000	$189	44

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 · 1.37% rent growth · sell at horizon

5-year hold

• IRR: 29.3%
• Equity multiple: 2.20×
• Total profit: $40,043
• Equity at exit: $17,818

10-year hold

• IRR: 35.7%
• Equity multiple: 4.04×
• Total profit: $101,785
• Equity at exit: $10,332

Cash invested: $33,460 (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 98037

• Rents YoY: 1.4%
• Active inventory: 173
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $2,205 high
• Mortgage (P&I): −$627
• Tax from tax record: −$76 /mo · $916/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$463
• Net cashflow: $989

Break-even live

Break-even rent $953

Max offer price $119,500

Occupancy floor 50%

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: $29,875
• Closing costs: $3,585
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18400 52nd Ave W Lynnwood, WA	2.0	1.0	1092	$1,995	$1.83	43d	1	0.10mi
18534 52nd Ave W Lynnwood, WA	2.0	2.0	1100	$2,295	$2.09	2d	1	0.18mi
18606 52nd Ave W Lynnwood, WA	2.0	2.0	1204	$2,325	$1.93	5d	1	0.22mi
5311 188th St SW Lynnwood, WA	2.0	1.5	1004	$2,500	$2.49	43d	1	0.27mi
5620 183rd St SW Lynnwood, WA	1.0–2.0	1.0	787	$2,075	$2.63	2d	2	0.38mi
5707 186th Pl SW Unit 4-PLEX 1 Lynnwood, WA	2.0	2.0	1000	$2,135	$2.13	24d	1	0.40mi
5624 183rd St SW Lynnwood, WA	1.0–2.0	1.0	787	$2,100	$2.67	5d	2	0.41mi
4516 188th St SW Lynnwood, WA	3.0	1.0	1500	$2,895	$1.93	24d	1	0.44mi
4816 176th St SW Lynnwood, WA	1.0–2.0	1.0–1.5	802	$1,970	$2.45	3d	6	0.48mi
4702 176th St SW Lynnwood, WA	1.0–2.0	1.0	886	$1,925	$2.17	2d	8	0.49mi
4502 176th St SW Unit 2 Lynnwood, WA	2.0	2.0	1004	$2,195	$2.19	43d	1	0.50mi
17828 44th Ave W Unit 2 Lynnwood, WA	2.0	2.0	750	$2,100	$2.80	43d	1	0.52mi
4432 176th St SW Unit 2 Lynnwood, WA	2.0	2.0	1004	$2,195	$2.19	24d	1	0.55mi
4432 176th St SW Unit 3 Lynnwood, WA	2.0	2.0	1004	$2,195	$2.19	43d	1	0.55mi
4428 176th St SW Unit 4 Lynnwood, WA	2.0	2.0	1004	$2,195	$2.19	24d	1	0.56mi
17422 52nd Ave W Lynnwood, WA	2.0	1.5	850	$1,960	$2.31	24d	1	0.58mi
4410 176th St SW Lynnwood, WA	1.0–2.0	1.0	770	$1,850	$2.40	5d	3	0.62mi
17529 44th Ave W Lynnwood, WA	2.0	1.0	1000	$2,395	$2.40	3d	1	0.68mi
18020 40th Ave W Lynnwood, WA	1.0	1.0	1350	$2,350	$1.74	43d	1	0.70mi
5419 172nd Pl SW Lynnwood, WA	3.0	2.0	980	$2,895	$2.95	24d	1	0.76mi
17314 44th Ave W Unit C Lynnwood, WA	2.0	1.5	1000	$2,200	$2.20	18d	1	0.78mi
17619 62nd Pl W Lynnwood, WA	3.0	1.0	1400	$2,695	$1.93	43d	1	0.85mi
19801 50th Ave W Lynnwood, WA	1.0–2.0	1.0	825	$1,925	$2.33	5d	5	0.86mi
19800 50th Ave W Lynnwood, WA	2.0	1.0	854	$1,790	$2.10	2d	4	0.90mi
19309 40th Ave W Lynnwood, WA	2.0	1.0–1.5	707	$2,580	$3.65	43d	3	0.92mi
18124 36th Ave W Lynnwood, WA	1.0–2.0	1.0–2.0	821	$2,155	$2.62	3d	8	0.93mi
5618 198th St SW Unit 202 Lynnwood, WA	2.0	1.0	817	$1,750	$2.14	3d	1	0.96mi
18505 36th Ave W Lynnwood, WA	1.0–2.0	1.0–2.0	776	$2,356	$3.04	2d	9	0.99mi
18031 36th Ave W Lynnwood, WA	1.0–2.0	1.0–2.0	760	$2,186	$2.88	2d	6	0.99mi
4807 200th St SW Lynnwood, WA	2.0–3.0	1.0	935	$1,550	$1.66	2d	12	0.99mi
19501 40th Ave W Lynnwood, WA	1.0–2.0	1.0	662	$2,346	$3.54	3d	25	1.00mi
4727 200th St SW Lynnwood, WA	1.0–2.0	1.0–1.5	875	$2,558	$2.92	1d	12	1.00mi
5725 200th St SW Lynnwood, WA	2.0	1.0	800	$2,000	$2.50	16d	1	1.05mi
4800 200th St SW Unit E201 Lynnwood, WA	2.0	2.0	971	$2,300	$2.37	5d	1	1.06mi
4001 198th St SW Lynnwood, WA	3.0	1.0–2.0	905	$3,115	$3.44	3d	242	1.08mi
16604 48th Ave W Lynnwood, WA	1.0–3.0	1.0–2.0	890	$2,162	$2.43	3d	9	1.11mi
19301 36th Ave W Lynnwood, WA	2.0	1.5	1080	$2,250	$2.08	24d	1	1.11mi
19301 36th Ave W Unit 37 Lynnwood, WA	2.0	1.5	1080	$2,250	$2.08	11d	1	1.13mi
5812 200th St SW Unit B Lynnwood, WA	2.0	2.0	942	$2,300	$2.44	43d	1	1.13mi
19888 40th Ave W Lynnwood, WA	1.0	1.0	572	$2,565	$4.48	2d	8	1.15mi

Listing history 14 events

1. 2026-06-18
   days on market $119,500 Active 20 DOM
2. 2026-06-17
   days on market $119,500 Active 19 DOM
3. 2026-06-16
   days on market $119,500 Active 18 DOM
4. 2026-06-15
   days on market $119,500 Active 17 DOM
5. 2026-06-13
   days on market $119,500 Active 15 DOM
6. 2026-06-13
   days on market $119,500 Active 14 DOM
7. 2026-06-09
   days on market $119,500 Active 11 DOM
8. 2026-06-08
   days on market $119,500 Active 10 DOM
9. 2026-06-07
   days on market $119,500 Active 9 DOM
10. 2026-06-04
    days on market $119,500 Active 6 DOM
11. 2026-06-03
    days on market $119,500 Active 5 DOM
12. 2026-06-02
    days on market $119,500 Active 4 DOM
13. 2026-06-01
    days on market $119,500 Active 3 DOM
14. 2026-05-31
    days on market $119,500 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $916 · $76/mo
• Projected year-2 tax: $1,171 · $98/mo
• Expected delta: +$255/yr (+$21/mo · 27.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $26,454
• − Mortgage interest: −$6,694
• − Property taxes: −$916
• − Insurance: −$598
• − Repairs & maintenance: −$2,116
• − Management: −$2,116
• − Depreciation: −$3,476
• Taxable income: $10,538
• Est. tax owed @ 24.0%: −$2,529
• After-tax cash flow: $9,336/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: Edmonds School District
• NCES district ID: 5302400
• Math proficiency: 54% ▼ -1.00%
• Reading proficiency: 65% ▬ 0.00%
• Median HH income: $67,451
• Composite: 53.94/100
• National rank: #3026
• State rank: #53 of 291 in WA

Livability — Lynnwood

• Score: 77/100
• State rank: #150
• US rank: #3226

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lynnwood, WA
• County: Snohomish County · 786,756 people
• City population: 152,865
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 29,723
• Household income: $107,281
• Rent vs Own: 38.4% rent · 61.6% own
• Severe rent burden: 1090.0

Population outlook (Snohomish County) Hauer SSP2

• Today (2025): 899,800 people
• By 2030: 960,975 · +6.8%
• By 2040: 1,074,447 · +19.4%
• By 2050: 1,171,954 · +30.2%
• By 2075: 1,384,849 · +53.9%
• By 2100: 1,497,296 · +66.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 48% Asian 23% Hispanic / Latino 15% Two or more races 12% Black 6%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Portuguese 3% Italian 3% Slovak 2%
• Foreign-born: 28% · Canada, China, South Korea
• Languages at home: 65% English-only · Spanish 10% Chinese 4% Korean 4%

Political lean MEDSL · Snohomish

• 2024 margin: D (+19.0) · D 57.8% · R 38.9% · Other 3.3%
• 2008→2024 swing: +0.1pp no change · 2008: 18.9pp · 2024: 19.0pp
• All cycles: 2024: D+19.0 2020: D+20.6 2016: D+16.6 2012: D+16.2 2008: D+18.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -847.19%
• Current HPI: 340.6136
• Rent YoY: ▲ 1.37%
• 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

+408.5% since first listed

5 events — show timeline

• 2026-05-29 Listed $119,500 NWMLS as Distributed by MLS Grid
• 2010-08-27 Sold (MLS) $20,000 NWMLS as Distributed by MLS Grid
• 2010-07-09 Pending — NWMLS as Distributed by MLS Grid
• 2010-07-09 Delisted — NWMLS as Distributed by MLS Grid
• 2010-02-17 Listed $23,500 NWMLS as Distributed by MLS Grid

Property tax history

+9.3%/yr

Latest (2026): $916 · +8.8% YoY. Source: county tax records.