15410 SE 272nd St #35 · Covington, WA 98042

$217,500

3 bd · 2.0 ba · 1,232 sqft · Manufactured · 20 Days on market

Built 1990 Est $362k · 40% 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 +26.4/30.0
• ARV discount +15.0/15.0
• DSCR +9.0/10.0
• 1% rule +7.1/10.0
• Schools +4.8/10.0
• Livability +4.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this 3 Bedroom, 2 Bath completely upgraded home. .. to include newer roof (s), gutters, downspouts, Furnace, Hot water heater, interior / exterior paint, and plank flooring throughout. Bedroom closets are waiting for new Buyers Personal Design. Additionally, the crawl space has just had a clean out with new vaper barrier, spray foam insulation and replacement of plumbing lines. The home is ideally located just minutes from HWY 18, Costco, Public Transit, Covington Shopping, Banks, Schools, Churches and Restaurants galore!!

Key facts

• 2 parking spots
• Built 1990
• Listed 19 days

Property features AI

Finance

• Financial info: Land lease: $918 per month; Listing terms: Cash or Conventional
• HOA & community: Soos Creek Estates manufactured home park (119 homes); Park approved for sale; Park amenities include high-speed internet availability, playground, sidewalks

Exterior

• Parking: Carport; Uncovered parking
• Utilities: Electric service; Public water; Sewer included in lot rent; Puget Sound Energy for power
• Home design: Manufactured double-wide home (Goldenwest); One level; Manufactured after 06/15/1976; Entry level: one
• Construction: Cement plank siding; Composition roof; Pillar/post/pier foundation
• Exterior features: Cement planked exterior; Patio/porch/deck; Paved lot

Interior

• Kitchen: Kitchen with eating space
• Bedrooms: 3 bedrooms
• Flooring: Vinyl plank
• Bathrooms: 2 full bathrooms; 2 bathtubs; 2 showers; Primary bath access
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Entry; Kitchen with eating space; Living room; Vinyl plank flooring

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $218k.

Deal economics

• At list price, monthly cash flow is $570 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $218k).
• Recommended offer: $214k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 2.4% in Covington — 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 86/100 on livability (#23 in WA, #445 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, employment A+, housing A+; Watch: 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.
• Zoned schools: Covington Elementary School (631 students, 60% FRL); Kentlake High School (1,440 students, 54% FRL) — zoned schools average 57% FRL vs 41% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 341 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($214k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 26y 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 $178k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $214,237 (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. 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?
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: 1.21% ✓
• Cap rate: 9.44%
• Cash-on-cash: 11.24%
• DSCR: 1.50
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $362,208
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15410 SE 272nd #43	0.13mi	3/2.0	1,232 (0%)	21mo	$181,000	$147	76
15232 SE 272nd St #79	0.25mi	3/2.0	1,120 (-9%)	6mo	$165,000	$147	69
27484 149th Pl SE #81	0.63mi	3/2.0	1,152 (-6%)	1mo	$389,000	$338	59
27479 150th Ave SE #104	0.60mi	3/2.0	1,152 (-6%)	4mo	$389,000	$338	58
27460 149th Pl SE #85	0.60mi	3/2.0	1,150 (-7%)	9mo	$439,000	$382	53
15232 SE 272 St #116	0.24mi	4/2.0 (+1)	1,346 (+9%)	20mo	$190,000	$141	52
27404 149th Ave SE #62	0.57mi	3/2.0	1,344 (+9%)	9mo	$374,000	$278	51
27427 149th Ave SE	0.60mi	3/2.0	1,152 (-6%)	14mo	$339,000	$294	50
27422 149th Ave SE #59	0.59mi	3/2.0	1,323 (+7%)	16mo	$465,500	$352	48
15016 SE 274th Pl #121	0.51mi	3/2.0	1,356 (+10%)	17mo	$425,000	$313	46
27409 149th Ave SE	0.59mi	3/2.0	1,344 (+9%)	16mo	$360,000	$268	44
15030 SE 275th Way #142	0.58mi	2/2.0 (-1)	1,152 (-6%)	20mo	$305,000	$265	40

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 · 0.19% rent growth · sell at horizon

5-year hold

• IRR: -2.7%
• Equity multiple: 0.90×
• Total profit: $-6,090
• Equity at exit: $32,430

10-year hold

• IRR: 3.5%
• Equity multiple: 1.22×
• Total profit: $13,642
• Equity at exit: $18,805

Cash invested: $60,900 (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 98042

• Rents YoY: 0.2%
• Active inventory: 341
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $2,625 high
• Mortgage (P&I): −$1,141
• Tax est. 1.5%: −$272 /mo · $3,262/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$551
• Net cashflow: $570

Break-even live

Break-even rent $1,903

Max offer price $217,500

Occupancy floor 73%

Sensitivity live

Price	-10% $721	-5% $646	+0% $570	+5% $495	+10% $420
Rent	-10% $363	-5% $467	+0% $570	+5% $674	+10% $778
Rate	-1.0pp $680	-0.5pp $626	base $570	+0.5pp $514	+1.0pp $457

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: $54,375
• Closing costs: $6,525
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14901 SE 272nd St Kent, WA	1.0–3.0	1.0–2.0	900	$2,285	$2.54	0d	14	0.51mi
26902 169th Pl SE Covington, WA	1.0–2.0	1.0	671	$2,220	$3.31	12d	1	0.91mi
14200 SE 272nd St Kent, WA	2.0	1.5–2.5	1550	$2,866	$1.85	0d	4	0.95mi
17126 SE 269th Pl Covington, WA	1.0–3.0	1.0–2.0	956	$2,587	$2.71	0d	15	0.98mi
27403 141st Ave SE Kent, WA	3.0	1.5	960	$3,500	$3.65	4d	1	1.02mi
17110 SE 276th St Covington, WA	1.0–3.0	1.0–2.0	852	$2,220	$2.61	0d	2	1.04mi
16830 SE Wax Rd Covington, WA	3.0	1.0–2.0	909	$2,458	$2.70	0d	14	1.10mi
27400 132nd Ave SE Kent, WA	1.0–2.0	1.0–2.0	842	$1,999	$2.37	0d	7	1.49mi

Listing history 13 events

1. 2026-06-21
   days on market $217,500 Active 20 DOM
2. 2026-06-18
   days on market $217,500 Active 17 DOM
3. 2026-06-17
   days on market $217,500 Active 16 DOM
4. 2026-06-16
   days on market $217,500 Active 15 DOM
5. 2026-06-15
   days on market $217,500 Active 14 DOM
6. 2026-06-13
   days on market $217,500 Active 12 DOM
7. 2026-06-09
   days on market $217,500 Active 8 DOM
8. 2026-06-08
   days on market $217,500 Active 7 DOM
9. 2026-06-07
   days on market $217,500 Active 6 DOM
10. 2026-06-04
    remarks 539-char remark
11. 2026-06-04
    days on market $217,500 Active 3 DOM
12. 2026-06-03
    days on market $217,500 Active 2 DOM
13. 2026-06-02
    listed $217,500 Active 1 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 6/10 Major FEMA zone X (unshaded) · 72% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 12 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,497
• − Mortgage interest: −$12,183
• − Property taxes: −$3,262
• − Insurance: −$1,088
• − Repairs & maintenance: −$2,520
• − Management: −$2,520
• − Depreciation: −$6,327
• Taxable income: $3,597
• Est. tax owed @ 24.0%: −$863
• After-tax cash flow: $5,982/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 — Covington

• Score: 86/100
• State rank: #23
• US rank: #445

Category grades

Amenities A+ 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: Covington, WA
• County: King County · 2,251,916 people
• City population: 50,216
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 50,216
• Household income: $127,552
• Rent vs Own: 17.7% rent · 82.3% own
• Severe rent burden: 892.0

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 0.58)
• Race & ethnicity: White 62% Asian 13% Hispanic / Latino 12% Two or more races 12% Black 6%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 4% Subsaharan African 3% Italian 3%
• Foreign-born: 19% · Canada, Vietnam, China
• Languages at home: 75% English-only · Spanish 7% Russian/Polish/Slavic 4% Other Indo-European 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: ▼ -635.61%
• Current HPI: 297.7991
• Rent YoY: ▲ 0.19%
• 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

+335.4% since first listed

12 events — show timeline

• 2026-06-01 Listed $217,500 NWMLS as Distributed by MLS Grid
• 2023-04-20 Sold (MLS) $178,000 NWMLS as Distributed by MLS Grid
• 2023-03-21 Pending — NWMLS as Distributed by MLS Grid
• 2023-03-18 Listed $179,900 NWMLS as Distributed by MLS Grid
• 2013-08-19 Delisted — NWMLS as Distributed by MLS Grid
• 2013-08-15 Sold (MLS) $20,000 NWMLS as Distributed by MLS Grid
• 2013-07-29 Pending — NWMLS as Distributed by MLS Grid
• 2013-07-23 Listed $20,000 NWMLS as Distributed by MLS Grid
• 2007-06-08 Sold (MLS) $27,000 NWMLS as Distributed by MLS Grid
• 2007-04-24 Listed $29,000 NWMLS as Distributed by MLS Grid
• 2000-10-17 Sold (MLS) $50,000 NWMLS as Distributed by MLS Grid
• 2000-03-23 Listed $49,950 NWMLS as Distributed by MLS Grid