1402 22nd St NE #243 · Auburn, WA 98002

$84,950

2 bd · 2.0 ba · 1,248 sqft · Manufactured · 98 Days on market

Built 1976 Est $100k · 15% 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 +14.2/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

MUSS SEE! UPDATED! READY TO MOVE-IN, Home is locate in RIO VERDE ESTATE Community a premiere 55+ GATED COMMUNITY, Home offer 2 bedroom, 2 bath, Living room and Dining room are filled with Natural lighting from windows creating a warm and inviting atmosphere. Step out side with 2 Cover Patios for your morning coffee relax or an afternoon kick back with Tea. Home offering New Laminate Floor (water Proof) New interior paint, New Kitchen Appliances, new Kitchen Cabinet painted and updated with Beautiful Countertop. The generous Laundry room provide extra storage and easy access to your hobby shop, 2 car carport attached, possibly for garage enclosed for your privacy. Closed to Shopping and all

Key facts

• 2 cover patios
• New kitchen cabinet
• Beautiful countertop

Tags

• 55 GATED COMMUNITY
• 2 COVER PATIOS
• NEW LAMINATE FLOOR
• NEW KITCHEN APPLIANCES
• NEW KITCHEN CABINET
• BEAUTIFUL COUNTERTOP

Property features AI

Finance

• Financial info: Land lease: $1,200; Listing terms: Cash, Conventional
• HOA & community: Senior community; Rio Verde Estates park amenities: club-house, common area, exercise room, laundry, pool, BBQs, RV parking, security gate

Exterior

• Parking: Carport; RV parking (community amenity)
• Security: Security gate; Park with gated security (community amenity)
• Utilities: Park water; Park sewer; PSE electric
• Home design: Manufactured home (double wide); One story; Make: MANS, Model: 52x24
• Construction: Metal/vinyl construction; Composition roof; Manufactured after 6/15/1976
• Exterior features: Metal/vinyl exterior; Patio/Porch/Deck

Interior

• Kitchen: Dishwasher; Stove/Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Laminate
• Bathrooms: 1 full bath; 1 three-quarter bath
• Heating & cooling: Forced air heating; Electric power
• Interior features: Double pane windows; Patio/Porch/Deck; Tie down foundation; Security gate
• Laundry & utility: Washer; Dryer; 1 storage unit

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $85k.

Deal economics

• At list price, monthly cash flow is $953 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $77k (9.0% below list) — sets the bar for market timing.
• Cap rate 19.7% vs local median 2.7% in Auburn — 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 81/100 on livability (#75 in WA, #1,371 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Auburn School District (urban): math 47% / reading 56% proficiency, ranked #125 of 291 in WA (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.5%/yr); 171 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 $588 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 + 1.5% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 25y ago; this cycle's ask has dropped $25k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $77,304 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — 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. 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?
6. 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.
7. 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.
8. 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: 2.29% ✓
• Cap rate: 19.75%
• Cash-on-cash: 48.06%
• DSCR: 3.14
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $99,840
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1402 22nd St NE #424	0.02mi	2/2.0	1,248 (0%)	1mo	$124,500	$100	98
1402 22nd St NE #222	0.00mi	2/2.0	1,248 (0%)	12mo	$90,000	$72	90
1402 22ND St NE #39	0.02mi	2/2.0	1,248 (0%)	11mo	$158,000	$127	90
1402 22nd St NE #11	0.02mi	2/2.0	1,368 (+10%)	2mo	$60,000	$44	81
1402 22nd St NE #428	0.02mi	2/2.0	1,344 (+8%)	11mo	$140,000	$104	77
1402 22nd St NE #27	0.27mi	2/2.0	1,344 (+8%)	0mo	$65,000	$48	74
1402 22nd St NE #233	0.39mi	2/2.0	1,248 (0%)	9mo	$90,000	$72	74
1402 22nd St NE #127	0.38mi	2/2.0	1,320 (+6%)	4mo	$137,500	$104	69
1402 22nd St NE #315	0.02mi	2/2.0	1,344 (+8%)	23mo	$118,000	$88	67
1402 22nd St NE #220	0.38mi	2/2.0	1,248 (0%)	24mo	$100,000	$80	62
1402 22nd St NE #455	0.39mi	2/2.0	1,344 (+8%)	18mo	$107,200	$80	54

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 · 1.51% rent growth · sell at horizon

5-year hold

• IRR: 43.8%
• Equity multiple: 2.85×
• Total profit: $44,053
• Equity at exit: $12,666

10-year hold

• IRR: 49.2%
• Equity multiple: 5.42×
• Total profit: $105,134
• Equity at exit: $7,345

Cash invested: $23,786 (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 98002

• Rents YoY: 1.5%
• Active inventory: 171
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $1,949 high
• Mortgage (P&I): −$445
• Tax est. 1.5%: −$106 /mo · $1,274/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$409
• Net cashflow: $953

Break-even live

Break-even rent $743

Max offer price $84,950

Occupancy floor 46%

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: $21,238
• Closing costs: $2,548
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2212 O St NE Unit D Auburn, WA	3.0	1.0	1000	$1,925	$1.93	21d	1	0.07mi
2025 M St NE Unit 2045 Auburn, WA	2.0	1.5	1248	$2,095	$1.68	21d	1	0.13mi
2222 L St NE Unit 2222LA Auburn, WA	2.0	1.0	895	$1,995	$2.23	2d	1	0.16mi
2409 N St NE Auburn, WA	2.0	1.0	900	$1,950	$2.17	15d	1	0.17mi
2414 N St NE Unit C Auburn, WA	3.0	1.0	1271	$1,950	$1.53	24d	1	0.18mi
2315 L St NE Unit 2315LA Auburn, WA	2.0	1.0	990	$1,995	$2.02	2d	1	0.22mi
2319 L St NE Unit 2319LB Auburn, WA	2.0	1.0	895	$1,995	$2.23	2d	1	0.23mi
2502 M St NE Unit 2502MA Auburn, WA	2.0	1.0	910	$2,050	$2.25	2d	1	0.23mi
1015 18th St NE Unit 931 935 1001 1007 Auburn, WA	2.0	1.0	900	$1,699	$1.89	24d	1	0.25mi
1741 22nd St NE Auburn, WA	1.0–3.0	1.0–2.0	902	$1,650	$1.83	2d	2	0.26mi
2545 M Pl NE Unit 2545MPC Auburn, WA	2.0	1.0	1000	$1,895	$1.90	24d	1	0.27mi
2556 M Pl NE Unit 2556MPC Auburn, WA	2.0	1.0	1000	$1,895	$1.90	20d	1	0.28mi
2602 J St NE Auburn, WA	2.0	1.0	897	$1,972	$2.20	3d	10	0.37mi
802 22nd St NE Unit 802 Auburn, WA	2.0	1.0	750	$1,585	$2.11	12d	1	0.38mi
2317 I St NE Unit 2319 Auburn, WA	3.0	2.0	1400	$2,275	$1.62	24d	1	0.41mi
987 26th Pl NE Auburn, WA	2.0	1.5	939	$1,795	$1.91	24d	1	0.42mi
2701 J St NE Unit 2701JB Auburn, WA	2.0	1.0	800	$2,050	$2.56	24d	1	0.42mi
2441 I St NE Auburn, WA	2.0	1.0	910	$1,795	$1.97	15d	1	0.43mi
1413 12th St NE Unit ADU Auburn, WA	3.0	1.0	1000	$2,400	$2.40	5d	1	0.49mi
1433 8th St NE Auburn, WA	1.0–3.0	1.0–1.5	1025	$2,244	$2.19	1d	13	0.69mi
31900 104th Ave SE Unit A206 Auburn, WA	2.0	1.5	1250	$2,000	$1.60	24d	1	0.72mi
1608 8th St NE Auburn, WA	2.0	1.0	809	$1,500	$1.85	10d	1	0.78mi
634 M St NE Unit 3 Auburn, WA	2.0	1.5	900	$1,650	$1.83	24d	1	0.82mi
1314 6th Pl NE Auburn, WA	3.0	1.5	1180	$3,200	$2.71	24d	1	0.84mi
511 M St NE Auburn, WA	2.0	1.0	742	$1,695	$2.28	5d	1	0.92mi
502 8th St NE Auburn, WA	1.0–2.0	1.0	687	$1,795	$2.61	2d	3	0.96mi
1221 A St NE Auburn, WA	1.0–2.0	1.0–2.0	741	$1,986	$2.68	1d	14	0.96mi
1107 A St NE Auburn, WA	1.0–2.0	1.0	654	$2,022	$3.09	2d	26	1.00mi
29 R St NE Unit A Auburn, WA	2.0	1.0	900	$1,695	$1.88	24d	1	1.17mi
421 3rd St NE Auburn, WA	2.0	1.0	870	$1,600	$1.84	12d	1	1.21mi
515 N Division St Auburn, WA	1.0–2.0	1.0	700	$1,750	$2.50	24d	4	1.27mi
44 5th St NE Apt 4 Auburn, WA	3.0	1.0	1000	$1,999	$2.00	24d	1	1.29mi
107 N St SE Unit A Auburn, WA	2.0	1.0	1080	$1,750	$1.62	21d	1	1.32mi
225 I St SE Unit 225 Auburn, WA	2.0	1.0	980	$2,100	$2.14	15d	1	1.47mi
24 Auburn Way S Auburn, WA	2.0	1.0	1000	$1,495	$1.50	24d	1	1.47mi
128 E Main St Auburn, WA	2.0	1.0–2.0	680	$2,425	$3.56	5d	6	1.50mi

Listing history 28 events

1. 2026-06-18
   days on market $84,950 Active 98 DOM
2. 2026-06-17
   days on market $84,950 Active 97 DOM
3. 2026-06-16
   days on market $84,950 Active 96 DOM
4. 2026-06-15
   pricedays on market $84,950 Active 95 DOM
5. 2026-06-13
   days on market $94,500 Active 93 DOM
6. 2026-06-13
   days on market $94,500 Active 92 DOM
7. 2026-06-09
   days on market $94,500 Active 89 DOM
8. 2026-06-08
   days on market $94,500 Active 88 DOM
9. 2026-06-07
   days on market $94,500 Active 87 DOM
10. 2026-06-04
    days on market $94,500 Active 84 DOM
11. 2026-06-03
    days on market $94,500 Active 83 DOM
12. 2026-06-02
    days on market $94,500 Active 82 DOM
13. 2026-06-01
    days on market $94,500 Active 81 DOM
14. 2026-05-31
    days on market $94,500 Active 80 DOM
15. 2026-05-24
    price $94,500
16. 2026-04-14
    price $99,950
17. 2026-03-12
    listed $109,950 Active
18. 2023-04-18
    soldstatus $99,900 Closed
19. 2023-04-13
    status Pending
20. 2023-03-05
    price $79,900
21. 2023-01-01
    price $89,900
22. 2022-12-06
    price $94,900
23. 2022-10-20
    price $99,900
24. 2022-09-15
    listed $109,900 Active
25. 2005-09-26
    soldstatus $77,000
26. 2005-01-31
    listed $78,900
27. 2001-08-17
    soldstatus $57,000
28. 2001-07-11
    listed $62,500

ⓘ 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) · 27% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥87°F today · 16 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: $23,387
• − Mortgage interest: −$4,759
• − Property taxes: −$1,274
• − Insurance: −$425
• − Repairs & maintenance: −$1,871
• − Management: −$1,871
• − Depreciation: −$2,471
• Taxable income: $10,716
• Est. tax owed @ 24.0%: −$2,572
• After-tax cash flow: $8,859/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: Auburn School District
• NCES district ID: 5300300
• Math proficiency: 47% ▼ -3.00%
• Reading proficiency: 56% ▼ -1.00%
• Median HH income: $58,048
• Composite: 46.73/100
• National rank: #5240
• State rank: #125 of 291 in WA

Livability — Auburn

• Score: 81/100
• State rank: #75
• US rank: #1371

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Auburn, WA
• County: King County · 2,251,916 people
• City population: 74,969
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 37,509
• Household income: $78,684
• Rent vs Own: 51.1% rent · 48.9% own
• Severe rent burden: 2202.0

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 0.72)
• Race & ethnicity: White 46% Hispanic / Latino 24% Two or more races 13% Black 12% Asian 6% Pacific Islander 4% Native American 2%
• Hispanic origin (detail): Mexican 20%
• Common ancestry: Portuguese 4% Subsaharan African 4% Lithuanian 3%
• Foreign-born: 24% · Canada, Vietnam
• Languages at home: 63% English-only · Spanish 19% Russian/Polish/Slavic 6% Other Asian/Pacific 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: ▼ -677.96%
• Current HPI: 298.0849
• Rent YoY: ▲ 1.51%
• 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

+51.2% since first listed

14 events — show timeline

• 2026-05-24 Price Changed $94,500 NWMLS as Distributed by MLS Grid
• 2026-04-14 Price Changed $99,950 NWMLS as Distributed by MLS Grid
• 2026-03-12 Listed $109,950 NWMLS as Distributed by MLS Grid
• 2023-04-18 Sold (MLS) $99,900 NWMLS as Distributed by MLS Grid
• 2023-04-13 Pending — NWMLS as Distributed by MLS Grid
• 2023-03-05 Price Changed $79,900 NWMLS as Distributed by MLS Grid
• 2023-01-01 Price Changed $89,900 NWMLS as Distributed by MLS Grid
• 2022-12-06 Price Changed $94,900 NWMLS as Distributed by MLS Grid
• 2022-10-20 Price Changed $99,900 NWMLS as Distributed by MLS Grid
• 2022-09-15 Listed $109,900 NWMLS as Distributed by MLS Grid
• 2005-09-26 Sold (MLS) $77,000 NWMLS as Distributed by MLS Grid
• 2005-01-31 Listed $78,900 NWMLS as Distributed by MLS Grid
• 2001-08-17 Sold (MLS) $57,000 NWMLS as Distributed by MLS Grid
• 2001-07-11 Listed $62,500 NWMLS as Distributed by MLS Grid