11436 SE 208th St #46 · Kent, WA 98031

$135,000

3 bd · 2.0 ba · 1,344 sqft · Manufactured · 29 Days on market

Built 1982 $100/sqft · at area comps Est $132k · at est.

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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 +6.7/15.0
• 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

Welcome Home to this bright & spacious manufactured home located in an active 55+ Community that is known for its friendly atmosphere and frequent get-togethers. Key Features: 3 Bedrooms/2 Bathrooms. Large windows let in plenty of natural light. Enclosed Sunroom. Spacious Kitchen. Lots of Storage. Covered Carport. This home is conveniently located near grocery stores, the local library, & other essential services. You will never have to go far for what you need! Community Perks: Sparkling Pool & Relaxing Hot Tub. Community Center – Host events or join in on the many planned activities. Pool Table & Social Spaces. Are you ready to enjoy easy living, fun gathering

Key facts

• Lots of storage
• Enclosed sunroom
• Community center

Tags

• ENCLOSED SUNROOM
• SPACIOUS KITCHEN
• LOTS OF STORAGE
• COVERED CARPORT
• RELAXING HOT TUB
• COMMUNITY CENTER

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $135k.

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 ($3k rent vs $135k).
• Recommended offer: $133k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.0% vs local median 2.7% 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); 167 active listings in the ZIP; 16 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).
• This rent runs 31% of the median local income ($106k/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 $933 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 $38k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($133k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 18y 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.

Recommended offer $132,975 (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: 2.01% ✓
• Cap rate: 17.02%
• Cash-on-cash: 38.32%
• DSCR: 2.71
• GRM: 4.2

CMA / ARV

• ARV (median comp): $132,500
• List price: $135,000
• Delta: 1.89%
• Verdict: FAIR
• Comps: 11 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11436 SE 208th St #180	0.00mi	2/2.0 (-1)	1,440 (+7%)	5mo	$132,500	$92	79
11436 SE 208th St #88	0.06mi	3/2.0	1,464 (+9%)	8mo	$126,000	$86	76
20750 113th Pl SE	0.16mi	3/2.0	1,456 (+8%)	4mo	$65,000	$45	75
11436 SE 208th St #36	0.06mi	3/2.0	1,500 (+12%)	6mo	$168,000	$112	73
11436 SE 208th St #170	0.06mi	2/2.0 (-1)	1,250 (-7%)	21mo	$130,000	$104	63
11436 SE 208th St #92	0.00mi	3/2.0	1,536 (+14%)	17mo	$133,500	$87	62
11436 SE 208th St #41	0.06mi	2/2.0 (-1)	1,458 (+8%)	24mo	$250,000	$171	58
20744 113th Pl SE	0.16mi	2/2.0 (-1)	1,250 (-7%)	22mo	$105,000	$84	58
11436 SE 208th St #116	0.06mi	2/2.0 (-1)	1,498 (+12%)	20mo	$145,000	$97	56
12218 SE 206th St	0.54mi	3/2.0	1,480 (+10%)	6mo	$415,000	$280	52

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: 35.0%
• Equity multiple: 2.49×
• Total profit: $56,498
• Equity at exit: $20,129

10-year hold

• IRR: 42.1%
• Equity multiple: 5.08×
• Total profit: $154,382
• Equity at exit: $11,672

Cash invested: $37,800 (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 98031

• Rents YoY: 3.5%
• Active inventory: 167
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $2,709 high
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,025/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$569
• Net cashflow: $1,207

Break-even live

Break-even rent $1,181

Max offer price $135,000

Occupancy floor 50%

Sensitivity live

Price	-10% $1,300	-5% $1,254	+0% $1,207	+5% $1,160	+10% $1,114
Rent	-10% $993	-5% $1,100	+0% $1,207	+5% $1,314	+10% $1,421
Rate	-1.0pp $1,275	-0.5pp $1,241	base $1,207	+0.5pp $1,172	+1.0pp $1,137

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 16 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	44d	1	0.30mi
20805 109th Ln SE Kent, WA	2.0	1.5	1250	$2,700	$2.16	44d	1	0.33mi
11101 SE 208th St Kent, WA	1.0–3.0	1.0–2.0	971	$2,517	$2.59	2d	17	0.36mi
10820 SE 211th Pl Kent, WA	1.0–3.0	1.0–1.5	907	$2,470	$2.72	2d	20	0.38mi
12012 SE 210th St Kent, WA	3.0	1.5	1230	$1,820	$1.48	24d	1	0.47mi
20506 103rd Ave SE Kent, WA	3.0	1.0	1180	$2,295	$1.94	24d	1	0.67mi
19388 114th Pl SE Kent, WA	3.0	2.5	1600	$3,095	$1.93	44d	1	0.75mi
19370 114th Pl SE Unit 114t Kent, WA	4.0	2.5	1714	$3,600	$2.10	44d	1	0.77mi
11602 SE 193rd Pl Kent, WA	4.0	2.5	1770	$3,995	$2.26	44d	1	0.77mi
11412 SE 193rd Ter Kent, WA	4.0	2.5	1714	$3,400	$1.98	24d	1	0.83mi
21822 107th Pl SE #6 Kent, WA	3.0	1.5	1152	$1,525	$1.32	22d	1	0.90mi
11500 SE 221st Pl Kent, WA	3.0	2.5	1770	$3,100	$1.75	44d	1	1.02mi
21627 127th Pl SE Kent, WA	3.0	2.0	1420	$3,095	$2.18	17d	1	1.09mi
9333 S 200th St Kent, WA	3.0	1.0	1060	$2,450	$2.31	5d	1	1.29mi
11211 SE 226th St Kent, WA	3.0	2.0	1012	$2,250	$2.22	18d	1	1.31mi
10815 SE 184th Ln Renton, WA	1.0–2.0	1.0–2.0	860	$2,445	$2.84	15d	3	1.36mi

Listing history 11 events

1. 2026-05-03
   status Pending
2. 2026-04-03
   listed $135,000 Active
3. 2025-05-06
   soldstatus $145,000 Closed
4. 2025-03-30
   status Pending
5. 2025-03-27
   listed $140,000 Active
6. 2009-03-23
   soldstatus $50,000 Sold
7. 2009-02-24
   historical
8. 2009-01-12
   price $54,900
9. 2008-12-16
   status
10. 2008-11-27
    historical
11. 2008-08-26
    listed $59,500

ⓘ 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 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: $32,507
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$675
• − Repairs & maintenance: −$2,601
• − Management: −$2,601
• − Depreciation: −$3,927
• Taxable income: $13,117
• Est. tax owed @ 24.0%: −$3,148
• After-tax cash flow: $11,337/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

+126.9% since first listed

11 events — show timeline

• 2026-05-03 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-03 Listed $135,000 NWMLS as Distributed by MLS Grid
• 2025-05-06 Sold (MLS) $145,000 NWMLS as Distributed by MLS Grid
• 2025-03-30 Pending — NWMLS as Distributed by MLS Grid
• 2025-03-27 Listed $140,000 NWMLS as Distributed by MLS Grid
• 2009-03-23 Sold (MLS) $50,000 NWMLS as Distributed by MLS Grid
• 2009-02-24 Delisted — NWMLS as Distributed by MLS Grid
• 2009-01-12 Price Changed $54,900 NWMLS as Distributed by MLS Grid
• 2008-12-16 Relisted — NWMLS as Distributed by MLS Grid
• 2008-11-27 Delisted — NWMLS as Distributed by MLS Grid
• 2008-08-26 Listed $59,500 NWMLS as Distributed by MLS Grid