24500 Russell Rd #27 · Kent, WA 98032

$139,950

3 bd · 1.5 ba · 980 sqft · Manufactured · 14 Days on market

Built 1975 Good condition $143/sqft · 117% above area

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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 +7.5/15.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to a wonderful opportunity to own a spacious and well-cared-for manufactured home located in a desirable all-ages community. This home offers 3 bedrooms and 1.5 bathrooms, providing a comfortable and functional layout ideal for anyone looking for affordable homeownership in a convenient location. Step inside and enjoy a bright and inviting living space with plenty of room to make it your own. The layout offers flexibility for everyday living, working from home, or entertaining guests. Outside, you’ll love the large private yard, perfect for play, pets, gardening, weekend gatherings, or simply relaxing outdoors. Conveniently located near shopping, restaurants, schools, parks, a

Key facts

• Near schools
• Large private yard
• Near shopping

Tags

• LARGE PRIVATE YARD
• CONVENIENT LOCATION
• NEAR SHOPPING
• NEAR RESTAURANTS
• NEAR SCHOOLS
• NEAR PARKS

Property features AI

Finance

• Other: Located on a dead-end street; Bus line nearby
• Financial info: Listing terms: Cash or Conventional; Estimated annual tax: $673
• HOA & community: Land lease: $975; Park approved for sale; Approximately 60 homes in the park; Pets allowed (cats and dogs; see remarks)

Exterior

• Parking: 2 open/uncovered parking spaces
• Utilities: Public water (Pioneer); Public sewer (Pioneer); Electric power (PSE); Electric energy source
• Home design: Manufactured single-wide home; One level; East-facing; Has view; Good condition
• Construction: Metal/vinyl and wood construction; Torch down roof; Tie-down foundation; Manufacturer: NASHU; Mobile home remains
• Exterior features: Patio/porch/deck; Metal/vinyl and wood exterior

Interior

• Kitchen: Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Ceramic tile; Vinyl plank
• Bathrooms: 1 full bath; 1 half bath; 1 bathtub
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Fireplace (wood burning); Water heater (electric, exterior access panel)
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath manufactured listed at $140k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $935 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Cap rate 14.3% 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 soft (-0.7%/yr); 124 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 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 35% of the median local income ($83k/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 $968 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 + 0.0% rent growth), your $39k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $139,950

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.72% ✓
• Cap rate: 14.31%
• Cash-on-cash: 28.63%
• DSCR: 2.27
• GRM: 4.8

CMA / ARV

• ARV (median comp): $64,372
• List price: $139,950
• Delta: 117.41%
• Verdict: OVERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
827 West Valley Highway, #50	0.62mi	2/2.0 (-1)	924 (-6%)	13mo	$68,000	$74	44
827 W Valley Hwy #43	0.62mi	2/2.0 (-1)	880 (-10%)	22mo	$90,000	$102	28

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 19.5%
• Equity multiple: 1.76×
• Total profit: $29,856
• Equity at exit: $20,867

10-year hold

• IRR: 25.6%
• Equity multiple: 2.93×
• Total profit: $75,561
• Equity at exit: $12,100

Cash invested: $39,186 (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 98032

• Rents YoY: -0.7%
• Active inventory: 124
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $2,408 high
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,099/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$506
• Net cashflow: $935

Break-even live

Break-even rent $1,224

Max offer price $139,950

Occupancy floor 56%

Sensitivity live

Price	-10% $1,032	-5% $983	+0% $935	+5% $887	+10% $838
Rent	-10% $745	-5% $840	+0% $935	+5% $1,030	+10% $1,125
Rate	-1.0pp $1,006	-0.5pp $971	base $935	+0.5pp $899	+1.0pp $862

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: $34,988
• Closing costs: $4,198
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6248 S 242nd Pl Kent, WA	1.0–3.0	1.0–2.0	849	$2,349	$2.77	2d	20	0.19mi
24615 64th Ave S Kent, WA	2.0	1.0–2.0	738	$2,320	$3.14	24d	23	0.23mi
24615 64th Ave S Kent, WA	2.0	1.0–2.0	846	$2,665	$3.15	2d	36	0.23mi
2030 W Meeker St Kent, WA	2.0	1.0–2.0	737	$2,900	$3.93	2d	1	0.31mi
6305 S 238th Pl Kent, WA	1.0–3.0	1.0–2.0	816	$2,662	$3.26	2d	23	0.36mi
25102 62nd Ave S Kent, WA	1.0–3.0	1.0–2.5	1000	$2,785	$2.79	2d	23	0.36mi
1610 W James Pl Kent, WA	2.0	1.0	682	$1,816	$2.66	2d	22	0.37mi
23605 62nd Ave S Kent, WA	1.0–3.0	1.0–2.0	833	$2,793	$3.35	2d	11	0.48mi
23529 60th Ave S Kent, WA	1.0–3.0	1.0–2.0	1016	$2,856	$2.81	3d	16	0.49mi
2200 W Meeker St Kent, WA	3.0	1.0–2.0	837	$3,165	$3.78	2d	18	0.52mi
23315 54th Ave S Unit 3-2 Kent, WA	2.0	2.5	1063	$2,800	$2.63	5d	1	0.77mi
4813 S 252nd Pl Kent, WA	2.0	1.0	757	$1,695	$2.24	44d	5	0.86mi
24849 46th Ave S Kent, WA	1.0–3.0	1.0–2.0	887	$2,499	$2.82	2d	9	0.88mi
625 W Meeker St Kent, WA	1.0–2.0	1.0	633	$1,787	$2.82	2d	15	0.91mi
622 6th Ave S Kent, WA	3.0	2.0	1114	$2,999	$2.69	44d	1	1.02mi
443 Ramsay Way Kent, WA	1.0–2.0	1.0–2.0	728	$2,249	$3.09	2d	13	1.05mi
420 W Smith St Kent, WA	2.0	1.0–2.0	704	$2,321	$3.30	3d	8	1.06mi
707 6th Ave S Unit F103 Kent, WA	2.0	1.5	979	$1,700	$1.74	44d	1	1.06mi
401 3rd Ave S Unit Up L Kent, WA	2.0	1.0	700	$1,700	$2.43	44d	1	1.10mi
702 5th Ave S Kent, WA	2.0–3.0	1.5	1150	$2,400	$2.09	5d	3	1.13mi
518 2nd Ave S Kent, WA	2.0	1.0	630	$1,550	$2.46	24d	1	1.21mi
749 1st Ave N Kent, WA	2.0	0.5	700	$2,200	$3.14	44d	1	1.24mi
850 2nd Ave N Kent, WA	2.0	1.0	825	$1,950	$2.36	44d	1	1.25mi
724 2nd Ave S Kent, WA	2.0	1.0	875	$1,699	$1.94	44d	1	1.30mi
525 Central Ave N Kent, WA	2.0	1.0	780	$2,500	$3.21	44d	1	1.31mi
1001 1st Ave N Kent, WA	1.0–2.0	1.0	683	$1,599	$2.34	5d	20	1.36mi
705 State Ave N #4 Kent, WA	2.0	1.0	787	$1,500	$1.91	5d	1	1.38mi
717 State Ave N Unit 4 Kent, WA	2.0	1.0	787	$1,500	$1.91	44d	1	1.39mi
703 Woodford Ave N Unit 2A Kent, WA	2.0	1.5	928	$1,885	$2.03	5d	1	1.43mi
703 Woodford Ave N Apt 2 Kent, WA	2.0	1.5	928	$1,885	$2.03	5d	1	1.43mi
412 E Novak Ln Kent, WA	1.0–3.0	1.0–2.0	879	$1,869	$2.13	13d	1	1.47mi
3900 Veterans Dr Kent, WA	1.0–3.0	1.0–2.0	1033	$2,355	$2.28	2d	10	1.49mi

Listing history 9 events

1. 2026-06-18
   days on market $139,950 Active 14 DOM
2. 2026-06-17
   days on market $139,950 Active 13 DOM
3. 2026-06-16
   days on market $139,950 Active 12 DOM
4. 2026-06-15
   days on market $139,950 Active 11 DOM
5. 2026-06-13
   days on market $139,950 Active 9 DOM
6. 2026-06-09
   days on market $139,950 Active 5 DOM
7. 2026-06-08
   days on market $139,950 Active 4 DOM
8. 2026-06-07
   days on marketlisting id $139,950 Active 3 DOM
9. 2026-05-15
   listed $139,950 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 6/10 Major FEMA zone X (unshaded) · 27% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥88°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,895
• − Mortgage interest: −$7,839
• − Property taxes: −$2,099
• − Insurance: −$700
• − Repairs & maintenance: −$2,312
• − Management: −$2,312
• − Depreciation: −$4,071
• Taxable income: $9,562
• Est. tax owed @ 24.0%: −$2,295
• After-tax cash flow: $8,926/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.

Condition & rehab AI · 20 photos

Good 75/100 Cosmetic rehab

This well-maintained manufactured home offers a good condition with minimal repairs needed. It's located in a desirable all-ages community and has a spacious yard for outdoor activities.

Value-add opportunities

• Resale paint exterior — enhances curb appeal
• Both update flooring — tile flooring is dated and could be replaced with more modern options
• Both update kitchen cabinets — wooden cabinets could be replaced with more modern styles

Renovation cost estimate screening

Value-add ROI direction

• Resale paint exterior — enhances curb appeal ↑
• Both update flooring — tile flooring is dated and could be replaced with more modern options ↑
• Both update kitchen cabinets — wooden cabinets could be replaced with more modern styles ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 40,862
• Household income: $82,636
• Rent vs Own: 57.3% rent · 42.7% own
• Severe rent burden: 2581.0

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 0.79)
• Race & ethnicity: White 32% Hispanic / Latino 24% Asian 17% Black 16% Two or more races 12% Pacific Islander 4%
• Hispanic origin (detail): Mexican 18%
• Common ancestry: Portuguese 4% Italian 4% Lithuanian 2%
• Foreign-born: 33% · Canada, Vietnam, China
• Languages at home: 57% English-only · Spanish 19% Other Indo-European 6% Other Asian/Pacific 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: ▼ -527.12%
• Current HPI: 299.2499
• Rent YoY: ▼ -0.68%
• 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

1 event — show timeline

• 2026-06-04 Listed $139,950 NWMLS as Distributed by MLS Grid