401 37th St SE #104 · Auburn, WA 98002

$184,900

4 bd · 2.0 ba · 1,248 sqft · Manufactured · 11 Days on market

Built 1979 Good condition Est $155k · 19% over

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Why this score? — see what drove the C+ 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
• DSCR +10.0/10.0
• 1% rule +8.9/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +2.9/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Doublewide for sale at Tall Cedars (all-ages). 4 Bed / 1.75 Bath / 1,248 Sq. Ft. This renovated home is ready for new memories. Enjoy a spacious kitchen with new appliances, beautiful cabinets holding quartz countertops, and a skylight. New carpet throughout the home. The bedrooms are all good size, and the spacious primary has its own bathroom as well. This home has plenty of storage, and WD hookups. All appliances stay with the home. Outside you will enjoy a large carport, and a large storage shed. Tall Cedars is conveniently located and close to everything Auburn has to offer! Come make it yours!

Key facts

• Quartz countertops
• Beautiful cabinets
• New carpet

Tags

• SPACIOUS KITCHEN
• NEW APPLIANCES
• BEAUTIFUL CABINETS
• QUARTZ COUNTERTOPS
• SKYLIGHT
• NEW CARPET

Property features AI

Finance

• Financial info: Cash or conventional financing accepted
• HOA & community: Park-approved for sale; Land lease of $625/month

Exterior

• Parking: Carport
• Home design: Manufactured double-wide home; Manufactured after June 15, 1976; Mobile home remains on site; One story
• Construction: Manufactured house (double wide)
• Exterior features: Located in Tall Cedars park; Bus line nearby

Interior

• Bedrooms: 4 bedrooms
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom; 1 bathtub; 2 showers
• Interior features: Very good condition; One-level layout

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $185k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $747 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $185k).
• Cap rate 11.1% 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); 176 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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 39% of the median local income ($79k/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 $1k of loan paydown is wiped out by about $6k 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 $52k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $184,900

Questions for the listing agent

1. Built in 1979 — 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: 1.39% ✓
• Cap rate: 11.14%
• Cash-on-cash: 17.32%
• DSCR: 1.77
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $154,752
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
401 37th St SE #104	0.00mi	4/2.0	1,248 (0%)	0mo	$180,000	$144	100
210 37th St SE #130	0.13mi	3/2.0 (-1)	1,248 (0%)	2mo	$150,000	$120	88
607 37th St SE #81	0.16mi	4/2.0	1,296 (+4%)	5mo	$115,000	$89	82
602 29th St SE #39	0.35mi	3/2.0 (-1)	1,232 (-1%)	6mo	$155,000	$126	71
602 29th St SE #54	0.41mi	3/2.0 (-1)	1,232 (-1%)	6mo	$55,000	$45	69
3225 M St SE #145	0.43mi	3/2.0 (-1)	1,254 (+0%)	7mo	$105,000	$84	68
3225 M St SE #144	0.54mi	3/2.0 (-1)	1,248 (0%)	3mo	$155,000	$124	68
607 37th St SE #77	0.16mi	3/2.0 (-1)	1,120 (-10%)	4mo	$135,000	$121	66
2902 B St SE	0.45mi	3/2.0 (-1)	1,152 (-8%)	4mo	$312,500	$271	57
707 37th St SE #36	0.21mi	3/2.0 (-1)	1,404 (+12%)	9mo	$215,000	$153	57
4248 A St SE #518	0.45mi	3/2.0 (-1)	1,344 (+8%)	9mo	$145,000	$108	54
4248 A St SE #228	0.43mi	3/2.0 (-1)	1,344 (+8%)	11mo	$175,000	$130	53

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: 7.0%
• Equity multiple: 1.27×
• Total profit: $13,879
• Equity at exit: $27,569

10-year hold

• IRR: 15.0%
• Equity multiple: 2.13×
• Total profit: $58,442
• Equity at exit: $15,987

Cash invested: $51,772 (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: 176
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $2,563 medium
• Mortgage (P&I): −$970
• Tax est. 1.5%: −$231 /mo · $2,774/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$538
• Net cashflow: $747

Break-even live

Break-even rent $1,617

Max offer price $184,900

Occupancy floor 66%

Sensitivity live

Price	-10% $875	-5% $811	+0% $747	+5% $683	+10% $619
Rent	-10% $545	-5% $646	+0% $747	+5% $848	+10% $950
Rate	-1.0pp $840	-0.5pp $794	base $747	+0.5pp $699	+1.0pp $651

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: $46,225
• Closing costs: $5,547
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
345 Pacific Ave N Pacific, WA	1.0–3.0	1.0–2.0	898	$2,306	$2.57	0d	10	0.75mi
2455 F St SE Auburn, WA	1.0–3.0	1.0–2.0	757	$1,955	$2.58	3d	6	0.76mi
102 Hawthorne Ave S Pacific, WA	3.0	1.0	1285	$2,950	$2.30	0d	1	1.04mi

Listing history 2 events

1. 2026-04-30
   status Pending
2. 2026-04-18
   listed $184,900 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 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 7/10 Severe 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,759
• − Mortgage interest: −$10,357
• − Property taxes: −$2,774
• − Insurance: −$924
• − Repairs & maintenance: −$2,461
• − Management: −$2,461
• − Depreciation: −$5,379
• Taxable income: $6,404
• Est. tax owed @ 24.0%: −$1,537
• After-tax cash flow: $7,429/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 · 12 photos

Good 80/100 Cosmetic rehab

This renovated mobile home is move-in ready with new appliances, quartz countertops, and carpet throughout. It offers a spacious kitchen, large carport, and storage shed, making it an attractive option for both resale and rental.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Resale Replace countertops — Quartz countertops are durable and attractive
• Resale Install new flooring in bathrooms — New flooring improves aesthetics and functionality

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Resale Replace countertops — Quartz countertops are durable and attractive ↑
• Resale Install new flooring in bathrooms — New flooring improves aesthetics and functionality ↑

ⓘ 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: 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

2 events — show timeline

• 2026-04-30 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-18 Listed $184,900 NWMLS as Distributed by MLS Grid