23708 Locust Way #44 · Bothell West, WA 98021

$58,000

2 bd · 1.0 ba · 784 sqft · Manufactured public records · 13 Days on market

Built 1977

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• Schools +6.7/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.5/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Country Club Estates — an ALL-AGES PARK offering comfort, convenience, and community! Step into an opportunity to finish this manufactured home as you see fit! Owner selling AS- IS. New electrical, hot water tank, plumbing, exterior paint, some drywall and insulation where remodeled. Owner including flooring left in home as an option to use! Enjoy community amenities including a clubhouse and laundry facilities. Ideally located near shopping, restaurants, and public transportation, this home offers easy commuting and everyday convenience. Don’t miss your chance to own this home and finish it how you want! — schedule your showing today!

Key facts

• Hot water tank
• Plumbing
• Laundry facilities

Tags

• NEW ELECTRICAL
• HOT WATER TANK
• PLUMBING
• EXTERIOR PAINT
• LAUNDRY FACILITIES

Property features AI

Finance

• Other: Bus line nearby; Directions available
• Financial info: Listing terms: Cash, Conventional
• HOA & community: Park name: Country Club Estates; Park amenities: BBQs, clubhouse, common area, laundry, recreational area; Pets allowed: Cats and dogs; Land lease: $1,190

Exterior

• Parking: Carport
• Utilities: Electric energy source; Public water; Snohomish County PUD power
• Home design: Manufactured home (single wide); Model: CORINTHIAN; One level; Faces north; Mobile home remains on site
• Construction: Metal/vinyl construction materials; Metal roof; Pillar/post/pier foundation; Manufactured after 06/15/1976
• Exterior features: Metal/vinyl exterior; Patio/porch/deck

Interior

• Kitchen: Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Laminate; Vinyl; See remarks
• Bathrooms: 1 full bath (includes tub and shower)
• Heating & cooling: Forced air heating; Wall cooling unit(s)
• Interior features: Refrigerator included; Bath off primary; Patio/porch/deck
• Laundry & utility: Laundry available in park

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $58k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $58k).
• Cap rate 41.6% vs local median 2.2% in Bothell West — 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 91/100 on livability (#2 in WA, #63 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: cost of living F.
• Northshore School District (suburban): math 69% / reading 78% proficiency, ranked #9 of 291 in WA (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+1.8%/yr); 254 active listings in the ZIP; 4 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; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).
• This rent is only 17% of the median local income ($184k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $401 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Snohomish County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.8% rent growth), your $16k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $58,000

Questions for the listing agent

1. Built in 1977 — 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. Schools are A-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?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 4.53% ✓
• Cap rate: 41.57%
• Cash-on-cash: 125.99%
• DSCR: 6.61
• GRM: 1.8

CMA / ARV

• ARV (on-the-fly): $119,168
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23708 Locust Way Unit 26B	0.00mi	2/1.0	728 (-7%)	8mo	$115,000	$158	81
23708 Locust Way #42	0.00mi	2/1.0	720 (-8%)	14mo	$121,500	$169	74
23708 Locust Way #29	0.00mi	2/1.0	675 (-14%)	5mo	$48,000	$71	73
23708 Locust Way #37	0.00mi	2/1.0	723 (-8%)	20mo	$115,000	$159	71
23708 LOCUST Way #30	0.00mi	2/1.0	672 (-14%)	15mo	$64,000	$95	64
23708 Locust #26	0.00mi	2/1.0	880 (+12%)	19mo	$80,000	$91	64
23708 Locust Way #4	0.00mi	2/1.0	672 (-14%)	23mo	$35,000	$52	57
1121 244th St SW #28	0.52mi	2/1.0	817 (+4%)	21mo	$124,070	$152	51

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 · 1.75% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.91×
• Total profit: $95,950
• Equity at exit: $8,648

10-year hold

• IRR: —
• Equity multiple: 13.96×
• Total profit: $210,403
• Equity at exit: $5,015

Cash invested: $16,240 (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 98021

• Rents YoY: 1.8%
• Active inventory: 254
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $2,629 medium
• Mortgage (P&I): −$304
• Tax from tax record: −$44 /mo · $523/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$552
• Net cashflow: $1,705

Break-even live

Break-even rent $471

Max offer price $58,000

Occupancy floor 30%

Sensitivity live

Price	-10% $1,738	-5% $1,721	+0% $1,705	+5% $1,689	+10% $1,672
Rent	-10% $1,497	-5% $1,601	+0% $1,705	+5% $1,809	+10% $1,913
Rate	-1.0pp $1,734	-0.5pp $1,720	base $1,705	+0.5pp $1,690	+1.0pp $1,675

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: $14,500
• Closing costs: $1,740
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
24107 7th Ave W Bothell, WA	3.0	1.0	975	$2,795	$2.87	5d	1	0.85mi
18930 68th Ave NE Kenmore, WA	1.0–2.0	1.0–2.0	799	$2,497	$3.13	0d	7	1.22mi
4208 236th St SW Mountlake Terrace, WA	1.0–3.0	1.0–2.0	926	$2,338	$2.52	0d	28	1.42mi
6711 NE 182nd St Kenmore, WA	1.0–2.0	1.0–2.0	899	$2,587	$2.88	0d	9	1.50mi

Listing history 10 events

1. 2026-06-18
   days on market $58,000 Active 13 DOM
2. 2026-06-17
   days on market $58,000 Active 12 DOM
3. 2026-06-16
   days on market $58,000 Active 11 DOM
4. 2026-06-15
   days on market $58,000 Active 10 DOM
5. 2026-06-13
   days on market $58,000 Active 8 DOM
6. 2026-06-13
   days on market $58,000 Active 7 DOM
7. 2026-06-09
   days on market $58,000 Active 4 DOM
8. 2026-06-08
   days on market $58,000 Active 3 DOM
9. 2026-06-07
   remarks 654-char remark
10. 2026-06-07
    listed $58,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $523 · $44/mo
• Projected year-2 tax: $568 · $47/mo
• Expected delta: +$46/yr (+$4/mo · 8.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $31,548
• − Mortgage interest: −$3,249
• − Property taxes: −$523
• − Insurance: −$290
• − Repairs & maintenance: −$2,524
• − Management: −$2,524
• − Depreciation: −$1,687
• Taxable income: $20,751
• Est. tax owed @ 24.0%: −$4,980
• After-tax cash flow: $15,480/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: Northshore School District
• NCES district ID: 5305910
• Math proficiency: 69% ▼ -3.00%
• Reading proficiency: 78% ▼ -1.00%
• Median HH income: $92,951
• Composite: 67.41/100
• National rank: #826
• State rank: #9 of 291 in WA

Livability — Bothell West

• Score: 91/100
• State rank: #2
• US rank: #63

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bothell West, WA
• County: Snohomish County · 786,756 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 35,631
• Household income: $183,786
• Rent vs Own: 18.9% rent · 81.1% own
• Severe rent burden: 413.0

Population outlook (Snohomish County) Hauer SSP2

• Today (2025): 899,800 people
• By 2030: 960,975 · +6.8%
• By 2040: 1,074,447 · +19.4%
• By 2050: 1,171,954 · +30.2%
• By 2075: 1,384,849 · +53.9%
• By 2100: 1,497,296 · +66.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 55% Asian 29% Two or more races 9% Hispanic / Latino 9% Black 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 4% Italian 3% Lithuanian 2%
• Foreign-born: 29% · China, Canada, South Korea
• Languages at home: 65% English-only · Other Indo-European 11% Other Asian/Pacific 6% Chinese 6%

Political lean MEDSL · Snohomish

• 2024 margin: D (+19.0) · D 57.8% · R 38.9% · Other 3.3%
• 2008→2024 swing: +0.1pp no change · 2008: 18.9pp · 2024: 19.0pp
• All cycles: 2024: D+19.0 2020: D+20.6 2016: D+16.6 2012: D+16.2 2008: D+18.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -903.22%
• Current HPI: 380.5475
• Rent YoY: ▲ 1.75%
• 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

• 2026-06-05 Listed $58,000 NWMLS as Distributed by MLS Grid

Property tax history

+11.1%/yr

Latest (2026): $523 · +0.1% YoY. Source: county tax records.