2421 S 370th Pl #63 · Lakeland South, WA 98003

$112,000

3 bd · 2.0 ba · 1,680 sqft · Manufactured · 27 Days on market

Built 1990 Average condition Est $158k · 29% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Schools +3.9/10.0
• Rent growth +3.1/5.0
• Condition / age +2.8/5.0
• Appreciation +0.0/10.0

Listing remarks

Affordable Homeownership Opportunity with Huge Potential! Spacious and full of character, this home offers gleaming hardwood floors throughout much of the home, soaring cathedral ceilings, skylights, and a bright open layout that feels warm and inviting from the moment you walk in. The oversized kitchen features abundant cabinet space and flows into a large dining area — perfect for gatherings, entertaining, or everyday comfort. The expansive primary suite includes a walk-in closet and relaxing 5-piece bath, while the second bathroom has already been tastefully updated. Additional upgrades include a newer roof and newer 50-gallon hot water tank. Cozy electric fireplace stays! Enjoy

Key facts

• Cathedral ceilings
• Oversized kitchen
• Open layout

Tags

• HARDWOOD FLOORS
• CATHEDRAL CEILINGS
• SKYLIGHTS
• OPEN LAYOUT
• OVERSIZED KITCHEN
• ABUNDANT CABINET SPACE

Property features AI

Finance

• Other: Buyer to verify schools; Bus route nearby (402)
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Located in Killarney Woods park with about 75 homes; Land lease: $1,400

Exterior

• Parking: 2 open/unenclosed parking spaces
• Utilities: Public water; Public sewer; Electric service (PSE); Cable and internet connected (Comcast)
• Home design: Manufactured home (double wide); Dartmouth model 28x60; One level; Northeast facing; Good condition; Mobile home remains in park; Manufactured home park approved for sale
• Construction: Wood construction; Composition roof; Wood skirting; Pillar/post/pier foundation with tie downs; Manufactured after 6/15/1976
• Exterior features: Wood products siding; Patio/porch/deck; Landscaped; 2 storage sheds located on back side of property; Located on a cul-de-sac; Paved access

Interior

• Kitchen: Dishwasher; Garbage disposal; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Ceramic tile; Hardwood; Carpet
• Bathrooms: 2 full bathrooms; 2 bathtubs; 2 showers
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Fireplace (electric); Water heater
• Laundry & utility: Washer; Water heater located in laundry room (electric, 50 gallon)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $112k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $112k).
• Recommended offer: $110k (1.5% below list) — sets the bar for market timing.
• Cap rate 22.0% vs local median 2.9% in Lakeland South — 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 (#113 in WA, #2,299 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: amenities F, cost of living F.
• Federal Way School District (suburban): math 35% / reading 47% proficiency, ranked #207 of 291 in WA (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.3%/yr); 231 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 2d 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).
• At $2,838/mo this rent would consume 45% of the median local household income ($75k/yr) (locally 2895% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $774 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 + 2.3% rent growth), your $31k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 24y 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.
• Current owner paid $62k; list at $112k implies a 81% gain — meaningful room to come down on a strong offer.

Recommended offer $110,320 (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. 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.
3. 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.
4. 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: 2.53% ✓
• Cap rate: 22.02%
• Cash-on-cash: 56.17%
• DSCR: 3.50
• GRM: 3.3

CMA / ARV

• ARV (on-the-fly): $157,920
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2500 S 370th St #227	0.08mi	3/2.0	1,680 (0%)	10mo	$170,000	$101	88
2500 S 370th St #131	0.10mi	2/2.0 (-1)	1,680 (0%)	5mo	$160,000	$95	86
2500 S 370th St #138	0.10mi	3/2.0	1,800 (+7%)	6mo	$104,000	$58	79
2500 S 370th St #161	0.08mi	3/2.0	1,500 (-11%)	2mo	$175,000	$117	77
2500 S 370th St #225	0.10mi	3/2.0	1,500 (-11%)	0mo	$160,000	$107	77
2500 370th St #183	0.18mi	3/2.0	1,800 (+7%)	4mo	$167,000	$93	77
2500 S 370th St #190	0.12mi	3/2.0	1,809 (+8%)	9mo	$115,000	$64	74
2500 S 370th St #142	0.10mi	3/2.0	1,848 (+10%)	7mo	$80,000	$43	73
2500 Alder St #312	0.74mi	3/2.0	1,632 (-3%)	8mo	$105,000	$64	54
2500 Alder St #63	0.74mi	3/2.0	1,566 (-7%)	6mo	$155,000	$99	50
2500 Alder St #52	0.63mi	2/2.0 (-1)	1,536 (-9%)	5mo	$145,000	$94	47
2500 Alder St #33	0.74mi	2/2.0 (-1)	1,440 (-14%)	2mo	$130,000	$90	35

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 · 2.33% rent growth · sell at horizon

5-year hold

• IRR: 53.8%
• Equity multiple: 3.34×
• Total profit: $73,490
• Equity at exit: $16,700

10-year hold

• IRR: 58.7%
• Equity multiple: 6.64×
• Total profit: $176,866
• Equity at exit: $9,684

Cash invested: $31,360 (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 98003

• Rents YoY: 2.3%
• Active inventory: 231
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $2,838 high
• Mortgage (P&I): −$587
• Tax est. 1.5%: −$140 /mo · $1,680/yr
• Insurance: −$47
• HOA: −$0
• Vacancy / Maint / Mgmt: −$596
• Net cashflow: $1,468

Break-even live

Break-even rent $980

Max offer price $112,000

Occupancy floor 43%

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: $28,000
• Closing costs: $3,360
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1926 S 368th Pl #206 Federal Way, WA	2.0	2.5	1176	$2,995	$2.55	1d	1	0.26mi
2750 S 374th Pl Federal Way, WA	4.0	2.5	2210	$3,250	$1.47	1d	1	0.28mi
2020 S 360th St Federal Way, WA	1.0–3.0	1.0–2.0	971	$2,305	$2.37	1d	24	0.76mi
35726 30th Ave S Federal Way, WA	4.0	2.5	1990	$3,450	$1.73	15d	1	0.85mi
1211 S 376th St Milton, WA	1.0–2.0	1.0–2.0	952	$3,350	$3.52	1d	63	0.87mi
35703 16th Ave S Federal Way, WA	1.0–5.0	1.0–3.0	1098	$2,217	$2.02	1d	28	1.09mi

Listing history 18 events

1. 2026-06-18
   days on market $112,000 Active 27 DOM
2. 2026-06-17
   days on market $112,000 Active 26 DOM
3. 2026-06-16
   days on market $112,000 Active 25 DOM
4. 2026-06-15
   days on market $112,000 Active 24 DOM
5. 2026-06-13
   days on market $112,000 Active 22 DOM
6. 2026-06-09
   days on market $112,000 Active 18 DOM
7. 2026-06-08
   days on market $112,000 Active 17 DOM
8. 2026-06-07
   days on market $112,000 Active 16 DOM
9. 2026-06-04
   days on market $112,000 Active 13 DOM
10. 2026-06-03
    days on market $112,000 Active 12 DOM
11. 2026-06-02
    days on market $112,000 Active 11 DOM
12. 2026-06-01
    days on market $112,000 Active 10 DOM
13. 2026-05-31
    days on market $112,000 Active 9 DOM
14. 2026-05-22
    listed $112,000 Active
15. 2002-07-01
    soldstatus $62,000
16. 2002-06-27
    soldstatus $62,000
17. 2002-03-29
    listed $59,950
18. 2002-03-29
    listed $69,950

ⓘ 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 ≥88°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: $34,056
• − Mortgage interest: −$6,274
• − Property taxes: −$1,680
• − Insurance: −$560
• − Repairs & maintenance: −$2,724
• − Management: −$2,724
• − Depreciation: −$3,258
• Taxable income: $16,835
• Est. tax owed @ 24.0%: −$4,040
• After-tax cash flow: $13,576/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

Average 55/100 Cosmetic rehab

This home offers a good starting point with a spacious layout and hardwood floors, but requires minor repairs and maintenance to enhance its resale and rental value.

Repairs flagged

• Minor kitchen cabinets — existing cabinets in good condition
• Minor bathroom fixtures — existing fixtures in good condition
• Minor HVAC system — existing appliances in good condition

Value-add opportunities

• Both paint interior walls — fresh paint enhances curb appeal and interior aesthetics
• Both landscaping — improved landscaping enhances curb appeal and property value
• Both HVAC system — upgraded HVAC system improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · existing cabinets in good condition	Minor	$500–3,000
bathroom fixtures · existing fixtures in good condition	Minor	$500–3,000
HVAC system · existing appliances in good condition	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both paint interior walls — fresh paint enhances curb appeal and interior aesthetics ↑
• Both landscaping — improved landscaping enhances curb appeal and property value ↑
• Both HVAC system — upgraded HVAC system improves comfort and energy efficiency ↑

ⓘ 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: Federal Way School District
• NCES district ID: 5302820
• Math proficiency: 35% ▬ 0.00%
• Reading proficiency: 47% ▬ 0.00%
• Median HH income: $61,594
• Composite: 38.79/100
• National rank: #8361
• State rank: #207 of 291 in WA

Livability — Lakeland South

• Score: 79/100
• State rank: #113
• US rank: #2299

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lakeland South, WA
• County: King County · 2,251,916 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 51,619
• Household income: $75,319
• Rent vs Own: 53.1% rent · 46.9% own
• Severe rent burden: 2895.0

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 23% Black 19% Two or more races 16% Asian 13% Pacific Islander 2%
• Hispanic origin (detail): Mexican 18%
• Common ancestry: Portuguese 3% Lithuanian 2% Swedish 2%
• Foreign-born: 32% · Canada, South Korea, Vietnam
• Languages at home: 57% English-only · Spanish 18% Other Indo-European 3% Russian/Polish/Slavic 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: ▼ -623.87%
• Current HPI: 327.5371
• Rent YoY: ▲ 2.33%
• 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

+86.8% since first listed

5 events — show timeline

• 2026-05-22 Listed $112,000 NWMLS as Distributed by MLS Grid
• 2002-07-01 Sold (MLS) $62,000 NWMLS as Distributed by MLS Grid
• 2002-06-27 Sold (MLS) $62,000 NWMLS as Distributed by MLS Grid
• 2002-03-29 Listed $69,950 NWMLS as Distributed by MLS Grid
• 2002-03-29 Listed $59,950 NWMLS as Distributed by MLS Grid