273 Holly Dr #16 · Enumclaw, WA 98022

$70,000

3 bd · 2.0 ba · 1,344 sqft · Manufactured · 30 Days on market

Manufactured home Built 1990 Fair condition $52/sqft · 53% below 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 +5.5/10.0
• Livability +4.4/5.0
• Rent growth +3.6/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

INVESTOR SPECIAL. Welcome to Mountain Meadows, where easy living and everyday charm come together in all the right ways. This 3 bedroom, 2 bathroom home with a versatile den offers 1,344 square feet of bright, open living space built for both comfort and connection. Step inside to high ceilings and a spacious kitchen that anchors the home, flowing effortlessly into the dining and living areas, perfect for hosting or enjoying a quiet night in. The primary suite is tucked away with its own private bath, creating a peaceful retreat at the end of the day. Out back, enjoy a secluded outdoor space that feels like your own private escape. When you are ready to get out, you are just minutes from do

Key facts

• Private bath
• Community amenities
• Spacious kitchen

Tags

• HIGH CEILINGS
• SPACIOUS KITCHEN
• PRIVATE BATH
• SECLUDED OUTDOOR SPACE
• COMMUNITY AMENITIES

Property features AI

Finance

• Other: Mobile home remains on site; Calculated building area: 1,344 square feet
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Mountain Meadows community; Park approved for sale; Clubhouse, common area, playground, high-speed internet available; Approximately 190 homes in the park; Land lease: $1,075

Exterior

• Parking: Carport; RV parking available in park
• Utilities: Electric energy; Public water (City of Enumclaw); Public sewer (City of Enumclaw); Power by PSE
• Home design: Manufactured home (double wide); Built after 06/15/1976; One level; Manufactured house / Double wide; Facing direction not specified
• Construction: Cement plank construction; Composition roof
• Exterior features: Cement planked exterior; Patio/porch/deck; Landscaped; Paved lot; Has view

Interior

• Kitchen: Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Laminate; Carpet
• Bathrooms: 2 full bathrooms (2 tubs, 2 showers)
• Heating & cooling: Forced air heating; No cooling; Double-pane windows
• Interior features: Water heater; Skylights; Vaulted ceilings; Den/office
• Laundry & utility: Electric water heater (inside)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $70k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $897 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• Recommended offer: $69k (1.5% below list) — sets the bar for market timing.
• Cap rate 22.8% vs local median 2.5% in Enumclaw — 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 88/100 on livability (#12 in WA, #222 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, housing A+; Watch: cost of living D-.
• Enumclaw School District (suburban): math 54% / reading 68% proficiency, ranked #46 of 291 in WA (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Southwood Elementary School (345 students, 38% FRL); Enumclaw Middle School (509 students, 38% FRL); Enumclaw Sr High School (1,339 students, 28% FRL).
• Market conditions: Rents rising fast (+4.3%/yr); 228 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k 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 + 4.3% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($69k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $68,950 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 2.62% ✓
• Cap rate: 22.80%
• Cash-on-cash: 58.96%
• DSCR: 3.62
• GRM: 3.2

CMA / ARV

• ARV (median comp): $149,931
• List price: $70,000
• Delta: -53.31%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
209 Noble Fir Cir #60	0.04mi	3/2.0	1,344 (0%)	3mo	$150,000	$112	95
207 Noble Fir Cir	0.05mi	2/2.0 (-1)	1,344 (0%)	3mo	$140,000	$104	90
252 Grand Fir Dr #25	0.04mi	3/2.0	1,352 (+1%)	12mo	$185,000	$137	87
1144 Douglas Fir	0.13mi	3/2.0	1,344 (0%)	11mo	$180,000	$134	85
206 Noble Fir Cir	0.08mi	2/2.0 (-1)	1,248 (-7%)	11mo	$70,000	$56	70
1207 Maple Dr	0.29mi	3/2.0	1,456 (+8%)	6mo	$160,000	$110	68
201 Grand Fir Dr	0.05mi	3/2.0	1,188 (-12%)	14mo	$144,000	$121	67
2200 Oak Ave #49	0.10mi	2/2.0 (-1)	1,536 (+14%)	8mo	$135,000	$88	60
1106 Mountian Villa Loop	0.35mi	2/2.0 (-1)	1,248 (-7%)	10mo	$90,000	$72	59
926 Pine Dr	0.43mi	2/2.0 (-1)	1,248 (-7%)	9mo	$119,500	$96	55
936 Mountain Villa Dr	0.41mi	2/2.0 (-1)	1,512 (+12%)	1mo	$222,000	$147	54
943 Pine Dr	0.44mi	3/2.0	1,244 (-7%)	16mo	$210,000	$169	54

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 · 4.32% rent growth · sell at horizon

5-year hold

• IRR: 54.7%
• Equity multiple: 3.46×
• Total profit: $48,293
• Equity at exit: $10,437

10-year hold

• IRR: 60.4%
• Equity multiple: 7.44×
• Total profit: $126,249
• Equity at exit: $6,052

Cash invested: $19,600 (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 98022

• Rents YoY: 4.3%
• Active inventory: 228
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,831 high
• Mortgage (P&I): −$367
• Tax est. 1.5%: −$88 /mo · $1,050/yr
• Insurance: −$29
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$385
• Net cashflow: $897

Break-even live

Break-even rent $696

Max offer price $70,000

Occupancy floor 46%

Sensitivity live

Price	-10% $945	-5% $921	+0% $897	+5% $872	+10% $848
Rent	-10% $752	-5% $824	+0% $897	+5% $969	+10% $1,041
Rate	-1.0pp $932	-0.5pp $914	base $897	+0.5pp $878	+1.0pp $860

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
250 Charwila Ln Enumclaw, WA	2.0	1.0	894	$1,750	$1.96	5d	1	0.31mi
312 Charwila Ln Enumclaw, WA	2.0	1.0	894	$1,750	$1.96	15d	1	0.31mi
847 Blake St Enumclaw, WA	3.0	1.0	1064	$2,000	$1.88	0d	1	0.67mi
124 Jewell St Enumclaw, WA	3.0	1.5	1540	$3,200	$2.08	46d	1	0.72mi
615 Watson St N Unit 617B Enumclaw, WA	2.0	1.0	960	$1,999	$2.08	0d	1	0.85mi
556 Bondgard Ave E Enumclaw, WA	3.0	2.0	1480	$2,995	$2.02	12d	1	1.12mi
1571 Kibler Ave Enumclaw, WA	3.0	2.0	1200	$2,600	$2.17	17d	1	1.25mi
1571 Kibler Ave Enumclaw, WA	3.0	2.0	1200	$2,600	$2.17	23d	1	1.25mi
320 Chinook Ave Enumclaw, WA	2.0–3.0	1.0–2.0	923	$2,305	$2.50	0d	6	1.37mi

Listing history 4 events

1. 2026-06-02
   status $70,000 Pending 30 DOM
2. 2026-05-07
   price $70,000
3. 2026-04-29
   price $82,000
4. 2026-04-24
   listed $89,900 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 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥87°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 10 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,977
• − Mortgage interest: −$3,921
• − Property taxes: −$1,050
• − Insurance: −$1,148
• − Repairs & maintenance: −$1,758
• − Management: −$1,758
• − Depreciation: −$2,036
• Taxable income: $10,305
• Est. tax owed @ 24.0%: −$2,473
• After-tax cash flow: $8,286/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

Fair 45/100 Moderate rehab

This 3-bedroom, 2-bathroom home requires moderate renovations to update the kitchen and bathrooms, and paint the interior walls. The home has a good foundation and structure, and is located in a desirable area.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate kitchen countertops — dated and in need of replacement
• Minor bathroom fixtures — standard fixtures, could be updated

Value-add opportunities

• Both update kitchen cabinets and countertops — modernizing the kitchen would improve both resale and rental value
• Both paint interior walls — fresh paint would improve the home's curb appeal and interior aesthetics
• Both update flooring — new flooring would improve the home's curb appeal and interior aesthetics
• Both update bathrooms — updated bathrooms would improve the home's curb appeal and interior aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
kitchen countertops · dated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · standard fixtures, could be updated	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Both update kitchen cabinets and countertops — modernizing the kitchen would improve both resale and rental value ↑
• Both paint interior walls — fresh paint would improve the home's curb appeal and interior aesthetics ↑
• Both update flooring — new flooring would improve the home's curb appeal and interior aesthetics ↑
• Both update bathrooms — updated bathrooms would improve the home's curb appeal and interior aesthetics ↑

ⓘ 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: Enumclaw School District
• NCES district ID: 5300001
• Math proficiency: 54% ▼ -1.00%
• Reading proficiency: 68% ▬ 0.00%
• Median HH income: $68,441
• Composite: 55.21/100
• National rank: #2736
• State rank: #46 of 291 in WA

Livability — Enumclaw

• Score: 88/100
• State rank: #12
• US rank: #222

Category grades

Amenities A+ Commute B+ Cost of living D- 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: Enumclaw, WA
• County: King County · 2,251,916 people
• City population: 22,418
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 22,418
• Household income: $120,406
• Rent vs Own: 18.8% rent · 81.2% own
• Severe rent burden: 382.0

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: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 10% Two or more races 9% Asian 2% Native American 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 7% Italian 4% Slovak 3%
• Foreign-born: 6% · Canada
• Languages at home: 91% English-only · Spanish 6% Other Indo-European 1% German/W. Germanic 1%

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: ▼ -605.16%
• Current HPI: 297.9161
• Rent YoY: ▲ 4.32%
• 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