4205 Auburn Way S #119 · Auburn, WA 98092

$75,000

3 bd · 1.0 ba · 952 sqft · Manufactured · 116 Days on market

Built 1973 Good condition Est $89k · 16% under ↓ 11% since listing

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Why this score? — see what drove the A 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 +14.8/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +2.4/5.0

Listing remarks

Located in all age park Forest Villa Manor community. This well maintained 3 bedroom 1 bathroom is move in ready conveniently near shopping and commuting routes, and offered at an accessible price, park approval required.

Key facts

• Parking
• Built 1973
• Listed 116 days

Property features AI

Finance

• Other: Calculated building area: 952 square feet; Directions: Park is on Auburn Way S past Muckleshoot Casino; mobile home is on last row
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Land lease: $1,050; Approximately 125 homes in the park; Pets allowed: see remarks

Exterior

• Parking: Uncovered parking
• Utilities: Public water (Forest Villa Manor); Public sewer (Forest Villa Manor); Power provided by PSE
• Home design: Manufactured double-wide home; Single level
• Construction: Manufactured house (double wide)
• Exterior features: Located in a manufactured home park (Forest Villa Manor); Park approved for sale

Interior

• Kitchen: Includes refrigerator and stove/range
• Bedrooms: 3 bedrooms
• Flooring: Laminate flooring
• Bathrooms: 1 full bathroom; 1 bathtub
• Heating & cooling: Forced air heating; Electric energy source
• Interior features: Refrigerator; Stove/Range

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $75k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Recommended offer: $68k (9.0% below list) — sets the bar for market timing.
• Cap rate 28.1% 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.
• Zoned schools: Chinook Elementary School (562 students, 70% FRL); Olympic Middle School (900 students, 78% FRL); Auburn Senior High School (1,844 students, 67% FRL) — zoned schools average 72% FRL vs 44% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.5%/yr); 298 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).

Forward outlook

• In year one you build about $8k of equity ($519 loan paydown + $8k appreciation (10.0% local appreciation)).
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 0.0% rent growth), your $21k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 116 days — a 9% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $68,250 (9.0% below list)

Questions for the listing agent

1. It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 3.18% ✓
• Cap rate: 28.12%
• Cash-on-cash: 77.94%
• DSCR: 4.47
• GRM: 2.6

CMA / ARV

• ARV (on-the-fly): $89,488
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4040 Auburn Way S #6	0.17mi	2/1.0 (-1)	852 (-10%)	12mo	$80,000	$94	60

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 85.4%
• Equity multiple: 6.75×
• Total profit: $120,772
• Equity at exit: $67,566

10-year hold

• IRR: 79.0%
• Equity multiple: 14.09×
• Total profit: $274,908
• Equity at exit: $145,709

Cash invested: $21,000 (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 98092

• Home prices YoY: 3.3%
• Rents YoY: -0.5%
• Active inventory: 298
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $2,383 medium
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,125/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$500
• Net cashflow: $1,364

Break-even live

Break-even rent $656

Max offer price $75,000

Occupancy floor 38%

Sensitivity live

Price	-10% $1,416	-5% $1,390	+0% $1,364	+5% $1,338	+10% $1,312
Rent	-10% $1,176	-5% $1,270	+0% $1,364	+5% $1,458	+10% $1,552
Rate	-1.0pp $1,402	-0.5pp $1,383	base $1,364	+0.5pp $1,345	+1.0pp $1,325

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3320 Auburn Way S Auburn, WA	2.0	1.5	1033	$2,200	$2.13	0d	1	0.51mi
2901 Auburn Way S Auburn, WA	1.0–2.0	1.0	667	$2,175	$3.26	0d	20	0.74mi

Listing history 17 events

1. 2026-06-18
   days on market $75,000 Active 116 DOM
2. 2026-06-17
   days on market $75,000 Active 115 DOM
3. 2026-06-16
   days on market $75,000 Active 114 DOM
4. 2026-06-15
   days on market $75,000 Active 113 DOM
5. 2026-06-13
   days on market $75,000 Active 111 DOM
6. 2026-06-13
   pricedays on market $75,000 Active 110 DOM
7. 2026-06-09
   days on market $85,000 Active 107 DOM
8. 2026-06-08
   days on market $85,000 Active 106 DOM
9. 2026-06-07
   days on market $85,000 Active 105 DOM
10. 2026-06-04
    days on market $85,000 Active 102 DOM
11. 2026-06-03
    days on market $85,000 Active 101 DOM
12. 2026-06-02
    days on market $85,000 Active 100 DOM
13. 2026-06-01
    days on market $85,000 Active 99 DOM
14. 2026-05-31
    days on market $85,000 Active 98 DOM
15. 2026-05-22
    status Active
16. 2026-02-24
    price $85,000
17. 2026-02-04
    listed $95,000 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 3/10 Moderate
• 🌡 Heat 2/10 Low 6 d/yr ≥87°F today · 13 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: $28,592
• − Mortgage interest: −$4,201
• − Property taxes: −$1,125
• − Insurance: −$375
• − Repairs & maintenance: −$2,287
• − Management: −$2,287
• − Depreciation: −$2,182
• Taxable income: $16,134
• Est. tax owed @ 24.0%: −$3,872
• After-tax cash flow: $12,495/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 · 13 photos

Good 80/100 Cosmetic rehab

This well-maintained 3-bedroom mobile home is move-in ready and located in a convenient community. It has good curb appeal and interior condition, with minor updates that can significantly increase its value.

Value-add opportunities

• Both Paint exterior — Fresh paint can improve curb appeal and home value.
• Both Clean gutters — Clean gutters prevent water damage and improve home value.
• Both Add landscaping — Landscaping can enhance curb appeal and home value.
• Both Install new flooring in bathrooms — New flooring can improve the look and feel of the bathrooms.
• Both Upgrade kitchen appliances — Modern appliances can improve the functionality and appeal of the kitchen.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Fresh paint can improve curb appeal and home value. ↑
• Both Clean gutters — Clean gutters prevent water damage and improve home value. ↑
• Both Add landscaping — Landscaping can enhance curb appeal and home value. ↑
• Both Install new flooring in bathrooms — New flooring can improve the look and feel of the bathrooms. ↑
• Both Upgrade kitchen appliances — Modern appliances can improve the functionality and appeal of the kitchen. ↑

ⓘ 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): 50,224
• Household income: $122,300
• Rent vs Own: 25.7% rent · 74.3% own
• Severe rent burden: 1041.0

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: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 54% Hispanic / Latino 15% Asian 14% Two or more races 13% Native American 4% Black 3% Pacific Islander 2%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Portuguese 4% Italian 3% Subsaharan African 3%
• Foreign-born: 20% · Canada, South Korea, Vietnam
• Languages at home: 73% English-only · Spanish 9% Russian/Polish/Slavic 4% Other Indo-European 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: ▲ 49.75%
• Current HPI: 1554.06
• Rent YoY: ▼ -0.46%
• 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

-10.5% since first listed

3 events — show timeline

• 2026-05-22 Relisted — NWMLS as Distributed by MLS Grid
• 2026-02-24 Price Changed $85,000 NWMLS as Distributed by MLS Grid
• 2026-02-04 Listed $95,000 NWMLS as Distributed by MLS Grid