23825 15th Ave SE #93 · Bothell, WA 98021

$270,000

2 bd · 2.0 ba · 960 sqft · Manufactured public records · 79 Days on market

Built 1993 1,230 sqft lot $281/sqft · 10% below area Est $301k · 10% under

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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 +18.7/30.0
• ARV discount +12.2/15.0
• Schools +6.7/10.0
• DSCR +5.9/10.0
• Livability +4.2/5.0
• 1% rule +4.1/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to Green Acres, a highly desirable 55+ community. This charming 2 bed, 2 bath manufactured home offers 960 sq. ft. of comfortable living with vaulted ceilings & an open layout filled with natural light. The kitchen features generous cabinet space, island & built-in hutch in the dining area. Updated baths, newer carpet, and a heat pump ensure year-round comfort. Enjoy a large, private fenced backyard with covered patio, garden space, and multiple sheds for storage. Double carport plus guest parking nearby. Community amenities include clubhouse, walking trails, lakes, dog park, and daily activities. Convenient Canyon Park location with easy access to I-405, shopping,

Key facts

• Multiple sheds
• Clubhouse
• Covered patio

Tags

• PRIVATE FENCED BACKYARD
• COVERED PATIO
• GARDEN SPACE
• MULTIPLE SHEDS
• CLUBHOUSE
• WALKING TRAILS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $270k.

Deal economics

• At list price, monthly cash flow is $265 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $245k (9.3% below list).
• Recommended offer: $245k (9.3% below list) — sets the bar for 1% rule.
• Cap rate 7.5% vs local median 1.5% in Bothell — 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 83/100 on livability (#53 in WA, #962 nationally) — a professional / high-income tenant draw. Strengths: schools A+, commute A+, employment A+; Watch: amenities C-, 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; 25 comparable units currently listed for rent nearby; rentals leasing fast (median 3d 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 16% 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 $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($254k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y 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 $205k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $244,948 (9.3% below list)

Questions for the listing agent

1. It's been on market 79 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.91% ✗
• Cap rate: 7.47%
• Cash-on-cash: 4.20%
• DSCR: 1.19
• GRM: 9.2

CMA / ARV

• ARV (median comp): $301,222
• List price: $270,000
• Delta: -10.37%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23825 15th Ave SE #93	0.00mi	2/2.0	960 (0%)	0mo	$255,000	$266	100
23825 15th Ave SE #62	0.00mi	2/2.0	1,012 (+5%)	8mo	$310,000	$306	84
23825 15th Ave SE #413	0.00mi	2/2.0	1,056 (+10%)	16mo	$375,000	$355	70
23825 15th Ave SE #28	0.00mi	2/2.0	1,095 (+14%)	11mo	$300,000	$274	68
1725 242nd St SE #219	0.29mi	2/2.0	1,056 (+10%)	14mo	$272,500	$258	58

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: -11.1%
• Equity multiple: 0.60×
• Total profit: $-30,018
• Equity at exit: $40,258

10-year hold

• IRR: -3.5%
• Equity multiple: 0.78×
• Total profit: $-16,944
• Equity at exit: $23,345

Cash invested: $75,600 (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 98021

• Rents YoY: 1.8%
• Active inventory: 254
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,449 high
• Mortgage (P&I): −$1,416
• Tax from tax record: −$142 /mo · $1,704/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$514
• Net cashflow: $265

Break-even live

Break-even rent $2,114

Max offer price $270,000

Occupancy floor 84%

Sensitivity live

Price	-10% $418	-5% $341	+0% $265	+5% $188	+10% $112
Rent	-10% $71	-5% $168	+0% $265	+5% $361	+10% $458
Rate	-1.0pp $401	-0.5pp $333	base $265	+0.5pp $195	+1.0pp $124

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: $67,500
• Closing costs: $8,100
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1630 228th St SE Bothell, WA	1.0–3.0	1.0–2.0	940	$2,333	$2.48	0d	12	0.54mi
23028 27th Ave SE Bothell, WA	1.0–3.0	1.0–2.0	880	$2,636	$2.99	0d	16	0.72mi
2207 227th St SE Bothell, WA	1.0–3.0	1.0–2.0	846	$2,247	$2.65	0d	8	0.78mi
19306 Bothell Way NE Bothell, WA	1.0	1.0	685	$1,695	$2.47	0d	2	0.99mi
22717 4th Ave SE Unit B Bothell, WA	2.0	1.0	860	$2,500	$2.91	25d	1	0.99mi
9611 NE 191st St Bothell, WA	1.0	1.0	687	$1,979	$2.88	2d	5	1.12mi
9616 NE 188th St #302 Bothell, WA	2.0	2.0	950	$2,195	$2.31	4d	1	1.20mi
10295 NE 189th St Bothell, WA	2.0	1.0	960	$2,150	$2.24	12d	2	1.24mi
10144 NE 187th St Apt 52 Bothell, WA	1.0	1.0	650	$1,495	$2.30	5d	1	1.27mi
10315 NE 187th St Bothell, WA	2.0	1.5	900	$2,150	$2.39	44d	1	1.32mi
19128 112th Ave NE Bothell, WA	1.0–2.0	1.0–2.0	1031	$3,105	$3.01	0d	15	1.33mi
21623 16th Dr SE Bothell, WA	1.0–3.0	1.0–2.0	990	$2,501	$2.53	0d	11	1.35mi
10324 NE 186th St Unit 1 Bothell, WA	2.0	1.5	1108	$2,300	$2.08	44d	1	1.35mi
9634 Thorsk St Bothell, WA	1.0	1.0	661	$2,035	$3.08	2d	5	1.36mi
9924 NE 185th St Bothell, WA	1.0–3.0	1.0–2.0	1194	$2,952	$2.47	2d	7	1.38mi
18333 Bothell Way NE Bothell, WA	1.0	1.0	802	$2,159	$2.69	3d	9	1.41mi
10416 NE 185th St Bothell, WA	1.0	1.0	528	$2,029	$3.84	2d	3	1.43mi
18420 102nd Ave NE Bothell, WA	1.0–2.0	1.0–2.0	800	$2,991	$3.74	0d	10	1.44mi
10735 Ross Rd Bothell, WA	1.0	1.0	620	$1,530	$2.47	24d	1	1.44mi
3906 243rd Pl SE Bothell, WA	1.0	1.0	744	$2,299	$3.09	44d	2	1.45mi
18307 98th Ave NE Bothell, WA	1.0–2.0	1.0–2.0	769	$2,760	$3.59	2d	4	1.45mi
24107 7th Ave W Bothell, WA	3.0	1.0	975	$2,795	$2.87	5d	1	1.46mi
18414 104th Ave NE Bothell, WA	1.0–2.0	1.0–2.0	957	$2,999	$3.13	0d	10	1.46mi
23940 40th Dr SE Bothell, WA	1.0–3.0	1.0–2.5	1160	$2,857	$2.46	0d	14	1.47mi
10730 Beardslee Blvd Bothell, WA	1.0–2.0	1.0–1.5	793	$2,195	$2.77	44d	2	1.50mi

Listing history 11 events

1. 2026-03-04
   listed $270,000 Active
2. 2023-10-20
   soldstatus $205,000 Closed
3. 2023-09-29
   status Pending
4. 2023-09-20
   price $215,000
5. 2023-08-21
   price $225,000
6. 2023-08-10
   listed $260,000 Active
7. 2013-01-24
   soldstatus $57,500 Sold
8. 2013-01-19
   status Pending
9. 2013-01-14
   status Pending Inspection
10. 2013-01-13
    price $57,500
11. 2013-01-13
    listed $56,000 Active

ⓘ 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: $1,704 · $142/mo
• Projected year-2 tax: $2,646 · $220/mo
• Expected delta: +$942/yr (+$79/mo · 55.3%)

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

Taxation est. · year 1

• Rental income: $29,394
• − Mortgage interest: −$15,124
• − Property taxes: −$1,704
• − Insurance: −$1,350
• − Repairs & maintenance: −$2,352
• − Management: −$2,352
• − Depreciation: −$7,855
• Taxable loss: −$1,342
• Est. tax savings @ 24.0%: +$322
• After-tax cash flow: $3,499/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

• Score: 83/100
• State rank: #53
• US rank: #962

Category grades

Amenities C- 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, WA
• County: Snohomish County · 786,756 people
• City population: 141,635
• 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

+382.1% since first listed

11 events — show timeline

• 2026-03-04 Listed $270,000 NWMLS as Distributed by MLS Grid
• 2023-10-20 Sold (MLS) $205,000 NWMLS as Distributed by MLS Grid
• 2023-09-29 Pending — NWMLS as Distributed by MLS Grid
• 2023-09-20 Price Changed $215,000 NWMLS as Distributed by MLS Grid
• 2023-08-21 Price Changed $225,000 NWMLS as Distributed by MLS Grid
• 2023-08-10 Listed $260,000 NWMLS as Distributed by MLS Grid
• 2013-01-24 Sold (MLS) $57,500 NWMLS as Distributed by MLS Grid
• 2013-01-19 Pending — NWMLS as Distributed by MLS Grid
• 2013-01-14 Pending — NWMLS as Distributed by MLS Grid
• 2013-01-13 Price Changed $57,500 NWMLS as Distributed by MLS Grid
• 2013-01-13 Listed $56,000 NWMLS as Distributed by MLS Grid

Property tax history

+4.9%/yr

Latest (2026): $1,704 · +29.3% YoY. Source: county tax records.