620 112th St SE #323 · Everett, WA 98208

$109,950

3 bd · 2.0 ba · 1,435 sqft · Manufactured public records · 80 Days on market

Built 1979 $77/sqft · 8% below area Est $128k · 14% under ↓ 4% since listing

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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 +13.8/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.9/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Rent growth +1.7/5.0
• Appreciation +0.0/10.0

Listing remarks

UPDATED! READY TO MOVE-IN, 2 Bedroom, 2 Baths. Located in peaceful 55+ Community LAGO DE PLATO. This cozy home features an open concept living, The spacious Primary Suite include Walk-in-Shower tub. The kitchen boats ample cabinet space. Outdoor covered Porch/Patio, tandem 2 cars carport, Storage room for extra space. Great location Close to Shopping and all other services.

Key facts

• Storage room
• Open concept living
• Walk-in-shower tub

Tags

• OPEN CONCEPT LIVING
• WALK-IN-SHOWER TUB
• AMPLE CABINET SPACE
• OUTDOOR COVERED PORCH
• TANDEM 2 CARS CARPORT
• STORAGE ROOM

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $110k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $110k).
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Cap rate 20.3% vs local median 2.5% in Everett — 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 73/100 on livability (#199 in WA) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A, health & safety A; Watch: schools C-, crime D+, amenities F.
• Everett School District (urban): math 60% / reading 72% proficiency, ranked #26 of 291 in WA (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents falling (-3.2%/yr); 275 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k 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 + 0.0% 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 80 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.

Recommended offer $103,353 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — 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 D 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: 2.27% ✓
• Cap rate: 20.31%
• Cash-on-cash: 50.07%
• DSCR: 3.23
• GRM: 3.7

CMA / ARV

• ARV (median comp): $127,772
• List price: $109,950
• Delta: -13.95%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
620 112th St SE #227	0.00mi	3/2.0	1,404 (-2%)	4mo	$108,000	$77	93
620 112th St SE #189	0.00mi	2/2.0 (-1)	1,390 (-3%)	8mo	$145,500	$105	84
620 112th St SE #153	0.00mi	2/2.0 (-1)	1,340 (-7%)	12mo	$110,000	$82	74
11622 Silver Lake Rd #58	0.28mi	2/2.0 (-1)	1,344 (-6%)	4mo	$78,000	$58	68
11500 Meridian Ave S #91	0.64mi	3/2.0	1,456 (+2%)	2mo	$226,000	$155	66
11622 Silver Lake Rd #30	0.28mi	2/2.0 (-1)	1,344 (-6%)	7mo	$150,000	$112	66
12030 2nd Dr SE	0.54mi	2/2.0 (-1)	1,436 (+0%)	10mo	$485,000	$338	62
12219 Freeway Pl	0.53mi	2/2.0 (-1)	1,452 (+1%)	12mo	$525,000	$362	58
11622 Silver Lake Rd #38	0.28mi	2/2.0 (-1)	1,560 (+9%)	12mo	$118,500	$76	57
12030 Andrew Sater Rd	0.43mi	2/2.0 (-1)	1,264 (-12%)	6mo	$85,000	$67	50
11500 Meridian Ave S #49	0.64mi	3/2.0	1,620 (+13%)	3mo	$245,000	$151	46
11500 Meridian Ave S #22	0.64mi	3/2.0	1,290 (-10%)	10mo	$199,000	$154	45

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 44.4%
• Equity multiple: 2.84×
• Total profit: $56,655
• Equity at exit: $16,394

10-year hold

• IRR: 49.1%
• Equity multiple: 5.10×
• Total profit: $126,328
• Equity at exit: $9,506

Cash invested: $30,786 (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 98208

• Rents YoY: -3.2%
• Active inventory: 275
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $2,501 high
• Mortgage (P&I): −$577
• Tax from tax record: −$69 /mo · $829/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$525
• Net cashflow: $1,284

Break-even live

Break-even rent $875

Max offer price $109,950

Occupancy floor 44%

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: $27,488
• Closing costs: $3,298
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
525 112th St SE Everett, WA	1.0–2.0	1.0–2.0	1019	$2,416	$2.37	1d	6	0.17mi
11401 3rd Ave SE Everett, WA	2.0	1.0–2.0	862	$1,962	$2.28	1d	13	0.21mi
515 112th St SE Everett, WA	2.0–3.0	2.0–2.5	1050	$2,345	$2.23	3d	3	0.24mi
11026 Meridian Dr SE Everett, WA	3.0	2.5	1700	$3,000	$1.76	43d	1	0.53mi
4 112th St SW Unit A Everett, WA	3.0	2.5	1661	$3,300	$1.99	43d	1	0.56mi
133 124th St SE Everett, WA	1.0–2.0	1.0–2.0	820	$2,055	$2.50	1d	9	0.69mi
1304 Bruskrud Rd Everett, WA	2.0	1.5–2.0	900	$2,076	$2.31	5d	5	0.71mi
1701 121st St SE Everett, WA	1.0–3.0	1.0–2.0	867	$2,900	$3.34	1d	12	0.78mi
1726 121st St SE Unit A Everett, WA	4.0	2.5	1495	$2,550	$1.71	5d	1	0.84mi
10101 7th Ave SE Everett, WA	1.0–3.0	1.0–2.0	1073	$2,805	$2.61	1d	16	0.84mi
305 127th St SE Unit A Everett, WA	2.0	2.5	1456	$2,649	$1.82	43d	1	0.86mi
120 SE Everett Mall Way Everett, WA	1.0–2.0	1.0–2.0	813	$2,172	$2.67	1d	43	0.87mi
2020 Lake Heights Dr Everett, WA	1.0–3.0	1.0–2.0	918	$2,424	$2.64	1d	16	0.88mi
128 127th St SE Everett, WA	3.0	1.0–2.0	884	$3,296	$3.73	1d	10	0.88mi
11225 19th Ave SE Everett, WA	1.0–3.0	1.0–2.0	925	$2,587	$2.80	3d	9	0.90mi
222 124th St SW Unit A2 Everett, WA	3.0	2.5	1560	$2,975	$1.91	5d	1	0.97mi
12115 19th Ave SE Everett, WA	1.0–3.0	1.0–2.0	884	$2,670	$3.02	1d	11	0.97mi
11311 19th Ave SE Everett, WA	1.0–3.0	1.0–2.0	932	$2,663	$2.86	1d	14	1.00mi
923 112th St SW Everett, WA	1.0–3.0	1.0–2.0	858	$2,305	$2.69	1d	24	1.11mi
11207 9th Pl W Everett, WA	2.0	1.0	995	$1,899	$1.91	20d	7	1.14mi
12600 4th Ave W Everett, WA	2.0	2.5	1336	$2,295	$1.72	16d	1	1.16mi
9925 4th Ave W Apt 6 Everett, WA	2.0	2.0	1000	$1,445	$1.45	2d	1	1.16mi
13117 3rd Ave SE Unit J1 Everett, WA	3.0	3.0	1659	$3,249	$1.96	43d	1	1.16mi
13401 Dumas Rd Mill Creek, WA	1.0–2.0	1.0–2.0	872	$2,237	$2.56	1d	5	1.16mi
9618 19th Ave SE Unit C Everett, WA	3.0	3.0	1637	$3,200	$1.95	10d	1	1.20mi
12510 23rd Dr SE Everett, WA	4.0	2.5	1757	$2,995	$1.70	24d	1	1.21mi
2601 106th Pl SE Everett, WA	3.0	2.0	1221	$3,245	$2.66	12d	1	1.22mi
1020 112th St SW Everett, WA	1.0–2.0	1.0–2.0	853	$1,752	$2.05	2d	7	1.23mi
13004 Meridian Ave S Everett, WA	1.0–3.0	1.0–2.0	1025	$2,280	$2.22	1d	1	1.24mi
222 W Marilyn Ave Everett, WA	3.0	1.0	1000	$2,400	$2.40	16d	1	1.25mi
1108 Center Rd Everett, WA	2.0	2.0	1200	$2,150	$1.79	15d	1	1.27mi
820 124th St SW Apt D Everett, WA	2.0	1.5	960	$1,595	$1.66	5d	1	1.28mi
13510 N Creek Dr Mill Creek, WA	1.0–4.0	1.0–2.0	1020	$2,024	$1.98	3d	1	1.29mi
11812 E Gibson Rd Everett, WA	2.0	2.0	956	$1,810	$1.89	2d	7	1.29mi
11719 12th Ave W Everett, WA	3.0	2.5	1533	$2,800	$1.83	44d	1	1.32mi
11727 12th Ave W #77 Everett, WA	3.0	2.5	1533	$3,100	$2.02	21d	1	1.33mi
10111 9th Ave W Everett, WA	1.0–2.0	1.0–2.5	1098	$2,550	$2.32	5d	4	1.33mi
12522 8th Ave W Everett, WA	1.0–3.0	1.0–2.0	1005	$2,496	$2.48	5d	8	1.35mi
233 Dorn Ave Unit 1 Everett, WA	2.0	1.0	944	$1,950	$2.07	10d	1	1.40mi
12121 Admiralty Way Everett, WA	1.0–3.0	1.0–2.0	1116	$2,855	$2.56	3d	18	1.40mi

Listing history 16 events

1. 2026-06-18
   days on market $109,950 Active 80 DOM
2. 2026-06-17
   days on market $109,950 Active 79 DOM
3. 2026-06-16
   days on market $109,950 Active 78 DOM
4. 2026-06-15
   pricedays on market $109,950 Active 77 DOM
5. 2026-06-13
   days on market $119,950 Active 75 DOM
6. 2026-06-13
   days on market $119,950 Active 74 DOM
7. 2026-06-09
   days on market $119,950 Active 71 DOM
8. 2026-06-08
   days on market $119,950 Active 70 DOM
9. 2026-06-07
   days on market $119,950 Active 69 DOM
10. 2026-06-04
    days on market $119,950 Active 66 DOM
11. 2026-06-03
    days on market $119,950 Active 65 DOM
12. 2026-06-02
    days on market $119,950 Active 64 DOM
13. 2026-06-01
    days on market $119,950 Active 63 DOM
14. 2026-05-31
    days on market $119,950 Active 62 DOM
15. 2026-04-14
    price $119,950
16. 2026-03-29
    listed $124,950 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: $829 · $69/mo
• Projected year-2 tax: $1,078 · $90/mo
• Expected delta: +$249/yr (+$21/mo · 30.0%)

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

Taxation est. · year 1

• Rental income: $30,014
• − Mortgage interest: −$6,159
• − Property taxes: −$829
• − Insurance: −$550
• − Repairs & maintenance: −$2,401
• − Management: −$2,401
• − Depreciation: −$3,199
• Taxable income: $14,475
• Est. tax owed @ 24.0%: −$3,474
• After-tax cash flow: $11,939/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: Everett School District
• NCES district ID: 5302670
• Math proficiency: 60% ▲ 1.00%
• Reading proficiency: 72% ▲ 1.00%
• Median HH income: $66,815
• Composite: 59.0/100
• National rank: #1964
• State rank: #26 of 291 in WA

Livability — Everett

• Score: 73/100
• State rank: #199
• US rank: #5489

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Everett, WA
• County: Snohomish County · 786,756 people
• City population: 173,457
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 60,915
• Household income: $103,705
• Rent vs Own: 30.5% rent · 69.5% own
• Severe rent burden: 1617.0

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 0.65)
• Race & ethnicity: White 55% Asian 17% Hispanic / Latino 14% Two or more races 13% Black 5%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Portuguese 5% Italian 3% Slovak 2%
• Foreign-born: 27% · Canada, Vietnam, South Korea
• Languages at home: 66% English-only · Spanish 9% Vietnamese 4% Other Asian/Pacific 4%

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: ▼ -884.74%
• Current HPI: 337.856
• Rent YoY: ▼ -3.16%
• 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

-4.0% since first listed

2 events — show timeline

• 2026-04-14 Price Changed $119,950 NWMLS as Distributed by MLS Grid
• 2026-03-29 Listed $124,950 NWMLS as Distributed by MLS Grid

Property tax history

+3.7%/yr

Latest (2026): $829 · -16.2% YoY. Source: county tax records.