620 112th St SE #320 · Everett, WA 98208

$185,000

2 bd · 2.0 ba · 1,896 sqft · Manufactured public records · 63 Days on market

Built 1979 42 ac lot $98/sqft · 17% below area Est $236k · 21% 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
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• 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

MOTIVATED SELLER - to pay one year of lot rent dues with approved offer. Better than new and truly one-of-a-kind, this beautifully updated triple-wide home offers spacious, refined living in a desirable 55+ community. Featuring 2 oversized bedrooms and 1.75 baths, including a luxurious primary suite with a large en suite and oversized walk-in shower. Designed for both comfort and entertaining, the home boasts a large family room with a cozy wood-burning fireplace, formal dining area with a wet bar, and an expansive living room filled with natural light. The open kitchen offers abundant counter space and functionality for everyday living. Extensive updates include all-new LVP flooring and ca

Key facts

• Large family room
• Wet bar
• Formal dining area

Tags

• UPDATED TRIPLE-WIDE HOME
• LARGE FAMILY ROOM
• COZY WOOD-BURNING FIREPLACE
• FORMAL DINING AREA
• WET BAR
• EXPANSIVE LIVING ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $185k.

Deal economics

• At list price, monthly cash flow is $992 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $185k).
• Recommended offer: $174k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.7% 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; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).
• This rent runs 31% of the median local income ($104k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 $52k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 20y 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 $60k; list at $185k implies a 208% gain — meaningful room to come down on a strong offer.

Recommended offer $173,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 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: 1.45% ✓
• Cap rate: 12.72%
• Cash-on-cash: 22.97%
• DSCR: 2.02
• GRM: 5.7

CMA / ARV

• ARV (median comp): $235,500
• List price: $185,000
• Delta: -21.44%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
620 112th St SE #140	0.00mi	3/2.0 (+1)	1,816 (-4%)	20mo	$120,000	$66	72
620 112th #355	0.00mi	2/2.0	1,766 (-7%)	22mo	$193,000	$109	71
620 112th St SE #33	0.00mi	3/2.0 (+1)	1,715 (-10%)	11mo	$115,000	$67	70
620 112th St SE #343	0.00mi	3/2.0 (+1)	1,772 (-6%)	22mo	$162,000	$91	65
620 112th St SE #346	0.00mi	3/2.0 (+1)	1,728 (-9%)	22mo	$189,500	$110	61
620 112th St SE #347	0.17mi	3/2.0 (+1)	1,620 (-15%)	20mo	$190,000	$117	46
12304 SE 10th Dr	0.59mi	3/2.0 (+1)	1,782 (-6%)	15mo	$432,500	$243	45
11500 Meridian Ave S #49	0.64mi	3/2.0 (+1)	1,620 (-15%)	3mo	$245,000	$151	39
11500 Meridian Ave S #101	0.64mi	3/3.0 (+1)	1,782 (-6%)	16mo	$170,000	$95	38

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: 12.7%
• Equity multiple: 1.49×
• Total profit: $25,256
• Equity at exit: $27,584

10-year hold

• IRR: 19.3%
• Equity multiple: 2.40×
• Total profit: $72,701
• Equity at exit: $15,995

Cash invested: $51,800 (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: 5.7×

Monthly cashflow live

• Estimated rent: $2,684 high
• Mortgage (P&I): −$970
• Tax from tax record: −$82 /mo · $980/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$564
• Net cashflow: $992

Break-even live

Break-even rent $1,429

Max offer price $185,000

Occupancy floor 58%

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
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
1301 124th Pl SE Everett, WA	3.0	2.5	1876	$3,500	$1.87	24d	1	0.74mi
10101 7th Ave SE Everett, WA	1.0–3.0	1.0–2.0	1073	$2,277	$2.12	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
11229 19th Ave SE Everett, WA	3.0	3.5	1900	$3,295	$1.73	20d	1	0.91mi
222 124th St SW Unit A2 Everett, WA	3.0	2.5	1560	$2,975	$1.91	5d	1	0.97mi
12600 4th Ave W Everett, WA	2.0	2.5	1336	$2,295	$1.72	16d	1	1.16mi
13117 3rd Ave SE Unit J1 Everett, WA	3.0	3.0	1659	$3,249	$1.96	43d	1	1.16mi
9618 19th Ave SE Unit C Everett, WA	3.0	3.0	1637	$3,200	$1.95	10d	1	1.20mi
13004 Meridian Ave S Everett, WA	1.0–3.0	1.0–2.0	1025	$1,961	$1.91	1d	1	1.24mi
13510 N Creek Dr Mill Creek, WA	1.0–4.0	1.0–2.0	1020	$1,642	$1.61	3d	1	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	$2,146	$2.13	5d	8	1.35mi
12121 Admiralty Way Everett, WA	1.0–3.0	1.0–2.0	1116	$2,245	$2.01	3d	18	1.40mi
9515 Holly Dr Unit 1 Everett, WA	3.0	2.5	1600	$3,000	$1.88	43d	1	1.41mi
10115 Holly Dr Everett, WA	1.0–3.0	1.0–2.0	1003	$2,278	$2.27	10d	22	1.43mi
10115 Holly Dr Everett, WA	1.0–3.0	1.0–2.0	1003	$2,095	$2.09	2d	24	1.43mi

Listing history 29 events

1. 2026-06-18
   days on market $185,000 Active 63 DOM
2. 2026-06-17
   days on market $185,000 Active 62 DOM
3. 2026-06-16
   days on market $185,000 Active 61 DOM
4. 2026-06-15
   days on market $185,000 Active 60 DOM
5. 2026-06-13
   days on market $185,000 Active 58 DOM
6. 2026-06-13
   days on market $185,000 Active 57 DOM
7. 2026-06-09
   days on market $185,000 Active 54 DOM
8. 2026-06-08
   days on market $185,000 Active 53 DOM
9. 2026-06-07
   days on market $185,000 Active 52 DOM
10. 2026-06-04
    days on market $185,000 Active 49 DOM
11. 2026-06-03
    days on market $185,000 Active 48 DOM
12. 2026-06-02
    days on market $185,000 Active 47 DOM
13. 2026-06-01
    days on market $185,000 Active 46 DOM
14. 2026-05-31
    days on market $185,000 Active 45 DOM
15. 2026-04-16
    listed $185,000 Active
16. 2015-07-09
    soldstatus $60,000 Sold
17. 2015-06-23
    status Pending
18. 2015-06-10
    status Pending Inspection
19. 2015-06-04
    listed $61,500 Active
20. 2014-07-10
    soldstatus $49,000 Sold
21. 2014-06-27
    status Pending
22. 2014-06-22
    status Pending Inspection
23. 2014-06-06
    status Active
24. 2014-05-31
    status Pending Inspection
25. 2014-05-13
    status Active
26. 2014-05-13
    status Pending Inspection
27. 2014-05-01
    listed $53,000 Active
28. 2006-09-15
    soldstatus $55,000
29. 2006-05-24
    listed $58,000

ⓘ 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: $980 · $82/mo
• Projected year-2 tax: $1,813 · $151/mo
• Expected delta: +$833/yr (+$69/mo · 84.9%)

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

Taxation est. · year 1

• Rental income: $32,210
• − Mortgage interest: −$10,363
• − Property taxes: −$980
• − Insurance: −$925
• − Repairs & maintenance: −$2,577
• − Management: −$2,577
• − Depreciation: −$5,382
• Taxable income: $9,406
• Est. tax owed @ 24.0%: −$2,257
• After-tax cash flow: $9,641/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

+219.0% since first listed

15 events — show timeline

• 2026-04-16 Listed $185,000 NWMLS as Distributed by MLS Grid
• 2015-07-09 Sold (MLS) $60,000 NWMLS as Distributed by MLS Grid
• 2015-06-23 Pending — NWMLS as Distributed by MLS Grid
• 2015-06-10 Pending — NWMLS as Distributed by MLS Grid
• 2015-06-04 Listed $61,500 NWMLS as Distributed by MLS Grid
• 2014-07-10 Sold (MLS) $49,000 NWMLS as Distributed by MLS Grid
• 2014-06-27 Pending — NWMLS as Distributed by MLS Grid
• 2014-06-22 Pending — NWMLS as Distributed by MLS Grid
• 2014-06-06 Relisted — NWMLS as Distributed by MLS Grid
• 2014-05-31 Pending — NWMLS as Distributed by MLS Grid
• 2014-05-13 Relisted — NWMLS as Distributed by MLS Grid
• 2014-05-13 Pending — NWMLS as Distributed by MLS Grid
• 2014-05-01 Listed $53,000 NWMLS as Distributed by MLS Grid
• 2006-09-15 Sold (MLS) $55,000 NWMLS as Distributed by MLS Grid
• 2006-05-24 Listed $58,000 NWMLS as Distributed by MLS Grid

Property tax history

+3.8%/yr

Latest (2026): $980 · -16.2% YoY. Source: county tax records.