11517 155 Ave SE · Fairwood, WA 98059

$149,999

3 bd · 2.0 ba · 1,344 sqft · Manufactured · 105 Days on market

Built 1973 Good condition $112/sqft · 12% below area Est $171k · 12% under ↓ 17% 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 +13.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +2.6/5.0
• Appreciation +0.0/10.0

Listing remarks

Completely remodeled 1973 manufactured home in a welcoming 55+ community in Renton Highlands! Enjoy peace of mind with a brand-new roof and new siding, plus a fully updated interior featuring beautiful new flooring, remodeled kitchen with modern cabinetry and countertops, updated bathrooms, and stylish new fixtures throughout. Light and bright living spaces create a warm, inviting feel that truly makes this home stand out. Designed for comfortable, low-maintenance living so you can spend more time doing what you love. Conveniently located near shopping, dining, medical services, parks, and easy commute routes. Affordable, move-in-ready homes like this in such a desirable senior community ar

Key facts

• New siding
• Modern cabinetry
• Remodeled kitchen

Tags

• REMODELED MANUFACTURED HOME
• NEW ROOF
• NEW SIDING
• UPDATED INTERIOR
• REMODELED KITCHEN
• MODERN CABINETRY

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $150k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Recommended offer: $136k (9.0% below list) — sets the bar for market timing.
• Cap rate 18.2% vs local median 2.3% in Fairwood — 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 (#77 in WA, #1,431 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: schools C-, cost of living F.
• Kent School District (urban): math 47% / reading 57% proficiency, ranked #109 of 291 in WA (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 255 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 4d 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 $1k of loan paydown is wiped out by about $4k 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 + 0.3% rent growth), your $42k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 105 days — a 9% lower offer ($136k) is reasonable based on typical stale-listing flexibility.

Recommended offer $136,499 (9.0% below list)

Questions for the listing agent

1. It's been on market 105 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. 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: 2.13% ✓
• Cap rate: 18.17%
• Cash-on-cash: 42.44%
• DSCR: 2.89
• GRM: 3.9

CMA / ARV

• ARV (median comp): $171,000
• List price: $149,999
• Delta: -12.28%
• Verdict: UNDERPRICED
• Comps: 6 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.29% rent growth · sell at horizon

5-year hold

• IRR: 36.1%
• Equity multiple: 2.47×
• Total profit: $61,863
• Equity at exit: $22,365

10-year hold

• IRR: 41.3%
• Equity multiple: 4.40×
• Total profit: $142,932
• Equity at exit: $12,969

Cash invested: $42,000 (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 98059

• Rents YoY: 0.3%
• Active inventory: 255
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $3,192 high
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$187 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$670
• Net cashflow: $1,485

Break-even live

Break-even rent $1,312

Max offer price $149,999

Occupancy floor 48%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17710 153rd Ave SE Renton, WA	4.0	2.5	1850	$3,995	$2.16	1d	1	0.28mi
15030 SE 179th St Renton, WA	1.0–3.0	1.0–2.0	1103	$3,025	$2.74	1d	27	0.43mi
14110 SE 171st Way Unit B303 Renton, WA	3.0	2.0	1288	$2,850	$2.21	24d	1	0.88mi
14121 SE 177th St Renton, WA	1.0–4.0	1.0–2.0	882	$2,536	$2.87	1d	19	0.91mi
14319 SE 163rd St Renton, WA	3.0	2.5	1800	$3,500	$1.94	23d	1	0.91mi
15300 SE 155th Pl Renton, WA	1.0–2.0	1.0–2.0	943	$2,195	$2.33	4d	2	1.18mi
17600 134th Ave SE Renton, WA	1.0–3.0	1.0–2.0	883	$2,650	$3.00	2d	21	1.21mi
13811 SE Fairwood Blvd Renton, WA	3.0	1.5	1390	$2,395	$1.72	4d	1	1.26mi

Listing history 16 events

1. 2026-06-18
   days on market $149,999 Active 105 DOM
2. 2026-06-17
   days on market $149,999 Active 104 DOM
3. 2026-06-16
   days on market $149,999 Active 103 DOM
4. 2026-06-15
   days on market $149,999 Active 102 DOM
5. 2026-06-13
   days on market $149,999 Active 100 DOM
6. 2026-06-09
   days on market $149,999 Active 96 DOM
7. 2026-06-08
   days on market $149,999 Active 95 DOM
8. 2026-06-07
   days on market $149,999 Active 94 DOM
9. 2026-06-04
   days on market $149,999 Active 91 DOM
10. 2026-06-03
    days on market $149,999 Active 90 DOM
11. 2026-06-02
    days on market $149,999 Active 89 DOM
12. 2026-06-01
    days on market $149,999 Active 88 DOM
13. 2026-05-31
    days on market $149,999 Active 87 DOM
14. 2026-05-10
    price $149,999
15. 2026-04-14
    price $155,999
16. 2026-03-05
    listed $179,999 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $38,307
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$3,065
• − Management: −$3,065
• − Depreciation: −$4,364
• Taxable income: $16,412
• Est. tax owed @ 24.0%: −$3,939
• After-tax cash flow: $13,884/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 fully remodeled 1973 manufactured home in a 55+ community is in excellent condition with new siding, paint, and flooring. It's move-in ready and offers a great value for both resale and rental.

Value-add opportunities

• Resale Paint exterior — Enhances curb appeal
• Rental Replace HVAC filter — Improves air quality and tenant satisfaction

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior — Enhances curb appeal ↑
• Rental Replace HVAC filter — Improves air quality and tenant satisfaction ↑

ⓘ 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: Kent School District
• NCES district ID: 5303960
• Math proficiency: 47% ▼ -1.00%
• Reading proficiency: 57% ▼ -1.00%
• Median HH income: $69,823
• Composite: 48.25/100
• National rank: #4714
• State rank: #109 of 291 in WA

Livability — Fairwood

• Score: 81/100
• State rank: #77
• US rank: #1431

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fairwood, WA
• County: King County · 2,251,916 people
• City population: 16,920
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 42,406
• Household income: $138,654
• Rent vs Own: 23.4% rent · 76.6% own
• Severe rent burden: 908.0

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 0.68)
• Race & ethnicity: White 48% Asian 29% Two or more races 15% Hispanic / Latino 9% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 3% Italian 3% Slovak 2%
• Foreign-born: 23% · China, Vietnam, Canada
• Languages at home: 67% English-only · Chinese 9% Vietnamese 6% Spanish 5%

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: ▼ -920.66%
• Current HPI: 338.4495
• Rent YoY: ▲ 0.29%
• 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

-16.7% since first listed

3 events — show timeline

• 2026-05-10 Price Changed $149,999 NWMLS as Distributed by MLS Grid
• 2026-04-14 Price Changed $155,999 NWMLS as Distributed by MLS Grid
• 2026-03-05 Listed $179,999 NWMLS as Distributed by MLS Grid