2500 S 370th St #118 · Lakeland South, WA 98003

$89,000

2 bd · 2.0 ba · 1,152 sqft · Manufactured · 255 Days on market

Built 1990 $77/sqft · 29% below area Est $126k · 29% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Schools +3.9/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Well cared for 1152 sq ft double wide manufactured home in Kloshee Illahee just off I-5 near Enchanted Village. 55+ community offers resort style amenities. The 2bed, 2bath freshly painted interior is well maintained, open concept with vaulted ceilings & plenty of natural lighting. Master bath has walk in shower, half bath, a tub. Dining space has a built in hutch for storage & dish wear display. The 2nd bedroom opens to a newly constructed deck in the backyard. The path along the side of the home leads to the mailboxes and guest parking in one direction and the clubhouse just beyond the field in the other direction. The newly renovated clubhouse has a pool, exercise space, bocc

Key facts

• Open concept
• Walk in shower
• Community pool

Tags

• DOUBLE WIDE MANUFACTURED HOME
• RESORT STYLE AMENITIES
• OPEN CONCEPT
• WALK IN SHOWER
• NEWLY CONSTRUCTED DECK
• OVERLOOKS THE WALKWAY

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $89k.

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 $89k).
• Recommended offer: $78k (12.0% below list) — sets the bar for market timing.
• Cap rate 23.7% vs local median 2.9% in Lakeland South — 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 79/100 on livability (#113 in WA, #2,299 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: amenities F, cost of living F.
• Federal Way School District (suburban): math 35% / reading 47% proficiency, ranked #207 of 291 in WA (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.3%/yr); 233 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• This rent runs 38% of the median local income ($75k/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 $615 of loan paydown is wiped out by about $3k 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 + 2.3% rent growth), your $25k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 255 days — a 12% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 23y ago; this cycle's ask has dropped $71k (44%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $24k; list at $89k implies a 271% gain — meaningful room to come down on a strong offer.

Recommended offer $78,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 255 days. Have you received any prior offers? Is the seller open to a 12% 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. 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.
5. 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.
6. 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: 2.71% ✓
• Cap rate: 23.72%
• Cash-on-cash: 62.23%
• DSCR: 3.77
• GRM: 3.1

CMA / ARV

• ARV (median comp): $126,217
• List price: $89,000
• Delta: -29.49%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2500 S 370th St #32	0.00mi	2/2.0	1,248 (+8%)	0mo	$84,000	$67	86
2430 S 371st St #49	0.09mi	3/2.0 (+1)	1,200 (+4%)	2mo	$190,000	$158	83
37301 28th Ave S	0.20mi	2/2.0	1,248 (+8%)	0mo	$200,000	$160	77
2500 S 370th St #112	0.00mi	2/2.0	1,248 (+8%)	14mo	$118,000	$95	75
2500 S 370th St #61	0.08mi	2/2.0	1,248 (+8%)	12mo	$74,500	$60	73
2500 S 370th St #40	0.00mi	2/2.0	1,296 (+12%)	14mo	$82,000	$63	68
2500 S 370th St #146	0.08mi	2/2.0	1,248 (+8%)	21mo	$69,900	$56	65
2500 Alder St #214	0.71mi	2/2.0	1,248 (+8%)	18mo	$65,000	$52	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 · 2.33% rent growth · sell at horizon

5-year hold

• IRR: 60.4%
• Equity multiple: 3.66×
• Total profit: $66,305
• Equity at exit: $13,270

10-year hold

• IRR: 64.8%
• Equity multiple: 7.31×
• Total profit: $157,323
• Equity at exit: $7,695

Cash invested: $24,920 (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 98003

• Rents YoY: 2.3%
• Active inventory: 233
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $2,414 high
• Mortgage (P&I): −$467
• Tax est. 1.5%: −$111 /mo · $1,335/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$507
• Net cashflow: $1,292

Break-even live

Break-even rent $779

Max offer price $89,000

Occupancy floor 41%

Sensitivity live

Price	-10% $1,354	-5% $1,323	+0% $1,292	+5% $1,262	+10% $1,231
Rent	-10% $1,102	-5% $1,197	+0% $1,292	+5% $1,388	+10% $1,483
Rate	-1.0pp $1,337	-0.5pp $1,315	base $1,292	+0.5pp $1,269	+1.0pp $1,246

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1926 S 368th Pl #206 Federal Way, WA	2.0	2.5	1176	$2,995	$2.55	2d	1	0.35mi
35929 21st Pl S Federal Way, WA	2.0	1.5–2.0	1174	$2,650	$2.26	0d	5	0.72mi
2020 S 360th St Federal Way, WA	1.0–3.0	1.0–2.0	971	$1,915	$1.97	2d	24	0.80mi
1211 S 376th St Milton, WA	1.0–2.0	1.0–2.0	952	$3,350	$3.52	0d	65	0.96mi
35703 16th Ave S Federal Way, WA	1.0–5.0	1.0–3.0	1098	$1,874	$1.71	2d	28	1.15mi
207 Meridian Ave E Edgewood, WA	1.0–2.0	1.0–2.0	835	$2,498	$2.99	0d	18	1.17mi

Listing history 30 events

1. 2026-06-21
   days on market $89,000 Active 255 DOM
2. 2026-06-18
   days on market $89,000 Active 252 DOM
3. 2026-06-17
   days on market $89,000 Active 251 DOM
4. 2026-06-16
   days on market $89,000 Active 250 DOM
5. 2026-06-15
   days on market $89,000 Active 249 DOM
6. 2026-06-13
   days on market $89,000 Active 247 DOM
7. 2026-06-09
   days on market $89,000 Active 243 DOM
8. 2026-06-08
   days on market $89,000 Active 242 DOM
9. 2026-06-07
   days on market $89,000 Active 241 DOM
10. 2026-06-04
    days on market $89,000 Active 238 DOM
11. 2026-06-03
    days on market $89,000 Active 237 DOM
12. 2026-06-02
    days on market $89,000 Active 236 DOM
13. 2026-06-01
    days on market $89,000 Active 235 DOM
14. 2026-05-31
    days on market $89,000 Active 234 DOM
15. 2026-04-03
    price $89,000
16. 2026-03-13
    status Active
17. 2026-01-10
    status Active
18. 2025-12-22
    status Pending
19. 2025-12-19
    status Active
20. 2025-12-13
    status Pending
21. 2025-11-23
    price $99,950
22. 2025-09-05
    price $120,000
23. 2025-09-04
    listed $160,000 Active
24. 2014-08-14
    historical
25. 2014-08-08
    soldstatus $24,000 Sold
26. 2014-06-10
    status Pending
27. 2014-06-10
    price $28,000
28. 2014-03-24
    listed $30,000 Active
29. 2003-07-02
    soldstatus $36,900
30. 2003-04-01
    listed $36,900

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥88°F today · 15 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: $28,973
• − Mortgage interest: −$4,985
• − Property taxes: −$1,335
• − Insurance: −$445
• − Repairs & maintenance: −$2,318
• − Management: −$2,318
• − Depreciation: −$2,589
• Taxable income: $14,982
• Est. tax owed @ 24.0%: −$3,596
• After-tax cash flow: $11,912/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: Federal Way School District
• NCES district ID: 5302820
• Math proficiency: 35% ▬ 0.00%
• Reading proficiency: 47% ▬ 0.00%
• Median HH income: $61,594
• Composite: 38.79/100
• National rank: #8361
• State rank: #207 of 291 in WA

Livability — Lakeland South

• Score: 79/100
• State rank: #113
• US rank: #2299

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lakeland South, WA
• County: King County · 2,251,916 people
• City population: 102,067
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 51,619
• Household income: $75,319
• Rent vs Own: 53.1% rent · 46.9% own
• Severe rent burden: 2895.0

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: Highly diverse neighborhood (Simpson 0.79)
• Race & ethnicity: White 32% Hispanic / Latino 23% Black 19% Two or more races 16% Asian 13% Pacific Islander 2%
• Hispanic origin (detail): Mexican 18%
• Common ancestry: Portuguese 3% Lithuanian 2% Swedish 2%
• Foreign-born: 32% · Canada, South Korea, Vietnam
• Languages at home: 57% English-only · Spanish 18% Other Indo-European 3% Russian/Polish/Slavic 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: ▼ -623.87%
• Current HPI: 327.5371
• Rent YoY: ▲ 2.33%
• 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

+141.2% since first listed

16 events — show timeline

• 2026-04-03 Price Changed $89,000 NWMLS as Distributed by MLS Grid
• 2026-03-13 Relisted — NWMLS as Distributed by MLS Grid
• 2026-01-10 Relisted — NWMLS as Distributed by MLS Grid
• 2025-12-22 Pending — NWMLS as Distributed by MLS Grid
• 2025-12-19 Relisted — NWMLS as Distributed by MLS Grid
• 2025-12-13 Pending — NWMLS as Distributed by MLS Grid
• 2025-11-23 Price Changed $99,950 NWMLS as Distributed by MLS Grid
• 2025-09-05 Price Changed $120,000 NWMLS as Distributed by MLS Grid
• 2025-09-04 Listed $160,000 NWMLS as Distributed by MLS Grid
• 2014-08-14 Delisted — NWMLS as Distributed by MLS Grid
• 2014-08-08 Sold (MLS) $24,000 NWMLS as Distributed by MLS Grid
• 2014-06-10 Price Changed $28,000 NWMLS as Distributed by MLS Grid
• 2014-06-10 Pending — NWMLS as Distributed by MLS Grid
• 2014-03-24 Listed $30,000 NWMLS as Distributed by MLS Grid
• 2003-07-02 Sold (MLS) $36,900 NWMLS as Distributed by MLS Grid
• 2003-04-01 Listed $36,900 NWMLS as Distributed by MLS Grid