700 N Reed #21 · Sedro-Woolley, WA 98284

$195,000

3 bd · 2.0 ba · 1,512 sqft · Manufactured public records · 61 Days on market

Built 2017 $129/sqft · 8% above area Est $181k · 8% over

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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 +27.9/30.0
• Appreciation +10.0/10.0
• DSCR +9.9/10.0
• 1% rule +7.2/10.0
• Schools +4.7/10.0
• ARV discount +3.9/15.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Seller offering $5000 towards buyers closing cost. Well-maintained 3-bedroom, 2-bath home located in Valley View Mobile Home Court featuring an open-concept floor plan with vaulted ceilings and abundant natural light. Spacious living area flows seamlessly into the dining space and kitchen, complete with a breakfast bar, ample cabinetry, and tiled backsplash. Functional layout offers two secondary bedrooms and a full bath off the main hallway, along with a conveniently located utility room with exterior access. Private primary suite positioned at the end of the hall includes an ensuite bath with soaking tub, vanity, and linen storage. A great opportunity for comfortable and easy living!

Key facts

• Built 2017
• Listed 61 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $195k.

Deal economics

• At list price, monthly cash flow is $600 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• Recommended offer: $183k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.0% vs local median 2.4% in Sedro-Woolley — 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: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Sedro-Woolley School District (suburban): math 47% / reading 58% proficiency, ranked #117 of 291 in WA (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 226 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 561 units permitted in Skagit County in 2024 (270 in 5+ unit buildings).
• This rent runs 31% of the median local income ($93k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Skagit County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $55k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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 $150k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $183,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% 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: 1.22% ✓
• Cap rate: 9.99%
• Cash-on-cash: 13.20%
• DSCR: 1.59
• GRM: 6.8

CMA / ARV

• ARV (median comp): $180,733
• List price: $195,000
• Delta: 7.89%
• Verdict: FAIR
• Comps: 6 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
600 N Reed St #43	0.15mi	3/2.0	1,508 (-0%)	0mo	$207,000	$137	92
700 N Reed St #101	0.00mi	4/2.0 (+1)	1,584 (+5%)	6mo	$180,000	$114	82
600 Reed St #18	0.15mi	3/2.0	1,620 (+7%)	9mo	$200,000	$123	74
600 N Reed St #16	0.15mi	3/2.0	1,414 (-6%)	15mo	$220,000	$156	70
600 N Reed St N #23	0.15mi	3/2.0	1,612 (+7%)	17mo	$210,000	$130	68
600 N Reed St #46	0.17mi	4/2.0 (+1)	1,456 (-4%)	20mo	$199,500	$137	64
600 N Reed St #10	0.15mi	3/2.0	1,296 (-14%)	23mo	$199,900	$154	50
124 N Reed St	0.43mi	3/2.0	1,344 (-11%)	17mo	$475,000	$353	47

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 34.0%
• Equity multiple: 3.65×
• Total profit: $144,439
• Equity at exit: $175,671

10-year hold

• IRR: 29.3%
• Equity multiple: 8.24×
• Total profit: $395,266
• Equity at exit: $378,842

Cash invested: $54,600 (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 98284

• Home prices YoY: 3.5%
• Active inventory: 226
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $2,381 medium
• Mortgage (P&I): −$1,023
• Tax from tax record: −$177 /mo · $2,125/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$500
• Net cashflow: $600

Break-even live

Break-even rent $1,621

Max offer price $195,000

Occupancy floor 70%

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
320 Birchwood Ln Sedro-Woolley, WA	3.0	2.5	1400	$2,500	$1.79	44d	1	0.40mi
408 Warner St Unit 408 Sedro-Woolley, WA	2.0	1.0	1636	$2,050	$1.25	44d	1	1.06mi
801 Westview Dr Sedro Woolley, WA	3.0–4.0	2.5	1290	$2,100	$1.63	21d	8	1.19mi
1129 State St Unit 11292 Sedro-Woolley, WA	2.0	1.0	1054	$1,850	$1.76	44d	1	1.23mi

Listing history 14 events

1. 2026-06-13
   status $195,000 Pending 61 DOM
2. 2026-06-10
   days on market $195,000 Active 61 DOM
3. 2026-06-09
   days on market $195,000 Active 60 DOM
4. 2026-06-08
   days on market $195,000 Active 59 DOM
5. 2026-06-07
   days on market $195,000 Active 58 DOM
6. 2026-06-05
   days on market $195,000 Active 55 DOM
7. 2026-06-02
   days on market $195,000 Active 53 DOM
8. 2026-06-01
   days on market $195,000 Active 52 DOM
9. 2026-05-31
   days on market $195,000 Active 51 DOM
10. 2026-05-30
    days on market $195,000 Active 50 DOM
11. 2026-04-10
    listed $195,000 Active
12. 2023-06-22
    soldstatus $150,000 Closed
13. 2023-05-12
    status Pending
14. 2023-04-19
    listed $155,000 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: $2,125 · $177/mo
• Projected year-2 tax: $2,125 · $177/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥83°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,577
• − Mortgage interest: −$10,923
• − Property taxes: −$2,125
• − Insurance: −$975
• − Repairs & maintenance: −$2,286
• − Management: −$2,286
• − Depreciation: −$5,673
• Taxable income: $4,310
• Est. tax owed @ 24.0%: −$1,034
• After-tax cash flow: $6,171/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: Sedro-Woolley School District
• NCES district ID: 5307740
• Math proficiency: 47% ▼ -2.00%
• Reading proficiency: 58% ▬ 0.00%
• Median HH income: $57,385
• Composite: 47.45/100
• National rank: #5005
• State rank: #117 of 291 in WA

Livability — Sedro-Woolley

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Sedro-Woolley, WA
• County: Skagit County · 118,108 people
• Metro: Mount Vernon-Anacortes, WA
• Population (ZIP): 27,835
• Household income: $93,006
• Rent vs Own: 27.0% rent · 73.0% own
• Severe rent burden: 502.0

Population outlook (Skagit County) Hauer SSP2

• Today (2025): 131,498 people
• By 2030: 135,556 · +3.1%
• By 2040: 141,717 · +7.8%
• By 2050: 145,714 · +10.8%
• By 2075: 152,201 · +15.7%
• By 2100: 147,980 · +12.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 14% Two or more races 8% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Portuguese 6% Slovak 4% Italian 3%
• Foreign-born: 5% · Canada, China
• Languages at home: 88% English-only · Spanish 10% German/W. Germanic 1%

Political lean MEDSL · Skagit

• 2024 margin: Lean D (+8.9) · D 52.9% · R 44.0% · Other 3.0%
• 2008→2024 swing: -0.7pp no change · 2008: 9.6pp · 2024: 8.9pp
• All cycles: 2024: D+8.9 2020: D+7.5 2016: D+3.2 2012: D+5.8 2008: D+9.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 43.42%
• Current HPI: 1280.83
• Rent YoY: —
• Metro: Mount Vernon-Anacortes, 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

+25.8% since first listed

4 events — show timeline

• 2026-04-10 Listed $195,000 NWMLS as Distributed by MLS Grid
• 2023-06-22 Sold (MLS) $150,000 NWMLS as Distributed by MLS Grid
• 2023-05-12 Pending — NWMLS as Distributed by MLS Grid
• 2023-04-19 Listed $155,000 NWMLS as Distributed by MLS Grid

Property tax history

+13.5%/yr

Latest (2026): $2,125 · +0.4% YoY. Source: county tax records.