8430 15th Pl SE #63 · Lake Stevens, WA 98258

$250,000

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

Built 1991 21 ac lot $165/sqft · 7% above area Est $233k · 7% over

---

Why this score? — see what drove the C+ 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 +26.3/30.0
• DSCR +9.0/10.0
• 1% rule +7.0/10.0
• Schools +5.8/10.0
• ARV discount +4.3/15.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Cardinal Estates premier 55+ community! This unbelievable move-in ready home offers 3 bedrooms plus a den & is packed with comfort & convenience. Home is accessed via an all-weather spacious ramp leading to the covered front deck where you can take in beautiful Olympic Mountain views (that are also visible from the living room. ) Inside, you'll find this home lives large w/ an abundance of natural light & storage plus rooms with plenty of space. A bright kitchen with an eating area, versatile den/office w/ French doors. Spacious primary suite offers a walk-in closet along with a newly installed accessible shower. Home has had crawlspace insulation done as well a

Key facts

• Accessible shower
• Natural light
• Covered front deck

Tags

• ALL WEATHER RAMP
• COVERED FRONT DECK
• OLYMPIC MOUNTAIN VIEWS
• NATURAL LIGHT
• WALK IN CLOSET
• ACCESSIBLE SHOWER

Property features AI

Finance

• Other: Bus line nearby (route 109); Directions: From 20th St SE, turn left onto 83rd Ave SE, right onto 15th Pl SE; unit #63 directly ahead
• Financial info: Listing terms: Cash, Conventional
• HOA & community: Located in Cardinal Estates mobile home park (park approved for sale); Senior community; senior exemption applies; Approximately 91 homes in the park; Land lease applies

Exterior

• Parking: Carport; RV parking available in park
• Utilities: Public water (Snohomish County PUD); Sewer service by Cardinal Estates; Power by Snohomish County PUD; Electric water heater; Xfinity cable and internet
• Home design: Manufactured double-wide home (Skyline); One level; Faces west; Vaulted ceilings; Entry and dining room present; Bath off primary; Walk-in closet
• Construction: Built with cement, metal/vinyl and wood materials; Composition roof; Pillar/post/pier foundation; Manufactured house structure; Manufactured after 6/15/1976
• Exterior features: Cement/Concrete, Metal/Vinyl and Wood exterior materials; Cement/Concrete, Metal/Vinyl, Wood and Wood products on exterior; Corner lot with curbs and paved surfaces; Patio/porch/deck; Landscaped; Has view

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Laminate; Vinyl; Carpet
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom; 1 bathtub; 2 showers
• Heating & cooling: Forced air heating; Heat pump; Forced air cooling; Heat pump cooling
• Interior features: Fireplace (electric); Water heater
• Laundry & utility: Washer; Dryer; Utility room; Water heater located in utility

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $250k.

Deal economics

• At list price, monthly cash flow is $649 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Cap rate 9.4% vs local median 2.8% in Lake Stevens — 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 83/100 on livability (#51 in WA, #917 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: amenities C-, cost of living F.
• Lake Stevens School District (suburban): math 57% / reading 70% proficiency, ranked #31 of 291 in WA (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Lake Stevens Sr High School (2,140 students, 31% FRL).
• Market conditions: Rents flat; 418 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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 $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 11y 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.

Recommended offer $250,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
3. 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.
4. 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.
5. 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: 1.20% ✓
• Cap rate: 9.41%
• Cash-on-cash: 11.13%
• DSCR: 1.50
• GRM: 6.9

CMA / ARV

• ARV (median comp): $233,422
• List price: $250,000
• Delta: 7.10%
• Verdict: FAIR
• Comps: 18 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8430 15th Pl SE #63	0.00mi	3/2.0	1,512 (0%)	0mo	$250,000	$165	100
8430 15th Pl SE #37	0.00mi	3/2.0	1,512 (0%)	3mo	$214,950	$142	98
8430 15th Pl SE #20	0.00mi	3/2.0	1,476 (-2%)	2mo	$224,950	$152	94
8430 15th Pl SE #56	0.00mi	3/2.0	1,508 (-0%)	8mo	$199,000	$132	93
8430 15th Pl SE #34	0.00mi	3/2.0	1,568 (+4%)	6mo	$249,950	$159	89
8430 15th Pl SE #73	0.00mi	2/2.0 (-1)	1,482 (-2%)	12mo	$230,000	$155	82
1316 91st Ave SE #3	0.34mi	3/2.0	1,440 (-5%)	2mo	$167,000	$116	74
8411 15th Pl SE	0.21mi	3/2.0	1,620 (+7%)	7mo	$479,000	$296	72
1316 91st Ave SE #15	0.34mi	2/2.0 (-1)	1,440 (-5%)	4mo	$123,000	$85	68
8430 15th Pl SE #53	0.00mi	3/2.0	1,296 (-14%)	13mo	$199,950	$154	66
1316 91st Ave SE #57	0.34mi	3/2.0	1,440 (-5%)	14mo	$185,000	$128	64
1316 91st Ave SE #24	0.34mi	2/2.0 (-1)	1,344 (-11%)	10mo	$185,000	$138	52

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 · 0.19% rent growth · sell at horizon

5-year hold

• IRR: -2.9%
• Equity multiple: 0.89×
• Total profit: $-7,391
• Equity at exit: $37,276

10-year hold

• IRR: 3.4%
• Equity multiple: 1.21×
• Total profit: $14,894
• Equity at exit: $21,615

Cash invested: $70,000 (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 98258

• Rents YoY: 0.2%
• Active inventory: 418
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $3,009 high
• Mortgage (P&I): −$1,311
• Tax est. 1.5%: −$312 /mo · $3,750/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$632
• Net cashflow: $649

Break-even live

Break-even rent $2,187

Max offer price $250,000

Occupancy floor 73%

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7815 14th St SE Lake Stevens, WA	3.0	2.5	1587	$3,100	$1.95	24d	1	0.56mi
7412 19th Pl SE Lake Stevens, WA	3.0	2.0	1374	$1,400	$1.02	4d	1	0.74mi
609 84th Ave SE Lake Stevens, WA	4.0	3.0	1744	$2,800	$1.61	12d	1	0.74mi
10103 16th Pl SE #1 Lake Stevens, WA	4.0	4.0	2105	$3,100	$1.47	43d	1	0.94mi
9504 Chapel Hill Rd Lake Stevens, WA	3.0	2.5	1340	$2,950	$2.20	5d	1	1.20mi
610 103rd Ct SE Lake Stevens, WA	3.0	2.5	1870	$3,400	$1.82	20d	1	1.30mi
2430 106th Dr SE Lake Stevens, WA	3.0	2.5	1830	$3,000	$1.64	24d	1	1.31mi

Listing history 7 events

1. 2026-05-18
   status Pending
2. 2026-05-15
   listed $250,000 Active
3. 2016-03-04
   historical
4. 2016-01-17
   status Pending
5. 2016-01-09
   status Pending Inspection
6. 2015-10-14
   price
7. 2015-10-04
   listed 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: $36,105
• − Mortgage interest: −$14,004
• − Property taxes: −$3,750
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,888
• − Management: −$2,888
• − Depreciation: −$7,273
• Taxable income: $4,051
• Est. tax owed @ 24.0%: −$972
• After-tax cash flow: $6,818/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: Lake Stevens School District
• NCES district ID: 5304200
• Math proficiency: 57% ▼ -2.00%
• Reading proficiency: 70% ▬ 0.00%
• Median HH income: $78,301
• Composite: 58.12/100
• National rank: #2141
• State rank: #31 of 291 in WA

Livability — Lake Stevens

• Score: 83/100
• State rank: #51
• US rank: #917

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Stevens, WA
• County: Snohomish County · 786,756 people
• City population: 52,752
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 52,752
• Household income: $123,898
• Rent vs Own: 21.5% rent · 78.5% own
• Severe rent burden: 786.0

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: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 12% Two or more races 11% Asian 6% Black 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 7% Italian 3% Slovak 2%
• Foreign-born: 10% · Canada, Vietnam, China
• Languages at home: 87% English-only · Spanish 5% Russian/Polish/Slavic 2% Other Indo-European 1%

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: ▼ -725.77%
• Current HPI: 303.8934
• Rent YoY: ▲ 0.19%
• 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

+0.0% since first listed

8 events — show timeline

• 2026-06-11 Sold (MLS) $250,000 NWMLS as Distributed by MLS Grid
• 2026-05-18 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-15 Listed $250,000 NWMLS as Distributed by MLS Grid
• 2016-03-04 Delisted — NWMLS as Distributed by MLS Grid
• 2016-01-17 Pending — NWMLS as Distributed by MLS Grid
• 2016-01-09 Pending — NWMLS as Distributed by MLS Grid
• 2015-10-14 Price Changed — NWMLS as Distributed by MLS Grid
• 2015-10-04 Listed — NWMLS as Distributed by MLS Grid

Property tax history

-18.6%/yr

Latest (2023): $32 · -20.4% YoY. Source: county tax records.