17125 Woodcrest Dr NE

Bothell, WA 98011

$430,000D

3 bd · 2.0 ba · 1,582 sqft · Built 1989 · Manufactured · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,086/mo
• Mortgage (P&I): −$2,255
• Tax + insurance: −$717
• HOA: −$183
• Vac / Maint / Mgmt: −$648
• Net cashflow: $-717/mo
• Annual: $-8,604/yr
• Cap rate: 4.29%
• Cash-on-cash: -7.15%
• DSCR: 0.68
• 1% rule: 0.72%
• Cash to close: $120,400

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $430k.
• At list price, monthly cash flow is $-717 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $326k (24.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $309k (28.2% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $309k (28.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#53 in WA, #962 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, health & safety A+; Watch: amenities C-, cost of living F.
• Northshore School District (suburban): math 69% / reading 78% proficiency, ranked #9 of 291 in WA (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: Woodmoor Elementary (644 students, 35% FRL); Northshore Middle School (827 students, 19% FRL); Inglemoor Hs (1,542 students, 20% FRL).
• Market conditions: Rents flat; 182 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals leasing fast (median 7d 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).
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 4.3% vs local median 1.5% in Bothell — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.
• 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.
• 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.