12200 Stone Ave N #38 · Seattle, WA 98133

$125,000

2 bd · 1.0 ba · 780 sqft · Manufactured · 40 Days on market

Built 1966 Good condition

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +6.1/10.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• Rent growth +2.9/5.0
• Appreciation +0.0/10.0

Listing remarks

Completely refreshed and move-in ready! This beautifully updated manufactured home features a bright open layout with new flooring, fresh interior finishes, and recessed lighting. A sleek modern kitchen with crisp white cabinetry, generous prep space, and new stainless steel appliances for a clean contemporary look. Spacious living and dining areas flow seamlessly together, creating a clean, modern feel throughout. The home offers comfortable bedrooms, an updated bathroom with integrated laundry area, and smart use of space throughout. Outside, enjoy a covered front deck, fully-fenced yard space, fresh exterior paint, and plenty of parking. The large lot provides room to garden, play, enter

Key facts

• Fully-fenced yard
• Open layout
• Covered front deck

Tags

• OPEN LAYOUT
• MODERN KITCHEN
• UPDATED BATHROOM
• COVERED FRONT DECK
• FULLY-FENCED YARD
• FRESH EXTERIOR PAINT

Property features AI

Finance

• Other: Property listed as residential, manufactured home; Calculated building area 780 (tape measure)
• Financial info: Land lease: $1,470; Listing terms: Cash
• HOA & community: Park-approved sale; Halcyon park with about 80 homes; Pets allowed

Exterior

• Parking: 2 uncovered open parking spaces
• Utilities: Public water (paid by park); Sewer paid by park; Seattle City Light power; Electric energy source
• Home design: Manufactured single-wide home; One level; Updated/remodeled; Manufactured home make: Buddy, model 60E/12; Mobile home remains
• Construction: Manufactured house (single wide)
• Exterior features: Corner lot; Landscaped; Patio/porch/deck

Interior

• Kitchen: Dishwasher; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Ductless heating; Has cooling
• Interior features: Water heater (electric, located in closet)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $125k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $747 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $121k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.5% vs local median 1.6% in Seattle — 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 75/100 on livability (#166 in WA, #4,033 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Seattle Public Schools (urban): math 64% / reading 72% proficiency, ranked #19 of 291 in WA (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Hazel Wolf K-8 (720 students, 22% FRL); Whitman Middle School (679 students, 15% FRL); Ingraham High School (1,452 students, 33% FRL).
• Market conditions: Rents rising (+1.6%/yr); 244 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 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 + 1.6% rent growth), your $35k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 40 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.

Recommended offer $121,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 40 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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.
7. 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.
8. 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: 1.63% ✓
• Cap rate: 13.47%
• Cash-on-cash: 25.63%
• DSCR: 2.14
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $72,540
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1333 N 125th St	0.13mi	2/1.0	700 (-10%)	18mo	$65,000	$93	62

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 · 1.56% rent growth · sell at horizon

5-year hold

• IRR: 17.6%
• Equity multiple: 1.70×
• Total profit: $24,468
• Equity at exit: $18,638

10-year hold

• IRR: 25.0%
• Equity multiple: 3.03×
• Total profit: $71,118
• Equity at exit: $10,808

Cash invested: $35,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City Seattle: 0 Strongly Tenant-Friendly · D+52

Just Cause + Relocation Assistance + Source of Income + First in Time.

Methodology + full state rankings →

ZIP-level market 98133

• Rents YoY: 1.6%
• Active inventory: 244
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $2,040 high
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $747

Break-even live

Break-even rent $1,093

Max offer price $125,000

Occupancy floor 58%

Sensitivity live

Price	-10% $834	-5% $791	+0% $747	+5% $704	+10% $661
Rent	-10% $586	-5% $667	+0% $747	+5% $828	+10% $909
Rate	-1.0pp $810	-0.5pp $779	base $747	+0.5pp $715	+1.0pp $682

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11550 Stone Ave N Seattle, WA	1.0	1.0	626	$1,600	$2.56	0d	1	0.28mi
11501 Stone Ave N Unit 1364261P Seattle, WA	1.0	1.0	645	$2,450	$3.80	0d	1	0.35mi
1100 N 115th St Seattle, WA	2.0	2.0	1988	$5,924	$2.98	0d	3	0.41mi
903 N 130th St #303 Seattle, WA	1.0	1.0	619	$1,850	$2.99	0d	1	0.47mi
625 N 130th St Seattle, WA	1.0	1.0	690	$1,595	$2.31	0d	2	0.57mi
11210 Meridian Ave N Seattle, WA	2.0	1.0	800	$1,950	$2.44	0d	1	0.65mi
13280 Linden Ave N Seattle, WA	1.0–3.0	1.0–2.0	692	$1,524	$2.20	0d	8	0.66mi
12250 Greenwood Ave N Seattle, WA	2.0	1.0	841	$2,045	$2.43	0d	2	0.66mi
11758 Greenwood Ave N Seattle, WA	1.0	1.0	700	$1,295	$1.85	0d	1	0.67mi
2116 N 112th St Apt 304 Seattle, WA	1.0	1.0	750	$1,495	$1.99	3d	1	0.67mi
2116 N 112th St Unit 402 Seattle, WA	2.0	1.5	950	$1,895	$1.99	45d	1	0.67mi
12520 Greenwood Ave N Unit 204 Seattle, WA	2.0	2.0	1000	$1,995	$2.00	0d	1	0.68mi
11740 Greenwood Ave N Seattle, WA	1.0–2.0	1.0–2.0	885	$2,295	$2.59	0d	4	0.68mi
11223 Corliss Ave N #303 Seattle, WA	1.0	1.0	691	$1,850	$2.68	4d	1	0.69mi
12536 Greenwood Ave N Seattle, WA	1.0–2.0	1.0	632	$1,995	$3.15	0d	3	0.69mi
12550 Greenwood Ave N Seattle, WA	2.0	2.0	975	$1,895	$1.94	25d	1	0.70mi
11716 Greenwood Ave N Seattle, WA	2.0	2.0	1000	$1,995	$2.00	23d	1	0.70mi
2152 N 112th St Seattle, WA	1.0	1.0	600	$1,395	$2.33	45d	1	0.72mi
11749 Greenwood Ave N Seattle, WA	1.0	1.0	676	$1,498	$2.21	15d	3	0.72mi
11540 Greenwood Ave N Seattle, WA	1.0–2.0	1.0	687	$1,995	$2.90	0d	4	0.73mi
10710 Stone Ave N Unit 10710 Seattle, WA	2.0	1.0	830	$1,795	$2.16	0d	1	0.74mi
300 N 130th St #7307 Seattle, WA	1.0	1.0	707	$2,295	$3.25	3d	1	0.74mi
11701 Greenwood Ave N #216 Seattle, WA	2.0	1.0	970	$2,150	$2.22	6d	1	0.74mi
11701 Greenwood Ave N Unit 214 Seattle, WA	2.0	1.0	1040	$2,150	$2.07	14d	1	0.74mi
10708 Stone Ave N Unit 10710 Seattle, WA	2.0	1.0	830	$1,895	$2.28	14d	1	0.74mi
12748 Greenwood Ave N Seattle, WA	1.0–2.0	1.0–2.0	765	$2,245	$2.93	0d	2	0.75mi
13530 Linden Ave N Seattle, WA	1.0–3.0	1.0–2.0	867	$2,058	$2.37	0d	12	0.75mi
326 NE 125th St Unit 2 Seattle, WA	2.0	2.0	800	$2,595	$3.24	45d	1	0.75mi
13748 Stone Ave N Seattle, WA	2.0	2.5	996	$3,350	$3.36	45d	1	0.76mi
11541 Greenwood Ave N Seattle, WA	1.0	1.0	750	$1,475	$1.97	0d	1	0.77mi
11254 Greenwood Ave N Seattle, WA	1.0–2.0	1.0–2.0	877	$1,995	$2.27	0d	2	0.77mi
11254 Greenwood Ave N Unit 301 Seattle, WA	2.0	2.0	1075	$2,195	$2.04	18d	1	0.77mi
11254 Greenwood Ave N Unit 101 Seattle, WA	1.0	1.0	680	$1,745	$2.57	18d	1	0.77mi
11244 Greenwood Ave N Seattle, WA	1.0–2.0	1.0–2.0	767	$2,475	$3.22	0d	8	0.78mi
11501 Greenwood Ave N Seattle, WA	2.0	1.0	896	$1,825	$2.04	0d	1	0.79mi
10550 Midvale Ave N Unit 3 Seattle, WA	2.0	1.0	750	$1,900	$2.53	45d	1	0.80mi
10550 Midvale Ave N Unit 4 Seattle, WA	2.0	1.0	750	$1,850	$2.47	0d	1	0.80mi
11255 Greenwood Ave N Seattle, WA	2.0	2.0	888	$1,995	$2.25	0d	1	0.80mi
10711 Meridian Ave N Seattle, WA	1.0–2.0	1.0–2.0	853	$2,235	$2.62	0d	7	0.81mi
303 NE 115th St Unit 1 Seattle, WA	2.0	2.0	830	$3,400	$4.10	0d	1	0.82mi

Listing history 21 events

1. 2026-06-21
   days on market $125,000 Active 40 DOM
2. 2026-06-21
   days on market $125,000 Active 39 DOM
3. 2026-06-19
   days on market $125,000 Active 38 DOM
4. 2026-06-18
   days on market $125,000 Active 37 DOM
5. 2026-06-17
   days on market $125,000 Active 36 DOM
6. 2026-06-16
   days on market $125,000 Active 35 DOM
7. 2026-06-15
   days on market $125,000 Active 34 DOM
8. 2026-06-15
   days on market $125,000 Active 33 DOM
9. 2026-06-13
   days on market $125,000 Active 32 DOM
10. 2026-06-12
    days on market $125,000 Active 31 DOM
11. 2026-06-10
    days on market $125,000 Active 29 DOM
12. 2026-06-09
    days on market $125,000 Active 28 DOM
13. 2026-06-08
    days on market $125,000 Active 27 DOM
14. 2026-06-07
    days on market $125,000 Active 26 DOM
15. 2026-06-07
    days on market $125,000 Active 25 DOM
16. 2026-06-04
    days on market $125,000 Active 23 DOM
17. 2026-06-03
    days on market $125,000 Active 22 DOM
18. 2026-06-02
    days on market $125,000 Active 21 DOM
19. 2026-06-01
    days on market $125,000 Active 20 DOM
20. 2026-05-31
    days on market $125,000 Active 19 DOM
21. 2026-05-12
    listed $125,000 Active

ⓘ 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 ≥86°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: $24,476
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$625
• − Repairs & maintenance: −$1,958
• − Management: −$1,958
• − Depreciation: −$3,636
• Taxable income: $7,421
• Est. tax owed @ 24.0%: −$1,781
• After-tax cash flow: $7,188/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 · 23 photos

Good 80/100 Cosmetic rehab

This beautifully updated manufactured home is move-in ready with fresh finishes and modern appliances. It offers a bright open layout and a fully-fenced yard space, making it an attractive option for both resale and rental.

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances curb appeal and adds value for both resale and rental.
• Both Add a smart thermostat — Improves energy efficiency and adds a modern touch.
• Both Install smart home security system — Enhances safety and adds a modern touch.
• Both Add a smart home automation system — Enhances convenience and adds a modern touch.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances curb appeal and adds value for both resale and rental. ↑
• Both Add a smart thermostat — Improves energy efficiency and adds a modern touch. ↑
• Both Install smart home security system — Enhances safety and adds a modern touch. ↑
• Both Add a smart home automation system — Enhances convenience and adds a modern touch. ↑

ⓘ 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: Seattle Public Schools
• NCES district ID: 5307710
• Math proficiency: 64% ▼ -1.00%
• Reading proficiency: 72% ▬ 0.00%
• Median HH income: $68,695
• Composite: 60.76/100
• National rank: #1649
• State rank: #19 of 291 in WA

Livability — Seattle

• Score: 75/100
• State rank: #166
• US rank: #4033

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Seattle, WA
• County: King County · 2,251,916 people
• City population: 706,262
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 53,249
• Household income: $93,662
• Rent vs Own: 51.6% rent · 48.4% own
• Severe rent burden: 3152.0

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 0.64)
• Race & ethnicity: White 56% Asian 15% Two or more races 12% Hispanic / Latino 11% Black 9%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 4% Italian 4% Slovak 3%
• Foreign-born: 23% · Canada, China, South Korea
• Languages at home: 72% English-only · Spanish 7% Chinese 4% Other Asian/Pacific 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: ▼ -1155.41%
• Current HPI: 344.45
• Rent YoY: ▲ 1.56%
• 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

1 event — show timeline

• 2026-05-12 Listed $125,000 NWMLS as Distributed by MLS Grid