15232 SE 272nd St #84 · Kent, WA 98042

$69,950

2 bd · 2.0 ba · 931 sqft · Manufactured · 128 Days on market

Built 1983 Fair condition $75/sqft · 82% below area

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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 +4.8/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Move in ready mobile home. Two bedrooms and two full bathrooms. Vaulted ceilings in living room, kitchen and primary bedroom. Primary bedroom features a full bathroom and walk-in closet, Eating area at counter or ample space for a kitchen table. Laundry room off kitchen with shelving and storage. Fenced yard on side of the home. Great for garden and/or barbecue. Adequate parking for two cars. Close to stores and activities.

Key facts

• Fenced yard
• Eating area
• Walk-in closet

Tags

• VAULTED CEILINGS
• WALK-IN CLOSET
• FENCED YARD
• LAUNDRY ROOM
• EATING AREA

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $70k. Condition is rated fair.

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 $70k).
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Cap rate 28.7% vs local median 2.7% in Kent — 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 (#109 in WA, #2,154 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools C-, crime F, cost of living F.
• Kent School District (urban): math 47% / reading 57% proficiency, ranked #109 of 291 in WA (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 332 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 2d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k 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 + 0.2% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 128 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.

Recommended offer $61,556 (12.0% below list)

Questions for the listing agent

1. It's been on market 128 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 3.23% ✓
• Cap rate: 28.66%
• Cash-on-cash: 79.88%
• DSCR: 4.55
• GRM: 2.6

CMA / ARV

• ARV (median comp): $389,000
• List price: $69,950
• Delta: -82.02%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15232 SE 272nd St #29	0.00mi	2/1.0	924 (-1%)	13mo	$134,900	$146	84
15232 272nd St SE #90	0.02mi	2/2.0	924 (-1%)	17mo	$30,150	$33	84
15232 SE 272nd St #13	0.15mi	2/1.0	924 (-1%)	13mo	$125,000	$135	77

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: 76.8%
• Equity multiple: 4.35×
• Total profit: $65,518
• Equity at exit: $10,430

10-year hold

• IRR: 79.7%
• Equity multiple: 8.15×
• Total profit: $139,983
• Equity at exit: $6,048

Cash invested: $19,586 (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 98042

• Rents YoY: 0.2%
• Active inventory: 332
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $2,262 high
• Mortgage (P&I): −$367
• Tax est. 1.5%: −$87 /mo · $1,049/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$475
• Net cashflow: $1,304

Break-even live

Break-even rent $612

Max offer price $69,950

Occupancy floor 37%

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: $17,488
• Closing costs: $2,098
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14901 SE 272nd St Kent, WA	1.0–3.0	1.0–2.0	900	$1,959	$2.18	1d	15	0.27mi
27403 141st Ave SE Kent, WA	3.0	1.5	960	$3,500	$3.65	2d	1	0.79mi
26902 169th Pl SE Covington, WA	1.0–2.0	1.0	671	$2,220	$3.31	11d	1	1.11mi
16830 SE Wax Rd Covington, WA	3.0	1.0–2.0	909	$2,229	$2.45	1d	15	1.15mi
17126 SE 269th Pl Covington, WA	1.0–3.0	1.0–2.0	956	$2,190	$2.29	1d	15	1.16mi
17110 SE 276th St Covington, WA	1.0–3.0	1.0–2.0	852	$2,220	$2.61	1d	1	1.16mi
27400 132nd Ave SE Kent, WA	1.0–2.0	1.0–2.0	842	$2,095	$2.49	2d	7	1.27mi

Listing history 14 events

1. 2026-06-18
   days on market $69,950 Active 128 DOM
2. 2026-06-17
   days on market $69,950 Active 127 DOM
3. 2026-06-16
   days on market $69,950 Active 126 DOM
4. 2026-06-15
   days on market $69,950 Active 125 DOM
5. 2026-06-13
   days on market $69,950 Active 123 DOM
6. 2026-06-09
   days on market $69,950 Active 119 DOM
7. 2026-06-08
   days on market $69,950 Active 118 DOM
8. 2026-06-07
   days on market $69,950 Active 117 DOM
9. 2026-06-04
   days on market $69,950 Active 114 DOM
10. 2026-06-03
    days on market $69,950 Active 113 DOM
11. 2026-06-02
    days on market $69,950 Active 112 DOM
12. 2026-06-01
    days on market $69,950 Active 111 DOM
13. 2026-05-31
    days on market $69,950 Active 110 DOM
14. 2026-02-10
    listed $69,950 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 ≥87°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 12 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,148
• − Mortgage interest: −$3,918
• − Property taxes: −$1,049
• − Insurance: −$350
• − Repairs & maintenance: −$2,172
• − Management: −$2,172
• − Depreciation: −$2,035
• Taxable income: $15,452
• Est. tax owed @ 24.0%: −$3,708
• After-tax cash flow: $11,937/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 · 12 photos

Fair 45/100 Moderate rehab

This mobile home requires significant repairs and updates to its exterior, interior, and systems to improve its condition and value.

Repairs flagged

• Major exterior siding — Severe weathering
• Major interior walls — Peeling paint and wallpaper
• Major kitchen cabinets — Outdated and worn
• Major bathroom fixtures — Worn and outdated
• Major flooring — Worn and outdated carpet

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace kitchen cabinets — New cabinets improve functionality and aesthetics
• Both Replace bathroom fixtures — New fixtures enhance functionality and aesthetics
• Both Replace flooring — New flooring improves comfort and aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Severe weathering	Major	$15,000–50,000
interior walls · Peeling paint and wallpaper	Major	$15,000–50,000
kitchen cabinets · Outdated and worn	Major	$15,000–50,000
bathroom fixtures · Worn and outdated	Major	$15,000–50,000
flooring · Worn and outdated carpet	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace kitchen cabinets — New cabinets improve functionality and aesthetics ↑
• Both Replace bathroom fixtures — New fixtures enhance functionality and aesthetics ↑
• Both Replace flooring — New flooring improves comfort and aesthetics ↑

ⓘ 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: Kent School District
• NCES district ID: 5303960
• Math proficiency: 47% ▼ -1.00%
• Reading proficiency: 57% ▼ -1.00%
• Median HH income: $69,823
• Composite: 48.25/100
• National rank: #4714
• State rank: #109 of 291 in WA

Livability — Kent

• Score: 79/100
• State rank: #109
• US rank: #2154

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kent, WA
• County: King County · 2,251,916 people
• City population: 119,479
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 50,216
• Household income: $127,552
• Rent vs Own: 17.7% rent · 82.3% own
• Severe rent burden: 892.0

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 0.58)
• Race & ethnicity: White 62% Asian 13% Hispanic / Latino 12% Two or more races 12% Black 6%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 4% Subsaharan African 3% Italian 3%
• Foreign-born: 19% · Canada, Vietnam, China
• Languages at home: 75% English-only · Spanish 7% Russian/Polish/Slavic 4% Other Indo-European 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: ▼ -635.61%
• Current HPI: 297.7991
• 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

1 event — show timeline

• 2026-02-10 Listed $69,950 NWMLS as Distributed by MLS Grid