2302 R St SE #140 · Auburn, WA 98002

$94,000

2 bd · 2.0 ba · 1,056 sqft · Manufactured · 4 Days on market

Built 1980 Est $81k · 16% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• ARV discount +0.5/15.0
• Appreciation +0.0/10.0

Listing remarks

NEW on the Market! OVER $33K in recent IMPROVMENTS INCLUDE; New Heat Pump, Shower in the Primary Bedroom, Water Heater, new Refrigerator, Dishwasher, Garbage Disposal, plus Composition Roof installed in 2019. Located in Leisure Park, a 55+ community w Clubhouse, Pool & Fitness Center and the community is gated as well as a nice lawn area. This Turn- Key home offers 2 Bedrooms (Primary has a walk-in closet) a Den/Office and 2 Baths. The Vaulted ceilings create great space in the Living room as an "Open Room" concept w the dining room just off the kitchen. Built in 1980 this Double Wide home is 1056 sq. ft. has a covered carport and a must have storage shed w power. convenient

Key facts

• New heat pump
• New garbage disposal
• New refrigerator

Tags

• RECENT IMPROVEMENTS
• NEW HEAT PUMP
• NEW REFRIGERATOR
• NEW DISHWASHER
• NEW GARBAGE DISPOSAL
• COMPOSITION ROOF

Property features AI

Finance

• Other: Calculated living area 1,056 (manufacturer's model); Bus line nearby
• Financial info: Listing terms: Cash, Conventional, FHA; Land lease amount applies
• HOA & community: Located in Leisure Manor manufactured home park; Park amenities include clubhouse, common area, exercise room, high-speed internet available, pool, recreational area, security gate; 144 homes in park; Pets allowed (cats and dogs; see remarks); Senior community

Exterior

• Parking: Carport
• Security: Security gate
• Utilities: Electric energy source; Public water (PSE); Electric water heater located in exterior insulated wall; City sewer (City of Auburn); Power (PSE); Cable (XFINITY); Internet (XFINITY)
• Home design: Manufactured home (Double wide); One level; Vaulted ceilings; Walk-in closet; Entry skirt is metal; Mobile home remains
• Construction: Wood construction; Composition roof; Tie-down foundation; Manufactured after 6/15/1976
• Exterior features: Wood exterior products; Patio/porch/deck; Paved lot

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Laminate; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Heating & cooling: Forced air heating; Heat pump cooling
• Interior features: Fireplace; Water heater
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $94k.

Deal economics

• At list price, monthly cash flow is $787 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $94k).
• Cap rate 16.3% vs local median 2.7% in Auburn — 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 81/100 on livability (#75 in WA, #1,371 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Auburn School District (urban): math 47% / reading 56% proficiency, ranked #125 of 291 in WA (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.5%/yr); 171 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 13d 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 $650 of loan paydown is wiped out by about $3k 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 + 1.5% rent growth), your $26k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 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 $65k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $94,000

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. 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?
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: 1.93% ✓
• Cap rate: 16.34%
• Cash-on-cash: 35.89%
• DSCR: 2.60
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $81,312
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2302 R St #78	0.00mi	2/1.5	1,032 (-2%)	14mo	$79,000	$77	82
2302 R St SE #59	0.01mi	2/1.5	1,100 (+4%)	14mo	$55,000	$50	79
2302 R St SE #118	0.01mi	2/2.0	1,152 (+9%)	15mo	$58,000	$50	72
800 29 TH St SE Unit G-12	0.69mi	2/1.0	980 (-7%)	0mo	$86,000	$88	52
900 29th St SE Unit D-11	0.59mi	3/2.0 (+1)	960 (-9%)	3mo	$71,750	$75	50
3225 M St SE #131	0.62mi	2/2.0	900 (-15%)	8mo	$105,000	$117	40

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 · 1.51% rent growth · sell at horizon

5-year hold

• IRR: 29.9%
• Equity multiple: 2.23×
• Total profit: $32,245
• Equity at exit: $14,016

10-year hold

• IRR: 36.3%
• Equity multiple: 4.12×
• Total profit: $82,048
• Equity at exit: $8,127

Cash invested: $26,320 (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 98002

• Rents YoY: 1.5%
• Active inventory: 171
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,819 high
• Mortgage (P&I): −$493
• Tax est. 1.5%: −$118 /mo · $1,410/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $787

Break-even live

Break-even rent $822

Max offer price $94,000

Occupancy floor 52%

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: $23,500
• Closing costs: $2,820
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1420 17th St SE Auburn, WA	1.0–2.0	1.0	725	$1,695	$2.34	3d	4	0.40mi
1526 29th St SE Auburn, WA	2.0	1.0	912	$1,595	$1.75	24d	1	0.43mi
2952 O St SE Unit D Auburn, WA	2.0	1.0	795	$1,375	$1.73	2d	1	0.46mi
2952 O St SE Unit F Auburn, WA	2.0	1.0	1051	$1,495	$1.42	2d	1	0.46mi
2020 F St SE Auburn, WA	1.0–2.0	1.0	725	$1,599	$2.21	24d	1	0.73mi
2901 Auburn Way S Auburn, WA	1.0–2.0	1.0	667	$2,175	$3.26	1d	20	0.73mi
2455 F St SE Auburn, WA	1.0–3.0	1.0–2.0	757	$1,678	$2.21	2d	6	0.79mi
402 21st St SE Auburn, WA	1.0–2.0	1.0–1.5	747	$1,695	$2.27	14d	4	0.82mi
404 27th St SE Unit 19-1 Auburn, WA	2.0	1.0	1000	$1,750	$1.75	12d	1	0.87mi
418 17th St SE Unit 6C Auburn, WA	2.0	2.0	1219	$2,200	$1.80	24d	1	0.88mi
1120 37th St SE Auburn, WA	2.0	1.0	788	$1,695	$2.15	12d	1	0.90mi
1014 37th St SE Apt 4 Auburn, WA	2.0	2.0	1005	$1,780	$1.77	5d	1	0.95mi
3320 Auburn Way S Auburn, WA	2.0	1.5	1033	$2,200	$2.13	1d	1	1.03mi
330 V St SE Unit 1 Auburn, WA	2.0	1.0	950	$2,400	$2.53	21d	1	1.19mi
2220 Noble Ct SE Auburn, WA	2.0	1.5–2.0	1200	$2,100	$1.75	1d	2	1.24mi
225 I St SE Unit 225 Auburn, WA	2.0	1.0	980	$2,100	$2.14	14d	1	1.33mi
107 N St SE Unit A Auburn, WA	2.0	1.0	1080	$1,750	$1.62	21d	1	1.34mi
29 R St NE Unit A Auburn, WA	2.0	1.0	900	$1,695	$1.88	24d	1	1.47mi
4704 Mill Pond Dr SE #213 Auburn, WA	2.0	2.0	1142	$2,750	$2.41	2d	1	1.49mi

Listing history 5 events

1. 2026-06-18
   days on market $94,000 Active 4 DOM
2. 2026-06-17
   days on market $94,000 Active 3 DOM
3. 2026-06-16
   days on market $94,000 Active 2 DOM
4. 2026-06-15
   remarks 685-char remark
5. 2026-06-15
   listed $94,000 Active 1 DOM

ⓘ 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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 14 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: $21,825
• − Mortgage interest: −$5,265
• − Property taxes: −$1,410
• − Insurance: −$470
• − Repairs & maintenance: −$1,746
• − Management: −$1,746
• − Depreciation: −$2,735
• Taxable income: $8,453
• Est. tax owed @ 24.0%: −$2,029
• After-tax cash flow: $7,418/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: Auburn School District
• NCES district ID: 5300300
• Math proficiency: 47% ▼ -3.00%
• Reading proficiency: 56% ▼ -1.00%
• Median HH income: $58,048
• Composite: 46.73/100
• National rank: #5240
• State rank: #125 of 291 in WA

Livability — Auburn

• Score: 81/100
• State rank: #75
• US rank: #1371

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Auburn, WA
• County: King County · 2,251,916 people
• City population: 74,969
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 37,509
• Household income: $78,684
• Rent vs Own: 51.1% rent · 48.9% own
• Severe rent burden: 2202.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 46% Hispanic / Latino 24% Two or more races 13% Black 12% Asian 6% Pacific Islander 4% Native American 2%
• Hispanic origin (detail): Mexican 20%
• Common ancestry: Portuguese 4% Subsaharan African 4% Lithuanian 3%
• Foreign-born: 24% · Canada, Vietnam
• Languages at home: 63% English-only · Spanish 19% Russian/Polish/Slavic 6% 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: ▼ -677.96%
• Current HPI: 298.0849
• Rent YoY: ▲ 1.51%
• 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

+18.2% since first listed

7 events — show timeline

• 2026-06-14 Listed $94,000 NWMLS as Distributed by MLS Grid
• 2024-01-31 Sold (MLS) $65,000 NWMLS as Distributed by MLS Grid
• 2024-01-13 Pending — NWMLS as Distributed by MLS Grid
• 2023-10-20 Relisted — NWMLS as Distributed by MLS Grid
• 2023-09-06 Pending — NWMLS as Distributed by MLS Grid
• 2023-08-23 Price Changed $74,500 NWMLS as Distributed by MLS Grid
• 2023-03-30 Listed $79,500 NWMLS as Distributed by MLS Grid