1402 22nd St NE #426 · Auburn, WA 98002

$115,000

2 bd · 2.0 ba · 1,440 sqft · Manufactured · 1 Days on market

Built 1984 Fair condition Est $120k · at est.

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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 +9.2/15.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Rio Verde Estates, Auburn's premier gated 55+ manufactured home community! Nestled in the desirable Phase II section near the back of the community, this well-maintained 2-bedroom, 2-bath home offers 1,440 square feet of comfortable living space and exceptional value. Built in 1984, it is among the newer homes in Rio Verde and enjoys a peaceful setting beyond the community park and gazebo, providing an added sense of privacy and tranquility. Inside, you'll find a spacious, open-concept floor plan with generous living areas, abundant natural light, and plenty of room to relax or entertain. Outside, the home's standout features include beautiful mature landscaping and an amazing co

Key facts

• Gated community
• Covered front porch
• Peaceful setting

Tags

• GATED COMMUNITY
• MATURE LANDSCAPING
• COVERED FRONT PORCH
• OPEN-CONCEPT FLOOR PLAN
• PEACEFUL SETTING

Property features AI

Finance

• Other: Park approved for sale
• Financial info: Listing terms: Cash
• HOA & community: Land lease $1,340 (park lot lease); Park has 287 homes; Senior community

Exterior

• Parking: Carport
• Security: Security gate
• Utilities: Electric power (PSE); Public water (billed by Rio Verde); Public sewer (billed by Rio Verde); Cable connected (Xfinity); Internet connected (Xfinity)
• Home design: Manufactured home (double wide); Buckingham model 60/24; One level; Faces west; Good condition; Manufactured after 6/15/1976
• Construction: Wood construction; Composition roof; Mobile home remains
• Exterior features: Wood exterior; Wood products; Patio/porch/deck; Landscaped; Curbs and paved surfaces; Within a manufactured home park (Rio Verde) with clubhouse, common area, exercise room, RV parking, and security gate

Interior

• Kitchen: Dishwasher; Stove/Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Vinyl; Vinyl plank; Carpet
• Bathrooms: 2 full bathrooms; 2 bathtubs; 2 showers
• Heating & cooling: Forced air heating; Heat pump (also provides cooling)
• Interior features: Fireplace (wood burning); Water heater (electric, located in closet)
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $115k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $780 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• Cap rate 14.4% 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; 33 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• This rent runs 30% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 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 $32k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $115,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.73% ✓
• Cap rate: 14.43%
• Cash-on-cash: 29.07%
• DSCR: 2.29
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $119,520
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1402 22nd St NE #402	0.14mi	2/2.0	1,440 (0%)	2mo	$115,500	$80	92
1402 22nd St NE #509	0.30mi	2/2.0	1,440 (0%)	1mo	$130,000	$90	85
1402 22nd St NE #27	0.16mi	2/2.0	1,344 (-7%)	0mo	$65,000	$48	81
1402 22nd St NE #52	0.30mi	2/2.0	1,440 (0%)	6mo	$120,000	$83	81
1402 22nd St NE #549	0.30mi	3/2.0 (+1)	1,459 (+1%)	2mo	$70,000	$48	76
1402 22nd St NE #11	0.30mi	2/2.0	1,368 (-5%)	2mo	$60,000	$44	76
1402 22nd St NE #127	0.14mi	2/2.0	1,320 (-8%)	4mo	$137,500	$104	76
1402 22nd St NE #29	0.30mi	2/2.0	1,536 (+7%)	5mo	$149,500	$97	70
1402 22nd St NE #65	0.30mi	2/2.0	1,535 (+7%)	8mo	$86,500	$56	68
1402 22nd St NE #233	0.14mi	2/2.0	1,248 (-13%)	9mo	$90,000	$72	63
1402 22nd St NE #424	0.30mi	2/2.0	1,248 (-13%)	1mo	$124,500	$100	63
1402 22nd St NE #203	0.30mi	3/2.0 (+1)	1,632 (+13%)	5mo	$143,500	$88	54

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: 21.8%
• Equity multiple: 1.87×
• Total profit: $28,133
• Equity at exit: $17,147

10-year hold

• IRR: 28.9%
• Equity multiple: 3.39×
• Total profit: $76,867
• Equity at exit: $9,943

Cash invested: $32,200 (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: 4.8×

Monthly cashflow live

• Estimated rent: $1,993 high
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,725/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$419
• Net cashflow: $780

Break-even live

Break-even rent $1,006

Max offer price $115,000

Occupancy floor 56%

Sensitivity live

Price	-10% $860	-5% $820	+0% $780	+5% $740	+10% $701
Rent	-10% $623	-5% $701	+0% $780	+5% $859	+10% $938
Rate	-1.0pp $838	-0.5pp $809	base $780	+0.5pp $750	+1.0pp $720

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1413 12th St NE Unit ADU Auburn, WA	3.0	1.0	1000	$2,400	$2.40	5d	1	0.30mi
1741 22nd St NE Auburn, WA	1.0–3.0	1.0–2.0	902	$1,662	$1.84	0d	3	0.32mi
2212 O St NE Unit D Auburn, WA	3.0	1.0	1000	$1,925	$1.93	22d	1	0.36mi
31900 104th Ave SE Unit A206 Auburn, WA	2.0	1.5	1250	$2,000	$1.60	25d	1	0.38mi
2025 M St NE Unit 2045 Auburn, WA	2.0	1.5	1248	$2,095	$1.68	22d	1	0.39mi
1433 8th St NE Auburn, WA	1.0–3.0	1.0–1.5	1025	$2,214	$2.16	0d	13	0.45mi
1015 18th St NE Unit 931 935 1001 1007 Auburn, WA	2.0	1.0	900	$1,699	$1.89	25d	1	0.45mi
2222 L St NE Unit 2222LA Auburn, WA	2.0	1.0	895	$1,995	$2.23	3d	1	0.48mi
2414 N St NE Unit C Auburn, WA	3.0	1.0	1271	$1,950	$1.53	25d	1	0.49mi
2409 N St NE Auburn, WA	2.0	1.0	900	$1,950	$2.17	15d	1	0.50mi
2315 L St NE Unit 2315LA Auburn, WA	2.0	1.0	990	$1,995	$2.02	3d	1	0.54mi
2319 L St NE Unit 2319LB Auburn, WA	2.0	1.0	895	$1,995	$2.23	3d	1	0.56mi
2502 M St NE Unit 2502MA Auburn, WA	2.0	1.0	910	$2,050	$2.25	3d	1	0.56mi
1314 6th Pl NE Auburn, WA	3.0	1.5	1180	$3,200	$2.71	25d	1	0.58mi
2545 M Pl NE Unit 2545MPC Auburn, WA	2.0	1.0	1000	$1,895	$1.90	25d	1	0.58mi
634 M St NE Unit 3 Auburn, WA	2.0	1.5	900	$1,650	$1.83	25d	1	0.59mi
2556 M Pl NE Unit 2556MPC Auburn, WA	2.0	1.0	1000	$1,895	$1.90	20d	1	0.60mi
2602 J St NE Auburn, WA	2.0	1.0	897	$1,972	$2.20	3d	10	0.70mi
2317 I St NE Unit 2319 Auburn, WA	3.0	2.0	1400	$2,275	$1.62	25d	1	0.71mi
2441 I St NE Auburn, WA	2.0	1.0	910	$1,795	$1.97	15d	1	0.75mi
987 26th Pl NE Auburn, WA	2.0	1.5	939	$1,795	$1.91	25d	1	0.75mi
902 28th St NE Unit 902 Auburn, WA	2.0	1.5	938	$1,699	$1.81	0d	1	0.85mi
29 R St NE Unit A Auburn, WA	2.0	1.0	900	$1,695	$1.88	25d	1	0.89mi
1221 A St NE Auburn, WA	1.0–2.0	1.0–2.0	741	$2,085	$2.81	0d	18	1.03mi
107 N St SE Unit A Auburn, WA	2.0	1.0	1080	$1,750	$1.62	22d	1	1.06mi
330 V St SE Unit 1 Auburn, WA	2.0	1.0	950	$2,400	$2.53	22d	1	1.19mi
44 5th St NE Apt 4 Auburn, WA	3.0	1.0	1000	$1,999	$2.00	25d	1	1.24mi
515 N Division St Auburn, WA	1.0–2.0	1.0	700	$1,750	$2.50	25d	4	1.24mi
225 I St SE Unit 225 Auburn, WA	2.0	1.0	980	$2,100	$2.14	15d	1	1.26mi
24 Auburn Way S Auburn, WA	2.0	1.0	1000	$1,495	$1.50	25d	1	1.33mi
12110 SE 312th St Auburn, WA	2.0	2.0	1035	$2,095	$2.02	25d	4	1.34mi
128 E Main St Auburn, WA	2.0	1.0–2.0	680	$2,425	$3.56	0d	5	1.38mi
30819 124th Ave SE Auburn, WA	2.0–4.0	1.0–2.0	908	$1,694	$1.86	2d	2	1.44mi

Listing history 2 events

1. 2026-06-19
   remarks 699-char remark
2. 2026-06-19
   listed $115,000 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 6/10 Major FEMA zone X (unshaded) · 27% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥87°F today · 16 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: $23,921
• − Mortgage interest: −$6,442
• − Property taxes: −$1,725
• − Insurance: −$575
• − Repairs & maintenance: −$1,914
• − Management: −$1,914
• − Depreciation: −$3,345
• Taxable income: $8,006
• Est. tax owed @ 24.0%: −$1,922
• After-tax cash flow: $7,439/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 manufactured home requires moderate renovations to update the dated kitchen and bathrooms, and replace the carpet with hardwood. The home has good curb appeal and a good foundation, making it a good investment opportunity.

Repairs flagged

• Moderate kitchen cabinets — dated and worn
• Moderate bathroom cabinets — dated and worn
• Moderate flooring — dated and worn

Value-add opportunities

• Resale update kitchen cabinets — modernizing the kitchen
• Resale update bathroom cabinets — modernizing the bathroom
• Both replace carpet with hardwood — improves both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and worn	Moderate	$3,000–15,000
bathroom cabinets · dated and worn	Moderate	$3,000–15,000
flooring · dated and worn	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$9,000–45,000

Value-add ROI direction

• Resale update kitchen cabinets — modernizing the kitchen ↑
• Resale update bathroom cabinets — modernizing the bathroom ↑
• Both replace carpet with hardwood — improves both resale and rental value ↑

ⓘ 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: 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

1 event — show timeline

• 2026-06-18 Listed $115,000 NWMLS as Distributed by MLS Grid