3439 S 184th St #277 · SeaTac, WA 98188

$25,000

1 bd · 1.0 ba · 550 sqft · Manufactured · 13 Days on market

Built 2018 $45/sqft · 70% below area ↓ 55% since listing

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +3.9/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks

Looking to downsize and find affordable living that's simply adorable? Immaculate single wide at Bow Lake (55+ community). This 2018 Fleetwood is perfect for someone who travels and is looking for a home base, snowbirds or just downsizing - it's cheaper than renting! This sunny 1 bedroom, 1 bath, surprisingly spacious 550 sq ft home has true pride of ownership. Most of the furnishings can be included. Features include: Added LeafFilter rain gutter covers, Cooleroo external retractable sun-shades (on West facing windows), and high-intensity security lighting. There's also off-street parking and a sturdy cedar storage shed. This home backs up to a green belt for added privacy and quiet. Bow L

Key facts

• Gated community
• Pool
• Off-street parking

Tags

• LEAFFILTER RAIN GUTTER COVERS
• OFF-STREET PARKING
• CEDAR STORAGE SHED
• BACKS UP TO A GREEN BELT
• GATED COMMUNITY
• POOL

Property features AI

Finance

• Other: Buyer brokerage compensation: 3%
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Land lease: $1,285/month; Park name: Bow Lake; Pets: See remarks

Exterior

• Parking: Uncovered parking
• Security: Security gate
• Utilities: Public water (Highline/Sea Tac Water); Sewer service (Midway Sewer District); Electric service (PSE)
• Home design: Manufactured single-wide home; One story; Located in a senior community
• Construction: Fleetwood manufactured home
• Exterior features: Common areas and clubhouse; BBQs; Community waterfront; Exercise room; Pool; Recreational area; RV parking; Security gate

Interior

• Kitchen: Microwave; Refrigerator; Stove/Range
• Bedrooms: 1 bedroom
• Bathrooms: 1 full bathroom
• Interior features: Washer and dryer; Microwave; Refrigerator; Stove/Range
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $25k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $25k).
• Cap rate 59.5% vs local median 3.1% in SeaTac — 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 78/100 on livability (#118 in WA, #2,417 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: schools F, crime F, cost of living F.
• Highline School District (suburban): math 36% / reading 49% proficiency, ranked #200 of 291 in WA (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-0.7%/yr); 96 active listings in the ZIP; 21 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 $173 of loan paydown is wiped out by about $750 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 + 0.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 8y 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.

Recommended offer $25,000

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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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. 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?
5. 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.
6. 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.
7. 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: 6.48% ✓
• Cap rate: 59.46%
• Cash-on-cash: 189.88%
• DSCR: 9.45
• GRM: 1.3

CMA / ARV

• ARV (median comp): $84,037
• List price: $25,000
• Delta: -46.45%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
18305 35th Ave S #357	0.07mi	2/1.5 (+1)	540 (-2%)	4mo	$23,500	$44	83

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 9.82×
• Total profit: $61,770
• Equity at exit: $3,728

10-year hold

• IRR: —
• Equity multiple: 19.05×
• Total profit: $126,370
• Equity at exit: $2,162

Cash invested: $7,000 (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 98188

• Rents YoY: -0.7%
• Active inventory: 96
• Price-to-rent: 1.3×

Monthly cashflow live

• Estimated rent: $1,621 high
• Mortgage (P&I): −$131
• Tax est. 1.5%: −$31 /mo · $375/yr
• Insurance: −$10
• HOA: −$0
• Vacancy / Maint / Mgmt: −$340
• Net cashflow: $1,108

Break-even live

Break-even rent $219

Max offer price $25,000

Occupancy floor 27%

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: $6,250
• Closing costs: $750
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17840 32nd Ave S Seatac, WA	1.0–2.0	1.0–1.5	757	$1,425	$1.88	12d	3	0.33mi
3508 S 180th St Seatac, WA	1.0–2.0	1.0–2.0	793	$1,450	$1.83	12d	4	0.35mi
3425 S 176th St #128 Seatac, WA	1.0	1.0	534	$1,500	$2.81	43d	1	0.43mi
3445 S 176th St #401 Seatac, WA	1.0	1.0	608	$1,400	$2.30	14d	1	0.48mi
3445 S 176th St #401 Seatac, WA	1.0	1.0	608	$1,450	$2.38	43d	1	0.48mi
3351 S 175th St Seatac, WA	1.0	1.0	665	$1,850	$2.78	1d	4	0.54mi
3117 S 192nd St Seatac, WA	1.0	1.0	676	$1,722	$2.55	1d	2	0.58mi
4410 S 173rd St Seatac, WA	2.0	1.0	723	$2,100	$2.90	43d	1	0.83mi
19707 International Blvd Seatac, WA	2.0	1.0	614	$1,399	$2.28	1d	20	0.98mi
19800 International Blvd Seatac, WA	1.0–2.0	1.0–1.5	790	$1,545	$1.96	1d	13	0.99mi
4807 S 172nd Pl Seatac, WA	2.0	1.0	700	$2,550	$3.64	43d	1	1.01mi
19912 Military Rd S SeaTac, WA	1.0	1.0	656	$1,495	$2.28	43d	1	1.04mi
16700 31st Ave S Seatac, WA	1.0	1.0	750	$1,498	$2.00	43d	2	1.09mi
2929 S 200th St Seatac, WA	2.0	1.0–2.0	703	$2,288	$3.25	16d	12	1.13mi
2929 S 200th St Seatac, WA	2.0	1.0–2.0	703	$2,335	$3.32	1d	7	1.13mi
2650 S 200th St Seatac, WA	1.0	1.0	566	$1,767	$3.12	43d	1	1.16mi
20036 30th Ave S Unit S8 SeaTac, WA	2.0	1.0	750	$1,795	$2.39	24d	1	1.18mi
20036 30th Ave S Unit S9 SeaTac, WA	2.0	1.0	750	$1,795	$2.39	10d	1	1.18mi
3231 S 204th St Seatac, WA	1.0–3.0	1.0–2.0	917	$1,693	$1.85	1d	7	1.38mi
3100 S 208th St Seatac, WA	1.0–2.0	1.0–2.0	811	$1,695	$2.09	10d	4	1.47mi
3445 S 160th St Seattle, WA	1.0–2.0	1.0	730	$1,550	$2.12	2d	5	1.50mi

Listing history 20 events

1. 2026-06-10
   status $25,000 Pending 13 DOM
2. 2026-06-09
   days on market $25,000 Active 13 DOM
3. 2026-06-08
   days on market $25,000 Active 12 DOM
4. 2026-06-07
   days on market $25,000 Active 11 DOM
5. 2026-06-04
   days on market $25,000 Active 8 DOM
6. 2026-06-03
   days on market $25,000 Active 7 DOM
7. 2026-06-02
   days on market $25,000 Active 6 DOM
8. 2026-06-01
   days on market $25,000 Active 5 DOM
9. 2026-05-31
   days on market $25,000 Active 4 DOM
10. 2026-05-13
    listed $45,000 Active
11. 2024-09-30
    soldstatus $50,000 Closed
12. 2024-07-29
    status Pending
13. 2024-07-16
    listed $50,000 Active
14. 2018-06-13
    soldstatus $53,500 Sold
15. 2018-06-04
    status Pending
16. 2018-05-15
    status Active
17. 2018-04-20
    status Pending
18. 2018-02-14
    status Active
19. 2018-02-02
    status Pending
20. 2018-01-26
    listed $55,000 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 ≥88°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,449
• − Mortgage interest: −$1,400
• − Property taxes: −$375
• − Insurance: −$125
• − Repairs & maintenance: −$1,556
• − Management: −$1,556
• − Depreciation: −$727
• Taxable income: $13,710
• Est. tax owed @ 24.0%: −$3,290
• After-tax cash flow: $10,001/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: Highline School District
• NCES district ID: 5303540
• Math proficiency: 36% ▼ -4.00%
• Reading proficiency: 49% ▼ -1.00%
• Median HH income: $52,697
• Composite: 39.12/100
• National rank: #8245
• State rank: #200 of 291 in WA

Livability — SeaTac

• Score: 78/100
• State rank: #118
• US rank: #2417

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: SeaTac, WA
• County: King County · 2,251,916 people
• City population: 62,839
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 27,311
• Household income: $76,438
• Rent vs Own: 58.5% rent · 41.5% own
• Severe rent burden: 1341.0

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 0.79)
• Race & ethnicity: White 28% Black 26% Hispanic / Latino 21% Asian 15% Two or more races 10% Pacific Islander 3%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Lithuanian 2% Portuguese 2% Italian 1%
• Foreign-born: 41% · Canada, Vietnam, Philippines
• Languages at home: 52% English-only · Spanish 15% Other Asian/Pacific 6% 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: ▼ -595.95%
• Current HPI: 334.4203
• Rent YoY: ▼ -0.68%
• 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

-54.5% since first listed

12 events — show timeline

• 2026-06-10 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-27 Listed $25,000 NWMLS as Distributed by MLS Grid
• 2024-09-30 Sold (MLS) $50,000 NWMLS as Distributed by MLS Grid
• 2024-07-29 Pending — NWMLS as Distributed by MLS Grid
• 2024-07-16 Listed $50,000 NWMLS as Distributed by MLS Grid
• 2018-06-13 Sold (MLS) $53,500 NWMLS as Distributed by MLS Grid
• 2018-06-04 Pending — NWMLS as Distributed by MLS Grid
• 2018-05-15 Relisted — NWMLS as Distributed by MLS Grid
• 2018-04-20 Pending — NWMLS as Distributed by MLS Grid
• 2018-02-14 Relisted — NWMLS as Distributed by MLS Grid
• 2018-02-02 Pending — NWMLS as Distributed by MLS Grid
• 2018-01-26 Listed $55,000 NWMLS as Distributed by MLS Grid