3230 Bow Lake Dr S #007 · SeaTac, WA 98188

$59,900

2 bd · 2.0 ba · 1,140 sqft · Manufactured

Manufactured home 55+ age-restricted Built 1967 Good condition $53/sqft · 40% below area Est $100k · 40% under ↓ 19% since listing

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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 +22.5/30.0
• ARV discount +15.0/15.0
• 1% rule +7.5/10.0
• DSCR +7.5/10.0
• Schools +3.9/10.0
• Livability +3.9/5.0
• Condition / age +3.8/5.0
• Appreciation +2.5/10.0
• Rent growth +2.3/5.0
• Manufactured-home adj. -5.5

Listing remarks

Buyer Bonus! 3-months paid rent included. Come see this spacious doublewide for sale at Bow Lake (55+) This 1967 doublewide is ready for new memories. 2 bedroom / 2 bathrooms at 1140 sq. ft. Enjoy a large living room, large bedrooms, and a kitchen with plenty of storage. All appliances are included, and this home is turn key ready Bow Lake is a wonderful community with amazing amenities including a pool and secured access! Come make it yours!

Key facts

• Large living room
• Pool
• Secured access

Tags

• LARGE LIVING ROOM
• KITCHEN WITH PLENTY OF STORAGE
• POOL
• SECURED ACCESS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $60k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $896 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Cap rate 24.3% vs local median 2.9% 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: 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.
• Zoned schools: Bow Lake Elementary (500 students, 80% FRL); Chinook Middle School (599 students, 78% FRL); Raisbeck Aviation High School (405 students, 31% FRL) — zoned schools at 63% FRL track the district average.
• Market conditions: Rents soft (-0.7%/yr); 168 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals lingering (median 64d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 63% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $414 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 + 0.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $59,900

Questions for the listing agent

1. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 2.77% ✓
• Cap rate: 24.25%
• Cash-on-cash: 64.14%
• DSCR: 3.85
• GRM: 3.0

CMA / ARV

• ARV (median comp): $100,000
• List price: $59,900
• Delta: -40.10%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
18106 36th Pl S	0.17mi	2/2.0	1,140 (0%)	14mo	$38,000	$33	80
3222 S 183rd St	0.15mi	2/2.0	1,180 (+4%)	9mo	$19,500	$17	80
18153 31st Ave S #323	0.16mi	3/2.0 (+1)	1,176 (+3%)	6mo	$260,000	$221	77
18109 32nd Ave Ave S #331	0.10mi	2/2.0	1,012 (-11%)	5mo	$100,000	$99	72
3228 S 180th Pl #29	0.03mi	3/2.0 (+1)	1,200 (+5%)	20mo	$145,000	$121	68
18316 34th Ave S	0.20mi	2/2.0	1,000 (-12%)	2mo	$45,000	$45	68
3420 S 180th Pl #41	0.08mi	2/2.0	1,255 (+10%)	18mo	$58,000	$46	64
18112 36th Ave S	0.16mi	1/2.0 (-1)	1,040 (-9%)	13mo	$28,688	$28	62
3206 S 184th St	0.21mi	2/2.0	1,248 (+10%)	19mo	$50,000	$40	58

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: 59.8%
• Equity multiple: 3.54×
• Total profit: $42,550
• Equity at exit: $8,931

10-year hold

• IRR: 63.5%
• Equity multiple: 6.48×
• Total profit: $91,882
• Equity at exit: $5,179

Cash invested: $16,772 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 12 active · 7 under contract
• Months of supply: 18.0 mo (6%/mo absorbed)
• Median asking: $149,450 ($170/sqft)
• Median days on market: 92 d
• This list price: 8% of active listings are priced below it
• ARV vs active asking: -48.3% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 98188

• Rents YoY: -0.7%
• Active inventory: 168
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,659 high
• Mortgage (P&I): −$314
• Tax est. 1.5%: −$75 /mo · $898/yr
• Insurance: −$25
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$348
• Net cashflow: $896

Break-even live

Break-even rent $524

Max offer price $59,900

Occupancy floor 41%

Sensitivity live

Price	-10% $938	-5% $917	+0% $896	+5% $876	+10% $855
Rent	-10% $765	-5% $831	+0% $896	+5% $962	+10% $1,027
Rate	-1.0pp $927	-0.5pp $912	base $896	+0.5pp $881	+1.0pp $865

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: $14,975
• Closing costs: $1,797
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17840 32nd Ave S Seatac, WA	1.0–2.0	1.0–1.5	770	$1,900	$2.47	0d	3	0.10mi
3715 S 182nd St Unit C125 Seatac, WA	3.0	2.0	1204	$2,290	$1.90	60d	1	0.23mi
3351 S 175th St Seatac, WA	3.0	1.0–2.0	935	$2,299	$2.46	0d	6	0.33mi
3051 S 188th St Seatac, WA	2.0	1.0	720	$1,738	$2.41	67d	3	0.51mi
18129 45th Ave S Seatac, WA	3.0	1.5	1070	$3,000	$2.80	89d	1	0.55mi
4410 S 173rd St Seatac, WA	2.0	1.0	723	$2,100	$2.90	139d	1	0.74mi
3117 S 192nd St Seatac, WA	1.0–2.0	1.0	838	$2,376	$2.84	0d	3	0.75mi
16834 35th Ave S Seatac, WA	2.0	1.0	740	$2,695	$3.64	60d	1	0.76mi
18912 46th Ave S Seatac, WA	3.0	2.0	1300	$4,000	$3.08	139d	1	0.85mi
16700 31st Ave S Seatac, WA	1.0	1.0	750	$1,498	$2.00	139d	2	0.87mi
4807 S 172nd Pl Seatac, WA	2.0	1.0	700	$2,550	$3.64	139d	1	0.95mi
17932 51st Ave S Seatac, WA	3.0	2.0	1420	$3,350	$2.36	97d	1	0.96mi
3114 S 166th St Unit 3114 SeaTac, WA	2.0	2.0	1020	$2,450	$2.40	18d	1	0.97mi
19800 International Blvd Seatac, WA	1.0–2.0	1.0–1.5	822	$2,135	$2.60	0d	6	1.16mi
4220 S 164th St Unit 3A Seattle, WA	2.0	1.0	1000	$1,790	$1.79	139d	1	1.17mi
4220 S 164th St Unit 3C Seattle, WA	2.0	1.0	1000	$1,790	$1.79	97d	1	1.17mi
19822 Military Rd S SeaTac, WA	2.0	2.0	1200	$2,395	$2.00	108d	1	1.23mi
19922 28th Ave S Seatac, WA	2.0	1.0–2.0	709	$3,211	$4.53	0d	68	1.23mi
19912 Military Rd S SeaTac, WA	2.0	1.0	851	$1,795	$2.11	10d	1	1.26mi
19914 Military Rd S Unit 204 SeaTac, WA	2.0	1.0	851	$1,795	$2.11	42d	1	1.26mi
19914 Military Rd S Unit 201 SeaTac, WA	2.0	1.0	851	$1,795	$2.11	63d	1	1.26mi
16006 34th Ave S Seatac, WA	2.0	1.0	750	$1,600	$2.13	38d	1	1.27mi
3445 S 160th St Seattle, WA	1.0–2.0	1.0	730	$1,800	$2.47	69d	9	1.29mi
2929 S 200th St Seatac, WA	2.0	1.0–2.0	703	$2,975	$4.23	112d	12	1.31mi
2929 S 200th St Seatac, WA	2.0	1.0–2.0	653	$2,625	$4.02	10d	7	1.31mi
2650 S 200th St Seatac, WA	3.0	1.0	782	$2,042	$2.61	6d	1	1.31mi
20036 30th Ave S Unit S8 SeaTac, WA	2.0	1.0	750	$1,795	$2.39	120d	1	1.36mi
20036 30th Ave S Unit S9 SeaTac, WA	2.0	1.0	750	$1,795	$2.39	106d	1	1.36mi
15830 39th Pl S Tukwila, WA	1.0–3.0	1.0–2.0	916	$1,988	$2.17	0d	3	1.38mi
15805 40th Pl S Tukwila, WA	1.0–2.0	1.0	797	$1,950	$2.45	0d	2	1.39mi

Listing history 48 events

1. 2026-09-21
   days on market $59,900 Active
2. 2026-09-20
   days on market $59,900 Active 182 DOM
3. 2026-09-19
   pricedays on market $59,900 Active 181 DOM
4. 2026-09-18
   days on market $64,900 Active 180 DOM
5. 2026-09-17
   days on market $64,900 Active 179 DOM
6. 2026-09-16
   days on market $64,900 Active 178 DOM
7. 2026-09-15
   days on market $64,900 Active 177 DOM
8. 2026-09-14
   days on market $64,900 Active 176 DOM
9. 2026-09-13
   days on market $64,900 Active 175 DOM
10. 2026-09-12
    remarks 448-char remark
11. 2026-09-12
    days on market $64,900 Active 174 DOM
12. 2026-09-11
    days on market $64,900 Active 173 DOM
13. 2026-09-05
    days on market $64,900 Active 167 DOM
14. 2026-09-04
    days on market $64,900 Active 166 DOM
15. 2026-09-03
    days on market $64,900 Active 165 DOM
16. 2026-08-31
    days on market $64,900 Active 162 DOM
17. 2026-08-29
    days on market $64,900 Active 160 DOM
18. 2026-08-28
    days on market $64,900 Active 159 DOM
19. 2026-08-27
    days on market $64,900 Active 158 DOM
20. 2026-08-26
    days on market $64,900 Active 157 DOM
21. 2026-08-25
    days on market $64,900 Active 156 DOM
22. 2026-08-24
    days on market $64,900 Active 155 DOM
23. 2026-08-23
    days on market $64,900 Active 154 DOM
24. 2026-08-22
    days on market $64,900 Active 153 DOM
25. 2026-08-21
    days on market $64,900 Active 152 DOM
26. 2026-08-20
    days on market $64,900 Active 151 DOM
27. 2026-08-19
    days on market $64,900 Active 150 DOM
28. 2026-08-18
    days on market $64,900 Active 149 DOM
29. 2026-08-17
    days on market $64,900 Active 148 DOM
30. 2026-08-16
    days on market $64,900 Active 147 DOM
31. 2026-08-15
    days on market $64,900 Active 146 DOM
32. 2026-08-14
    days on market $64,900 Active 145 DOM
33. 2026-08-13
    days on market $64,900 Active 144 DOM
34. 2026-08-12
    days on market $64,900 Active 143 DOM
35. 2026-08-11
    pricestatusdays on market $64,900 Active 142 DOM
36. 2026-06-15
    status $74,900 Pending 141 DOM
37. 2026-06-13
    days on market $74,900 Active 141 DOM
38. 2026-06-09
    days on market $74,900 Active 137 DOM
39. 2026-06-08
    days on market $74,900 Active 136 DOM
40. 2026-06-07
    days on market $74,900 Active 135 DOM
41. 2026-06-04
    days on market $74,900 Active 132 DOM
42. 2026-06-03
    days on market $74,900 Active 131 DOM
43. 2026-06-02
    days on market $74,900 Active 130 DOM
44. 2026-06-01
    days on market $74,900 Active 129 DOM
45. 2026-05-31
    days on market $74,900 Active 128 DOM
46. 2026-04-15
    price $74,900
47. 2026-02-25
    price $82,500
48. 2026-01-23
    listed $92,000 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: $19,904
• − Mortgage interest: −$3,355
• − Property taxes: −$898
• − Insurance: −$300
• − Repairs & maintenance: −$1,592
• − Management: −$1,592
• − Depreciation: −$1,743
• Taxable income: $10,424
• Est. tax owed @ 24.0%: −$2,502
• After-tax cash flow: $8,255/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

Good 75/100 Cosmetic rehab Est. rehab $5,700–$17,100 screening

This 1967 doublewide is in good condition with cosmetic updates needed to enhance curb appeal and value.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace carpet — Improves comfort and aesthetics ↑
• Both Landscaping improvements — Enhances curb appeal and value ↑
• Resale Update kitchen backsplash — Modernizes kitchen and adds value ↑
• Resale Update bathroom fixtures — Modernizes bathrooms and adds value ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Zoned Schools

Elementary Bow Lake Elementary Middle Chinook Middle School High Tyee High School

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

B Composite livability gradescore 78/100

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 · 2,576,485 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: 16% of renters

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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%

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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%

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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

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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

-18.6% since first listed

3 events — show timeline

• 2026-04-15 Price Changed $74,900 NWMLS as Distributed by MLS Grid
• 2026-02-25 Price Changed $82,500 NWMLS as Distributed by MLS Grid
• 2026-01-23 Listed $92,000 NWMLS as Distributed by MLS Grid