23708 Locust Way #23 · Bothell West, WA 98021

$94,500

2 bd · 1.0 ba · 778 sqft · Manufactured public records · 48 Days on market

Built 1974 $121/sqft · 10% below area Est $105k · 10% under

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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
• ARV discount +12.1/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +6.7/10.0
• Livability +4.5/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Country Club Estates — an ALL-AGES PARK offering comfort, convenience, and community! Step into this beautifully updated 2-bedroom, 1-bath home featuring modern finishes and a bright, airy feel throughout. The inviting open-concept living area is perfect for entertaining, while the spacious bedrooms provide a peaceful retreat at the end of the day. Enjoy community amenities including a clubhouse, laundry facilities, and scenic walking trails. Ideally located near shopping, restaurants, and public transportation, this home offers easy commuting and everyday convenience. Don’t miss your chance to own this move-in ready gem — schedule your showing today!

Key facts

• Laundry facilities
• Easy commuting
• Clubhouse

Tags

• OPEN-CONCEPT LIVING AREA
• COMMUNITY AMENITIES
• CLUBHOUSE
• LAUNDRY FACILITIES
• SCENIC WALKING TRAILS
• EASY COMMUTING

Property features AI

Finance

• Other: Land lease amount applies (space rent); Calculated living area reported as 778 square feet
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Park-approved for sale; County Club Estates mobile home park; Park amenities: clubhouse, laundry, trails; Approximately 136 homes in the park; Pets allowed (cats and dogs; see remarks); Bus line nearby; Land lease (space rent) applies

Exterior

• Parking: Carport
• Utilities: Public water; Sewer included in space rent; Power by Snohomish County PUD
• Home design: Manufactured home (single wide); Moduline 12x60 model; One story; Mobile home remains; Average condition
• Construction: Metal/vinyl construction materials; Composition roof; Pillar/post/pier foundation; Manufactured house structure type; Built as single wide manufactured home
• Exterior features: Patio/porch/deck; Metal/vinyl exterior; Paved lot

Interior

• Kitchen: Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Laminate; Laminate flooring throughout
• Bathrooms: 1 full bath (includes 1 bathtub and 1 shower)
• Heating & cooling: Forced air heating; Electric energy source
• Interior features: Entry; Kitchen with eating space; Living room; Utility room; Microwave; Refrigerator; Stove/Range
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $94k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $94k).
• Recommended offer: $92k (3.0% below list) — sets the bar for market timing.
• Cap rate 25.4% vs local median 2.2% in Bothell West — 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 91/100 on livability (#2 in WA, #63 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: cost of living F.
• Northshore School District (suburban): math 69% / reading 78% proficiency, ranked #9 of 291 in WA (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+1.8%/yr); 254 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).
• This rent is only 17% of the median local income ($184k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $653 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Snohomish County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.8% rent growth), your $26k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• 2 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.

Recommended offer $91,665 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 2.79% ✓
• Cap rate: 25.42%
• Cash-on-cash: 68.30%
• DSCR: 4.04
• GRM: 3.0

CMA / ARV

• ARV (median comp): $105,208
• List price: $94,500
• Delta: -10.18%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23708 Locust Way Unit 26B	0.00mi	2/1.0	728 (-6%)	8mo	$115,000	$158	82
23708 Locust Way #42	0.00mi	2/1.0	720 (-8%)	14mo	$121,500	$169	76
23708 Locust Way #29	0.00mi	2/1.0	675 (-13%)	5mo	$48,000	$71	74
23708 Locust Way #37	0.00mi	2/1.0	723 (-7%)	20mo	$115,000	$159	72
23708 LOCUST Way #30	0.00mi	2/1.0	672 (-14%)	15mo	$64,000	$95	65
23708 Locust #26	0.00mi	2/1.0	880 (+13%)	19mo	$80,000	$91	62
23708 Locust Way #4	0.00mi	2/1.0	672 (-14%)	23mo	$35,000	$52	58
1121 244th St SW #28	0.52mi	2/1.0	817 (+5%)	21mo	$124,070	$152	50

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 · 1.75% rent growth · sell at horizon

5-year hold

• IRR: 66.3%
• Equity multiple: 3.92×
• Total profit: $77,318
• Equity at exit: $14,090

10-year hold

• IRR: 70.2%
• Equity multiple: 7.72×
• Total profit: $177,696
• Equity at exit: $8,171

Cash invested: $26,460 (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 98021

• Rents YoY: 1.8%
• Active inventory: 254
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $2,637 medium
• Mortgage (P&I): −$496
• Tax from tax record: −$42 /mo · $507/yr
• Insurance: −$39
• HOA: −$0
• Vacancy / Maint / Mgmt: −$554
• Net cashflow: $1,506

Break-even live

Break-even rent $731

Max offer price $94,500

Occupancy floor 38%

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: $23,625
• Closing costs: $2,835
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
24107 7th Ave W Bothell, WA	3.0	1.0	975	$2,795	$2.87	4d	1	0.85mi
18930 68th Ave NE Kenmore, WA	1.0–2.0	1.0–2.0	799	$2,497	$3.13	2d	6	1.22mi
4208 236th St SW Mountlake Terrace, WA	1.0–3.0	1.0–2.0	926	$2,338	$2.52	2d	26	1.42mi
6711 NE 182nd St Kenmore, WA	1.0–2.0	1.0–2.0	899	$2,644	$2.94	2d	10	1.50mi

Listing history 16 events

1. 2026-06-18
   days on market $94,500 Active 48 DOM
2. 2026-06-17
   days on market $94,500 Active 47 DOM
3. 2026-06-16
   days on market $94,500 Active 46 DOM
4. 2026-06-15
   days on market $94,500 Active 45 DOM
5. 2026-06-13
   days on market $94,500 Active 43 DOM
6. 2026-06-13
   days on market $94,500 Active 42 DOM
7. 2026-06-09
   days on market $94,500 Active 39 DOM
8. 2026-06-08
   days on market $94,500 Active 38 DOM
9. 2026-06-07
   days on market $94,500 Active 37 DOM
10. 2026-06-04
    days on market $94,500 Active 34 DOM
11. 2026-06-03
    days on market $94,500 Active 33 DOM
12. 2026-06-02
    days on market $94,500 Active 32 DOM
13. 2026-06-01
    days on market $94,500 Active 31 DOM
14. 2026-05-31
    days on market $94,500 Active 30 DOM
15. 2026-05-01
    listed $94,500 Active
16. 2023-05-15
    listed Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $507 · $42/mo
• Projected year-2 tax: $926 · $77/mo
• Expected delta: +$419/yr (+$35/mo · 82.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $31,643
• − Mortgage interest: −$5,293
• − Property taxes: −$507
• − Insurance: −$472
• − Repairs & maintenance: −$2,531
• − Management: −$2,531
• − Depreciation: −$2,749
• Taxable income: $17,558
• Est. tax owed @ 24.0%: −$4,214
• After-tax cash flow: $13,857/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: Northshore School District
• NCES district ID: 5305910
• Math proficiency: 69% ▼ -3.00%
• Reading proficiency: 78% ▼ -1.00%
• Median HH income: $92,951
• Composite: 67.41/100
• National rank: #826
• State rank: #9 of 291 in WA

Livability — Bothell West

• Score: 91/100
• State rank: #2
• US rank: #63

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bothell West, WA
• County: Snohomish County · 786,756 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 35,631
• Household income: $183,786
• Rent vs Own: 18.9% rent · 81.1% own
• Severe rent burden: 413.0

Population outlook (Snohomish County) Hauer SSP2

• Today (2025): 899,800 people
• By 2030: 960,975 · +6.8%
• By 2040: 1,074,447 · +19.4%
• By 2050: 1,171,954 · +30.2%
• By 2075: 1,384,849 · +53.9%
• By 2100: 1,497,296 · +66.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 55% Asian 29% Two or more races 9% Hispanic / Latino 9% Black 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 4% Italian 3% Lithuanian 2%
• Foreign-born: 29% · China, Canada, South Korea
• Languages at home: 65% English-only · Other Indo-European 11% Other Asian/Pacific 6% Chinese 6%

Political lean MEDSL · Snohomish

• 2024 margin: D (+19.0) · D 57.8% · R 38.9% · Other 3.3%
• 2008→2024 swing: +0.1pp no change · 2008: 18.9pp · 2024: 19.0pp
• All cycles: 2024: D+19.0 2020: D+20.6 2016: D+16.6 2012: D+16.2 2008: D+18.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -903.22%
• Current HPI: 380.5475
• Rent YoY: ▲ 1.75%
• 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

2 events — show timeline

• 2026-05-01 Listed $94,500 NWMLS as Distributed by MLS Grid
• 2023-05-15 Listed — NWMLS as Distributed by MLS Grid

Property tax history

+10.9%/yr

Latest (2026): $507 · -0.0% YoY. Source: county tax records.