201 Union Ave SE #111 · Renton, WA 98059

$114,900

2 bd · 2.0 ba · 1,344 sqft · Manufactured · 76 Days on market

Built 1978 Good condition $85/sqft · 15% below area Est $135k · 15% 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 +14.2/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.7/10.0
• Livability +4.2/5.0
• Condition / age +3.8/5.0
• Rent growth +2.6/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to the fabulous 55+ community of Leisure Estates located in the desirable Renton Highlands! Enjoy this beautifully maintained, 1344 square foot home located on a large corner lot! Recent updates include a new roof in 2024, several updated appliances, and luxury vinyl plank flooring! Great floorplan offers both a formal living room with dining area as well as a family room adjacent to the large kitchen. In the kitchen, find ample counter space and cabinets ready for a cooking endeavors or entertaining! The kitchen also provides a large breakfast bar, perfect for an informal meal! From the family room, a large, light-filled sliding door exits to an immaculate covered patio ready

Key facts

• Updated appliances
• Large corner lot
• Family room

Tags

• LARGE CORNER LOT
• NEW ROOF
• UPDATED APPLIANCES
• LUXURY VINYL PLANK FLOORING
• FORMAL LIVING ROOM
• FAMILY ROOM

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $115k).
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.
• Cap rate 18.8% vs local median 2.3% in Renton — 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 83/100 on livability (#52 in WA, #949 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime D-, cost of living F.
• Renton School District (urban): math 47% / reading 55% proficiency, ranked #119 of 291 in WA (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 255 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 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 $794 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 + 0.3% rent growth), your $32k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 76 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 21y 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 $60k; list at $115k implies a 92% gain — meaningful room to come down on a strong offer.

Recommended offer $108,006 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-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?
6. Crime grade is D 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?
7. 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.
8. 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.
9. 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: 2.19% ✓
• Cap rate: 18.80%
• Cash-on-cash: 44.65%
• DSCR: 2.99
• GRM: 3.8

CMA / ARV

• ARV (median comp): $134,965
• List price: $114,900
• Delta: -14.87%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
201 Union Ave SE #249	0.00mi	2/2.0	1,344 (0%)	4mo	$185,500	$138	97
201 Union Ave SE #155	0.00mi	2/2.0	1,248 (-7%)	1mo	$175,000	$140	87
201 Union Ave SE #112	0.22mi	2/2.0	1,339 (-0%)	2mo	$86,000	$64	87
201 Union Ave SE #247	0.22mi	2/2.0	1,344 (0%)	6mo	$175,000	$130	85
201 Union Ave SE #74	0.00mi	2/2.0	1,440 (+7%)	5mo	$181,500	$126	84
375 Union Ave SE #136	0.25mi	3/2.0 (+1)	1,344 (0%)	0mo	$192,448	$143	83
201 Union Ave SE #217	0.22mi	2/2.0	1,248 (-7%)	2mo	$110,000	$88	76
201 Union Ave SE #157	0.00mi	3/2.0 (+1)	1,440 (+7%)	8mo	$140,000	$97	76
375 Union Ave SE #61	0.38mi	2/2.0	1,300 (-3%)	4mo	$180,000	$138	73
201 Union Ave SE #147	0.17mi	2/2.0	1,536 (+14%)	2mo	$100,000	$65	66
201 Union Ave SE #128	0.18mi	2/2.0	1,536 (+14%)	8mo	$75,000	$49	61
201 Union Ave SE #58	0.17mi	3/2.0 (+1)	1,536 (+14%)	9mo	$130,000	$85	56

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 · 0.29% rent growth · sell at horizon

5-year hold

• IRR: 38.6%
• Equity multiple: 2.58×
• Total profit: $50,976
• Equity at exit: $17,132

10-year hold

• IRR: 43.7%
• Equity multiple: 4.63×
• Total profit: $116,715
• Equity at exit: $9,934

Cash invested: $32,172 (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 98059

• Rents YoY: 0.3%
• Active inventory: 255
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $2,521 high
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,724/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$529
• Net cashflow: $1,197

Break-even live

Break-even rent $1,005

Max offer price $114,900

Occupancy floor 48%

Sensitivity live

Price	-10% $1,277	-5% $1,237	+0% $1,197	+5% $1,157	+10% $1,118
Rent	-10% $998	-5% $1,098	+0% $1,197	+5% $1,297	+10% $1,396
Rate	-1.0pp $1,255	-0.5pp $1,226	base $1,197	+0.5pp $1,167	+1.0pp $1,137

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3815 NE 4th St Renton, WA	2.0	1.0	666	$1,999	$3.00	0d	23	0.25mi
4214 SE 1st Pl Renton, WA	3.0	1.0	950	$2,950	$3.11	25d	1	0.26mi
4231 NE 5th St Unit D203 Renton, WA	2.0	2.0	1025	$2,200	$2.15	12d	1	0.51mi
4319 NE 5th Ct #106 Renton, WA	2.0	2.0	1090	$2,250	$2.06	0d	1	0.61mi
4310 NE 5th Ct #104 Renton, WA	1.0	1.0	920	$2,150	$2.34	0d	1	0.62mi
4415 NE 5th St Renton, WA	1.0–3.0	1.0–2.0	923	$2,370	$2.57	0d	10	0.63mi
650 Duvall Ave NE Renton, WA	1.0–3.0	1.0–3.0	1020	$2,454	$2.40	0d	13	0.84mi
3507 NE 8th St Renton, WA	3.0	1.0	960	$2,650	$2.76	19d	1	0.86mi
5027 NE 5th Pl Renton, WA	3.0	2.5	1287	$3,300	$2.56	25d	1	0.88mi
2511 NE 4th St Renton, WA	2.0	1.5	1008	$1,900	$1.88	4d	1	0.89mi
2307 NE 4th St Renton, WA	1.0–2.0	1.0–2.0	740	$2,207	$2.98	0d	11	0.94mi
2904 SE 8th St #2128 Renton, WA	2.0	2.0	1046	$2,350	$2.25	0d	1	0.95mi
5415 NE 4th St Renton, WA	2.0	2.0	1810	$2,650	$1.46	45d	1	1.01mi
14051 145th Ave SE Renton, WA	3.0	2.0	1548	$3,050	$1.97	0d	1	1.08mi
950 Harrington Ave NE Renton, WA	1.0–2.0	1.0–2.0	882	$2,854	$3.24	0d	9	1.15mi
270 Bronson Way NE Unit The Hampton H22 Renton, WA	2.0	1.0	1000	$2,250	$2.25	45d	1	1.16mi
15205 140th Way SE Renton, WA	1.0–3.0	1.0–2.0	1121	$2,918	$2.60	0d	10	1.21mi
1064 Kirkland Ave NE Unit 101 Renton, WA	2.0	1.0	975	$1,850	$1.90	0d	1	1.26mi
1064 Kirkland Ave NE Renton, WA	1.0–2.0	1.0	827	$1,850	$2.24	0d	1	1.26mi
2715 Sunset Ln NE Renton, WA	1.0–2.0	1.0–2.0	922	$3,131	$3.39	0d	7	1.27mi
2227 SE 8th Pl Renton, WA	3.0	2.0	1560	$3,650	$2.34	5d	1	1.29mi
3109 NE 11th Pl Unit 3109D Renton, WA	2.0	1.5	1186	$2,525	$2.13	5d	1	1.32mi
2100 NE 6th Pl Renton, WA	3.0	1.0	1000	$2,650	$2.65	45d	1	1.34mi
2950 NE 11th St Renton, WA	1.0–2.0	1.0–2.5	1050	$3,937	$3.75	0d	16	1.35mi
1201 Anacortes Ave NE Renton, WA	2.0	1.0	908	$2,095	$2.31	4d	2	1.36mi
1930 NE 7th Ct Renton, WA	3.0	2.5	1742	$3,450	$1.98	0d	1	1.44mi
825 Sunset Blvd NE Unit B-1 Renton, WA	2.0	2.5	1150	$2,650	$2.30	14d	1	1.47mi
4400 NE Sunset Blvd Renton, WA	2.0	1.0	950	$2,275	$2.39	0d	3	1.48mi
1150 Sunset Blvd NE Renton, WA	1.0–2.0	1.0	762	$1,795	$2.36	4d	2	1.49mi
1150 Sunset Blvd NE Renton, WA	2.0	1.0	891	$1,858	$2.08	21d	2	1.49mi
1150 Sunset Blvd NE Renton, WA	1.0–2.0	1.0	762	$1,920	$2.52	11d	4	1.49mi
1177 Harrington Ave NE Renton, WA	2.0	1.5	950	$1,975	$2.08	6d	1	1.49mi
1177 Harrington Ave NE Unit 305 Renton, WA	2.0	1.5	950	$1,975	$2.08	21d	1	1.49mi

Listing history 18 events

1. 2026-06-21
   days on market $114,900 Active 76 DOM
2. 2026-06-18
   days on market $114,900 Active 73 DOM
3. 2026-06-17
   days on market $114,900 Active 72 DOM
4. 2026-06-16
   days on market $114,900 Active 71 DOM
5. 2026-06-15
   days on market $114,900 Active 70 DOM
6. 2026-06-13
   days on market $114,900 Active 68 DOM
7. 2026-06-13
   pricedays on market $114,900 Active 67 DOM
8. 2026-06-09
   days on market $119,900 Active 64 DOM
9. 2026-06-08
   days on market $119,900 Active 63 DOM
10. 2026-06-07
    days on market $119,900 Active 62 DOM
11. 2026-06-04
    days on market $119,900 Active 59 DOM
12. 2026-06-03
    days on market $119,900 Active 58 DOM
13. 2026-06-02
    days on market $119,900 Active 57 DOM
14. 2026-06-01
    days on market $119,900 Active 56 DOM
15. 2026-05-31
    days on market $119,900 Active 55 DOM
16. 2026-04-06
    listed $119,900 Active
17. 2005-11-10
    soldstatus $60,000
18. 2005-09-26
    listed $62,990

ⓘ 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 ≥86°F today · 15 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: $30,246
• − Mortgage interest: −$6,436
• − Property taxes: −$1,724
• − Insurance: −$574
• − Repairs & maintenance: −$2,420
• − Management: −$2,420
• − Depreciation: −$3,343
• Taxable income: $13,330
• Est. tax owed @ 24.0%: −$3,199
• After-tax cash flow: $11,167/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

This well-maintained, 1344 square foot manufactured home in Leisure Estates offers a good condition with recent updates and a good curb appeal.

Value-add opportunities

• Both paint exterior — enhances curb appeal and resale value
• Both replace sliding glass doors — improves functionality and resale value

Renovation cost estimate screening

Value-add ROI direction

• Both paint exterior — enhances curb appeal and resale value ↑
• Both replace sliding glass doors — improves functionality and resale 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: Renton School District
• NCES district ID: 5307230
• Math proficiency: 47% ▼ -1.00%
• Reading proficiency: 55% ▼ -1.00%
• Median HH income: $66,354
• Composite: 47.13/100
• National rank: #5108
• State rank: #119 of 291 in WA

Livability — Renton

• Score: 83/100
• State rank: #52
• US rank: #949

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Renton, WA
• County: King County · 2,251,916 people
• City population: 158,600
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 42,406
• Household income: $138,654
• Rent vs Own: 23.4% rent · 76.6% own
• Severe rent burden: 908.0

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 48% Asian 29% Two or more races 15% Hispanic / Latino 9% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 3% Italian 3% Slovak 2%
• Foreign-born: 23% · China, Vietnam, Canada
• Languages at home: 67% English-only · Chinese 9% Vietnamese 6% Spanish 5%

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: ▼ -920.66%
• Current HPI: 338.4495
• Rent YoY: ▲ 0.29%
• 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

+90.3% since first listed

3 events — show timeline

• 2026-04-06 Listed $119,900 NWMLS as Distributed by MLS Grid
• 2005-11-10 Sold (MLS) $60,000 NWMLS as Distributed by MLS Grid
• 2005-09-26 Listed $62,990 NWMLS as Distributed by MLS Grid