3333 228th St SE #23 · Bothell, WA 98021

$149,950

2 bd · 2.0 ba · 1,026 sqft · Manufactured public records · 104 Days on market

Built 1992 $146/sqft · 41% above area Est $110k · 36% over ↓ 6% since listing

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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
• Schools +6.7/10.0
• Livability +4.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Make yours this Canyon Park Remodeled MHP 1992 For 55+ With a Wonderful space to enjoy with 3 Bedrooms & 2 Bathrooms, with Nice Kitchen, Living room. The House has new Roof and Fresh Painting and two Sheds outside of the House, Owner Motivated

Key facts

• Fresh painting
• New roof
• Two sheds

Tags

• CANYON PARK REMODELED MHP
• NEW ROOF
• FRESH PAINTING
• TWO SHEDS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $150k.

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 ($3k rent vs $150k).
• Recommended offer: $136k (9.0% below list) — sets the bar for market timing.
• Cap rate 15.2% vs local median 1.5% in Bothell — 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 (#53 in WA, #962 nationally) — a professional / high-income tenant draw. Strengths: schools A+, commute A+, employment A+; Watch: amenities C-, 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; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 2d 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 $1k of loan paydown is wiped out by about $4k 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 $42k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($136k) is reasonable based on typical stale-listing flexibility.

Recommended offer $136,454 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.70% ✓
• Cap rate: 15.17%
• Cash-on-cash: 31.71%
• DSCR: 2.41
• GRM: 4.9

CMA / ARV

• ARV (median comp): $110,445
• List price: $149,950
• Delta: 35.77%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3333 SE 228th St #74	0.00mi	2/2.0	1,040 (+1%)	7mo	$110,000	$106	92
3333 228th St SE #125	0.00mi	3/2.0 (+1)	1,080 (+5%)	16mo	$115,000	$106	73
3333 228th St SE #115	0.00mi	2/1.0	910 (-11%)	20mo	$95,000	$104	61

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: 25.3%
• Equity multiple: 2.03×
• Total profit: $43,160
• Equity at exit: $22,358

10-year hold

• IRR: 32.3%
• Equity multiple: 3.76×
• Total profit: $115,741
• Equity at exit: $12,965

Cash invested: $41,986 (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: 4.9×

Monthly cashflow live

• Estimated rent: $2,545 high
• Mortgage (P&I): −$786
• Tax from tax record: −$52 /mo · $629/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$535
• Net cashflow: $1,109

Break-even live

Break-even rent $1,141

Max offer price $149,950

Occupancy floor 51%

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: $37,488
• Closing costs: $4,498
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23028 27th Ave SE Bothell, WA	1.0–3.0	1.0–2.0	880	$2,636	$2.99	1d	16	0.53mi
2207 227th St SE Bothell, WA	1.0–3.0	1.0–2.0	846	$2,257	$2.67	1d	8	0.73mi
23940 40th Dr SE Bothell, WA	1.0–3.0	1.0–2.5	1151	$2,868	$2.49	1d	12	0.92mi
1630 228th St SE Bothell, WA	1.0–3.0	1.0–2.0	940	$2,387	$2.54	1d	11	1.05mi
3906 243rd Pl SE Bothell, WA	1.0	1.0	744	$2,299	$3.09	43d	2	1.09mi
12023 NE 204th Pl Unit E-303 Bothell, WA	1.0	1.0	739	$1,750	$2.37	43d	1	1.23mi
20707 31st Dr SE Bothell, WA	2.0	2.0	1334	$2,740	$2.05	17d	1	1.23mi
21623 16th Dr SE Bothell, WA	1.0–3.0	1.0–2.0	990	$2,598	$2.62	2d	11	1.28mi
2129 Maltby Rd Bothell, WA	3.0	2.0	1207	$2,195	$1.82	5d	4	1.49mi

Listing history 16 events

1. 2026-06-18
   days on market $149,950 Active 104 DOM
2. 2026-06-17
   days on market $149,950 Active 103 DOM
3. 2026-06-16
   days on market $149,950 Active 102 DOM
4. 2026-06-15
   days on market $149,950 Active 101 DOM
5. 2026-06-13
   days on market $149,950 Active 99 DOM
6. 2026-06-13
   days on market $149,950 Active 98 DOM
7. 2026-06-09
   days on market $149,950 Active 95 DOM
8. 2026-06-08
   days on market $149,950 Active 94 DOM
9. 2026-06-07
   days on market $149,950 Active 93 DOM
10. 2026-06-04
    days on market $149,950 Active 90 DOM
11. 2026-06-03
    days on market $149,950 Active 89 DOM
12. 2026-06-02
    days on market $149,950 Active 88 DOM
13. 2026-06-01
    days on market $149,950 Active 87 DOM
14. 2026-05-31
    days on market $149,950 Active 86 DOM
15. 2026-04-29
    price $149,950
16. 2026-03-06
    listed $159,950 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: $629 · $52/mo
• Projected year-2 tax: $1,470 · $122/mo
• Expected delta: +$840/yr (+$70/mo · 133.6%)

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

Taxation est. · year 1

• Rental income: $30,543
• − Mortgage interest: −$8,400
• − Property taxes: −$629
• − Insurance: −$750
• − Repairs & maintenance: −$2,443
• − Management: −$2,443
• − Depreciation: −$4,362
• Taxable income: $11,516
• Est. tax owed @ 24.0%: −$2,764
• After-tax cash flow: $10,550/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

• Score: 83/100
• State rank: #53
• US rank: #962

Category grades

Amenities C- 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, WA
• County: Snohomish County · 786,756 people
• City population: 141,635
• 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

-6.3% since first listed

2 events — show timeline

• 2026-04-29 Price Changed $149,950 NWMLS as Distributed by MLS Grid
• 2026-03-06 Listed $159,950 NWMLS as Distributed by MLS Grid

Property tax history

+3.4%/yr

Latest (2026): $629 · +6.7% YoY. Source: county tax records.