1137 Spruce Dr · Enumclaw, WA 98022

$39,950

2 bd · 1.0 ba · 952 sqft · Manufactured · 128 Days on market

Built 1973 $42/sqft · 66% below area ↓ 18% 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
• Schools +5.5/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.4/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

NEW PRICE! Welcome home to this adorable and well-maintained single-wide manufactured home located in the highly desirable 55+ Community of Mt. Villa. Offering 2 bedrooms, 1 full bath, and 952 square feet of comfortable living space. Perfect for downsizers, or anyone looking for an affordable and low-maintenance lifestyle! Step inside to find a bright and inviting interior featuring a blend of laminate and carpet flooring, creating both style and comfort throughout. The functional kitchen comes fully equipped with all appliances— making this home truly move-in ready. You'll also appreciate the convenience of a carport, providing covered parking and additional storage options. Cute, co

Key facts

• Functional kitchen
• Clubhouse
• Carport

Tags

• FUNCTIONAL KITCHEN
• CARPORT
• CLUBHOUSE
• WALKING TRAILS
• CLOSE PROXIMITY TO SHOPPING
• CLOSE PROXIMITY TO DINING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $40k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• Cap rate 44.1% vs local median 2.4% in Enumclaw — 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 88/100 on livability (#12 in WA, #222 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, housing A+; Watch: cost of living D-.
• Enumclaw School District (suburban): math 54% / reading 68% proficiency, ranked #46 of 291 in WA (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.3%/yr); 227 active listings in the ZIP; 11 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 $276 of loan paydown is wiped out by about $1k 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 + 4.3% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 128 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $35,156 (12.0% below list)

Questions for the listing agent

1. It's been on market 128 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1973 — 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. 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?
6. 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.
7. 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.
8. 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: 4.86% ✓
• Cap rate: 44.05%
• Cash-on-cash: 134.86%
• DSCR: 7.00
• GRM: 1.7

CMA / ARV

• ARV (median comp): $117,469
• List price: $39,950
• Delta: -65.99%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2150 Oak Ave	0.41mi	3/2.0 (+1)	1,064 (+12%)	9mo	$150,000	$141	44

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 · 4.32% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.81×
• Total profit: $76,232
• Equity at exit: $5,957

10-year hold

• IRR: —
• Equity multiple: 17.15×
• Total profit: $180,606
• Equity at exit: $3,454

Cash invested: $11,186 (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 98022

• Rents YoY: 4.3%
• Active inventory: 227
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $1,941 high
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $599/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$408
• Net cashflow: $1,257

Break-even live

Break-even rent $349

Max offer price $39,950

Occupancy floor 30%

Sensitivity live

Price	-10% $1,285	-5% $1,271	+0% $1,257	+5% $1,243	+10% $1,229
Rent	-10% $1,104	-5% $1,180	+0% $1,257	+5% $1,334	+10% $1,410
Rate	-1.0pp $1,277	-0.5pp $1,267	base $1,257	+0.5pp $1,247	+1.0pp $1,236

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: $9,988
• Closing costs: $1,198
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
141 Leos Pl Enumclaw, WA	2.0	1.0	850	$1,850	$2.18	45d	1	0.27mi
141 Leos Pl Enumclaw, WA	2.0	1.0	850	$1,825	$2.15	25d	1	0.27mi
653 Myrtine St Unit A Enumclaw, WA	2.0	1.0	850	$1,895	$2.23	23d	1	0.28mi
847 Blake St Enumclaw, WA	3.0	1.0	1064	$2,000	$1.88	0d	1	0.34mi
750 Watson St N Enumclaw, WA	1.0–2.0	1.0	771	$1,842	$2.39	0d	6	0.50mi
615 Watson St N Unit 617B Enumclaw, WA	2.0	1.0	960	$1,999	$2.08	0d	1	0.58mi
312 Charwila Ln Enumclaw, WA	2.0	1.0	894	$1,750	$1.96	13d	1	0.59mi
250 Charwila Ln Enumclaw, WA	2.0	1.0	894	$1,750	$1.96	4d	1	0.59mi
2630 Warner Ave Enumclaw, WA	1.0–2.0	1.0	762	$2,000	$2.62	0d	1	0.68mi
3011 Division St Enumclaw, WA	2.0	1.0	688	$2,150	$3.12	19d	1	1.01mi
320 Chinook Ave Enumclaw, WA	2.0–3.0	1.0–2.0	923	$1,874	$2.03	0d	7	1.02mi

Listing history 16 events

1. 2026-06-21
   days on market $39,950 Active 128 DOM
2. 2026-06-18
   days on market $39,950 Active 125 DOM
3. 2026-06-17
   days on market $39,950 Active 124 DOM
4. 2026-06-16
   days on market $39,950 Active 123 DOM
5. 2026-06-15
   days on market $39,950 Active 122 DOM
6. 2026-06-13
   days on market $39,950 Active 120 DOM
7. 2026-06-09
   days on market $39,950 Active 116 DOM
8. 2026-06-08
   days on market $39,950 Active 115 DOM
9. 2026-06-07
   days on market $39,950 Active 114 DOM
10. 2026-06-04
    days on market $39,950 Active 111 DOM
11. 2026-06-03
    days on market $39,950 Active 110 DOM
12. 2026-06-02
    days on market $39,950 Active 109 DOM
13. 2026-06-01
    days on market $39,950 Active 108 DOM
14. 2026-05-31
    days on market $39,950 Active 107 DOM
15. 2026-04-25
    price $39,950
16. 2026-02-13
    listed $49,000 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 5/10 Major FEMA zone X (unshaded) · 66% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 10 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,289
• − Mortgage interest: −$2,238
• − Property taxes: −$599
• − Insurance: −$200
• − Repairs & maintenance: −$1,863
• − Management: −$1,863
• − Depreciation: −$1,162
• Taxable income: $15,364
• Est. tax owed @ 24.0%: −$3,687
• After-tax cash flow: $11,398/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: Enumclaw School District
• NCES district ID: 5300001
• Math proficiency: 54% ▼ -1.00%
• Reading proficiency: 68% ▬ 0.00%
• Median HH income: $68,441
• Composite: 55.21/100
• National rank: #2736
• State rank: #46 of 291 in WA

Livability — Enumclaw

• Score: 88/100
• State rank: #12
• US rank: #222

Category grades

Amenities A+ Commute B+ Cost of living D- 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: Enumclaw, WA
• County: King County · 2,251,916 people
• City population: 22,418
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 22,418
• Household income: $120,406
• Rent vs Own: 18.8% rent · 81.2% own
• Severe rent burden: 382.0

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: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 10% Two or more races 9% Asian 2% Native American 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 7% Italian 4% Slovak 3%
• Foreign-born: 6% · Canada
• Languages at home: 91% English-only · Spanish 6% Other Indo-European 1% German/W. Germanic 1%

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: ▼ -605.16%
• Current HPI: 297.9161
• Rent YoY: ▲ 4.32%
• 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

-18.5% since first listed

2 events — show timeline

• 2026-04-25 Price Changed $39,950 NWMLS as Distributed by MLS Grid
• 2026-02-13 Listed $49,000 NWMLS as Distributed by MLS Grid