1402 22nd St NE #546 · Auburn, WA 98002

$211,888

3 bd · 2.0 ba · 1,848 sqft · Manufactured · 175 Days on market

Built 1988 Est $203k · at est.

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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 +20.6/30.0
• DSCR +6.5/10.0
• ARV discount +5.6/15.0
• 1% rule +5.4/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Rare opportunity in a desirable 55+ community! This spacious 1,848 sq. ft. Silvercrest home offers comfort, functionality, and exceptional storage—perfect for relaxed, low-maintenance living. Recent updates include fresh interior paint, new tile flooring in the bathroom, and freshly cleaned carpeting, creating a bright and welcoming atmosphere throughout. Enjoy the convenience of a 2-car garage, a large workshop, and an additional storage shed, providing ample space for hobbies, projects, and storage needs. The open great room flows seamlessly into the dining area and features a cozy woodstove, perfect for cool evenings and AC for summer. The generous kitchen offers beautiful oak cabi

Key facts

• Generous kitchen
• Oak cabinets
• Large workshop

Tags

• LARGE WORKSHOP
• ADDITIONAL STORAGE SHED
• OPEN GREAT ROOM
• GENEROUS KITCHEN
• OAK CABINETS
• BUILT-IN OVEN MICROWAVE COMBO

Property features AI

Finance

• Other: Land lease amount: $1,241
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Senior community; Park name: Rio Verde; Park amenities: BBQs, clubhouse, exercise room, pool, RV parking, security gate; Land lease amount

Exterior

• Parking: Individual garage (has garage)
• Security: Security gate (community and property); Community security gate
• Utilities: Electric power; Community water; Community sewer; Power provided by PSE
• Home design: Manufactured double-wide home; One level; Residential property in good condition; Silvercrest make; Mobile home remains
• Construction: Metal/vinyl construction materials; Composition roof
• Exterior features: Metal/vinyl exterior; Corner lot; Paved lot; Patio/Porch/Deck

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Laminate flooring; Carpet
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Forced air heating; Heat pump (heating and cooling)
• Interior features: Wood-burning fireplace; Patio/Porch/Deck; Walk-in closet
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $212k.

Deal economics

• At list price, monthly cash flow is $281 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $212k).
• Recommended offer: $186k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 2.7% in Auburn — 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 81/100 on livability (#75 in WA, #1,371 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Auburn School District (urban): math 47% / reading 56% proficiency, ranked #125 of 291 in WA (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.5%/yr); 176 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• This rent runs 34% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 175 days — a 12% lower offer ($186k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 20y ago; this cycle's ask has dropped $18k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $160k; 32% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $186,461 (12.0% below list)

Questions for the listing agent

1. It's been on market 175 days. Have you received any prior offers? Is the seller open to a 12% 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. 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: 1.04% ✓
• Cap rate: 7.89%
• Cash-on-cash: 5.69%
• DSCR: 1.25
• GRM: 8.0

CMA / ARV

• ARV (on-the-fly): $203,280
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1402 22nd St NE #454	0.00mi	3/2.0	1,880 (+2%)	1mo	$210,000	$112	96
1402 22nd St NE #301	0.00mi	3/2.0	1,874 (+1%)	14mo	$189,000	$101	86
1402 22nd St NE #440	0.00mi	2/2.0 (-1)	1,866 (+1%)	11mo	$205,000	$110	84
1402 22nd St NE #531	0.38mi	3/2.0	1,848 (0%)	6mo	$122,500	$66	77
1402 22nd St NE #203	0.00mi	3/2.0	1,632 (-12%)	5mo	$143,500	$88	76
1402 22nd St NE #558	0.40mi	3/2.0	1,848 (0%)	9mo	$240,500	$130	74
1402 22nd St NE #419	0.00mi	3/2.0	1,660 (-10%)	14mo	$186,500	$112	72
1402 22nd St NE #126	0.02mi	2/2.0 (-1)	2,040 (+10%)	8mo	$178,570	$88	70
1402 22nd St NE #536	0.37mi	3/2.0	1,848 (0%)	15mo	$175,000	$95	70
1402 22nd St NE #86	0.37mi	2/2.0 (-1)	1,780 (-4%)	6mo	$110,000	$62	66
1402 22nd St NE #438	0.38mi	3/2.0	1,716 (-7%)	11mo	$240,000	$140	61
1402 22nd St NE #515	0.38mi	3/2.0	1,680 (-9%)	11mo	$221,000	$132	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 · 1.51% rent growth · sell at horizon

5-year hold

• IRR: -9.2%
• Equity multiple: 0.67×
• Total profit: $-19,656
• Equity at exit: $31,593

10-year hold

• IRR: -1.8%
• Equity multiple: 0.88×
• Total profit: $-6,917
• Equity at exit: $18,320

Cash invested: $59,329 (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 98002

• Rents YoY: 1.5%
• Active inventory: 176
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,210 high
• Mortgage (P&I): −$1,111
• Tax est. 1.5%: −$265 /mo · $3,178/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$464
• Net cashflow: $281

Break-even live

Break-even rent $1,854

Max offer price $211,888

Occupancy floor 82%

Sensitivity live

Price	-10% $428	-5% $354	+0% $281	+5% $208	+10% $135
Rent	-10% $107	-5% $194	+0% $281	+5% $368	+10% $456
Rate	-1.0pp $388	-0.5pp $335	base $281	+0.5pp $226	+1.0pp $170

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: $52,972
• Closing costs: $6,357
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2025 M St NE Unit 2045 Auburn, WA	2.0	1.5	1248	$2,095	$1.68	23d	1	0.13mi
2414 N St NE Unit C Auburn, WA	3.0	1.0	1271	$1,950	$1.53	25d	1	0.18mi
2317 I St NE Unit 2319 Auburn, WA	3.0	2.0	1400	$2,275	$1.62	25d	1	0.41mi
1433 8th St NE Auburn, WA	1.0–3.0	1.0–1.5	1025	$2,799	$2.73	0d	13	0.69mi
31900 104th Ave SE Unit A206 Auburn, WA	2.0	1.5	1250	$2,000	$1.60	25d	1	0.72mi

Listing history 12 events

1. 2026-06-21
   days on market $211,888 Active 175 DOM
2. 2026-06-18
   days on market $211,888 Active 172 DOM
3. 2026-06-17
   days on market $211,888 Active 171 DOM
4. 2026-06-16
   days on market $211,888 Active 170 DOM
5. 2026-06-15
   days on market $211,888 Active 169 DOM
6. 2026-06-13
   days on market $211,888 Active 167 DOM
7. 2026-06-13
   pricedays on market $211,888 Active 166 DOM
8. 2026-05-21
   price $214,000
9. 2026-03-24
   price $224,550
10. 2025-12-12
    listed $229,450 Active
11. 2006-10-06
    soldstatus $160,000
12. 2006-09-23
    listed $160,000

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 27% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥87°F today · 16 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: $26,514
• − Mortgage interest: −$11,869
• − Property taxes: −$3,178
• − Insurance: −$1,059
• − Repairs & maintenance: −$2,121
• − Management: −$2,121
• − Depreciation: −$6,164
• Taxable income: $1
• Est. tax owed @ 24.0%: −$0
• After-tax cash flow: $3,374/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: Auburn School District
• NCES district ID: 5300300
• Math proficiency: 47% ▼ -3.00%
• Reading proficiency: 56% ▼ -1.00%
• Median HH income: $58,048
• Composite: 46.73/100
• National rank: #5240
• State rank: #125 of 291 in WA

Livability — Auburn

• Score: 81/100
• State rank: #75
• US rank: #1371

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Auburn, WA
• County: King County · 2,251,916 people
• City population: 74,969
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 37,509
• Household income: $78,684
• Rent vs Own: 51.1% rent · 48.9% own
• Severe rent burden: 2202.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 46% Hispanic / Latino 24% Two or more races 13% Black 12% Asian 6% Pacific Islander 4% Native American 2%
• Hispanic origin (detail): Mexican 20%
• Common ancestry: Portuguese 4% Subsaharan African 4% Lithuanian 3%
• Foreign-born: 24% · Canada, Vietnam
• Languages at home: 63% English-only · Spanish 19% Russian/Polish/Slavic 6% Other Asian/Pacific 3%

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: ▼ -677.96%
• Current HPI: 298.0849
• Rent YoY: ▲ 1.51%
• 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

+33.8% since first listed

5 events — show timeline

• 2026-05-21 Price Changed $214,000 NWMLS as Distributed by MLS Grid
• 2026-03-24 Price Changed $224,550 NWMLS as Distributed by MLS Grid
• 2025-12-12 Listed $229,450 NWMLS as Distributed by MLS Grid
• 2006-10-06 Sold (MLS) $160,000 NWMLS as Distributed by MLS Grid
• 2006-09-23 Listed $160,000 NWMLS as Distributed by MLS Grid