15415 35th Ave W · North Lynnwood, WA 98087

$279,500

0 bd · 0.0 ba · 0 sqft · Condo public records · 6 Days on market

Built 1989

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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 +12.0/30.0
• ARV discount +7.5/15.0
• Schools +5.4/10.0
• Livability +4.5/5.0
• DSCR +3.6/10.0
• 1% rule +3.5/10.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This sparkling 2nd-floor unit in the Brio community has bright natural light. 2 bedrooms and 2 baths with an open floor plan. Gorgeous floors, new appliances/water heater, laundry in unit. Wood-burning fireplace. The dining room area leads to a balcony/deck to entertain guests. Master bedroom with attached bath. Enjoy and relax in the clubhouse that offers an outdoor pool, spa, exercise room, family area, and much more. Up and coming North Lynnwood, the 35th Ave bus goes to the new Light Rail station in under 10 minutes, get to Seattle in under 30 minutes. Very quiet property with a strict HOA.

Key facts

• Outdoor pool
• Open floor plan
• Laundry in unit

Tags

• OPEN FLOOR PLAN
• WOOD BURNING FIREPLACE
• LAUNDRY IN UNIT
• BALCONY DECK
• OUTDOOR POOL
• EXERCISE ROOM

What this means for you Summary

Snapshot

• This is a condo listed at $280k.

Deal economics

• At list price, monthly cash flow is $-65 ($-780/yr) — negative.
• To cash-flow at today's rent, offer at most $270k (3.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $236k (15.5% below list).
• Recommended offer: $236k (15.5% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 2.3% in North Lynnwood — 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 90/100 on livability (#6 in WA, #107 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• Edmonds School District (suburban): math 54% / reading 65% proficiency, ranked #53 of 291 in WA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Spruce Elementary (527 students, 60% FRL); Meadowdale Middle School (730 students, 50% FRL); Meadowdale High School (1,512 students, 42% FRL) — zoned schools average 51% FRL vs 28% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.2%/yr); 234 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 5y 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 $236,269 (15.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.85% ✗
• Cap rate: 6.01%
• Cash-on-cash: -1.00%
• DSCR: 0.96
• GRM: 9.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.22% rent growth · sell at horizon

5-year hold

• IRR: -19.9%
• Equity multiple: 0.32×
• Total profit: $-53,555
• Equity at exit: $41,674

10-year hold

• IRR: -17.2%
• Equity multiple: 0.13×
• Total profit: $-68,285
• Equity at exit: $24,166

Cash invested: $78,260 (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 98087

• Rents YoY: 1.2%
• Active inventory: 234
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $2,363 high
• Mortgage (P&I): −$1,466
• Tax est. 1.5%: −$349 /mo · $4,192/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$496
• Net cashflow: $-65

Break-even live

Break-even rent $2,445

Max offer price $270,090

Occupancy floor 98%

Sensitivity live

Price	-10% $128	-5% $32	+0% $-65	+5% $-162	+10% $-258
Rent	-10% $-252	-5% $-158	+0% $-65	+5% $28	+10% $122
Rate	-1.0pp $76	-0.5pp $6	base $-65	+0.5pp $-137	+1.0pp $-211

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: $69,875
• Closing costs: $8,385
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3406 151st Pl SW Unit Na Lynnwood, WA	3.0	2.5	1418	$3,059	$2.16	0d	1	0.16mi
15713 35th Ave W Lynnwood, WA	3.0	2.0	1145	$2,395	$2.09	4d	1	0.23mi
15713 35th Ave W Lynnwood, WA	2.0	1.0	940	$2,000	$2.13	26d	1	0.23mi
15001 35th Ave W Lynnwood, WA	1.0–3.0	1.0–2.0	885	$2,040	$2.31	1d	15	0.24mi
15904 Admiralty Way Unit 1051265P Lynnwood, WA	2.0	2.5	—	$5,732	—	0d	1	0.32mi
15305 Highway 99 Lynnwood, WA	1.0	1.0	375	$1,400	$3.73	7d	1	0.32mi
2510 164th St SW Lynnwood, WA	3.0	1.0–2.0	998	$2,888	$2.89	0d	1	0.40mi
16003 Admiralty Way Lynnwood, WA	1.0–4.0	1.0–2.0	1156	$1,891	$1.64	0d	5	0.41mi
3333 164th St SW Lynnwood, WA	1.0–2.0	1.0–2.0	1048	$2,522	$2.41	1d	20	0.48mi
14920 Manor Way Unit C Lynnwood, WA	1.0	1.0	—	$1,495	—	26d	1	0.49mi
16111 36th Ave W Unit D4 Lynnwood, WA	3.0	4.0	1838	$3,700	$2.01	45d	1	0.49mi
3717 148th St SW Lynnwood, WA	2.0	1.0–2.0	865	$1,912	$2.21	4d	6	0.52mi
14611 Admiralty Way Lynnwood, WA	1.0–3.0	1.0–2.0	1004	$2,299	$2.29	0d	12	0.54mi
4109 156th St SW Unit A3 Lynnwood, WA	2.0	1.0	988	$1,895	$1.92	26d	1	0.54mi
4109 156th St SW Unit B4 Lynnwood, WA	2.0	1.0	985	$1,995	$2.03	45d	1	0.54mi
3626 Shelby Rd #2 Lynnwood, WA	2.0	2.5	1360	$2,600	$1.91	4d	1	0.54mi
16104 36th Ave W Lynnwood, WA	1.0–2.0	1.0	761	$2,099	$2.76	1d	5	0.58mi
3711 164th St SW Lynnwood, WA	1.0–2.0	1.0–2.0	845	$2,514	$2.97	0d	7	0.58mi
16200 Admiralty Way Lynnwood, WA	2.0	1.0–2.0	783	$3,019	$3.86	0d	34	0.61mi
3805 164th St SW Lynnwood, WA	1.0–2.0	1.0–2.0	843	$2,295	$2.72	0d	4	0.62mi
3525 164th Pl SW Lynnwood, WA	3.0	2.5	1977	$3,650	$1.85	45d	1	0.67mi
15515 44th Ave W Lynnwood, WA	3.0	2.0	1911	$1,500	$0.78	26d	1	0.68mi
14925 44th Ave W Unit B3 Lynnwood, WA	2.0	2.5	1419	$3,000	$2.11	4d	1	0.69mi
16419 Spruce Way Lynnwood, WA	2.0	2.0	946	$2,500	$2.64	1d	1	0.71mi
16419 Spruce Way Unit H4 Lynnwood, WA	2.0	2.0	900	$2,350	$2.61	45d	1	0.71mi
3116 164th St SW #2211 Lynnwood, WA	2.0	1.5	1100	$2,425	$2.20	1d	1	0.76mi
4217 164th St SW Unit A204 Lynnwood, WA	3.0	2.0	1100	$2,450	$2.23	45d	1	0.76mi
4020 Shelby Rd Unit 2 Lynnwood, WA	3.0	2.5	1523	$3,400	$2.23	45d	1	0.77mi
15700 44th Ave W Lynnwood, WA	1.0–3.0	1.0–2.0	940	$1,979	$2.11	4d	1	0.78mi
15914 44th Ave W Lynnwood, WA	1.0–2.0	1.0–2.0	932	$2,159	$2.32	3d	10	0.81mi
14131 Admiralty Way Unit B Lynnwood, WA	2.0	1.5	1000	$2,245	$2.25	26d	1	0.81mi
14014 Admiralty Way Lynnwood, WA	1.0–2.0	1.0–2.0	768	$1,975	$2.57	7d	6	0.87mi
16723 Alderwood Mall Pkwy Unit A6 Lynnwood, WA	3.0	3.0	1673	$3,350	$2.00	26d	1	0.91mi
16116 Ash Way Lynnwood, WA	1.0–3.0	1.0–2.0	1000	$2,367	$2.37	1d	9	0.92mi
14713 47th Ave W Lynnwood, WA	3.0	2.0	1265	$2,975	$2.35	12d	1	0.95mi
1717 153rd St SW Lynnwood, WA	3.0	1.5	1372	$3,100	$2.26	45d	1	0.97mi
15704 Ash Way Unit 1256072P Lynnwood, WA	2.0	1.0	893	$4,304	$4.82	0d	1	1.01mi
15704 Ash Way Unit 1265146P Lynnwood, WA	2.0	1.0	8072	$5,088	$0.63	45d	1	1.01mi
2709 Lincoln Way Lynnwood, WA	2.0–3.0	2.0	1120	$2,256	$2.01	3d	4	1.02mi
15706 Ash Way Unit 1289576P Lynnwood, WA	2.0	1.0	893	$4,422	$4.95	0d	1	1.02mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-06-18
   days on market $279,500 Active 6 DOM
2. 2026-06-17
   days on market $279,500 Active 5 DOM
3. 2026-06-16
   days on market $279,500 Active 4 DOM
4. 2026-06-15
   days on market $279,500 Active 3 DOM
5. 2026-06-13
   remarks 601-char remark
6. 2026-06-13
   listed $279,500 Active 1 DOM

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

Taxation est. · year 1

• Rental income: $28,352
• − Mortgage interest: −$15,656
• − Property taxes: −$4,192
• − Insurance: −$1,398
• − Repairs & maintenance: −$2,268
• − Management: −$2,268
• − Depreciation: −$8,131
• Taxable loss: −$5,561
• Est. tax savings @ 24.0%: +$1,335
• After-tax cash flow: $554/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: Edmonds School District
• NCES district ID: 5302400
• Math proficiency: 54% ▼ -1.00%
• Reading proficiency: 65% ▬ 0.00%
• Median HH income: $67,451
• Composite: 53.94/100
• National rank: #3026
• State rank: #53 of 291 in WA

Livability — North Lynnwood

• Score: 90/100
• State rank: #6
• US rank: #107

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Lynnwood, WA
• County: Snohomish County · 786,756 people
• City population: 40,607
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 41,796
• Household income: $106,693
• Rent vs Own: 48.0% rent · 52.0% own
• Severe rent burden: 2303.0

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: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 48% Asian 20% Two or more races 13% Hispanic / Latino 12% Black 8% Pacific Islander 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 3% Slovak 3% Italian 3%
• Foreign-born: 29% · Canada, South Korea, Vietnam
• Languages at home: 64% English-only · Spanish 6% Russian/Polish/Slavic 5% Other Indo-European 5%

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: ▼ -723.54%
• Current HPI: 320.6888
• Rent YoY: ▲ 1.22%
• 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

+16839.4% since first listed

10 events — show timeline

• 2026-06-12 Listed $279,500 ForSaleByOwner.com
• 2025-11-07 Rental Removed $1,645 APPFOLIO
• 2025-11-01 Listed for Rent $1,645 APPFOLIO
• 2024-12-10 Rental Removed $1,650 APPFOLIO
• 2024-11-21 Price Changed $1,650 APPFOLIO
• 2024-11-05 Listed for Rent $1,750 APPFOLIO
• 2024-09-14 Rental Removed $1,650 APPFOLIO
• 2024-08-21 Listed for Rent $1,650 APPFOLIO
• 2022-01-12 Pending — NWMLS as Distributed by MLS Grid
• 2021-12-20 Listed — NWMLS as Distributed by MLS Grid