25739 135th Ave SE #3 · Kent, WA 98042

$60,000

2 bd · 1.0 ba · 980 sqft · Manufactured · 98 Days on market

Built 1973 Good condition $61/sqft · 85% below area ↓ 14% 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
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Lake views and peaceful 55+ living await at Lake Meridian Estates. This well-maintained 1973 home offers scenic views of Lake Meridian and Mt. Rainier from the kitchen and dining room space, creating a beautiful backdrop for your morning coffee or evening meal. The light-filled open-concept layout connects the spacious kitchen, dining area, and living room—perfect for easy everyday living and entertaining. Recent upgrades add comfort and value, including fresh interior paint, new furnace, roof refininishing, new washer, new lighting fixtures throughout, and new LVP flooring in the entry. Durable vinyl windows improve efficiency and brightness. The covered carport includes an 8x10 Tuff

Key facts

• Easy-care yard
• Recent upgrades
• Tuff shed

Tags

• OPEN-CONCEPT LAYOUT
• RECENT UPGRADES
• DURABLE VINYL WINDOWS
• COVERED CARPORT
• TUFF SHED
• EASY-CARE YARD

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $60k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $55k (9.0% below list) — sets the bar for market timing.
• Cap rate 33.0% vs local median 2.7% in Kent — 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 79/100 on livability (#109 in WA, #2,154 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools C-, crime F, cost of living F.
• Kent School District (urban): math 47% / reading 57% proficiency, ranked #109 of 291 in WA (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 332 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; 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 $415 of loan paydown is wiped out by about $2k 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 + 0.2% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $12k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $54,600 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% 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. 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?
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: 3.69% ✓
• Cap rate: 33.01%
• Cash-on-cash: 95.40%
• DSCR: 5.24
• GRM: 2.3

CMA / ARV

• ARV (median comp): $389,000
• List price: $60,000
• Delta: -84.58%
• Verdict: UNDERPRICED
• Comps: 4 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
25739 135th Ave SE #45	0.00mi	3/1.0 (+1)	910 (-7%)	20mo	$65,000	$71	67

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 · 0.19% rent growth · sell at horizon

5-year hold

• IRR: 93.1%
• Equity multiple: 5.12×
• Total profit: $69,284
• Equity at exit: $8,946

10-year hold

• IRR: 95.4%
• Equity multiple: 9.71×
• Total profit: $146,368
• Equity at exit: $5,188

Cash invested: $16,800 (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 98042

• Rents YoY: 0.2%
• Active inventory: 332
• Price-to-rent: 2.3×

Monthly cashflow live

• Estimated rent: $2,216 high
• Mortgage (P&I): −$315
• Tax est. 1.5%: −$75 /mo · $900/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$465
• Net cashflow: $1,336

Break-even live

Break-even rent $525

Max offer price $60,000

Occupancy floor 35%

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
27400 132nd Ave SE Kent, WA	1.0–2.0	1.0–2.0	842	$2,095	$2.49	1d	7	0.97mi
27403 141st Ave SE Kent, WA	3.0	1.5	960	$3,500	$3.65	2d	1	1.05mi
13101 SE 240th St Kent, WA	2.0	1.0	867	$1,942	$2.24	2d	3	1.12mi
12910 SE 240th St Kent, WA	1.0–2.0	1.0–2.0	760	$2,167	$2.85	1d	5	1.26mi
14901 SE 272nd St Kent, WA	1.0–3.0	1.0–2.0	900	$1,959	$2.18	1d	15	1.30mi
11305 SE Kent Kangley Rd Kent, WA	2.0–3.0	2.5	1198	$2,345	$1.96	1d	4	1.34mi
11020 SE Kent Kangley Rd Kent, WA	2.0	1.0	580	$1,650	$2.84	10d	10	1.41mi
10841 SE Kent Kangley Rd Kent, WA	2.0	1.0	900	$1,812	$2.01	4d	3	1.49mi
10925 SE 259th St Kent, WA	2.0	1.0	855	$1,783	$2.09	1d	10	1.50mi

Listing history 21 events

1. 2026-06-18
   days on market $60,000 Active 98 DOM
2. 2026-06-17
   days on market $60,000 Active 97 DOM
3. 2026-06-16
   days on market $60,000 Active 96 DOM
4. 2026-06-15
   price $60,000 Active 95 DOM
5. 2026-06-15
   days on market $63,500 Active 95 DOM
6. 2026-06-13
   days on market $63,500 Active 93 DOM
7. 2026-06-09
   days on market $63,500 Active 89 DOM
8. 2026-06-08
   days on market $63,500 Active 88 DOM
9. 2026-06-07
   days on market $63,500 Active 87 DOM
10. 2026-06-04
    days on market $63,500 Active 84 DOM
11. 2026-06-03
    days on market $63,500 Active 83 DOM
12. 2026-06-02
    days on market $63,500 Active 82 DOM
13. 2026-06-01
    days on market $63,500 Active 81 DOM
14. 2026-05-31
    days on market $63,500 Active 80 DOM
15. 2026-04-30
    price $63,500
16. 2026-04-09
    price $69,000
17. 2026-03-09
    listed $72,000 Active
18. 2023-11-17
    soldstatus $66,000 Closed
19. 2023-10-18
    status Pending
20. 2023-07-21
    price $69,500
21. 2023-04-27
    listed $73,900 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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 12 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,586
• − Mortgage interest: −$3,361
• − Property taxes: −$900
• − Insurance: −$300
• − Repairs & maintenance: −$2,127
• − Management: −$2,127
• − Depreciation: −$1,745
• Taxable income: $16,026
• Est. tax owed @ 24.0%: −$3,846
• After-tax cash flow: $12,181/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 mobile home offers a good condition with recent upgrades and a good curb appeal. Minor updates to exterior and interior can further enhance its value.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value
• Both Replace carpet in living room and kitchen — Improves comfort and aesthetics
• Both Install new window treatments — Enhances energy efficiency and aesthetics

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Replace carpet in living room and kitchen — Improves comfort and aesthetics ↑
• Both Install new window treatments — Enhances energy efficiency and aesthetics ↑

ⓘ 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: Kent School District
• NCES district ID: 5303960
• Math proficiency: 47% ▼ -1.00%
• Reading proficiency: 57% ▼ -1.00%
• Median HH income: $69,823
• Composite: 48.25/100
• National rank: #4714
• State rank: #109 of 291 in WA

Livability — Kent

• Score: 79/100
• State rank: #109
• US rank: #2154

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kent, WA
• County: King County · 2,251,916 people
• City population: 119,479
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 50,216
• Household income: $127,552
• Rent vs Own: 17.7% rent · 82.3% own
• Severe rent burden: 892.0

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 0.58)
• Race & ethnicity: White 62% Asian 13% Hispanic / Latino 12% Two or more races 12% Black 6%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 4% Subsaharan African 3% Italian 3%
• Foreign-born: 19% · Canada, Vietnam, China
• Languages at home: 75% English-only · Spanish 7% Russian/Polish/Slavic 4% Other Indo-European 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: ▼ -635.61%
• Current HPI: 297.7991
• Rent YoY: ▲ 0.19%
• 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

-14.1% since first listed

7 events — show timeline

• 2026-04-30 Price Changed $63,500 NWMLS as Distributed by MLS Grid
• 2026-04-09 Price Changed $69,000 NWMLS as Distributed by MLS Grid
• 2026-03-09 Listed $72,000 NWMLS as Distributed by MLS Grid
• 2023-11-17 Sold (MLS) $66,000 NWMLS as Distributed by MLS Grid
• 2023-10-18 Pending — NWMLS as Distributed by MLS Grid
• 2023-07-21 Price Changed $69,500 NWMLS as Distributed by MLS Grid
• 2023-04-27 Listed $73,900 NWMLS as Distributed by MLS Grid