6206 188th St NE #45 · Arlington, WA 98223

$130,000

2 bd · 1.0 ba · 896 sqft · Manufactured public records · 10 Days on market

Built 1978

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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 +5.3/10.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to easy living in one of Arlington's most peaceful 55+ communities. Nestled among mature evergreens, this beautifully updated 2-bedroom, 2-bath home offers privacy, comfort, and modern style in a low-maintenance setting. Step inside to soaring vaulted ceilings, abundant natural light, and an open-concept floor plan that feels bright and spacious throughout. The stunning kitchen features shaker cabinetry, stainless steel appliances, ample storage, and seamless flow into the dining and living areas. Fresh finishes, updated flooring, modern fixtures, and thoughtful upgrades make this home feel nearly brand new. The generous primary suite offers a private bath and comfortable retreat, w

Key facts

• Shaker cabinetry
• Stunning kitchen
• Ample storage

Tags

• OPEN CONCEPT FLOOR PLAN
• STUNNING KITCHEN
• SHAKER CABINETRY
• STAINLESS STEEL APPLIANCES
• AMPLE STORAGE
• DEDICATED LAUNDRY ROOM

Property features AI

Finance

• Other: Buyer brokerage compensation 2.5%; Bus service nearby (routes 220 & 230); GPS directions available to space #45
• Financial info: Land lease amount $868; Listing terms: Cash
• HOA & community: Located in Airways MH Park; Senior community; Pets allowed: cats and dogs; Land lease

Exterior

• Parking: Uncovered parking
• Utilities: Electric energy/power; Power provided by PUD; Water paid by park; Sewer paid by park
• Home design: Manufactured home (single wide); One level; East-facing
• Construction: Composition roof; Wood skirting; Kozy manufacturer; Pillar/post/pier foundation with tie downs; Manufactured after 6/15/1976; Very good condition
• Exterior features: Curbs; Open space; Paved; Sidewalk; Common area (park amenity); Has view; Park-approved for sale

Interior

• Kitchen: Kitchen with eating space; Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Vinyl plank; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Water heater; Vaulted ceilings; Walk-in closet; Bath off primary; Patio/porch/deck; Double pane windows
• Laundry & utility: Washer; Dryer; Utility room with electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $130k.

Deal economics

• At list price, monthly cash flow is $777 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Cap rate 13.5% vs local median 2.5% in Arlington — 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 80/100 on livability (#96 in WA, #1,873 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: crime D+, cost of living F.
• Arlington School District (suburban): math 50% / reading 66% proficiency, ranked #58 of 291 in WA (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.8%/yr); 279 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); 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 $899 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 + 4.8% rent growth), your $36k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 15y 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.
• Current owner paid $8k; list at $130k implies a 1567% gain — meaningful room to come down on a strong offer.

Recommended offer $130,000

Questions for the listing agent

1. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-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?
4. Crime grade is D 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: 1.63% ✓
• Cap rate: 13.47%
• Cash-on-cash: 25.62%
• DSCR: 2.14
• GRM: 5.1

CMA / ARV

• ARV (on-the-fly): $62,720
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6206 188th St NE #11	0.00mi	2/1.0	924 (+3%)	2mo	$45,000	$49	94
6206 188th St NE #68	0.00mi	2/2.0	920 (+3%)	1mo	$125,000	$136	91
6206 188th St NE #26	0.00mi	2/2.0	924 (+3%)	3mo	$64,698	$70	88
6206 188th St NE #57	0.00mi	3/2.0 (+1)	924 (+3%)	1mo	$9,000	$10	85
6206 188th St NE #59	0.00mi	2/1.5	960 (+7%)	8mo	$76,000	$79	80
6206 188th St #63	0.00mi	2/2.0	1,008 (+12%)	7mo	$80,400	$80	69
6206 188th Ave NE #6	0.00mi	2/1.0	1,008 (+12%)	20mo	$51,000	$51	62

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 · 4.77% rent growth · sell at horizon

5-year hold

• IRR: 21.2%
• Equity multiple: 1.89×
• Total profit: $32,300
• Equity at exit: $19,383

10-year hold

• IRR: 30.5%
• Equity multiple: 3.98×
• Total profit: $108,335
• Equity at exit: $11,240

Cash invested: $36,400 (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 98223

• Rents YoY: 4.8%
• Active inventory: 279
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $2,121 high
• Mortgage (P&I): −$682
• Tax est. 1.5%: −$162 /mo · $1,950/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$445
• Net cashflow: $777

Break-even live

Break-even rent $1,137

Max offer price $130,000

Occupancy floor 58%

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18725 67th Ave NE Arlington, WA	1.0–2.0	1.0–2.0	667	$2,250	$3.37	1d	3	0.33mi
19920 67th Ave NE #52 Arlington, WA	2.0	1.0	800	$1,485	$1.86	4d	1	0.84mi
19920 67th Ave NE #47 Arlington, WA	3.0	1.5	1000	$2,185	$2.19	5d	1	0.84mi
17327 67th Ave NE Arlington, WA	2.0	1.0–2.5	900	$2,295	$2.55	1d	5	0.91mi
6605 204th St NE Arlington, WA	1.0	1.0	578	$1,700	$2.94	5d	2	1.15mi
20310 74th Ave NE Arlington, WA	3.0	1.0–2.0	819	$2,440	$2.98	1d	17	1.28mi
7980 200th St NE Arlington, WA	2.0	1.5–2.0	958	$2,144	$2.24	1d	6	1.31mi
20227 77th Ave NE Arlington, WA	1.0–2.0	1.0–2.0	805	$2,200	$2.73	1d	6	1.37mi
4906 Longhouse Trail Ln NE Arlington, WA	2.0	1.0–2.0	687	$2,350	$3.42	1d	9	1.47mi

Listing history 8 events

1. 2026-06-18
   days on market $130,000 Active 10 DOM
2. 2026-06-17
   days on market $130,000 Active 9 DOM
3. 2026-06-16
   days on market $130,000 Active 8 DOM
4. 2026-06-15
   days on market $130,000 Active 7 DOM
5. 2026-06-13
   days on market $130,000 Active 5 DOM
6. 2026-06-13
   days on market $130,000 Active 4 DOM
7. 2026-06-08
   remarks 699-char remark
8. 2026-06-08
   listed $130,000 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: $25,450
• − Mortgage interest: −$7,282
• − Property taxes: −$1,950
• − Insurance: −$650
• − Repairs & maintenance: −$2,036
• − Management: −$2,036
• − Depreciation: −$3,782
• Taxable income: $7,714
• Est. tax owed @ 24.0%: −$1,851
• After-tax cash flow: $7,473/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: Arlington School District
• NCES district ID: 5300240
• Math proficiency: 50% ▼ -1.00%
• Reading proficiency: 66% ▲ 1.00%
• Median HH income: $73,341
• Composite: 53.31/100
• National rank: #3184
• State rank: #58 of 291 in WA

Livability — Arlington

• Score: 80/100
• State rank: #96
• US rank: #1873

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Arlington, WA
• County: Snohomish County · 786,756 people
• City population: 46,497
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 46,497
• Household income: $99,681
• Rent vs Own: 22.4% rent · 77.6% own
• Severe rent burden: 1068.0

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: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 10% Two or more races 10% Asian 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 9% Lithuanian 3% Slovak 3%
• Foreign-born: 7% · Canada, Vietnam
• Languages at home: 90% English-only · Spanish 5% Tagalog/Filipino 1% Russian/Polish/Slavic 1%

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: ▼ -527.84%
• Current HPI: 314.8582
• Rent YoY: ▲ 4.77%
• 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

+1200.0% since first listed

5 events — show timeline

• 2026-06-08 Listed $130,000 NWMLS as Distributed by MLS Grid
• 2012-04-12 Sold (MLS) $7,800 NWMLS as Distributed by MLS Grid
• 2012-03-22 Pending — NWMLS as Distributed by MLS Grid
• 2011-11-21 Price Changed $9,500 NWMLS as Distributed by MLS Grid
• 2011-10-10 Listed $10,000 NWMLS as Distributed by MLS Grid

Property tax history

+6.4%/yr

Latest (2026): $233 · +0.5% YoY. Source: county tax records.