815 124th St SW #1 · Everett, WA 98204

$95,000

3 bd · 2.0 ba · 1,460 sqft · Manufactured public records · 274 Days on market

Manufactured home 55+ age-restricted Built 1978 Good condition $65/sqft · 37% below area Est $150k · 37% under ↓ 43% since listing

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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 +22.5/30.0
• ARV discount +15.0/15.0
• 1% rule +7.5/10.0
• DSCR +7.5/10.0
• Schools +4.8/10.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Appreciation +2.5/10.0
• Rent growth +2.1/5.0
• Manufactured-home adj. -5.6

Listing remarks

Welcome to this desirable 55+ gated community! This charming and well-maintained home offers comfortable, low-maintenance living with modern updates throughout. Inside, you’ll find a spacious primary suite and stylish vinyl plank flooring. The bright kitchen includes a cozy eating area and is enhanced by modern light fixtures with NEW cook top range and NEW oven. Relax in the inviting living room, complete with a warm fireplace, built-in storage, and custom bookshelves — perfect for displaying décor or your favorite reads. Additional conveniences include an in-unit washer and dryer, a covered carport, and extra storage.

Key facts

• Gated community
• Modern updates
• Covered carport

Tags

• GATED COMMUNITY
• MODERN UPDATES
• VINYL PLANK FLOORING
• IN-UNIT WASHER AND DRYER
• COVERED CARPORT
• COMMUNITY AMENITIES

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $95k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $880 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• Recommended offer: $84k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.4% vs local median 2.5% in Everett — 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 73/100 on livability (#199 in WA) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A, health & safety A; Watch: crime D+, amenities F, cost of living F.
• Mukilteo School District (suburban): math 47% / reading 59% proficiency, ranked #111 of 291 in WA (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Discovery Elementary (550 students, 72% FRL); Voyager Middle School (947 students, 70% FRL); Mariner High School (2,090 students, 67% FRL) — zoned schools average 70% FRL vs 40% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-1.7%/yr); 241 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 45% of comp listings sitting > 30 days — soft ceiling on asking rent; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).
• This rent runs 33% of the median local income ($69k/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 $657 of loan paydown is wiped out by about $3k 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 + 0.0% rent growth), your $27k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 274 days — a 12% lower offer ($84k) is reasonable based on typical stale-listing flexibility.

Recommended offer $83,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 274 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 1978 — 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 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?
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: 2.01% ✓
• Cap rate: 17.41%
• Cash-on-cash: 39.72%
• DSCR: 2.77
• GRM: 4.2

CMA / ARV

• ARV (median comp): $149,900
• List price: $95,000
• Delta: -36.62%
• Verdict: UNDERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
815 124th St SW	0.00mi	2/2.0 (-1)	1,458 (-0%)	3mo	$290,000	$199	92
815 124th St SW #52	0.00mi	2/2.0 (-1)	1,436 (-2%)	5mo	$149,900	$104	88
815 124th St SW #6	0.00mi	3/2.0	1,566 (+7%)	0mo	$290,000	$185	88
815 124th St SW #27	0.00mi	2/2.0 (-1)	1,436 (-2%)	11mo	$105,000	$73	83
815 124th St SW #22	0.00mi	2/2.0 (-1)	1,436 (-2%)	12mo	$200,000	$139	82
815 124th St SW #29	0.00mi	2/2.0 (-1)	1,440 (-1%)	14mo	$264,950	$184	81
815 124 St SW #117	0.00mi	2/2.0 (-1)	1,334 (-9%)	8mo	$130,000	$97	74
815 124th St SW #140	0.00mi	3/2.0	1,319 (-10%)	12mo	$230,000	$174	74
11500 Meridian Ave S #91	0.68mi	3/2.0	1,456 (-0%)	3mo	$226,000	$155	65
12030 2nd Dr SE	0.72mi	2/2.0 (-1)	1,436 (-2%)	11mo	$485,000	$338	50
11500 Meridian Ave S #49	0.68mi	3/2.0	1,620 (+11%)	4mo	$245,000	$151	47
11500 Meridian Ave S #22	0.68mi	3/2.0	1,290 (-12%)	11mo	$199,000	$154	40

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 32.7%
• Equity multiple: 2.32×
• Total profit: $35,111
• Equity at exit: $14,165

10-year hold

• IRR: 38.1%
• Equity multiple: 4.05×
• Total profit: $81,245
• Equity at exit: $8,214

Cash invested: $26,600 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 5 active · 3 under contract
• Months of supply: 3.8 mo (27%/mo absorbed)
• Median asking: $155,000 ($101/sqft)
• Median days on market: 19 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +1.5% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 98204

• Rents YoY: -1.7%
• Active inventory: 241
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,905 high
• Mortgage (P&I): −$498
• Tax from tax record: −$87 /mo · $1,040/yr
• Insurance: −$40
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$400
• Net cashflow: $880

Break-even live

Break-even rent $790

Max offer price $95,000

Occupancy floor 49%

Sensitivity live

Price	-10% $934	-5% $907	+0% $880	+5% $854	+10% $827
Rent	-10% $730	-5% $805	+0% $880	+5% $956	+10% $1,031
Rate	-1.0pp $928	-0.5pp $905	base $880	+0.5pp $856	+1.0pp $831

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: $23,750
• Closing costs: $2,850
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
820 124th St SW Apt D Everett, WA	2.0	1.5	960	$1,595	$1.66	54d	1	0.09mi
12522 8th Ave W Everett, WA	1.0–3.0	1.0–2.0	1005	$2,595	$2.58	13d	11	0.16mi
12600 4th Ave W Everett, WA	2.0	2.5	1336	$2,295	$1.72	66d	1	0.24mi
12102 4th Ave W Everett, WA	1.0–3.0	1.0–2.5	982	$2,826	$2.88	12d	25	0.26mi
1209 125th Pl SW Everett, WA	3.0	2.5	1860	$3,300	$1.77	21d	1	0.30mi
222 124th St SW Unit A2 Everett, WA	3.0	2.5	1560	$2,975	$1.91	54d	1	0.32mi
222 124th St SW Unit A2 Everett, WA	3.0	2.0	1560	$2,975	$1.91	43d	1	0.32mi
12121 Admiralty Way Everett, WA	1.0–3.0	1.0–2.0	1116	$2,795	$2.50	9d	13	0.36mi
12433 Admiralty Way Everett, WA	1.0–3.0	1.0–2.0	1073	$2,799	$2.61	7d	30	0.37mi
11812 E Gibson Rd Everett, WA	1.0–2.0	1.0–2.0	892	$1,958	$2.20	7d	8	0.40mi
1007 130th St SW Everett, WA	1.0–3.0	1.0–2.0	933	$2,400	$2.57	7d	20	0.40mi
1108 Center Rd Everett, WA	2.0	2.0	1200	$2,150	$1.79	64d	1	0.43mi
12402 Admiralty Way Everett, WA	1.0–3.0	1.0–2.0	842	$2,891	$3.43	7d	11	0.44mi
11727 12th Ave W #77 Everett, WA	3.0	2.5	1533	$2,950	$1.92	18d	1	0.45mi
12429 1st Ave W Unit 2 Everett, WA	2.0	1.5	960	$1,895	$1.97	21d	1	0.45mi
11719 12th Ave W Everett, WA	3.0	2.5	1533	$2,800	$1.83	93d	1	0.46mi
12907 E Gibson Rd Everett, WA	2.0	1.0–2.0	859	$1,725	$2.01	7d	5	0.46mi
12907 E Gibson Rd Everett, WA	1.0–2.0	1.0–2.0	859	$2,085	$2.43	54d	4	0.46mi
927 132nd St SW Everett, WA	3.0	2.5	1353	$2,698	$1.99	10d	2	0.46mi
927 132nd St SW Everett, WA	3.0	2.5	1353	$2,795	$2.07	27d	1	0.46mi
12115 Meridian Ave S Everett, WA	1.0–2.0	1.0–2.0	872	$1,995	$2.29	13d	6	0.54mi
13004 Meridian Ave S Everett, WA	1.0–3.0	1.0–2.0	1025	$2,280	$2.22	31d	1	0.62mi
133 124th St SE Everett, WA	2.0	2.0	923	$1,880	$2.04	7d	10	0.65mi
128 127th St SE Everett, WA	3.0	1.0–2.0	884	$2,752	$3.11	7d	14	0.66mi
11207 9th Pl W Everett, WA	2.0	1.0	995	$1,899	$1.91	69d	7	0.71mi
923 112th St SW Everett, WA	1.0–3.0	1.0–2.0	858	$2,396	$2.79	7d	21	0.76mi
305 127th St SE Unit A Everett, WA	2.0	2.5	1456	$2,649	$1.82	93d	1	0.78mi
13000 Admiralty Way Everett, WA	1.0–3.0	1.0–2.5	1678	$3,000	$1.79	15d	1	0.82mi
4 112th St SW Unit A Everett, WA	3.0	2.5	1661	$3,300	$1.99	93d	1	0.85mi
12118 Highway 99 Everett, WA	1.0–2.0	1.0–2.0	863	$1,899	$2.20	7d	5	0.87mi
1730 112th St SW Everett, WA	1.0–2.0	1.0–2.0	872	$2,245	$2.57	7d	5	0.90mi
13117 3rd Ave SE Unit B6 Everett, WA	3.0	3.0	1671	$3,200	$1.92	17d	1	0.92mi
13117 3rd Ave SE Unit J1 Everett, WA	3.0	3.0	1659	$3,249	$1.96	93d	1	0.92mi
11026 Meridian Dr SE Everett, WA	3.0	2.5	1700	$3,000	$1.76	93d	1	0.96mi
418 138th Pl SW Everett, WA	3.0	2.0	1600	$3,000	$1.88	93d	1	0.96mi
11401 3rd Ave SE Everett, WA	2.0	1.0–2.0	862	$1,918	$2.22	9d	18	1.00mi
11625 Center Rd Unit C Everett, WA	3.0	2.5	1608	$3,200	$1.99	93d	1	1.03mi
2302 116th St SW Unit B Everett, WA	3.0	2.5	1417	$2,595	$1.83	43d	1	1.05mi
2301 116th St SW Unit E Everett, WA	3.0	2.5	1400	$2,595	$1.85	93d	1	1.06mi
14029 9th Pl W Lynnwood, WA	4.0	2.5	1777	$3,200	$1.80	54d	1	1.09mi

Listing history 50 events

1. 2026-08-08
   days on market $95,000 Active 274 DOM
2. 2026-08-06
   days on market $95,000 Active 272 DOM
3. 2026-08-05
   days on market $95,000 Active 271 DOM
4. 2026-08-04
   days on market $95,000 Active 270 DOM
5. 2026-08-03
   days on market $95,000 Active 269 DOM
6. 2026-07-31
   days on market $95,000 Active 266 DOM
7. 2026-07-30
   days on market $95,000 Active 265 DOM
8. 2026-07-30
   days on market $95,000 Active 264 DOM
9. 2026-07-28
   days on market $95,000 Active 263 DOM
10. 2026-07-26
    days on market $95,000 Active 261 DOM
11. 2026-07-24
    days on market $95,000 Active 259 DOM
12. 2026-07-23
    days on market $95,000 Active 258 DOM
13. 2026-07-22
    days on market $95,000 Active 257 DOM
14. 2026-07-21
    days on market $95,000 Active 256 DOM
15. 2026-07-20
    days on market $95,000 Active 255 DOM
16. 2026-07-18
    days on market $95,000 Active 253 DOM
17. 2026-07-18
    days on market $95,000 Active 252 DOM
18. 2026-07-16
    days on market $95,000 Active 251 DOM
19. 2026-07-15
    days on market $95,000 Active 250 DOM
20. 2026-07-14
    days on market $95,000 Active 249 DOM
21. 2026-07-13
    days on market $95,000 Active 248 DOM
22. 2026-07-13
    days on market $95,000 Active 247 DOM
23. 2026-07-11
    days on market $95,000 Active 246 DOM
24. 2026-07-10
    days on market $95,000 Active 245 DOM
25. 2026-07-09
    days on market $95,000 Active 244 DOM
26. 2026-07-07
    days on market $95,000 Active 242 DOM
27. 2026-07-06
    days on market $95,000 Active 241 DOM
28. 2026-07-06
    days on market $95,000 Active 240 DOM
29. 2026-07-05
    days on market $95,000 Active 239 DOM
30. 2026-07-03
    days on market $95,000 Active 238 DOM
31. 2026-07-02
    pricedays on market $95,000 Active 237 DOM
32. 2026-07-01
    days on market $99,000 Active 236 DOM
33. 2026-06-30
    days on market $99,000 Active 235 DOM
34. 2026-06-29
    days on market $99,000 Active 234 DOM
35. 2026-06-28
    days on market $99,000 Active 233 DOM
36. 2026-06-27
    days on market $99,000 Active 232 DOM
37. 2026-06-26
    days on market $99,000 Active 231 DOM
38. 2026-06-24
    days on market $99,000 Active 229 DOM
39. 2026-06-22
    days on market $99,000 Active 227 DOM
40. 2026-06-21
    days on market $99,000 Active 226 DOM
41. 2026-06-18
    days on market $99,000 Active 223 DOM
42. 2026-06-17
    days on market $99,000 Active 222 DOM
43. 2026-06-16
    days on market $99,000 Active 221 DOM
44. 2026-06-15
    days on market $99,000 Active 220 DOM
45. 2026-06-13
    days on market $99,000 Active 218 DOM
46. 2026-06-09
    days on market $99,000 Active 214 DOM
47. 2026-06-08
    days on market $99,000 Active 213 DOM
48. 2026-06-07
    days on market $99,000 Active 212 DOM
49. 2026-06-04
    days on market $99,000 Active 209 DOM
50. 2026-06-03
    days on market $99,000 Active 208 DOM

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

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $1,040 · $87/mo
• Projected year-2 tax: $1,040 · $87/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $22,860
• − Mortgage interest: −$5,321
• − Property taxes: −$1,040
• − Insurance: −$475
• − Repairs & maintenance: −$1,829
• − Management: −$1,829
• − Depreciation: −$2,764
• Taxable income: $9,602
• Est. tax owed @ 24.0%: −$2,304
• After-tax cash flow: $8,261/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 · 9 photos

Good 80/100 Cosmetic rehab Est. rehab $7,300–$21,900 screening

This well-maintained manufactured home in a desirable gated community offers modern updates and a low-maintenance living experience.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Clean gutters — Improves drainage and prevents water damage ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Zoned Schools

Elementary Discovery Elementary Middle Voyager Middle School High Mariner High School

Schools (NCES district)

• District: Mukilteo School District
• NCES district ID: 5305430
• Math proficiency: 47% ▼ -2.00%
• Reading proficiency: 59% ▬ 0.00%
• Median HH income: $60,807
• Composite: 48.17/100
• National rank: #4733
• State rank: #111 of 291 in WA

B Composite livability gradescore 73/100

Livability — Everett

• Score: 73/100
• State rank: #199
• US rank: #5489

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Snohomish County · 899,800 people
• City population: 173,457
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 45,130
• Household income: $68,513
• Rent vs Own: 66.4% rent · 33.6% own
• Severe rent burden: 14% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 46% Hispanic / Latino 22% Asian 14% Two or more races 11% Black 9% Pacific Islander 2%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Subsaharan African 4% Italian 2% Portuguese 2%
• Foreign-born: 31% · Canada, Vietnam, South Korea
• Languages at home: 58% English-only · Spanish 18% Russian/Polish/Slavic 6% Vietnamese 5%

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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: ▼ -540.03%
• Current HPI: 321.7923
• Rent YoY: ▼ -1.70%
• Metro: Seattle-Tacoma-Bellevue, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

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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

-43.4% since first listed

5 events — show timeline

• 2026-04-23 Price Changed $99,000 NWMLS as Distributed by MLS Grid
• 2026-03-05 Price Changed $110,000 NWMLS as Distributed by MLS Grid
• 2026-01-22 Price Changed $120,000 NWMLS as Distributed by MLS Grid
• 2025-12-02 Price Changed $150,000 NWMLS as Distributed by MLS Grid
• 2025-11-07 Listed $175,000 NWMLS as Distributed by MLS Grid

Property tax history

+11.3%/yr

Latest (2026): $1,040 · +10011.7% YoY. Source: county tax records.