212 Old Owen Rd #34 · Sultan, WA 98294

$129,950

2 bd · 1.0 ba · 1,080 sqft · Manufactured public records · 47 Days on market

Built 1994 10 ac lot $120/sqft · 16% above area Est $112k · 16% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.5/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.5/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to your new home in the desirable Cherry Hill Mobile Estates 55+ park. Beautiful mountain views, near river, hiking, skiing, and additional outdoor activities, yet close to all amenities. Open floor plan features two bedrooms, two full baths, additional den or family room, vaulted ceilings, large dining room, counter bar, and living room. Appliances included. Beautiful new covered entrainment size deck in your private landscaped backyard. Bedrooms are separated by living area and primary room offers walk-in closet. Home is located at the end of dead-end street and has an additional storage shed. Larger lot is perfect for gardening and creativity. Community offers gated additional RV

Key facts

• Covered deck
• Landscaped backyard
• Rv parking area

Tags

• MOUNTAIN VIEWS
• LANDSCAPED BACKYARD
• COVERED DECK
• ADDITIONAL STORAGE SHED
• RV PARKING AREA

Property features AI

Finance

• Other: Has view
• Financial info: Listing terms: Cash or Conventional; Land lease: $813
• HOA & community: Cherry Hill Mobile Estates (park approved for sale); 71 homes in the park; Senior community

Exterior

• Parking: 2 open parking spaces (uncovered); RV/trailer storage next to house
• Utilities: Electric energy source; Public water; City of Sultan water and sewer; PUD power; Electric water heater; Cable (Xfinity)
• Home design: Manufactured home (double wide); One story; North-facing
• Construction: Metal/vinyl and wood construction; Metal roof; Metal skirting; Pillar/post/pier foundation; Manufactured after 6/15/1976 (Liberty)
• Exterior features: Corner lot; Cul-de-sac; Dead end street; Paved; Secluded setting; Patio/porch/deck; Gardenshed on lot; RV parking

Interior

• Kitchen: Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Engineered hardwood; Laminate; Vinyl plank; Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating
• Interior features: Water heater; Vaulted ceilings; Walk-in closet; Bath off primary
• Laundry & utility: Washer; Dryer; Utility room; Water heater next to furnace

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 $919 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $126k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.8% vs local median 3.0% in Sultan — 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 74/100 on livability (#183 in WA, #4,863 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, employment A; Watch: cost of living D+, amenities F, health & safety F.
• Sultan School District (town): math 42% / reading 56% proficiency, ranked #143 of 291 in WA (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Sultan Elementary School (624 students, 49% FRL); Sultan Senior High School (583 students, 55% FRL).
• Market conditions: 103 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $898 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 + 3.0% rent growth), your $36k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $130k implies a 100% gain — meaningful room to come down on a strong offer.

Recommended offer $126,051 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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. 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.
5. 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.
6. 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: 1.68% ✓
• Cap rate: 14.78%
• Cash-on-cash: 30.31%
• DSCR: 2.35
• GRM: 5.0

CMA / ARV

• ARV (median comp): $112,500
• List price: $129,950
• Delta: 15.51%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
212 Old Owen Rd #46	0.00mi	2/1.0	918 (-15%)	11mo	$117,500	$128	66
212 Old Owen Rd #63	0.00mi	2/2.0	1,170 (+8%)	23mo	$110,000	$94	63
207 6th St	0.70mi	2/2.0	1,056 (-2%)	10mo	$465,000	$440	51
706 3rd St	0.73mi	2/1.0	924 (-14%)	14mo	$220,000	$238	31

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.9%
• Equity multiple: 2.03×
• Total profit: $37,460
• Equity at exit: $19,376

10-year hold

• IRR: 32.7%
• Equity multiple: 3.97×
• Total profit: $107,901
• Equity at exit: $11,236

Cash invested: $36,386 (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 98294

• Home prices YoY: -26.4%
• Active inventory: 103
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $2,181 medium
• Mortgage (P&I): −$681
• Tax from tax record: −$68 /mo · $818/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$458
• Net cashflow: $919

Break-even live

Break-even rent $1,017

Max offer price $129,950

Occupancy floor 53%

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: $32,488
• Closing costs: $3,898
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
808 4th St Unit 2 Sultan, WA	2.0	1.0	720	$1,599	$2.22	10d	1	0.86mi
401 8th St Unit E Sultan, WA	2.0	1.5	1200	$2,075	$1.73	1d	1	0.91mi
849 Garden Green Pl Unit 849 Sultan, WA	2.0	2.5	1150	$2,300	$2.00	1d	1	0.97mi
200 Whispering Pine Pl Sultan, WA	3.0	2.5	1428	$2,750	$1.93	43d	1	0.98mi

Listing history 23 events

1. 2026-06-17
   status $129,950 Pending 47 DOM
2. 2026-06-17
   days on market $129,950 Active 47 DOM
3. 2026-06-16
   days on market $129,950 Active 46 DOM
4. 2026-06-15
   days on market $129,950 Active 45 DOM
5. 2026-06-13
   days on market $129,950 Active 43 DOM
6. 2026-06-13
   days on market $129,950 Active 42 DOM
7. 2026-06-09
   days on market $129,950 Active 39 DOM
8. 2026-06-08
   days on market $129,950 Active 38 DOM
9. 2026-06-07
   days on market $129,950 Active 37 DOM
10. 2026-06-04
    days on market $129,950 Active 34 DOM
11. 2026-06-03
    days on market $129,950 Active 33 DOM
12. 2026-06-02
    pricedays on market $129,950 Active 32 DOM
13. 2026-06-01
    days on market $139,500 Active 31 DOM
14. 2026-05-31
    days on market $139,500 Active 30 DOM
15. 2026-05-01
    listed $139,500 Active
16. 2020-12-22
    soldstatus $65,000 Sold
17. 2020-11-22
    status Pending
18. 2020-11-16
    status Pending Inspection
19. 2020-10-30
    price $67,500
20. 2020-10-02
    price $79,950
21. 2020-09-23
    listed $89,950 Active
22. 2006-10-03
    soldstatus $23,000
23. 2006-06-26
    listed $28,800

ⓘ 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: $818 · $68/mo
• Projected year-2 tax: $1,274 · $106/mo
• Expected delta: +$455/yr (+$38/mo · 55.6%)

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

Taxation est. · year 1

• Rental income: $26,172
• − Mortgage interest: −$7,279
• − Property taxes: −$818
• − Insurance: −$650
• − Repairs & maintenance: −$2,094
• − Management: −$2,094
• − Depreciation: −$3,780
• Taxable income: $9,457
• Est. tax owed @ 24.0%: −$2,270
• After-tax cash flow: $8,760/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: Sultan School District
• NCES district ID: 5308550
• Math proficiency: 42% ▬ 0.00%
• Reading proficiency: 56% ▲ 3.00%
• Median HH income: $63,955
• Composite: 45.32/100
• National rank: #5739
• State rank: #143 of 291 in WA

Livability — Sultan

• Score: 74/100
• State rank: #183
• US rank: #4863

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sultan, WA
• Population (ZIP): 7,838

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 (67%)
• Race & ethnicity: White 67% Hispanic / Latino 17% Two or more races 14% Asian 8% Native American 3% Black 1%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Portuguese 7% Slovak 6% Italian 2%
• Foreign-born: 21% · Canada, Vietnam
• Languages at home: 79% English-only · Spanish 15% Other Asian/Pacific 4% Vietnamese 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: ▼ -99.36%
• Current HPI: 277.4099
• Rent YoY: —
• Metro: —
• 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

+351.2% since first listed

11 events — show timeline

• 2026-06-17 Pending — NWMLS as Distributed by MLS Grid
• 2026-06-02 Price Changed $129,950 NWMLS as Distributed by MLS Grid
• 2026-05-01 Listed $139,500 NWMLS as Distributed by MLS Grid
• 2020-12-22 Sold (MLS) $65,000 NWMLS as Distributed by MLS Grid
• 2020-11-22 Pending — NWMLS as Distributed by MLS Grid
• 2020-11-16 Pending — NWMLS as Distributed by MLS Grid
• 2020-10-30 Price Changed $67,500 NWMLS as Distributed by MLS Grid
• 2020-10-02 Price Changed $79,950 NWMLS as Distributed by MLS Grid
• 2020-09-23 Listed $89,950 NWMLS as Distributed by MLS Grid
• 2006-10-03 Sold (MLS) $23,000 NWMLS as Distributed by MLS Grid
• 2006-06-26 Listed $28,800 NWMLS as Distributed by MLS Grid

Property tax history

+4.5%/yr

Latest (2026): $818 · +12.6% YoY. Source: county tax records.