3611 I St NE #266 · Auburn, WA 98002

$144,500

3 bd · 2.0 ba · 1,568 sqft · Manufactured · 49 Days on market

Built 1985 Average condition Est $166k · 13% under

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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
• ARV discount +13.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.8/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to The River Estates, a peaceful and welcoming 55+ community where comfort meets convenience! This spacious 3-bedroom, 2-bath home offers room to relax and entertain, featuring a large family room. The oversized primary bedroom features a full bath. Vaulted ceilings add to the open, airy feel. The kitchen comes fully equipped with all appliances included, making this home truly move-in ready. A heat pump ensures efficient year-round comfort. Step outside to enjoy the covered front porch—ideal for morning coffee or evening unwinding. Additional features include a covered carport and a storage shed for all your extras. Residents of The River Estates enjoy access to fantastic ame

Key facts

• Covered front porch
• Large family room
• Clubhouse

Tags

• LARGE FAMILY ROOM
• WOOD BURNING FIREPLACE
• COVERED FRONT PORCH
• COVERED CARPORT
• STORAGE SHED
• CLUBHOUSE

Property features AI

Finance

• Other: Mobile home remains; Model: REDM 56/28; Calculated building area 1568 square feet
• Financial info: Land lease $920; Listing terms: Cash or Conventional
• HOA & community: Senior community (senior exemption applies); Park approved for sale; Park amenities include clubhouse, common area, pool, recreational area, sauna, sidewalks, spa/hot tub, high-speed internet availability

Exterior

• Parking: Carport; RV parking (community)
• Utilities: Electric energy source; Public water (through park); Sewer through park; Power by PSE
• Home design: Manufactured double-wide home; Single-story; One-level entry; Has a view
• Construction: Wood construction; Composition roof; Tie-down foundation; Manufactured after 06/15/1976
• Exterior features: Wood exterior products; Patio/porch/deck; Paved lot with sidewalks; Community waterfront/private beach access; Spa/Hot Tub (community)

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Laminate; Vinyl; Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Heat pump cooling
• Interior features: Water heater (electric) located in primary closet; Walk-in closet; Awnings; Double pane windows
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $144k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $648 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $144k).
• Recommended offer: $140k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.9% vs local median 2.7% in Auburn — 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 81/100 on livability (#75 in WA, #1,371 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Auburn School District (urban): math 47% / reading 56% proficiency, ranked #125 of 291 in WA (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.5%/yr); 171 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• This rent runs 35% of the median local income ($79k/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 $999 of loan paydown is wiped out by about $4k 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 + 1.5% rent growth), your $40k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($140k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $152/mo.
• Climate carrying-cost: in FEMA flood zone AH (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,165 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.58% ✓
• Cap rate: 12.94%
• Cash-on-cash: 23.73%
• DSCR: 2.06
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $166,208
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3611 I St NE #72	0.07mi	3/2.0	1,500 (-4%)	2mo	$85,000	$57	88
3611 I St #39	0.16mi	2/2.0 (-1)	1,536 (-2%)	0mo	$30,000	$20	84
3611 I St NE #237	0.17mi	2/2.0 (-1)	1,536 (-2%)	1mo	$140,300	$91	83
3611 I St NE #162	0.10mi	3/2.0	1,456 (-7%)	4mo	$148,000	$102	81
3611 I St NE #16	0.17mi	3/2.0	1,456 (-7%)	1mo	$155,000	$106	80
3611 I St NE #247	0.17mi	2/2.0 (-1)	1,560 (-0%)	14mo	$167,500	$107	75
3611 I St NE #180	0.07mi	3/2.0	1,440 (-8%)	12mo	$220,000	$153	73
3611 I St NE #424	0.07mi	2/2.0 (-1)	1,792 (+14%)	2mo	$210,000	$117	66
3611 I St NE #291	0.07mi	2/2.0 (-1)	1,380 (-12%)	8mo	$175,000	$127	65
3611 NE I St #257	0.17mi	3/2.0	1,749 (+12%)	13mo	$132,500	$76	62
3611 I St NE #26	0.17mi	2/2.0 (-1)	1,344 (-14%)	12mo	$175,000	$130	53
3611 I St NE #304	0.17mi	2/2.0 (-1)	1,344 (-14%)	12mo	$122,000	$91	53

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 · 1.51% rent growth · sell at horizon

5-year hold

• IRR: 9.4%
• Equity multiple: 1.36×
• Total profit: $14,626
• Equity at exit: $21,545

10-year hold

• IRR: 17.2%
• Equity multiple: 2.31×
• Total profit: $53,012
• Equity at exit: $12,494

Cash invested: $40,460 (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 98002

• Rents YoY: 1.5%
• Active inventory: 171
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $2,277 high
• Mortgage (P&I): −$758
• Tax est. 1.5%: −$181 /mo · $2,168/yr
• Insurance: −$60
• Flood insurance flood zone: −$152 /mo · $1,824/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$478
• Net cashflow: $648

Break-even live

Break-even rent $1,457

Max offer price $144,500

Occupancy floor 67%

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: $36,125
• Closing costs: $4,335
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
802 45th St NE Auburn, WA	1.0–3.0	1.0–2.0	895	$1,999	$2.23	1d	11	0.64mi
2414 N St NE Unit C Auburn, WA	3.0	1.0	1271	$1,950	$1.53	24d	1	0.73mi
2317 I St NE Unit 2319 Auburn, WA	3.0	2.0	1400	$2,275	$1.62	24d	1	0.81mi
4750 Auburn Way N Auburn, WA	1.0–4.0	1.0–2.0	1011	$2,417	$2.39	1d	10	0.83mi
2025 M St NE Unit 2045 Auburn, WA	2.0	1.5	1248	$2,095	$1.68	22d	1	0.94mi
1741 22nd St NE Auburn, WA	1.0–3.0	1.0–2.0	902	$1,650	$1.83	2d	2	0.95mi
1462 51st Pl NE Auburn, WA	3.0	2.5	1539	$2,900	$1.88	2d	1	0.99mi

Listing history 15 events

1. 2026-06-18
   days on market $144,500 Active 49 DOM
2. 2026-06-17
   days on market $144,500 Active 48 DOM
3. 2026-06-16
   days on market $144,500 Active 47 DOM
4. 2026-06-15
   days on market $144,500 Active 46 DOM
5. 2026-06-13
   days on market $144,500 Active 44 DOM
6. 2026-06-13
   days on market $144,500 Active 43 DOM
7. 2026-06-09
   days on market $144,500 Active 40 DOM
8. 2026-06-08
   days on market $144,500 Active 39 DOM
9. 2026-06-07
   days on market $144,500 Active 38 DOM
10. 2026-06-04
    days on market $144,500 Active 35 DOM
11. 2026-06-03
    days on market $144,500 Active 34 DOM
12. 2026-06-02
    days on market $144,500 Active 33 DOM
13. 2026-06-01
    days on market $144,500 Active 32 DOM
14. 2026-05-31
    days on market $144,500 Active 31 DOM
15. 2026-04-30
    listed $144,500 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 5/10 Major FEMA zone AH · 27% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥87°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,323
• − Mortgage interest: −$8,094
• − Property taxes: −$2,168
• − Insurance: −$2,547
• − Repairs & maintenance: −$2,186
• − Management: −$2,186
• − Depreciation: −$4,204
• Taxable income: $5,939
• Est. tax owed @ 24.0%: −$1,425
• After-tax cash flow: $6,352/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

Average 55/100 Cosmetic rehab

This 3-bedroom, 2-bath manufactured home in The River Estates is move-in ready with minor cosmetic updates needed to enhance its resale and rental value.

Repairs flagged

• Minor kitchen cabinets — Worn but not damaged.
• Minor kitchen countertops — Worn but not damaged.
• Minor exterior siding — Weathered but not damaged.
• Minor interior walls — Painted but some wear.
• Minor landscaping — Overgrown but manageable.

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics.
• Both Replace kitchen cabinets and countertops — Modernizing the kitchen improves functionality and aesthetics.
• Both Replace flooring — New flooring enhances the overall look and feel of the home.
• Both Landscaping and curb appeal — A well-maintained exterior enhances curb appeal and property value.
• Both HVAC system maintenance — A clean and efficient HVAC system ensures comfort and energy efficiency.

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · Worn but not damaged.	Minor	$500–3,000
kitchen countertops · Worn but not damaged.	Minor	$500–3,000
exterior siding · Weathered but not damaged.	Minor	$500–3,000
interior walls · Painted but some wear.	Minor	$500–3,000
landscaping · Overgrown but manageable.	Minor	$500–3,000
Total estimated repair cost · 5 items		$2,500–15,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Replace kitchen cabinets and countertops — Modernizing the kitchen improves functionality and aesthetics. ↑
• Both Replace flooring — New flooring enhances the overall look and feel of the home. ↑
• Both Landscaping and curb appeal — A well-maintained exterior enhances curb appeal and property value. ↑
• Both HVAC system maintenance — A clean and efficient HVAC system ensures comfort and energy efficiency. ↑

ⓘ 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: Auburn School District
• NCES district ID: 5300300
• Math proficiency: 47% ▼ -3.00%
• Reading proficiency: 56% ▼ -1.00%
• Median HH income: $58,048
• Composite: 46.73/100
• National rank: #5240
• State rank: #125 of 291 in WA

Livability — Auburn

• Score: 81/100
• State rank: #75
• US rank: #1371

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Auburn, WA
• County: King County · 2,251,916 people
• City population: 74,969
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 37,509
• Household income: $78,684
• Rent vs Own: 51.1% rent · 48.9% own
• Severe rent burden: 2202.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 46% Hispanic / Latino 24% Two or more races 13% Black 12% Asian 6% Pacific Islander 4% Native American 2%
• Hispanic origin (detail): Mexican 20%
• Common ancestry: Portuguese 4% Subsaharan African 4% Lithuanian 3%
• Foreign-born: 24% · Canada, Vietnam
• Languages at home: 63% English-only · Spanish 19% Russian/Polish/Slavic 6% Other Asian/Pacific 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: ▼ -677.96%
• Current HPI: 298.0849
• Rent YoY: ▲ 1.51%
• 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

1 event — show timeline

• 2026-04-30 Listed $144,500 NWMLS as Distributed by MLS Grid