3611 I St NE #16 · Auburn, WA 98002

$170,000

3 bd · 2.0 ba · 1,456 sqft · Manufactured · 14 Days on market

Built 1981 Est $154k · 10% 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 +27.7/30.0
• DSCR +9.7/10.0
• 1% rule +7.6/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• ARV discount +2.9/15.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to The River Estates, a peaceful and well-maintained 55+ community! This beautifully updated home features 3 bedrooms 2 full bathrooms and a spacious open floor plan designed for comfortable living. Recent updates include a new roof and gutters, new heat pump and furnace, new flooring and carpet, new electrical panel and a new bathroom! Enjoy an abundance of natural light from the many windows though out creating a bright and inviting atmosphere. The home also boasts a large primary suite with a walk in shower offering plenty of space to relax and unwind. The second full bathroom features a jetted tub - also great for unwinding after a busy day. Residents of The River Estates enjoy

Key facts

• New heat pump
• New flooring
• Jetted tub

Tags

• NEW ROOF
• NEW HEAT PUMP
• NEW FLOORING
• NEW ELECTRICAL PANEL
• WALK IN SHOWER
• JETTED TUB

Property features AI

Finance

• Financial info: Listing terms: Cash or Conventional
• HOA & community: Located in a senior community; Pets allowed: cats and dogs; Park amenities include BBQs, clubhouse, common area, laundry, playground, pool, spa/hot tub, and trails; Land lease: $930/month; Manufactured home park approved for sale

Exterior

• Parking: Carport
• Utilities: Electric energy source; Public water
• Home design: Manufactured double-wide home; One level; Mobile home remains; Model KNGS 52/28
• Construction: Metal/vinyl construction; Tie-down foundation
• Exterior features: Metal/vinyl exterior; Composition roof; Paved lot

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Laminate flooring; Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Heat pump (heating and cooling)
• Interior features: Ceiling fans; Jetted/soaking tub; Vaulted ceilings; Patio/porch/deck; Landscaped lot; Has view
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $170k.

Deal economics

• At list price, monthly cash flow is $360 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Cap rate 9.9% 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; 21 comparable units currently listed for rent nearby; rentals leasing fast (median 6d 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 33% 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 $1k of loan paydown is wiped out by about $5k 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.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 10y 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 $45k; list at $170k implies a 278% gain — meaningful room to come down on a strong offer.

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 $170,000

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 1.26% ✓
• Cap rate: 9.90%
• Cash-on-cash: 12.90%
• DSCR: 1.57
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $154,336
• 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 #16	0.00mi	3/2.0	1,456 (0%)	1mo	$155,000	$106	100
3611 I St NE #162	0.18mi	3/2.0	1,456 (0%)	4mo	$148,000	$102	89
3611 I St NE #72	0.15mi	3/2.0	1,500 (+3%)	2mo	$85,000	$57	86
3611 I St NE #237	0.00mi	2/2.0 (-1)	1,536 (+6%)	1mo	$140,300	$91	85
3611 I St #39	0.03mi	2/2.0 (-1)	1,536 (+6%)	0mo	$30,000	$20	84
3611 I St NE #218	0.00mi	2/2.0 (-1)	1,488 (+2%)	15mo	$55,000	$37	79
3611 I St NE #180	0.20mi	3/2.0	1,440 (-1%)	12mo	$220,000	$153	79
3611 I St NE #26	0.00mi	2/2.0 (-1)	1,344 (-8%)	12mo	$175,000	$130	72
3611 I St NE #304	0.00mi	2/2.0 (-1)	1,344 (-8%)	12mo	$122,000	$91	72
3611 I St NE #247	0.00mi	2/2.0 (-1)	1,560 (+7%)	14mo	$167,500	$107	72
3611 I St NE #291	0.20mi	2/2.0 (-1)	1,380 (-5%)	8mo	$175,000	$127	70
3611 I St NE #407	0.33mi	3/2.0	1,440 (-1%)	15mo	$164,000	$114	70

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: -4.4%
• Equity multiple: 0.84×
• Total profit: $-7,670
• Equity at exit: $25,348

10-year hold

• IRR: 3.4%
• Equity multiple: 1.23×
• Total profit: $10,766
• Equity at exit: $14,698

Cash invested: $47,600 (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 →

ZIP-level market 98002

• Rents YoY: 1.5%
• Active inventory: 171
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,135 high
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,550/yr
• Insurance: −$71
• Flood insurance flood zone: −$152 /mo · $1,824/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$448
• Net cashflow: $360

Break-even live

Break-even rent $1,680

Max offer price $170,000

Occupancy floor 78%

Sensitivity live

Price	-10% $477	-5% $418	+0% $360	+5% $301	+10% $242
Rent	-10% $191	-5% $275	+0% $360	+5% $444	+10% $528
Rate	-1.0pp $445	-0.5pp $403	base $360	+0.5pp $316	+1.0pp $271

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
802 45th St NE Auburn, WA	1.0–3.0	1.0–2.0	934	$2,499	$2.68	0d	11	0.52mi
902 28th St NE Unit 902 Auburn, WA	2.0	1.5	938	$1,699	$1.81	0d	1	0.58mi
987 26th Pl NE Auburn, WA	2.0	1.5	939	$1,795	$1.91	25d	1	0.64mi
2602 J St NE Auburn, WA	2.0	1.0	897	$1,972	$2.20	3d	10	0.67mi
4750 Auburn Way N Auburn, WA	1.0–4.0	1.0–2.0	1011	$2,417	$2.39	0d	9	0.70mi
2441 I St NE Auburn, WA	2.0	1.0	910	$1,795	$1.97	15d	1	0.75mi
2556 M Pl NE Unit 2556MPC Auburn, WA	2.0	1.0	1000	$1,895	$1.90	20d	1	0.75mi
2545 M Pl NE Unit 2545MPC Auburn, WA	2.0	1.0	1000	$1,895	$1.90	25d	1	0.77mi
2502 M St NE Unit 2502MA Auburn, WA	2.0	1.0	910	$2,050	$2.25	3d	1	0.79mi
2319 L St NE Unit 2319LB Auburn, WA	2.0	1.0	895	$1,995	$2.23	3d	1	0.83mi
2317 I St NE Unit 2319 Auburn, WA	3.0	2.0	1400	$2,275	$1.62	25d	1	0.84mi
2315 L St NE Unit 2315LA Auburn, WA	2.0	1.0	990	$1,995	$2.02	3d	1	0.85mi
2409 N St NE Auburn, WA	2.0	1.0	900	$1,950	$2.17	15d	1	0.85mi
2414 N St NE Unit C Auburn, WA	3.0	1.0	1271	$1,950	$1.53	25d	1	0.86mi
2222 L St NE Unit 2222LA Auburn, WA	2.0	1.0	895	$1,995	$2.23	3d	1	0.91mi
1462 51st Pl NE Auburn, WA	3.0	2.5	1539	$2,900	$1.88	3d	1	0.98mi
2212 O St NE Unit D Auburn, WA	3.0	1.0	1000	$1,925	$1.93	22d	1	0.98mi
2025 M St NE Unit 2045 Auburn, WA	2.0	1.5	1248	$2,095	$1.68	22d	1	1.03mi
1015 18th St NE Unit 931 935 1001 1007 Auburn, WA	2.0	1.0	900	$1,699	$1.89	25d	1	1.07mi
1741 22nd St NE Auburn, WA	1.0–3.0	1.0–2.0	902	$1,675	$1.86	0d	3	1.11mi
1413 12th St NE Unit ADU Auburn, WA	3.0	1.0	1000	$2,400	$2.40	5d	1	1.50mi

Listing history 7 events

1. 2026-04-24
   status Pending
2. 2026-04-09
   listed $170,000 Active
3. 2016-06-30
   historical
4. 2016-06-30
   soldstatus $45,000 Sold
5. 2016-06-15
   status Pending
6. 2016-05-04
   status Pending Inspection
7. 2016-04-08
   listed $47,900 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 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: $25,618
• − Mortgage interest: −$9,523
• − Property taxes: −$2,550
• − Insurance: −$2,674
• − Repairs & maintenance: −$2,049
• − Management: −$2,049
• − Depreciation: −$4,945
• Taxable income: $1,826
• Est. tax owed @ 24.0%: −$438
• After-tax cash flow: $3,877/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: 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

+254.9% since first listed

7 events — show timeline

• 2026-04-24 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-09 Listed $170,000 NWMLS as Distributed by MLS Grid
• 2016-06-30 Delisted — NWMLS as Distributed by MLS Grid
• 2016-06-30 Sold (MLS) $45,000 NWMLS as Distributed by MLS Grid
• 2016-06-15 Pending — NWMLS as Distributed by MLS Grid
• 2016-05-04 Pending — NWMLS as Distributed by MLS Grid
• 2016-04-08 Listed $47,900 NWMLS as Distributed by MLS Grid