11513 155th Ave SE

East Renton Highlands, WA 98059

$75,800B-

2 bd · 1.0 ba · 736 sqft · Built 1980 · Manufactured · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,484/mo
• Mortgage (P&I): −$398
• Tax + insurance: −$126
• HOA: −$0
• Vac / Maint / Mgmt: −$522
• Net cashflow: $1,438/mo
• Annual: $17,260/yr
• Cap rate: 29.06%
• Cash-on-cash: 81.32%
• DSCR: 4.62
• 1% rule: 3.28%
• Cash to close: $21,224

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $76k. Condition is rated good.
• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $76k).
• It's been on market 31 days — a 3% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $74k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $524 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#431 in WA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Issaquah School District (suburban): math 77% / reading 81% proficiency, ranked #4 of 291 in WA (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Zoned schools: Apollo Elementary (516 students, 18% FRL); Maywood Middle School (823 students, 16% FRL); Liberty Sr High School (1,476 students, 16% FRL).
• Market conditions: Rents flat; 255 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• 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 + 0.3% rent growth), your $21k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 29.1% vs local median 2.0% in East Renton Highlands — 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.

Questions for listing agent

• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.
• 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.