602 29th St SE #26 · Auburn, WA 98092

$180,000

4 bd · 2.0 ba · 1,400 sqft · Manufactured · 1 Days on market

Built 1988 Est $155k · 16% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• ARV discount +0.4/15.0

Listing remarks

Located in Auburn Green Estates, a well-maintained all-ages community, this 4-bedroom, 2-bath home offers the space, updates, and flexibility you've been looking for. The open-concept layout features a spacious kitchen with quartz countertops, abundant cabinetry, a large island, and a recently added dishwasher, flowing seamlessly into the dining and living areas. The primary suite includes an ensuite bathroom, while the versatile fourth bedroom can easily serve as a home office, hobby room, or guest space. A separate laundry and utility room adds everyday convenience. Recent improvements include a 2023 roof and a recently installed heat pump with air conditioning for year-round comfort. Out

Key facts

• Quartz countertops
• Spacious kitchen
• Large island

Tags

• OPEN-CONCEPT LAYOUT
• SPACIOUS KITCHEN
• QUARTZ COUNTERTOPS
• ABUNDANT CABINETRY
• LARGE ISLAND
• ENSUITE BATHROOM

Property features AI

Finance

• Financial info: Listing terms: Cash
• HOA & community: Located in Auburn Green Estates manufactured home park; Park amenities include common area and playground; Approximately 100 homes in the park; Pets allowed: cats and dogs; Land lease $1,200

Exterior

• Parking: Uncovered parking; 2 open parking spaces
• Utilities: Public water; Electric power (PSE); Electric water heater; Internet service: Comcast
• Home design: Manufactured double-wide home (CASCADIA4 model); One story; Good condition; Mobile home remains on lot
• Construction: Wood construction; Composition roof; Pillar/post/pier foundation with tie downs; Manufactured after 06/15/1976
• Exterior features: Wood products exterior; Patio/porch/deck

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 4 bedrooms
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heat pump (heating and cooling); Stove / free standing heat source
• Interior features: Water heater; Skylights; Vaulted ceilings; Drapes; Patio/porch/deck
• Laundry & utility: Washer; Dryer; Utility room; Water heater located in laundry room

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $180k.

Deal economics

• At list price, monthly cash flow is $918 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Cap rate 12.4% 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 soft (-0.5%/yr); 291 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).

Forward outlook

• In year one you build about $19k of equity ($1k loan paydown + $18k appreciation (10.0% local appreciation)).
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 0.0% rent growth), your $50k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 8y 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.

Recommended offer $180,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.52% ✓
• Cap rate: 12.42%
• Cash-on-cash: 21.87%
• DSCR: 1.97
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $155,400
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
900 29th St SE Unit E-22	0.11mi	3/2.0 (-1)	1,440 (+3%)	8mo	$50,000	$35	79
707 37th St SE #71	0.35mi	4/2.0	1,440 (+3%)	6mo	$160,000	$111	74
707 37th St SE #36	0.35mi	3/2.0 (-1)	1,404 (+0%)	9mo	$215,000	$153	71
602 29th St SE #39	0.01mi	3/2.0 (-1)	1,232 (-12%)	6mo	$155,000	$126	69
607 37th St SE #81	0.33mi	4/2.0	1,296 (-7%)	5mo	$115,000	$89	68
602 29th St SE #54	0.05mi	3/2.0 (-1)	1,232 (-12%)	6mo	$55,000	$45	68
401 37th St SE #104	0.37mi	4/2.0	1,248 (-11%)	0mo	$180,000	$144	64
707 37th St SE #17	0.35mi	3/2.0 (-1)	1,500 (+7%)	4mo	$147,500	$98	63
3225 M St SE #145	0.19mi	3/2.0 (-1)	1,254 (-10%)	7mo	$105,000	$84	63
2304 A St SE #36	0.57mi	3/2.0 (-1)	1,344 (-4%)	1mo	$120,000	$89	61
3225 M St SE #144	0.29mi	3/2.0 (-1)	1,248 (-11%)	3mo	$155,000	$124	61
210 37th St SE #130	0.49mi	3/2.0 (-1)	1,248 (-11%)	2mo	$150,000	$120	53

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 39.0%
• Equity multiple: 3.95×
• Total profit: $148,548
• Equity at exit: $162,158

10-year hold

• IRR: 32.5%
• Equity multiple: 8.48×
• Total profit: $377,169
• Equity at exit: $349,700

Cash invested: $50,400 (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 98092

• Home prices YoY: 3.3%
• Rents YoY: -0.5%
• Active inventory: 291
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $2,737 medium
• Mortgage (P&I): −$944
• Tax est. 1.5%: −$225 /mo · $2,700/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$575
• Net cashflow: $918

Break-even live

Break-even rent $1,575

Max offer price $180,000

Occupancy floor 61%

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2455 F St SE Auburn, WA	1.0–3.0	1.0–2.0	757	$1,955	$2.58	3d	6	0.43mi
1910 N Ct SE Auburn, WA	3.0	2.0	1570	$2,900	$1.85	11d	1	0.83mi
4716 Mill Pond Dr SE Apt 1001 Auburn, WA	3.0	2.5	1673	$2,900	$1.73	11d	1	0.95mi
102 Hawthorne Ave S Pacific, WA	3.0	1.0	1285	$2,950	$2.30	2d	1	1.39mi

Listing history 2 events

1. 2026-06-18
   remarks 699-char remark
2. 2026-06-18
   listed $180,000 Active 1 DOM

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 15 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: $32,846
• − Mortgage interest: −$10,083
• − Property taxes: −$2,700
• − Insurance: −$900
• − Repairs & maintenance: −$2,628
• − Management: −$2,628
• − Depreciation: −$5,236
• Taxable income: $8,672
• Est. tax owed @ 24.0%: −$2,081
• After-tax cash flow: $8,940/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): 50,224
• Household income: $122,300
• Rent vs Own: 25.7% rent · 74.3% own
• Severe rent burden: 1041.0

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: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 54% Hispanic / Latino 15% Asian 14% Two or more races 13% Native American 4% Black 3% Pacific Islander 2%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Portuguese 4% Italian 3% Subsaharan African 3%
• Foreign-born: 20% · Canada, South Korea, Vietnam
• Languages at home: 73% English-only · Spanish 9% Russian/Polish/Slavic 4% Other Indo-European 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: ▲ 49.75%
• Current HPI: 1554.06
• Rent YoY: ▼ -0.46%
• 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

+105.7% since first listed

8 events — show timeline

• 2026-06-18 Listed $180,000 NWMLS as Distributed by MLS Grid
• 2024-07-30 Sold (MLS) $165,000 NWMLS as Distributed by MLS Grid
• 2024-06-21 Pending — NWMLS as Distributed by MLS Grid
• 2024-06-13 Listed $170,000 NWMLS as Distributed by MLS Grid
• 2018-05-23 Sold (MLS) $75,000 NWMLS as Distributed by MLS Grid
• 2018-03-29 Pending — NWMLS as Distributed by MLS Grid
• 2018-03-21 Pending — NWMLS as Distributed by MLS Grid
• 2018-02-26 Listed $87,500 NWMLS as Distributed by MLS Grid