4040 Auburn Way Way S #101 · Auburn, WA 98092

$59,000

2 bd · 1.0 ba · 1,120 sqft · Manufactured · 168 Days on market

Built 1976 ↓ 21% since listing

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Why this score? — see what drove the A- 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
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0

Listing remarks

BRAND NEW PRICE DROP!!!!!!! Sought-After Auburn Location! This beautifully refreshed mobile home in Wildwood Estates is move-in ready and packed with upgrades. Enjoy brand-new carpeting and fresh interior paint, an updated bathroom with new flooring. The home also features brand-new windows along with new window and door frames, enhancing comfort and energy efficiency throughout. Located in a quiet, all-ages park, this home offers both privacy and convenience—just minutes from Muckleshoot Casino and White River Amphitheater. The spacious lot provides plenty of room for a large shed, planter boxes, or outdoor projects, perfect for gardening or extra storage. A fantastic opportunity

Key facts

• New flooring
• Brand-new windows
• Spacious lot

Tags

• UPDATED BATHROOM
• NEW FLOORING
• BRAND-NEW WINDOWS
• NEW WINDOW AND DOOR FRAMES
• SPACIOUS LOT

Property features AI

Finance

• Financial info: Listing terms: Cash, Conventional
• HOA & community: Land lease in park: $950/month; Park approved for sale

Exterior

• Parking: Uncovered parking; 2 open parking spaces
• Utilities: Public water; Power provided by PSE
• Home design: Manufactured single-wide home; One level; Good condition; Manufactured after 6/15/1976; Located in Wildwood Estate Mobile Park
• Construction: Metal/Vinyl construction materials; Flat roof (see remarks); Pillar/post/pier foundation; Make: Kentwood; Structure type: Manufactured house
• Exterior features: Metal/vinyl exterior; Patio/porch/deck; Common area (park amenity)

Interior

• Kitchen: Stove/Range; Refrigerator; Eating space
• Bedrooms: 2 bedrooms
• Flooring: Laminate flooring; Carpet flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Forced air cooling; Electric energy source
• Interior features: Kitchen with eating space; Living room; Washer and dryer included; Refrigerator included; Stove/Range included
• Laundry & utility: Washer; Dryer; Water heater located in water closet

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $59k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $59k).
• Recommended offer: $52k (12.0% below list) — sets the bar for market timing.
• Cap rate 31.5% 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); 296 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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 $6k of equity ($408 loan paydown + $6k 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 $17k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 168 days — a 12% lower offer ($52k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $16k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $51,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 168 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 3.53% ✓
• Cap rate: 31.48%
• Cash-on-cash: 89.95%
• DSCR: 5.00
• GRM: 2.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 96.2%
• Equity multiple: 7.35×
• Total profit: $104,930
• Equity at exit: $53,152

10-year hold

• IRR: 90.5%
• Equity multiple: 15.29×
• Total profit: $236,106
• Equity at exit: $114,624

Cash invested: $16,520 (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: 296
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $2,084 medium
• Mortgage (P&I): −$309
• Tax est. 1.5%: −$74 /mo · $885/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$438
• Net cashflow: $1,238

Break-even live

Break-even rent $516

Max offer price $59,000

Occupancy floor 36%

Sensitivity live

Price	-10% $1,279	-5% $1,259	+0% $1,238	+5% $1,218	+10% $1,198
Rent	-10% $1,074	-5% $1,156	+0% $1,238	+5% $1,321	+10% $1,403
Rate	-1.0pp $1,268	-0.5pp $1,253	base $1,238	+0.5pp $1,223	+1.0pp $1,208

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: $14,750
• Closing costs: $1,770
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2220 Noble Ct SE Auburn, WA	2.0	1.5–2.0	1200	$2,048	$1.71	0d	2	0.33mi
3320 Auburn Way S Auburn, WA	2.0	1.5	1033	$2,200	$2.13	0d	1	0.54mi
2901 Auburn Way S Auburn, WA	1.0–2.0	1.0	667	$2,175	$3.26	0d	20	0.83mi

Listing history 17 events

1. 2026-06-21
   days on market $59,000 Active 168 DOM
2. 2026-06-18
   days on market $59,000 Active 165 DOM
3. 2026-06-17
   days on market $59,000 Active 164 DOM
4. 2026-06-16
   days on market $59,000 Active 163 DOM
5. 2026-06-15
   days on market $59,000 Active 162 DOM
6. 2026-06-13
   days on market $59,000 Active 160 DOM
7. 2026-06-13
   days on market $59,000 Active 159 DOM
8. 2026-06-09
   days on market $59,000 Active 156 DOM
9. 2026-06-08
   days on market $59,000 Active 155 DOM
10. 2026-06-07
    days on market $59,000 Active 154 DOM
11. 2026-06-04
    days on market $59,000 Active 151 DOM
12. 2026-06-03
    days on market $59,000 Active 150 DOM
13. 2026-06-02
    days on market $59,000 Active 149 DOM
14. 2026-04-22
    status Active
15. 2026-01-13
    price $59,000
16. 2025-12-20
    price $70,000
17. 2025-12-20
    listed $75,000 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 6 d/yr ≥87°F today · 13 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: $25,004
• − Mortgage interest: −$3,305
• − Property taxes: −$885
• − Insurance: −$295
• − Repairs & maintenance: −$2,000
• − Management: −$2,000
• − Depreciation: −$1,716
• Taxable income: $14,802
• Est. tax owed @ 24.0%: −$3,553
• After-tax cash flow: $11,308/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

-21.3% since first listed

4 events — show timeline

• 2026-04-22 Relisted — NWMLS as Distributed by MLS Grid
• 2026-01-13 Price Changed $59,000 NWMLS as Distributed by MLS Grid
• 2025-12-20 Price Changed $70,000 NWMLS as Distributed by MLS Grid
• 2025-12-20 Listed $75,000 NWMLS as Distributed by MLS Grid