2402 S 370th Pl · Lakeland South, WA 98003

$165,000

3 bd · 2.0 ba · 1,344 sqft · Manufactured · 73 Days on market

Built 1989 Good condition $123/sqft · 21% above area Est $137k · 21% over ↓ 6% since listing

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Schools +3.9/10.0
• Rent growth +3.1/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Discover life at Killarney Woods, a sought-after all-ages community! This beautifully remodeled, move-in ready home features 3 bedrooms and 2 bathrooms with a generous single-level floor plan designed for easy, everyday living. The updated kitchen is designed with a chef-inspired layout, offering both style and functionality. A separate laundry room adds everyday convenience, while the remodeled bathrooms bring a modern, refreshed feel throughout the home. The expansive primary suite offers a private full bathroom along with a large walk-in closet, creating a comfortable resting space. Positioned on a premium corner lot, the home provides added privacy, and the outdoor patio is perfectly si

Key facts

• Parking
• Built 1989
• Listed 73 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $165k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $943 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $165k).
• Recommended offer: $155k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.1% vs local median 2.9% in Lakeland South — 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 79/100 on livability (#113 in WA, #2,299 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: amenities F, cost of living F.
• Federal Way School District (suburban): math 35% / reading 47% proficiency, ranked #207 of 291 in WA (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.3%/yr); 231 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 2d 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 42% of the median local income ($75k/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.
• At projected returns (-3.0% appreciation + 2.3% rent growth), your $46k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($155k) is reasonable based on typical stale-listing flexibility.

Recommended offer $155,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.60% ✓
• Cap rate: 13.15%
• Cash-on-cash: 24.48%
• DSCR: 2.09
• GRM: 5.2

CMA / ARV

• ARV (median comp): $136,510
• List price: $165,000
• Delta: 20.87%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2500 S 370th St #54	0.14mi	3/2.0	1,344 (0%)	9mo	$127,500	$95	86
2500 S 370th St #162	0.14mi	3/2.0	1,380 (+3%)	4mo	$160,000	$116	86
2500 S 370th St N #85	0.14mi	2/2.0 (-1)	1,344 (0%)	6mo	$125,000	$93	84
2500 S 370th St #213	0.14mi	2/2.0 (-1)	1,344 (0%)	7mo	$69,900	$52	83
2500 S 370th St #32	0.12mi	2/2.0 (-1)	1,248 (-7%)	0mo	$84,000	$67	77
2430 S 371st St #49	0.12mi	3/2.0	1,200 (-11%)	2mo	$190,000	$158	75
37301 28th Ave S	0.18mi	2/2.0 (-1)	1,248 (-7%)	0mo	$200,000	$160	74
2500 S 370th St #225	0.14mi	3/2.0	1,500 (+12%)	0mo	$160,000	$107	74
2500 S 370th St #161	0.12mi	3/2.0	1,500 (+12%)	2mo	$175,000	$117	74
2500 Alder St #33	0.71mi	2/2.0 (-1)	1,440 (+7%)	2mo	$130,000	$90	48
2500 Alder St #16	0.71mi	2/2.0 (-1)	1,248 (-7%)	5mo	$138,000	$111	46
2500 Alder St #52	0.60mi	2/2.0 (-1)	1,536 (+14%)	5mo	$145,000	$94	39

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 · 2.33% rent growth · sell at horizon

5-year hold

• IRR: 17.1%
• Equity multiple: 1.68×
• Total profit: $31,567
• Equity at exit: $24,602

10-year hold

• IRR: 25.1%
• Equity multiple: 3.12×
• Total profit: $97,800
• Equity at exit: $14,266

Cash invested: $46,200 (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 98003

• Rents YoY: 2.3%
• Active inventory: 231
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $2,636 high
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,475/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$554
• Net cashflow: $943

Break-even live

Break-even rent $1,443

Max offer price $165,000

Occupancy floor 59%

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1926 S 368th Pl #206 Federal Way, WA	2.0	2.5	1176	$2,995	$2.55	1d	1	0.30mi
2020 S 360th St Federal Way, WA	1.0–3.0	1.0–2.0	971	$2,305	$2.37	1d	24	0.83mi
1211 S 376th St Milton, WA	1.0–2.0	1.0–2.0	952	$3,350	$3.52	1d	63	0.84mi
210 27th Ave Milton, WA	1.0–2.0	1.0–2.0	837	$2,199	$2.63	1d	5	0.88mi
207 Meridian Ave E Edgewood, WA	1.0–2.0	1.0–2.0	835	$2,649	$3.17	1d	18	1.14mi
35703 16th Ave S Federal Way, WA	1.0–5.0	1.0–3.0	1098	$2,217	$2.02	1d	28	1.15mi

Listing history 15 events

1. 2026-06-18
   days on market $165,000 Active 73 DOM
2. 2026-06-17
   days on market $165,000 Active 72 DOM
3. 2026-06-16
   days on market $165,000 Active 71 DOM
4. 2026-06-15
   days on market $165,000 Active 70 DOM
5. 2026-06-13
   days on market $165,000 Active 68 DOM
6. 2026-06-09
   days on market $165,000 Active 64 DOM
7. 2026-06-08
   days on market $165,000 Active 63 DOM
8. 2026-06-07
   days on market $165,000 Active 62 DOM
9. 2026-06-04
   days on market $165,000 Active 59 DOM
10. 2026-06-03
    days on market $165,000 Active 58 DOM
11. 2026-06-02
    days on market $165,000 Active 57 DOM
12. 2026-06-01
    days on market $165,000 Active 56 DOM
13. 2026-05-31
    days on market $165,000 Active 55 DOM
14. 2026-04-29
    price $170,000
15. 2026-04-02
    listed $180,000 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥88°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: $31,638
• − Mortgage interest: −$9,243
• − Property taxes: −$2,475
• − Insurance: −$825
• − Repairs & maintenance: −$2,531
• − Management: −$2,531
• − Depreciation: −$4,800
• Taxable income: $9,233
• Est. tax owed @ 24.0%: −$2,216
• After-tax cash flow: $9,094/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

Good 80/100 Cosmetic rehab

This move-in ready home features a beautifully remodeled kitchen and bathrooms, with a good condition exterior and interior. It offers a good investment opportunity with potential for minor exterior and landscaping improvements.

Value-add opportunities

• Both Painting exterior siding — Enhances curb appeal and value.
• Both Landscaping improvements — Enhances curb appeal and value.
• Both Add a small shed or storage unit — Provides additional storage and enhances curb appeal.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior siding — Enhances curb appeal and value. ↑
• Both Landscaping improvements — Enhances curb appeal and value. ↑
• Both Add a small shed or storage unit — Provides additional storage and enhances curb appeal. ↑

ⓘ 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: Federal Way School District
• NCES district ID: 5302820
• Math proficiency: 35% ▬ 0.00%
• Reading proficiency: 47% ▬ 0.00%
• Median HH income: $61,594
• Composite: 38.79/100
• National rank: #8361
• State rank: #207 of 291 in WA

Livability — Lakeland South

• Score: 79/100
• State rank: #113
• US rank: #2299

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lakeland South, WA
• County: King County · 2,251,916 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 51,619
• Household income: $75,319
• Rent vs Own: 53.1% rent · 46.9% own
• Severe rent burden: 2895.0

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 0.79)
• Race & ethnicity: White 32% Hispanic / Latino 23% Black 19% Two or more races 16% Asian 13% Pacific Islander 2%
• Hispanic origin (detail): Mexican 18%
• Common ancestry: Portuguese 3% Lithuanian 2% Swedish 2%
• Foreign-born: 32% · Canada, South Korea, Vietnam
• Languages at home: 57% English-only · Spanish 18% Other Indo-European 3% Russian/Polish/Slavic 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: ▼ -623.87%
• Current HPI: 327.5371
• Rent YoY: ▲ 2.33%
• 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

-5.6% since first listed

2 events — show timeline

• 2026-04-29 Price Changed $170,000 NWMLS as Distributed by MLS Grid
• 2026-04-02 Listed $180,000 NWMLS as Distributed by MLS Grid