725 37th Street Ct SE #36 · Auburn, WA 98002

$165,000

3 bd · 2.0 ba · 1,232 sqft · Manufactured · 26 Days on market

Built 1986 Good condition Est $149k · 11% 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 +25.8/30.0
• DSCR +8.7/10.0
• 1% rule +6.8/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +2.9/5.0
• ARV discount +2.7/15.0
• Appreciation +0.0/10.0

Listing remarks

Beautifully maintained 3-bedroom, 2 full bath manufactured home in a no age restriction park; offering comfortable and affordable living in a well-kept Auburn community! This inviting home features a spacious open-concept layout filled with natural light and a warm, welcoming feel throughout. The living area flows seamlessly into the dining space and well-appointed kitchen, complete with ample cabinetry and counter space—perfect for everyday living and entertaining. The generously sized primary suite offers a private retreat with its own full bath, while two additional bedrooms provide flexibility for guests, a home office, or hobbies. Enjoy your own outdoor space, ideal f

Key facts

• 2 parking spots
• Built 1986
• Listed 26 days

Property features AI

Finance

• Other: Buyer to verify schools and lot details; Calculated living area 1,232
• Financial info: Land lease amount: $1,075; Listing terms: Cash
• HOA & community: Park name: Don Wan states; Pets allowed: Cats and dogs; Land lease

Exterior

• Parking: Carport
• Utilities: Electric energy source; Electric water heater located in bedroom closet; Water from park; Sewer to park; Power provided by PSE
• Home design: Manufactured home (Double wide); Updated/remodeled condition; One level; Faces southeast; Model: 22/28; Make: FLTWD; Mobile home remains in place; Park approved for sale; Park amenities include common area
• Construction: Wood construction; Composition roof; Wood skirt; Concrete perimeter foundation; Manufactured after 6/15/1976
• Exterior features: Wood exterior; Wood products; Paved lot

Interior

• Kitchen: Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Ceramic tile; Laminate; Carpet
• Bathrooms: 2 full bathrooms; 2 bathtubs; 2 showers
• Heating & cooling: Forced air heating; Central air; Heat pump; High-efficiency cooling; Window unit(s)
• Interior features: Water heater; Ceiling fan(s); Patio/porch/deck; Walk-in closet; Bath off primary
• Laundry & utility: Washer; Dryer; Utility room

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 $403 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $163k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.2% 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.
• Zoned schools: Gildo Rey Elementary School (412 students, 76% FRL); Mt Baker Middle School (977 students, 58% FRL); Auburn Senior High School (1,844 students, 67% FRL) — zoned schools average 67% FRL vs 44% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.5%/yr); 176 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals leasing fast (median 7d 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).

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

• It's been on market 26 days — a 2% lower offer ($163k) is reasonable based on typical stale-listing flexibility.

Recommended offer $162,525 (1.5% below list)

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: 1.18% ✓
• Cap rate: 9.22%
• Cash-on-cash: 10.46%
• DSCR: 1.47
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $149,072
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3225 M St SE #144	0.23mi	3/2.0	1,248 (+1%)	3mo	$155,000	$124	85
602 29th St SE #39	0.23mi	3/2.0	1,232 (0%)	6mo	$155,000	$126	84
3225 M St SE #145	0.14mi	3/2.0	1,254 (+2%)	7mo	$105,000	$84	84
602 29th St SE #54	0.28mi	3/2.0	1,232 (0%)	6mo	$55,000	$45	82
401 37th St SE #104	0.31mi	4/2.0 (+1)	1,248 (+1%)	0mo	$180,000	$144	78
210 37th St SE #130	0.45mi	3/2.0	1,248 (+1%)	2mo	$150,000	$120	76
607 37th St SE #81	0.18mi	4/2.0 (+1)	1,296 (+5%)	5mo	$115,000	$89	74
607 37th St SE #77	0.18mi	3/2.0	1,120 (-9%)	4mo	$135,000	$121	73
707 37th St SE #73	0.17mi	2/2.0 (-1)	1,152 (-6%)	9mo	$130,000	$113	69
707 37th St SE #36	0.17mi	3/2.0	1,404 (+14%)	9mo	$215,000	$153	61
2902 B St SE	0.53mi	3/2.0	1,152 (-6%)	5mo	$312,500	$271	61
4248 A St SE #518	0.70mi	3/2.0	1,344 (+9%)	9mo	$145,000	$108	45

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: -2.3%
• Equity multiple: 0.91×
• Total profit: $-3,934
• Equity at exit: $24,602

10-year hold

• IRR: 5.7%
• Equity multiple: 1.39×
• Total profit: $18,242
• 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 98002

• Rents YoY: 1.5%
• Active inventory: 176
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,953 high
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,475/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $403

Break-even live

Break-even rent $1,443

Max offer price $165,000

Occupancy floor 74%

Sensitivity live

Price	-10% $517	-5% $460	+0% $403	+5% $346	+10% $289
Rent	-10% $249	-5% $326	+0% $403	+5% $480	+10% $557
Rate	-1.0pp $486	-0.5pp $445	base $403	+0.5pp $360	+1.0pp $317

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 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1014 37th St SE Apt 4 Auburn, WA	2.0	2.0	1005	$1,780	$1.77	7d	1	0.21mi
1120 37th St SE Auburn, WA	2.0	1.0	788	$1,695	$2.15	14d	1	0.23mi
2952 O St SE Unit F Auburn, WA	2.0	1.0	1051	$1,495	$1.42	4d	1	0.45mi
2952 O St SE Unit D Auburn, WA	2.0	1.0	795	$1,375	$1.73	4d	1	0.45mi
1526 29th St SE Auburn, WA	2.0	1.0	912	$1,595	$1.75	26d	1	0.51mi
404 27th St SE Unit 19-1 Auburn, WA	2.0	1.0	1000	$1,750	$1.75	14d	1	0.51mi
2455 F St SE Auburn, WA	1.0–3.0	1.0–2.0	757	$1,955	$2.58	5d	6	0.65mi
4704 Mill Pond Dr SE #213 Auburn, WA	2.0	2.0	1142	$2,750	$2.41	5d	1	0.69mi
732 4th Ave NE Pacific, WA	2.0	1.0	850	$1,805	$2.12	7d	2	0.80mi
703 47th St SE Auburn, WA	2.0	1.0–2.0	781	$1,970	$2.52	4d	7	0.82mi
402 21st St SE Auburn, WA	1.0–2.0	1.0–1.5	747	$1,695	$2.27	17d	4	0.84mi
2020 F St SE Auburn, WA	1.0–2.0	1.0	725	$1,599	$2.21	26d	1	0.89mi
418 17th St SE Unit 6C Auburn, WA	2.0	2.0	1219	$2,200	$1.80	26d	1	1.02mi
1420 17th St SE Auburn, WA	1.0–2.0	1.0	725	$1,695	$2.34	5d	4	1.14mi
102 Hawthorne Ave S Pacific, WA	3.0	1.0	1285	$2,950	$2.30	0d	1	1.35mi
2901 Auburn Way S Auburn, WA	1.0–2.0	1.0	667	$2,175	$3.26	0d	20	1.42mi

Listing history 12 events

1. 2026-06-21
   days on market $165,000 Active 26 DOM
2. 2026-06-18
   days on market $165,000 Active 23 DOM
3. 2026-06-17
   days on market $165,000 Active 22 DOM
4. 2026-06-16
   days on market $165,000 Active 21 DOM
5. 2026-06-15
   days on market $165,000 Active 20 DOM
6. 2026-06-13
   days on market $165,000 Active 18 DOM
7. 2026-06-13
   days on market $165,000 Active 17 DOM
8. 2026-06-09
   days on market $165,000 Active 14 DOM
9. 2026-06-08
   days on market $165,000 Active 13 DOM
10. 2026-06-07
    pricestatusdays on market $165,000 Active 12 DOM
11. 2026-05-15
    status Pending
12. 2026-05-05
    listed $174,900 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $23,440
• − Mortgage interest: −$9,243
• − Property taxes: −$2,475
• − Insurance: −$825
• − Repairs & maintenance: −$1,875
• − Management: −$1,875
• − Depreciation: −$4,800
• Taxable income: $2,347
• Est. tax owed @ 24.0%: −$563
• After-tax cash flow: $4,271/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 well-maintained 3-bedroom, 2-bath manufactured home is move-in ready with a good condition score and minimal repairs needed.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace window treatments — Improves aesthetic and energy efficiency
• Both Upgrade flooring in bathrooms — Enhances resale value and comfort

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace window treatments — Improves aesthetic and energy efficiency ↑
• Both Upgrade flooring in bathrooms — Enhances resale value and comfort ↑

ⓘ 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: 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

2 events — show timeline

• 2026-05-15 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-05 Listed $174,900 NWMLS as Distributed by MLS Grid