18318 35th Ave S #368 · SeaTac, WA 98188

$37,500

2 bd · 1.0 ba · 624 sqft · Manufactured · 762 Days on market

Manufactured home 55+ age-restricted Built 1975 Good condition $60/sqft · 36% below area Est $59k · 36% under ↓ 6% since listing

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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 +22.5/30.0
• ARV discount +15.0/15.0
• 1% rule +7.5/10.0
• DSCR +7.5/10.0
• Schools +3.9/10.0
• Livability +3.9/5.0
• Condition / age +3.8/5.0
• Appreciation +2.5/10.0
• Rent growth +2.3/5.0
• Manufactured-home adj. -5.5

Listing remarks

* * * HUGE BUYER BONUS + SELLER FINANCING OFFER! * * * Bow Lake offers a blend of the quiet comforts of home w/ big city vibes! Resort living at SeaTac's Premiere 55+ Community. Well taken care of with unique features inside & out; custom covered deck w/ additional storage underneath, large corner lot w/ room for gardens. Fully Furnished & move in ready. Ductless MiniSplit A/C unit for cozy climate control. Spacious primary bedroom with walk-in closet & new wall heater. Kitchen w/ lots of cabinets and formal Dining area. Bright & light Living room with lots of room for entertaining.

Key facts

• Gated community
• Clubhouse
• Hot tub

Tags

• CUSTOM COVERED DECK
• GATED COMMUNITY
• CLUBHOUSE
• POOL
• GYM
• HOT TUB

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $38k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $910 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $38k).
• Recommended offer: $33k (12.0% below list) — sets the bar for market timing.
• Cap rate 35.4% vs local median 2.9% in SeaTac — 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 78/100 on livability (#118 in WA, #2,417 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime F, cost of living F.
• Highline School District (suburban): math 36% / reading 49% proficiency, ranked #200 of 291 in WA (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bow Lake Elementary (500 students, 80% FRL); Chinook Middle School (599 students, 78% FRL); Raisbeck Aviation High School (405 students, 31% FRL) — zoned schools at 63% FRL track the district average.
• Market conditions: Rents soft (-0.7%/yr); 168 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $259 of loan paydown is wiped out by about $1k 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 + 0.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 762 days — a 12% lower offer ($33k) is reasonable based on typical stale-listing flexibility.

Recommended offer $33,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 762 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 1975 — 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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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.
8. 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.
9. 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: 3.95% ✓
• Cap rate: 35.40%
• Cash-on-cash: 103.96%
• DSCR: 5.63
• GRM: 2.1

CMA / ARV

• ARV (median comp): $58,766
• List price: $37,500
• Delta: -36.19%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
18320 35th Pl S #384	0.04mi	1/1.0 (-1)	616 (-1%)	3mo	$77,500	$126	89
3439 S 181st Pl #146	0.13mi	2/1.0	648 (+4%)	2mo	$94,900	$146	86
3212 S 182nd Pl #193	0.14mi	1/1.0 (-1)	630 (+1%)	3mo	$17,000	$27	85
18306 35th Ave S #365	0.03mi	2/1.0	648 (+4%)	11mo	$99,900	$154	83
18117 32nd Ave S #333	0.20mi	1/1.0 (-1)	660 (+6%)	2mo	$79,900	$121	75
3407 S 180th Pl #61	0.18mi	2/1.0	648 (+4%)	13mo	$98,000	$151	74
3439 S 184th St #277	0.05mi	1/1.0 (-1)	550 (-12%)	3mo	$25,000	$45	71
3219 S 181st Pl #127	0.18mi	1/1.0 (-1)	670 (+7%)	5mo	$84,900	$127	70
18305 35th Ave S #357	0.02mi	2/1.5	540 (-14%)	7mo	$23,500	$44	69
3432 S 181st Pl #120	0.14mi	1/1.0 (-1)	690 (+11%)	5mo	$50,500	$73	66
3215 S 181ST Pl	0.18mi	2/1.0	700 (+12%)	9mo	$60,000	$86	64

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 5.53×
• Total profit: $47,547
• Equity at exit: $5,591

10-year hold

• IRR: —
• Equity multiple: 10.46×
• Total profit: $99,342
• Equity at exit: $3,242

Cash invested: $10,500 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 14 active · 7 under contract
• Months of supply: 12.0 mo (8%/mo absorbed)
• Median asking: $79,900 ($121/sqft)
• Median days on market: 138 d
• This list price: 7% of active listings are priced below it
• ARV vs active asking: -22.2% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 98188

• Rents YoY: -0.7%
• Active inventory: 168
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $1,480 high
• Mortgage (P&I): −$197
• Tax est. 1.5%: −$47 /mo · $562/yr
• Insurance: −$16
• HOA: −$0
• Lot rent leased land?: −$0
• Vacancy / Maint / Mgmt: −$311
• Net cashflow: $910

Break-even live

Break-even rent $328

Max offer price $37,500

Occupancy floor 34%

Sensitivity live

Price	-10% $936	-5% $923	+0% $910	+5% $897	+10% $884
Rent	-10% $793	-5% $851	+0% $910	+5% $968	+10% $1,027
Rate	-1.0pp $929	-0.5pp $919	base $910	+0.5pp $900	+1.0pp $890

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: $9,375
• Closing costs: $1,125
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17840 32nd Ave S Seatac, WA	1.0–2.0	1.0–1.5	770	$1,900	$2.47	0d	3	0.31mi
3051 S 188th St Seatac, WA	2.0	1.0	720	$1,738	$2.41	67d	3	0.34mi
3425 S 176th St #128 Seatac, WA	1.0	1.0	534	$1,500	$2.81	139d	1	0.43mi
3445 S 176th St #401 Seatac, WA	1.0	1.0	608	$1,450	$2.38	139d	1	0.49mi
3445 S 176th St #401 Seatac, WA	1.0	1.0	608	$1,400	$2.30	110d	1	0.49mi
3351 S 175th St Seatac, WA	3.0	1.0–2.0	935	$2,299	$2.46	0d	6	0.54mi
3117 S 192nd St Seatac, WA	1.0–2.0	1.0	838	$2,376	$2.84	0d	3	0.57mi
4410 S 173rd St Seatac, WA	2.0	1.0	723	$2,100	$2.90	139d	1	0.86mi
16834 35th Ave S Seatac, WA	2.0	1.0	740	$2,695	$3.64	60d	1	0.96mi
19707 International Blvd Seatac, WA	1.0	1.0	512	$1,790	$3.50	0d	29	0.96mi
19800 International Blvd Seatac, WA	1.0–2.0	1.0–1.5	822	$2,135	$2.60	0d	6	0.97mi
4807 S 172nd Pl Seatac, WA	2.0	1.0	700	$2,550	$3.64	139d	1	1.04mi
19922 28th Ave S Seatac, WA	2.0	1.0–2.0	709	$3,211	$4.53	0d	68	1.05mi
16700 31st Ave S Seatac, WA	1.0	1.0	750	$1,498	$2.00	139d	2	1.08mi
2929 S 200th St Seatac, WA	2.0	1.0–2.0	703	$2,975	$4.23	112d	12	1.12mi
2929 S 200th St Seatac, WA	2.0	1.0–2.0	653	$2,625	$4.02	10d	7	1.12mi
2650 S 200th St Seatac, WA	3.0	1.0	782	$2,042	$2.61	6d	1	1.14mi
20036 30th Ave S Unit S9 SeaTac, WA	2.0	1.0	750	$1,795	$2.39	106d	1	1.16mi
20036 30th Ave S Unit S8 SeaTac, WA	2.0	1.0	750	$1,795	$2.39	120d	1	1.16mi
3231 S 204th St Seatac, WA	1.0–2.0	1.0	812	$2,051	$2.52	6d	8	1.37mi
3100 S 208th St Seatac, WA	1.0–2.0	1.0–2.0	811	$2,095	$2.58	0d	5	1.46mi
16006 34th Ave S Seatac, WA	2.0	1.0	750	$1,600	$2.13	38d	1	1.48mi
3445 S 160th St Seattle, WA	1.0	1.0	620	$1,595	$2.57	46d	9	1.50mi
3445 S 160th St Seattle, WA	1.0	1.0	620	$1,550	$2.50	5d	3	1.50mi
3445 S 160th St Seattle, WA	1.0–2.0	1.0	730	$1,800	$2.47	69d	9	1.50mi

Listing history 26 events

1. 2026-07-01
   days on market $37,500 Active 762 DOM
2. 2026-06-30
   days on market $37,500 Active 761 DOM
3. 2026-06-29
   days on market $37,500 Active 760 DOM
4. 2026-06-28
   days on market $37,500 Active 759 DOM
5. 2026-06-27
   days on market $37,500 Active 758 DOM
6. 2026-06-26
   days on market $37,500 Active 757 DOM
7. 2026-06-24
   days on market $37,500 Active 755 DOM
8. 2026-06-22
   days on market $37,500 Active 753 DOM
9. 2026-06-21
   days on market $37,500 Active 752 DOM
10. 2026-06-18
    days on market $37,500 Active 749 DOM
11. 2026-06-17
    days on market $37,500 Active 748 DOM
12. 2026-06-16
    days on market $37,500 Active 747 DOM
13. 2026-06-15
    days on market $37,500 Active 746 DOM
14. 2026-06-13
    days on market $37,500 Active 744 DOM
15. 2026-06-09
    days on market $37,500 Active 740 DOM
16. 2026-06-08
    days on market $37,500 Active 739 DOM
17. 2026-06-07
    days on market $37,500 Active 738 DOM
18. 2026-06-04
    days on market $37,500 Active 735 DOM
19. 2026-06-03
    days on market $37,500 Active 734 DOM
20. 2026-06-02
    days on market $37,500 Active 733 DOM
21. 2026-06-01
    days on market $37,500 Active 732 DOM
22. 2026-05-31
    days on market $37,500 Active 731 DOM
23. 2026-01-25
    price $37,500
24. 2025-08-28
    price $48,500
25. 2024-11-30
    price $45,000
26. 2024-05-30
    listed $40,000 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 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,754
• − Mortgage interest: −$2,101
• − Property taxes: −$562
• − Insurance: −$188
• − Repairs & maintenance: −$1,420
• − Management: −$1,420
• − Depreciation: −$1,091
• Taxable income: $10,972
• Est. tax owed @ 24.0%: −$2,633
• After-tax cash flow: $8,283/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 · 9 photos

Good 75/100 Cosmetic rehab Est. rehab $3,120–$9,360 screening

This manufactured home is in good condition with cosmetic updates needed. It's move-in ready with a large corner lot and resort amenities, making it an attractive investment.

Value-add opportunities

• Both Paint the exterior siding — Enhances curb appeal and value for both resale and rental. ↑
• Both Replace the HVAC system — Improves comfort and energy efficiency, attracting more buyers and renters. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Zoned Schools

Elementary Bow Lake Elementary Middle Chinook Middle School High Tyee High School

Schools (NCES district)

• District: Highline School District
• NCES district ID: 5303540
• Math proficiency: 36% ▼ -4.00%
• Reading proficiency: 49% ▼ -1.00%
• Median HH income: $52,697
• Composite: 39.12/100
• National rank: #8245
• State rank: #200 of 291 in WA

B Composite livability gradescore 78/100

Livability — SeaTac

• Score: 78/100
• State rank: #118
• US rank: #2417

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: SeaTac, WA
• County: King County · 2,576,485 people
• City population: 62,839
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 27,311
• Household income: $76,438
• Rent vs Own: 58.5% rent · 41.5% own
• Severe rent burden: 16% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.79)
• Race & ethnicity: White 28% Black 26% Hispanic / Latino 21% Asian 15% Two or more races 10% Pacific Islander 3%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Lithuanian 2% Portuguese 2% Italian 1%
• Foreign-born: 41% · Canada, Vietnam, Philippines
• Languages at home: 52% English-only · Spanish 15% Other Asian/Pacific 6% Other Indo-European 3%

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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: ▼ -595.95%
• Current HPI: 334.4203
• Rent YoY: ▼ -0.68%
• Metro: Seattle-Tacoma-Bellevue, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

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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

-6.2% since first listed

4 events — show timeline

• 2026-01-25 Price Changed $37,500 NWMLS as Distributed by MLS Grid
• 2025-08-28 Price Changed $48,500 NWMLS as Distributed by MLS Grid
• 2024-11-30 Price Changed $45,000 NWMLS as Distributed by MLS Grid
• 2024-05-30 Listed $40,000 NWMLS as Distributed by MLS Grid