22111 108th Ave SE #5 · Kent, WA 98031

$170,000

3 bd · 2.0 ba · 1,232 sqft · Manufactured · 154 Days on market

Built 1987 Good condition $138/sqft · 5% above area Est $162k · 5% 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 +29.2/30.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• ARV discount +5.2/15.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +3.4/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Benson Village, an all-ages, inclusive community where comfort meets convenience! This beautifully renovated 3 bedroom, 1.75 bath home offers modern living with thoughtful updates throughout. Enjoy a brand-new roof (2022), fresh interior and exterior paint (2025), all new flooring (2025), and a spacious kitchen featuring an island, abundant cabinetry, and ample counter space. All appliances are included, making this home truly move-in ready. Perfectly situated near shopping, dining, and entertainment with easy access to major freeways and just a short drive to Seattle. Whether you're seeking a peaceful place to unwind or a stylish space to host and enjoy, this home checks every b

Key facts

• Renovated home
• Brand new roof
• New flooring

Tags

• RENOVATED HOME
• BRAND NEW ROOF
• FRESH INTERIOR PAINT
• FRESH EXTERIOR PAINT
• NEW FLOORING
• SPACIOUS KITCHEN

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $170k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $590 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $150k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.5% vs local median 2.6% in Kent — 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 (#109 in WA, #2,154 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools C-, crime F, cost of living F.
• Kent School District (urban): math 47% / reading 57% proficiency, ranked #109 of 291 in WA (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.5%/yr); 169 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 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.
• At projected returns (-3.0% appreciation + 3.5% rent growth), your $48k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 154 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $70k; list at $170k implies a 143% gain — meaningful room to come down on a strong offer.

Recommended offer $149,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 154 days. Have you received any prior offers? Is the seller open to a 12% 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. 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?
5. 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.
6. 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.
7. 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: 1.31% ✓
• Cap rate: 10.46%
• Cash-on-cash: 14.88%
• DSCR: 1.66
• GRM: 6.3

CMA / ARV

• ARV (median comp): $161,857
• List price: $170,000
• Delta: 5.03%
• Verdict: FAIR
• Comps: 17 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10921 SE 227TH Pl	0.44mi	3/2.0	1,248 (+1%)	2mo	$155,000	$124	76
11143 SE 226th St	0.42mi	3/2.0	1,183 (-4%)	1mo	$155,000	$131	73
21914 106th Pl SE #36	0.12mi	2/2.0 (-1)	1,152 (-6%)	9mo	$145,000	$126	71
22049 106th Pl SE #71	0.10mi	2/1.0 (-1)	1,200 (-3%)	16mo	$126,000	$105	69
22620 SE 109th Pl	0.40mi	3/2.0	1,150 (-7%)	4mo	$179,000	$156	67
22628 110th Ct SE	0.42mi	3/2.0	1,152 (-6%)	5mo	$165,000	$143	66
22522 113th Pl SE	0.44mi	2/2.0 (-1)	1,248 (+1%)	12mo	$420,000	$337	62
11412 SE 226th St	0.50mi	2/2.0 (-1)	1,248 (+1%)	15mo	$332,500	$266	57
11029 SE 227th Pl	0.46mi	2/2.0 (-1)	1,304 (+6%)	10mo	$200,000	$153	55
11427 SE 226th St	0.53mi	3/1.0	1,152 (-6%)	7mo	$390,000	$339	55
11205 SE 226th St	0.45mi	2/2.0 (-1)	1,152 (-6%)	11mo	$355,000	$308	54
22601 115th Pl SE	0.55mi	3/2.0	1,120 (-9%)	15mo	$405,000	$362	47

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 · 3.53% rent growth · sell at horizon

5-year hold

• IRR: 6.1%
• Equity multiple: 1.24×
• Total profit: $11,284
• Equity at exit: $25,348

10-year hold

• IRR: 15.9%
• Equity multiple: 2.33×
• Total profit: $63,347
• Equity at exit: $14,698

Cash invested: $47,600 (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 98031

• Rents YoY: 3.5%
• Active inventory: 169
• Price-to-rent: 6.3×

Monthly cashflow live

• Estimated rent: $2,234 high
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,550/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$469
• Net cashflow: $590

Break-even live

Break-even rent $1,487

Max offer price $170,000

Occupancy floor 69%

Sensitivity live

Price	-10% $708	-5% $649	+0% $590	+5% $532	+10% $473
Rent	-10% $414	-5% $502	+0% $590	+5% $679	+10% $767
Rate	-1.0pp $676	-0.5pp $634	base $590	+0.5pp $546	+1.0pp $501

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
21822 107th Pl SE #6 Kent, WA	3.0	1.5	1152	$1,525	$1.32	23d	1	0.16mi
22415 Benson Rd SE Kent, WA	2.0	1.0	706	$1,480	$2.10	0d	5	0.23mi
11211 SE 226th St Kent, WA	3.0	2.0	1012	$2,250	$2.22	19d	1	0.48mi
10530 SE 229th Pl Kent, WA	3.0	1.0	1000	$3,000	$3.00	45d	1	0.51mi
11101 SE 208th St Kent, WA	1.0–3.0	1.0–2.0	971	$2,565	$2.64	0d	18	0.70mi
10820 SE 211th Pl Kent, WA	1.0–3.0	1.0–1.5	907	$2,470	$2.72	0d	20	0.70mi
20803 110th Ln SE Kent, WA	2.0	2.5	1361	$2,845	$2.09	45d	1	0.81mi
20805 109th Ln SE Kent, WA	2.0	1.5	1250	$2,700	$2.16	45d	1	0.81mi
23613 112th Ave SE Apt J103 Kent, WA	2.0	2.0	882	$2,000	$2.27	13d	1	1.00mi
23721 108th Ave SE Kent, WA	2.0	1.0	1000	$1,800	$1.80	25d	1	1.03mi
9915 SE 235th Pl Kent, WA	3.0	2.0	1250	$2,750	$2.20	21d	1	1.03mi
20506 103rd Ave SE Kent, WA	3.0	1.0	1180	$2,295	$1.94	25d	1	1.03mi
23817 108th Ave SE Kent, WA	1.0–2.0	1.0	874	$1,815	$2.08	4d	6	1.08mi
10545 SE 238th St Kent, WA	2.0	1.5	825	$2,250	$2.73	45d	1	1.08mi
22804 90th Way S Kent, WA	1.0–3.0	1.0–2.0	910	$2,132	$2.34	0d	19	1.10mi
10811 SE 239th Pl Kent, WA	1.0–3.0	1.0–2.0	917	$2,236	$2.44	0d	25	1.11mi
12012 SE 210th St Kent, WA	3.0	1.5	1230	$1,820	$1.48	25d	1	1.11mi
23816 100th Ave SE Unit 28 Kent, WA	2.0	1.0	750	$1,900	$2.53	6d	1	1.16mi
23816 100th Ave SE Unit 31 Kent, WA	2.0	1.0	750	$1,900	$2.53	45d	1	1.16mi
23816 100th Ave SE Kent, WA	2.0	1.0	750	$1,699	$2.27	0d	1	1.16mi
10833 SE 200th St Kent, WA	2.0	1.0	844	$1,600	$1.90	3d	1	1.26mi
21627 127th Pl SE Kent, WA	3.0	2.0	1420	$3,095	$2.18	18d	1	1.27mi
24028 110th Pl SE Kent, WA	1.0–3.0	1.0–2.0	1050	$2,554	$2.43	0d	8	1.28mi

Listing history 17 events

1. 2026-06-21
   days on market $170,000 Active 154 DOM
2. 2026-06-18
   days on market $170,000 Active 151 DOM
3. 2026-06-17
   days on market $170,000 Active 150 DOM
4. 2026-06-16
   days on market $170,000 Active 149 DOM
5. 2026-06-15
   days on market $170,000 Active 148 DOM
6. 2026-06-13
   days on market $170,000 Active 146 DOM
7. 2026-06-09
   days on market $170,000 Active 142 DOM
8. 2026-06-08
   days on market $170,000 Active 141 DOM
9. 2026-06-07
   days on market $170,000 Active 140 DOM
10. 2026-06-04
    days on market $170,000 Active 137 DOM
11. 2026-06-03
    days on market $170,000 Active 136 DOM
12. 2026-06-02
    days on market $170,000 Active 135 DOM
13. 2026-06-01
    days on market $170,000 Active 134 DOM
14. 2026-05-31
    days on market $170,000 Active 133 DOM
15. 2026-05-13
    status Pending
16. 2022-05-27
    soldstatus $70,000
17. 2022-05-27
    listed $70,000

ⓘ 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 · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 12 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,813
• − Mortgage interest: −$9,523
• − Property taxes: −$2,550
• − Insurance: −$850
• − Repairs & maintenance: −$2,145
• − Management: −$2,145
• − Depreciation: −$4,945
• Taxable income: $4,655
• Est. tax owed @ 24.0%: −$1,117
• After-tax cash flow: $5,967/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 · 13 photos

Good 80/100 Cosmetic rehab

This beautifully renovated 3-bedroom home offers modern living with thoughtful updates throughout. Fresh paint and new flooring make it move-in ready.

Value-add opportunities

• Both Paint exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace carpet with hardwood flooring — Hardwood flooring is more durable and adds value
• Both Install new lighting fixtures — Modern lighting enhances the home's appeal and functionality

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace carpet with hardwood flooring — Hardwood flooring is more durable and adds value ↑
• Both Install new lighting fixtures — Modern lighting enhances the home's appeal and functionality ↑

ⓘ 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: Kent School District
• NCES district ID: 5303960
• Math proficiency: 47% ▼ -1.00%
• Reading proficiency: 57% ▼ -1.00%
• Median HH income: $69,823
• Composite: 48.25/100
• National rank: #4714
• State rank: #109 of 291 in WA

Livability — Kent

• Score: 79/100
• State rank: #109
• US rank: #2154

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kent, WA
• County: King County · 2,251,916 people
• City population: 119,479
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 40,094
• Household income: $105,965
• Rent vs Own: 32.8% rent · 67.2% own
• Severe rent burden: 1151.0

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 0.77)
• Race & ethnicity: White 36% Asian 27% Black 13% Hispanic / Latino 13% Two or more races 13% Pacific Islander 1%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Italian 5% Portuguese 2% Subsaharan African 2%
• Foreign-born: 31% · Canada, Vietnam, China
• Languages at home: 58% English-only · Spanish 9% Other Indo-European 7% Vietnamese 4%

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: ▼ -673.58%
• Current HPI: 308.1747
• Rent YoY: ▲ 3.53%
• 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

+0.0% since first listed

3 events — show timeline

• 2026-05-13 Pending — NWMLS as Distributed by MLS Grid
• 2022-05-27 Listed $70,000 NWMLS as Distributed by MLS Grid
• 2022-05-27 Sold (MLS) $70,000 NWMLS as Distributed by MLS Grid