23708 Locust Way #1 · Bothell West, WA 98021

$94,900

1 bd · 1.0 ba · 560 sqft · Manufactured public records · 3 Days on market

Built 2018 Est $95k · at est.

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.6/15.0
• Schools +6.7/10.0
• Livability +4.5/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover this well-maintained home in Bothell’s conveniently located Country Club Estates, an all-ages community—just minutes to Kenmore, Canyon Park, and the University of Washington. This beautifully maintained 2018 Fleetwood offers 560 sq ft with 1 bed and 1 bath, featuring fresh interior paint, beautiful wood cabinetry, and a bright south-facing bay window that fills the home with natural light. All appliances including washer/dryer stay. Turfed area ideal for pets and low-maintenance living. Enjoy the ease of a tiny home lifestyle—less upkeep, lower costs, and more freedom. Ideally positioned on a corner lot at the top of the hill and directly across from the clubhous

Key facts

• Clubhouse
• Turfed area
• Corner lot

Tags

• SOUTH-FACING BAY WINDOW
• TURFED AREA
• CORNER LOT
• CLUBHOUSE

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $95k.

Deal economics

• At list price, monthly cash flow is $955 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• Cap rate 18.4% vs local median 2.2% in Bothell West — 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 91/100 on livability (#2 in WA, #63 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: cost of living F.
• Northshore School District (suburban): math 69% / reading 78% proficiency, ranked #9 of 291 in WA (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+1.8%/yr); 254 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).
• This rent is only 13% of the median local income ($184k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $656 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Snohomish County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.8% rent growth), your $27k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 6y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $70k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $94,900

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. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 2.07% ✓
• Cap rate: 18.37%
• Cash-on-cash: 43.12%
• DSCR: 2.92
• GRM: 4.0

CMA / ARV

• ARV (on-the-fly): $95,200
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23708 Locust Way #1	0.00mi	1/1.0	560 (0%)	1mo	$94,950	$170	99

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 · 1.75% rent growth · sell at horizon

5-year hold

• IRR: 38.6%
• Equity multiple: 2.62×
• Total profit: $42,983
• Equity at exit: $14,150

10-year hold

• IRR: 44.4%
• Equity multiple: 4.99×
• Total profit: $105,937
• Equity at exit: $8,205

Cash invested: $26,572 (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 98021

• Rents YoY: 1.8%
• Active inventory: 254
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,964 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$60 /mo · $715/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $955

Break-even live

Break-even rent $755

Max offer price $94,900

Occupancy floor 46%

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: $23,725
• Closing costs: $2,847
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18930 68th Ave NE Kenmore, WA	1.0–2.0	1.0–2.0	799	$1,927	$2.41	2d	6	1.22mi
4208 236th St SW Mountlake Terrace, WA	1.0–3.0	1.0–2.0	926	$1,825	$1.97	2d	26	1.42mi
6711 NE 182nd St Kenmore, WA	1.0–2.0	1.0–2.0	899	$1,737	$1.93	3d	10	1.50mi

Listing history 7 events

1. 2026-04-20
   status Pending
2. 2026-04-16
   listed $94,900 Active
3. 2020-09-04
   soldstatus $69,950 Sold
4. 2020-08-19
   status Pending
5. 2020-08-04
   listed $69,950 Active
6. 1988-06-03
   soldstatus $2,497,650
7. 1983-10-04
   soldstatus $1,590,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $715 · $60/mo
• Projected year-2 tax: $930 · $78/mo
• Expected delta: +$215/yr (+$18/mo · 30.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $23,567
• − Mortgage interest: −$5,316
• − Property taxes: −$715
• − Insurance: −$474
• − Repairs & maintenance: −$1,885
• − Management: −$1,885
• − Depreciation: −$2,761
• Taxable income: $10,530
• Est. tax owed @ 24.0%: −$2,527
• After-tax cash flow: $8,929/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: Northshore School District
• NCES district ID: 5305910
• Math proficiency: 69% ▼ -3.00%
• Reading proficiency: 78% ▼ -1.00%
• Median HH income: $92,951
• Composite: 67.41/100
• National rank: #826
• State rank: #9 of 291 in WA

Livability — Bothell West

• Score: 91/100
• State rank: #2
• US rank: #63

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bothell West, WA
• County: Snohomish County · 786,756 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 35,631
• Household income: $183,786
• Rent vs Own: 18.9% rent · 81.1% own
• Severe rent burden: 413.0

Population outlook (Snohomish County) Hauer SSP2

• Today (2025): 899,800 people
• By 2030: 960,975 · +6.8%
• By 2040: 1,074,447 · +19.4%
• By 2050: 1,171,954 · +30.2%
• By 2075: 1,384,849 · +53.9%
• By 2100: 1,497,296 · +66.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 55% Asian 29% Two or more races 9% Hispanic / Latino 9% Black 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 4% Italian 3% Lithuanian 2%
• Foreign-born: 29% · China, Canada, South Korea
• Languages at home: 65% English-only · Other Indo-European 11% Other Asian/Pacific 6% Chinese 6%

Political lean MEDSL · Snohomish

• 2024 margin: D (+19.0) · D 57.8% · R 38.9% · Other 3.3%
• 2008→2024 swing: +0.1pp no change · 2008: 18.9pp · 2024: 19.0pp
• All cycles: 2024: D+19.0 2020: D+20.6 2016: D+16.6 2012: D+16.2 2008: D+18.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -903.22%
• Current HPI: 380.5475
• Rent YoY: ▲ 1.75%
• 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

-94.0% since first listed

7 events — show timeline

• 2026-04-20 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-16 Listed $94,900 NWMLS as Distributed by MLS Grid
• 2020-09-04 Sold (MLS) $69,950 NWMLS as Distributed by MLS Grid
• 2020-08-19 Pending — NWMLS as Distributed by MLS Grid
• 2020-08-04 Listed $69,950 NWMLS as Distributed by MLS Grid
• 1988-06-03 Sold (Public Records) $2,497,650 Public Records
• 1983-10-04 Sold (Public Records) $1,590,000 Public Records

Property tax history

+26.2%/yr

Latest (2026): $715 · -0.0% YoY. Source: county tax records.