600 N Reed St #43 · Sedro-Woolley, WA 98284

$220,000

3 bd · 2.0 ba · 1,508 sqft · Manufactured · 11 Days on market

Built 1997 Good condition 3,570 sqft lot Est $207k · 6% 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 +23.0/30.0
• Appreciation +10.0/10.0
• DSCR +7.4/10.0
• 1% rule +6.0/10.0
• Schools +4.7/10.0
• ARV discount +4.6/15.0
• Condition / age +4.0/5.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0

Listing remarks

Welcome home to this beautifully remodeled 3-bedroom, 1.75-bath manufactured home!Step inside and be impressed by the fresh, modern updates throughout. The home features brand-new luxury flooring, sleek updated countertops, and all-new stainless steel appliances in the kitchen. Bathroom updates include new vanities, and lit mirrors with no fog feature. Fresh interior and exterior paint creates a bright, clean canvas, while vaulted ceilings and an open floor plan flood the living spaces with natural light and create an airy, welcoming feel, perfect for everyday living and entertaining. The thoughtful remodel extends beyond the interior: new siding and new porches have been added for enjoyabl

Key facts

• 3,570 sq ft lot
• 3 parking spots
• Built 1997

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $220k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $392 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $220k).
• Cap rate 8.4% vs local median 2.4% in Sedro-Woolley — 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: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Sedro-Woolley School District (suburban): math 47% / reading 58% proficiency, ranked #117 of 291 in WA (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 231 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 561 units permitted in Skagit County in 2024 (270 in 5+ unit buildings).
• This rent runs 31% of the median local income ($93k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Skagit County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $62k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $220,000

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. 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.
3. 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.
4. 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: 1.10% ✓
• Cap rate: 8.43%
• Cash-on-cash: 7.63%
• DSCR: 1.34
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $206,596
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
600 N Reed St #43	0.00mi	3/2.0	1,508 (0%)	0mo	$207,000	$137	100
700 N Reed St #32	0.24mi	3/2.0	1,539 (+2%)	0mo	$115,000	$75	85
600 Reed St #18	0.00mi	3/2.0	1,620 (+7%)	9mo	$200,000	$123	80
600 N Reed St #16	0.00mi	3/2.0	1,414 (-6%)	15mo	$220,000	$156	77
600 N Reed St N #23	0.00mi	3/2.0	1,612 (+7%)	17mo	$210,000	$130	74
700 N Reed St #101	0.15mi	4/2.0 (+1)	1,584 (+5%)	6mo	$180,000	$114	74
600 N Reed St #46	0.03mi	4/2.0 (+1)	1,456 (-3%)	20mo	$199,500	$137	71
600 N Reed St #10	0.00mi	3/2.0	1,296 (-14%)	23mo	$199,900	$154	57
124 N Reed St	0.29mi	3/2.0	1,344 (-11%)	17mo	$475,000	$353	54

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.8%
• Equity multiple: 3.35×
• Total profit: $144,813
• Equity at exit: $198,193

10-year hold

• IRR: 25.9%
• Equity multiple: 7.61×
• Total profit: $406,895
• Equity at exit: $427,412

Cash invested: $61,600 (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 98284

• Home prices YoY: 3.5%
• Active inventory: 231
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $2,421 high
• Mortgage (P&I): −$1,154
• Tax est. 1.5%: −$275 /mo · $3,300/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$508
• Net cashflow: $392

Break-even live

Break-even rent $1,925

Max offer price $220,000

Occupancy floor 79%

Sensitivity live

Price	-10% $544	-5% $468	+0% $392	+5% $316	+10% $240
Rent	-10% $201	-5% $296	+0% $392	+5% $487	+10% $583
Rate	-1.0pp $503	-0.5pp $448	base $392	+0.5pp $335	+1.0pp $277

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
320 Birchwood Ln Sedro-Woolley, WA	3.0	2.5	1400	$2,500	$1.79	45d	1	0.26mi
408 Warner St Unit 408 Sedro-Woolley, WA	2.0	1.0	1636	$2,050	$1.25	45d	1	0.92mi
801 Westview Dr Sedro Woolley, WA	3.0–4.0	2.5	1290	$2,100	$1.63	22d	8	1.06mi
1129 State St Unit 11292 Sedro-Woolley, WA	2.0	1.0	1054	$1,850	$1.76	45d	1	1.15mi
517 Alexander St Sedro Woolley, WA	3.0	2.5	1787	$2,495	$1.40	45d	1	1.40mi

Listing history 2 events

1. 2026-04-19
   status Pending
2. 2026-04-07
   listed $220,000 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 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 8 d/yr ≥83°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,047
• − Mortgage interest: −$12,323
• − Property taxes: −$3,300
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,324
• − Management: −$2,324
• − Depreciation: −$6,400
• Taxable income: $1,276
• Est. tax owed @ 24.0%: −$306
• After-tax cash flow: $4,396/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 beautifully remodeled 3-bedroom manufactured home offers fresh, modern updates throughout, including new flooring, appliances, and paint. The home is move-in ready with no visible repairs needed.

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Upgrading kitchen appliances — Modern appliances improve functionality and appeal
• Both Adding smart home features — Enhances convenience and marketability

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Upgrading kitchen appliances — Modern appliances improve functionality and appeal ↑
• Both Adding smart home features — Enhances convenience and marketability ↑

ⓘ 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: Sedro-Woolley School District
• NCES district ID: 5307740
• Math proficiency: 47% ▼ -2.00%
• Reading proficiency: 58% ▬ 0.00%
• Median HH income: $57,385
• Composite: 47.45/100
• National rank: #5005
• State rank: #117 of 291 in WA

Livability — Sedro-Woolley

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Sedro-Woolley, WA
• County: Skagit County · 118,108 people
• Metro: Mount Vernon-Anacortes, WA
• Population (ZIP): 27,835
• Household income: $93,006
• Rent vs Own: 27.0% rent · 73.0% own
• Severe rent burden: 502.0

Population outlook (Skagit County) Hauer SSP2

• Today (2025): 131,498 people
• By 2030: 135,556 · +3.1%
• By 2040: 141,717 · +7.8%
• By 2050: 145,714 · +10.8%
• By 2075: 152,201 · +15.7%
• By 2100: 147,980 · +12.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 14% Two or more races 8% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Portuguese 6% Slovak 4% Italian 3%
• Foreign-born: 5% · Canada, China
• Languages at home: 88% English-only · Spanish 10% German/W. Germanic 1%

Political lean MEDSL · Skagit

• 2024 margin: Lean D (+8.9) · D 52.9% · R 44.0% · Other 3.0%
• 2008→2024 swing: -0.7pp no change · 2008: 9.6pp · 2024: 8.9pp
• All cycles: 2024: D+8.9 2020: D+7.5 2016: D+3.2 2012: D+5.8 2008: D+9.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 43.42%
• Current HPI: 1280.83
• Rent YoY: —
• Metro: Mount Vernon-Anacortes, 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

• 2026-04-19 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-07 Listed $220,000 NWMLS as Distributed by MLS Grid