2200 196th St SE #43 · Bothell East, WA 98012

$110,000

2 bd · 2.0 ba · 1,152 sqft · Manufactured public records · 52 Days on market

Built 1978 $95/sqft · 25% above area Est $95k · 16% over ↓ 15% since listing

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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
• Schools +6.7/10.0
• Livability +4.5/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• ARV discount +0.5/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this beautiful spacious 2-bedroom, 1.75-bath double-wide in the gated 55+ Alder Trails community in Bothell. Light-filled living spaces flow into an inviting kitchen, creating a warm, functional layout that’s truly move-in ready. Situated on a quiet lot, this home offers added privacy with a fenced backyard surrounded by mature greenery, perfect for relaxing, gardening, or letting pets roam. Enjoy multiple outdoor spaces, along with ample parking and an extra-large storage shed. Alder Trails offers a vibrant, resort-style lifestyle with a clubhouse, fitness center, pickleball courts, and a full calendar of social events. Ideally located near shopping, dining, and everyday c

Key facts

• Gated community
• Mature greenery
• Clubhouse

Tags

• GATED COMMUNITY
• FENCED BACKYARD
• MATURE GREENERY
• MULTIPLE OUTDOOR SPACES
• EXTRA-LARGE STORAGE SHED
• CLUBHOUSE

Property features AI

Finance

• Other: Taxes listed (verify separately)
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Located in Kennard Estates (manufactured home park); Park amenities include BBQs, clubhouse, common area, recreational area; Park approved for sale; Senior community (verify age restrictions); Approximately 101 homes in park; Land lease required ($1,600)

Exterior

• Parking: Carport
• Utilities: Electric energy source; Community water; Sewer via community; Power provided by PUD; Electric water heater (located in 2nd bedroom)
• Home design: Manufactured double-wide home; Single-level; Mobile home remains; Gibraltar make
• Construction: Metal/vinyl construction materials; Composition roof; Pillar/post/pier foundation; Manufactured house structure
• Exterior features: Metal/vinyl exterior; Paved lot; Sidewalk

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Vinyl plank; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 1 shower
• Heating & cooling: Forced air heating; Heat pump cooling
• Interior features: Water heater; Den/office; Dining room; Entry; Kitchen with eating space; Living room; Utility room
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $110k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $107k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.5% vs local median 1.4% in Bothell East — 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 90/100 on livability (#5 in WA, #104 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, amenities 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 (+2.4%/yr); 451 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals leasing fast (median 6d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 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 + 2.4% rent growth), your $31k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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.

Recommended offer $106,700 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 2.21% ✓
• Cap rate: 19.55%
• Cash-on-cash: 47.34%
• DSCR: 3.11
• GRM: 3.8

CMA / ARV

• ARV (median comp): $95,163
• List price: $110,000
• Delta: 15.59%
• Verdict: OVERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2200 196th St SE #27	0.00mi	2/2.0	1,152 (0%)	12mo	$77,000	$67	90
2200 196th St SE #30	0.00mi	2/2.0	1,248 (+8%)	3mo	$110,000	$88	84
2200 196th St SE #75	0.00mi	2/2.0	1,152 (0%)	23mo	$110,000	$95	81
2200 196th St SE #81	0.00mi	3/2.0 (+1)	1,176 (+2%)	23mo	$210,000	$179	73
2200 196th St. S.E. #45	0.00mi	2/2.0	1,020 (-12%)	10mo	$62,000	$61	72
2000 192nd St SE #128	0.32mi	3/2.0 (+1)	1,080 (-6%)	11mo	$333,400	$309	60
1332 192nd St SE #55	0.62mi	2/2.0	1,188 (+3%)	13mo	$174,950	$147	55
1729 194th St SE #6	0.42mi	2/2.0	980 (-15%)	7mo	$175,000	$179	50

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 · 2.37% rent growth · sell at horizon

5-year hold

• IRR: 44.0%
• Equity multiple: 2.88×
• Total profit: $58,042
• Equity at exit: $16,401

10-year hold

• IRR: 49.7%
• Equity multiple: 5.68×
• Total profit: $144,011
• Equity at exit: $9,511

Cash invested: $30,800 (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 98012

• Rents YoY: 2.4%
• Active inventory: 451
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $2,426 high
• Mortgage (P&I): −$577
• Tax from tax record: −$79 /mo · $942/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$509
• Net cashflow: $1,215

Break-even live

Break-even rent $888

Max offer price $110,000

Occupancy floor 45%

Sensitivity live

Price	-10% $1,277	-5% $1,246	+0% $1,215	+5% $1,184	+10% $1,153
Rent	-10% $1,024	-5% $1,119	+0% $1,215	+5% $1,311	+10% $1,407
Rate	-1.0pp $1,271	-0.5pp $1,243	base $1,215	+0.5pp $1,187	+1.0pp $1,158

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2009 196th St SE Bothell, WA	2.0	2.0	1017	$2,355	$2.32	44d	1	0.16mi
19611 24th Dr SE Unit A Bothell, WA	2.0	1.0	850	$1,700	$2.00	44d	1	0.17mi
19905 Bothell Everett Hwy Bothell, WA	3.0	1.0–3.0	1244	$3,106	$2.50	0d	1	0.20mi
19324 22nd Ave SE #4 Bothell, WA	3.0	2.5	1195	$2,950	$2.47	25d	1	0.22mi
2021 201st Pl SE Bothell, WA	1.0	1.0	784	$2,045	$2.61	13d	3	0.23mi
20225 Bothell Everett Hwy Bothell, WA	1.0–3.0	1.0–2.0	893	$2,290	$2.56	0d	36	0.29mi
1730 196th St SE Bothell, WA	1.0–3.0	1.0–2.0	924	$2,480	$2.68	0d	1	0.32mi
19928 Bothell Everett Hwy Bothell, WA	1.0–2.0	1.0–2.0	813	$2,309	$2.84	0d	12	0.35mi
20310 Bothell Everett Hwy Bothell, WA	2.0–3.0	1.5–2.5	1195	$2,295	$1.92	44d	1	0.47mi
18930 Bothell Everett Hwy Unit V101 Bothell, WA	2.0	2.0	980	$2,225	$2.27	5d	1	0.52mi
1910 189th Pl SE Bothell, WA	2.0	2.0	1082	$2,395	$2.21	21d	1	0.54mi
18930 Bothell Everett Hwy Bothell, WA	1.0–2.0	1.0–2.0	933	$2,325	$2.49	18d	3	0.56mi
18930 Bothell Everett Hwy Bothell, WA	1.0–2.0	1.0–2.0	933	$2,225	$2.38	15d	3	0.56mi
2129 Maltby Rd Bothell, WA	3.0	2.0	1207	$2,195	$1.82	0d	3	0.57mi
20520 Bothell Everett Hwy Bothell, WA	1.0–2.0	1.0–2.0	845	$2,317	$2.74	2d	9	0.58mi
1805 186th Pl SE Bothell, WA	1.0–3.0	1.0–2.0	1043	$2,292	$2.20	0d	13	0.72mi
19011 Grannis Rd Bothell, WA	3.0	1.0	1296	$3,200	$2.47	0d	1	0.84mi
20707 31st Dr SE Bothell, WA	2.0	2.0	1334	$2,740	$2.05	18d	1	0.86mi
20532 Greening Rd Unit A Bothell, WA	2.0	1.0	780	$2,400	$3.08	44d	1	1.03mi
1225 183rd St SE Bothell, WA	1.0–3.0	1.0–2.0	952	$2,628	$2.76	0d	31	1.12mi
21623 16th Dr SE Bothell, WA	1.0–3.0	1.0–2.0	990	$2,501	$2.53	0d	11	1.27mi
17615 Brook Blvd Bothell, WA	3.0	1.5	1464	$3,395	$2.32	4d	1	1.30mi
19626 Filbert Rd Bothell, WA	3.0	1.0	1084	$2,800	$2.58	25d	1	1.37mi

Listing history 21 events

1. 2026-06-18
   days on market $110,000 Active 52 DOM
2. 2026-06-17
   days on market $110,000 Active 51 DOM
3. 2026-06-16
   days on market $110,000 Active 50 DOM
4. 2026-06-15
   days on market $110,000 Active 49 DOM
5. 2026-06-13
   days on market $110,000 Active 47 DOM
6. 2026-06-13
   days on market $110,000 Active 46 DOM
7. 2026-06-09
   days on market $110,000 Active 43 DOM
8. 2026-06-08
   days on market $110,000 Active 42 DOM
9. 2026-06-07
   days on market $110,000 Active 41 DOM
10. 2026-06-04
    days on market $110,000 Active 38 DOM
11. 2026-06-03
    days on market $110,000 Active 37 DOM
12. 2026-06-02
    days on market $110,000 Active 36 DOM
13. 2026-06-02
    price $110,000 Active 35 DOM
14. 2026-06-01
    days on market $115,000 Active 35 DOM
15. 2026-05-31
    days on market $115,000 Active 34 DOM
16. 2026-04-27
    listed $115,000 Active
17. 2024-03-15
    soldstatus $115,000 Closed
18. 2024-02-17
    status Pending
19. 2024-02-16
    status Active
20. 2024-02-13
    status Pending
21. 2024-02-01
    listed $130,000 Active

ⓘ 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: $942 · $79/mo
• Projected year-2 tax: $1,078 · $90/mo
• Expected delta: +$136/yr (+$11/mo · 14.4%)

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

Taxation est. · year 1

• Rental income: $29,109
• − Mortgage interest: −$6,162
• − Property taxes: −$942
• − Insurance: −$550
• − Repairs & maintenance: −$2,329
• − Management: −$2,329
• − Depreciation: −$3,200
• Taxable income: $13,598
• Est. tax owed @ 24.0%: −$3,264
• After-tax cash flow: $11,319/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 East

• Score: 90/100
• State rank: #5
• US rank: #104

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 East, WA
• County: Snohomish County · 786,756 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 77,041
• Household income: $146,144
• Rent vs Own: 33.6% rent · 66.4% own
• Severe rent burden: 1904.0

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 0.65)
• Race & ethnicity: White 51% Asian 28% Hispanic / Latino 10% Two or more races 9% Black 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 4% Italian 3% Slovak 2%
• Foreign-born: 29% · Canada, China, South Korea
• Languages at home: 65% English-only · Other Asian/Pacific 8% Other Indo-European 7% Spanish 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: ▼ -780.30%
• Current HPI: 366.3746
• Rent YoY: ▲ 2.37%
• 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

-15.4% since first listed

7 events — show timeline

• 2026-06-01 Price Changed $110,000 NWMLS as Distributed by MLS Grid
• 2026-04-27 Listed $115,000 NWMLS as Distributed by MLS Grid
• 2024-03-15 Sold (MLS) $115,000 NWMLS as Distributed by MLS Grid
• 2024-02-17 Pending — NWMLS as Distributed by MLS Grid
• 2024-02-16 Relisted — NWMLS as Distributed by MLS Grid
• 2024-02-13 Pending — NWMLS as Distributed by MLS Grid
• 2024-02-01 Listed $130,000 NWMLS as Distributed by MLS Grid

Property tax history

+4.7%/yr

Latest (2026): $942 · +33.4% YoY. Source: county tax records.