210 37th Ave SE #2 · Auburn, WA 98002

$60,000

2 bd · 2.0 ba · 1,980 sqft · Manufactured · 337 Days on market

Built 2002 ↓ 44% since listing

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming home with a brand new roof, efficient heating and A/C, and a cozy wood-burning fireplace for year-round comfort. Located in an all-ages park, this home offers flexibility and affordability without the restrictions of a 55+ community. A great opportunity for comfortable, low-maintenance living!

Key facts

• Efficient heating
• New roof
• Community pool

Tags

• NEW ROOF
• EFFICIENT HEATING
• COZY WOOD-BURNING FIREPLACE
• LOW-MAINTENANCE LIVING

Property features AI

Finance

• Financial info: Land lease amount $1,160; Listing terms: Cash, Conventional
• HOA & community: Manufactured home park with clubhouse and pool; Park name: Auburn Manor; Land lease

Exterior

• Utilities: Electric energy source; Public water
• Home design: Manufactured home (double wide); One story
• Construction: Manufactured house
• Exterior features: Paved lot

Interior

• Kitchen: Kitchen with eating space
• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom
• Heating & cooling: Forced air heating; Central air conditioning; Forced air cooling
• Interior features: Entry; Kitchen with eating space; Living room; Utility room
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $60k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Cap rate 41.2% vs local median 2.7% in Auburn — 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 81/100 on livability (#75 in WA, #1,371 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Auburn School District (urban): math 47% / reading 56% proficiency, ranked #125 of 291 in WA (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Gildo Rey Elementary School (412 students, 76% FRL); Auburn Riverside High School (1,909 students, 50% FRL) — zoned schools average 63% FRL vs 44% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.5%/yr); 171 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• This rent runs 42% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $415 of loan paydown is wiped out by about $2k 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 + 1.5% rent growth), your $17k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 337 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $65k (52%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $52,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 337 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 4.56% ✓
• Cap rate: 41.22%
• Cash-on-cash: 124.73%
• DSCR: 6.55
• GRM: 1.8

CMA / ARV

• ARV (on-the-fly): $134,640
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
210 37th St SE #81	0.00mi	3/2.0 (+1)	1,848 (-7%)	17mo	$116,000	$63	70
4248 A St SE #219	0.24mi	3/2.0 (+1)	1,848 (-7%)	19mo	$125,000	$68	56
900 29th St SE Unit E-1	0.67mi	3/2.0 (+1)	1,848 (-7%)	3mo	$100,000	$54	50
111 Aspen Ln S	0.64mi	3/2.0 (+1)	1,782 (-10%)	11mo	$460,000	$258	39

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 · 1.51% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.80×
• Total profit: $97,493
• Equity at exit: $8,946

10-year hold

• IRR: —
• Equity multiple: 13.63×
• Total profit: $212,179
• Equity at exit: $5,188

Cash invested: $16,800 (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 98002

• Rents YoY: 1.5%
• Active inventory: 171
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $2,735 high
• Mortgage (P&I): −$315
• Tax est. 1.5%: −$75 /mo · $900/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$574
• Net cashflow: $1,746

Break-even live

Break-even rent $525

Max offer price $60,000

Occupancy floor 31%

Sensitivity live

Price	-10% $1,788	-5% $1,767	+0% $1,746	+5% $1,725	+10% $1,705
Rent	-10% $1,530	-5% $1,638	+0% $1,746	+5% $1,854	+10% $1,962
Rate	-1.0pp $1,776	-0.5pp $1,761	base $1,746	+0.5pp $1,731	+1.0pp $1,715

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4716 Mill Pond Dr SE Apt 1001 Auburn, WA	3.0	2.5	1673	$2,900	$1.73	11d	1	0.59mi
102 Hawthorne Ave S Pacific, WA	3.0	1.0	1285	$2,950	$2.30	2d	1	0.93mi
404 4th Ave SE Pacific, WA	3.0	2.0	2006	$3,600	$1.79	2d	1	1.14mi
5909 Panorama Dr SE Unit 11-103 Auburn, WA	2.0	2.5	1727	$2,750	$1.59	44d	1	1.34mi
1910 N Ct SE Auburn, WA	3.0	2.0	1570	$2,900	$1.85	11d	1	1.36mi
110 2nd Ave S Algona, WA	3.0	2.0	1530	$3,600	$2.35	2d	1	1.43mi

Listing history 27 events

1. 2026-06-18
   days on market $60,000 Active 337 DOM
2. 2026-06-17
   days on market $60,000 Active 336 DOM
3. 2026-06-16
   days on market $60,000 Active 335 DOM
4. 2026-06-15
   days on market $60,000 Active 334 DOM
5. 2026-06-13
   days on market $60,000 Active 332 DOM
6. 2026-06-13
   days on market $60,000 Active 331 DOM
7. 2026-06-09
   days on market $60,000 Active 328 DOM
8. 2026-06-08
   days on market $60,000 Active 327 DOM
9. 2026-06-07
   days on market $60,000 Active 326 DOM
10. 2026-06-04
    days on market $60,000 Active 323 DOM
11. 2026-06-03
    days on market $60,000 Active 322 DOM
12. 2026-06-02
    days on market $60,000 Active 321 DOM
13. 2026-06-01
    days on market $60,000 Active 320 DOM
14. 2026-05-31
    days on market $60,000 Active 319 DOM
15. 2026-05-11
    status Active
16. 2026-04-29
    status Pending
17. 2026-04-28
    status Active
18. 2026-03-16
    status Pending
19. 2026-03-03
    price $70,000
20. 2025-12-19
    price $80,000
21. 2025-10-08
    price $90,000
22. 2025-10-08
    status Active
23. 2025-09-10
    status Pending
24. 2025-08-14
    price $105,000
25. 2025-07-22
    price $115,000
26. 2025-06-18
    price $120,000
27. 2025-04-24
    listed $125,000 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 · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,823
• − Mortgage interest: −$3,361
• − Property taxes: −$900
• − Insurance: −$300
• − Repairs & maintenance: −$2,626
• − Management: −$2,626
• − Depreciation: −$1,745
• Taxable income: $21,265
• Est. tax owed @ 24.0%: −$5,104
• After-tax cash flow: $15,851/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: Auburn School District
• NCES district ID: 5300300
• Math proficiency: 47% ▼ -3.00%
• Reading proficiency: 56% ▼ -1.00%
• Median HH income: $58,048
• Composite: 46.73/100
• National rank: #5240
• State rank: #125 of 291 in WA

Livability — Auburn

• Score: 81/100
• State rank: #75
• US rank: #1371

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Auburn, WA
• County: King County · 2,251,916 people
• City population: 74,969
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 37,509
• Household income: $78,684
• Rent vs Own: 51.1% rent · 48.9% own
• Severe rent burden: 2202.0

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 0.72)
• Race & ethnicity: White 46% Hispanic / Latino 24% Two or more races 13% Black 12% Asian 6% Pacific Islander 4% Native American 2%
• Hispanic origin (detail): Mexican 20%
• Common ancestry: Portuguese 4% Subsaharan African 4% Lithuanian 3%
• Foreign-born: 24% · Canada, Vietnam
• Languages at home: 63% English-only · Spanish 19% Russian/Polish/Slavic 6% Other Asian/Pacific 3%

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: ▼ -677.96%
• Current HPI: 298.0849
• Rent YoY: ▲ 1.51%
• 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

-44.0% since first listed

13 events — show timeline

• 2026-05-11 Relisted — NWMLS as Distributed by MLS Grid
• 2026-04-29 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-28 Relisted — NWMLS as Distributed by MLS Grid
• 2026-03-16 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-03 Price Changed $70,000 NWMLS as Distributed by MLS Grid
• 2025-12-19 Price Changed $80,000 NWMLS as Distributed by MLS Grid
• 2025-10-08 Price Changed $90,000 NWMLS as Distributed by MLS Grid
• 2025-10-08 Relisted — NWMLS as Distributed by MLS Grid
• 2025-09-10 Pending — NWMLS as Distributed by MLS Grid
• 2025-08-14 Price Changed $105,000 NWMLS as Distributed by MLS Grid
• 2025-07-22 Price Changed $115,000 NWMLS as Distributed by MLS Grid
• 2025-06-18 Price Changed $120,000 NWMLS as Distributed by MLS Grid
• 2025-04-24 Listed $125,000 NWMLS as Distributed by MLS Grid