3212 S 182nd Pl #193 · SeaTac, WA 98188

$19,400

1 bd · 1.0 ba · 630 sqft · Manufactured · 42 Days on market

Built 1962 $31/sqft · 69% below area ↓ 15% 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 +3.9/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks

SeaTac’s Bow Lake 55+ manufactured home community! This home has been loved and enjoyed and is ready for its next owner! Some great upgrades are a new thermostat, furnace, and has HEAT PUMP newer electrical panel and new walk in tub wow, wow, wow! Has a covered carport for parking, 2 decks for relaxing or enjoy the cozy backyard space perfect for gardening. Has washer/dryer hookup available on the porch, or take advantage of the community laundromat. This one-bedroom home features built-in dresser and closet, along with a spacious living room and kitchen. The bathroom has been remodeled with a walk-in tub for added comfort and ease. Community offers fun events, a pool, clubhouse, BBQ

Key facts

• New furnace
• New thermostat
• Heat pump

Tags

• NEW THERMOSTAT
• NEW FURNACE
• HEAT PUMP
• NEW ELECTRICAL PANEL
• NEW WALK IN TUB
• COVERED CARPORT

Property features AI

Finance

• Other: Mobile home remains on site; Community waterfront/private beach access
• Financial info: Listing terms: Cash
• HOA & community: Located in a senior community (Bow Lake); Park amenities: clubhouse, common area, community waterfront, exercise room, laundry, pool, recreational area, RV parking, security gate, spa/hot tub; Pets allowed: cats and dogs; Land lease billed at $1,285

Exterior

• Parking: Carport
• Security: Security gate (community); Security gate for property
• Utilities: Electric energy source; Public water (billed by park); Sewer billed by park; Puget Sound Energy for power
• Home design: Manufactured single-wide home (Mayflower A44287); One level; Southeast-facing; Has a view
• Construction: Metal roof; Metal/vinyl construction materials; Tie-down foundation; Manufactured after 6/15/1976
• Exterior features: Metal/vinyl exterior; Patio/porch/deck; Paved lot

Interior

• Kitchen: Refrigerator; Stove/Range
• Bedrooms: 1 bedroom
• Flooring: Laminate; Carpet
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Heat pump; Heat pump cooling
• Interior features: Water heater (electric) located in hallway closet; Jetted/soaking tub; Entry, kitchen with eating space, living room
• Laundry & utility: Laundry available in community; Water heater in hallway closet

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $19k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $19k).
• Recommended offer: $19k (3.0% below list) — sets the bar for market timing.
• Cap rate 76.4% vs local median 3.0% in SeaTac — 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 78/100 on livability (#118 in WA, #2,417 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: schools F, crime F, cost of living F.
• Highline School District (suburban): math 36% / reading 49% proficiency, ranked #200 of 291 in WA (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-0.7%/yr); 99 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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 $134 of loan paydown is wiped out by about $582 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 + 0.0% rent growth), your $5k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($19k) is reasonable based on typical stale-listing flexibility.

Recommended offer $18,818 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 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 1962 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 8.27% ✓
• Cap rate: 76.42%
• Cash-on-cash: 250.46%
• DSCR: 12.14
• GRM: 1.0

CMA / ARV

• ARV (median comp): $62,484
• List price: $19,400
• Delta: -68.95%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3219 S 181st Pl #127	0.04mi	1/1.0	670 (+6%)	2mo	$84,900	$127	86
18306 35th Ave S #365	0.12mi	2/1.0 (+1)	648 (+3%)	8mo	$99,900	$154	78
3432 S 181st Pl #120	0.11mi	1/1.0	690 (+10%)	2mo	$50,500	$73	78
3407 S 180th Pl #61	0.13mi	2/1.0 (+1)	648 (+3%)	10mo	$98,000	$151	76
3215 S 181ST Pl	0.05mi	2/1.0 (+1)	700 (+11%)	6mo	$60,000	$86	69
18222 35th Ave S #361	0.11mi	2/1.0 (+1)	648 (+3%)	22mo	$108,000	$167	66
3261 S 182nd Pl #227	0.10mi	2/1.0 (+1)	648 (+3%)	24mo	$110,000	$170	66
3404 S 182nd Pl #205	0.09mi	2/1.0 (+1)	720 (+14%)	5mo	$19,500	$27	63
18305 35th Ave S #357	0.12mi	2/1.5 (+1)	540 (-14%)	4mo	$23,500	$44	60
3442 S 181st St #89	0.16mi	1/1.0	720 (+14%)	12mo	$65,000	$90	59
3220 S 183rd	0.04mi	1/1.0	720 (+14%)	24mo	$42,000	$58	54

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 12.85×
• Total profit: $64,385
• Equity at exit: $2,893

10-year hold

• IRR: —
• Equity multiple: 25.11×
• Total profit: $130,968
• Equity at exit: $1,677

Cash invested: $5,432 (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 98188

• Rents YoY: -0.7%
• Active inventory: 99
• Price-to-rent: 1.0×

Monthly cashflow live

• Estimated rent: $1,605 high
• Mortgage (P&I): −$102
• Tax est. 1.5%: −$24 /mo · $291/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$337
• Net cashflow: $1,134

Break-even live

Break-even rent $170

Max offer price $19,400

Occupancy floor 24%

Sensitivity live

Price	-10% $1,147	-5% $1,140	+0% $1,134	+5% $1,127	+10% $1,120
Rent	-10% $1,007	-5% $1,070	+0% $1,134	+5% $1,197	+10% $1,261
Rate	-1.0pp $1,144	-0.5pp $1,139	base $1,134	+0.5pp $1,129	+1.0pp $1,124

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: $4,850
• Closing costs: $582
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17840 32nd Ave S Seatac, WA	1.0–2.0	1.0–1.5	757	$1,425	$1.88	13d	3	0.15mi
3425 S 176th St #128 Seatac, WA	1.0	1.0	534	$1,500	$2.81	44d	1	0.33mi
3445 S 176th St #401 Seatac, WA	1.0	1.0	608	$1,450	$2.38	44d	1	0.38mi
3445 S 176th St #401 Seatac, WA	1.0	1.0	608	$1,400	$2.30	16d	1	0.38mi
3351 S 175th St Seatac, WA	1.0	1.0	665	$1,850	$2.78	2d	4	0.40mi
3117 S 192nd St Seatac, WA	1.0	1.0	676	$1,722	$2.55	3d	2	0.68mi
4410 S 173rd St Seatac, WA	2.0	1.0	723	$2,100	$2.90	44d	1	0.82mi
16700 31st Ave S Seatac, WA	1.0	1.0	750	$1,498	$2.00	44d	2	0.93mi
4807 S 172nd Pl Seatac, WA	2.0	1.0	700	$2,550	$3.64	44d	1	1.03mi
19707 International Blvd Seatac, WA	2.0	1.0	610	$1,399	$2.29	0d	20	1.06mi
19800 International Blvd Seatac, WA	1.0–2.0	1.0–1.5	790	$1,545	$1.96	0d	11	1.08mi
19912 Military Rd S SeaTac, WA	1.0	1.0	656	$1,495	$2.28	44d	1	1.20mi
2929 S 200th St Seatac, WA	2.0	1.0–2.0	703	$2,288	$3.25	17d	12	1.23mi
2929 S 200th St Seatac, WA	2.0	1.0–2.0	703	$2,335	$3.32	0d	6	1.23mi
2650 S 200th St Seatac, WA	1.0	1.0	566	$1,767	$3.12	44d	1	1.23mi
20036 30th Ave S Unit S8 SeaTac, WA	2.0	1.0	750	$1,795	$2.39	25d	1	1.29mi
20036 30th Ave S Unit S9 SeaTac, WA	2.0	1.0	750	$1,795	$2.39	12d	1	1.29mi
3445 S 160th St Seattle, WA	1.0–2.0	1.0	730	$1,550	$2.12	4d	5	1.37mi
15805 40th Pl S Tukwila, WA	1.0	1.0	700	$1,499	$2.14	2d	2	1.46mi

Listing history 16 events

1. 2026-06-21
   statusdays on market $19,400 Pending 42 DOM
2. 2026-06-18
   days on market $19,400 Active 40 DOM
3. 2026-06-17
   days on market $19,400 Active 39 DOM
4. 2026-06-16
   days on market $19,400 Active 38 DOM
5. 2026-06-15
   days on market $19,400 Active 37 DOM
6. 2026-06-13
   days on market $19,400 Active 35 DOM
7. 2026-06-09
   days on market $19,400 Active 31 DOM
8. 2026-06-08
   days on market $19,400 Active 30 DOM
9. 2026-06-07
   pricedays on market $19,400 Active 29 DOM
10. 2026-06-04
    days on market $19,700 Active 26 DOM
11. 2026-06-03
    days on market $19,700 Active 25 DOM
12. 2026-06-02
    days on market $19,700 Active 24 DOM
13. 2026-06-01
    days on market $19,700 Active 23 DOM
14. 2026-05-31
    days on market $19,700 Active 22 DOM
15. 2026-05-16
    price $20,000
16. 2026-05-09
    listed $22,950 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 · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,258
• − Mortgage interest: −$1,087
• − Property taxes: −$291
• − Insurance: −$97
• − Repairs & maintenance: −$1,541
• − Management: −$1,541
• − Depreciation: −$564
• Taxable income: $14,137
• Est. tax owed @ 24.0%: −$3,393
• After-tax cash flow: $10,212/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: Highline School District
• NCES district ID: 5303540
• Math proficiency: 36% ▼ -4.00%
• Reading proficiency: 49% ▼ -1.00%
• Median HH income: $52,697
• Composite: 39.12/100
• National rank: #8245
• State rank: #200 of 291 in WA

Livability — SeaTac

• Score: 78/100
• State rank: #118
• US rank: #2417

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: SeaTac, WA
• County: King County · 2,251,916 people
• City population: 62,839
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 27,311
• Household income: $76,438
• Rent vs Own: 58.5% rent · 41.5% own
• Severe rent burden: 1341.0

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 0.79)
• Race & ethnicity: White 28% Black 26% Hispanic / Latino 21% Asian 15% Two or more races 10% Pacific Islander 3%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Lithuanian 2% Portuguese 2% Italian 1%
• Foreign-born: 41% · Canada, Vietnam, Philippines
• Languages at home: 52% English-only · Spanish 15% Other Asian/Pacific 6% Other Indo-European 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: ▼ -595.95%
• Current HPI: 334.4203
• Rent YoY: ▼ -0.68%
• 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

-15.5% since first listed

4 events — show timeline

• 2026-06-05 Price Changed $19,400 NWMLS as Distributed by MLS Grid
• 2026-05-27 Price Changed $19,700 NWMLS as Distributed by MLS Grid
• 2026-05-16 Price Changed $20,000 NWMLS as Distributed by MLS Grid
• 2026-05-09 Listed $22,950 NWMLS as Distributed by MLS Grid