3611 I St NE #151 · Auburn, WA 98002

$147,995

2 bd · 2.0 ba · 1,248 sqft · Manufactured · 9 Days on market

Built 1980 Good condition Est $125k · 19% 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 +29.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +2.9/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to The River Estates, a sought-after 55+ community offering great amenities. This beautifully updated, move-in ready home offers a heat pump with A/C, 2 bedrooms, 2 bathrooms and 1,248 sq ft of living space. Step inside to an open concept layout with vaulted ceilings and abundant natural light. The kitchen features a convenient breakfast bar and dining room. Spacious primary suite offers a WIC and private retreat to unwind. * * * Nearly every detail of this home has been refreshed, including new interior/exterior paint, updated lighting, newer carpet and LVP flooring, dual pane vinyl windows for efficiency and comfort. Major upgrades have already been handled for you, including n

Key facts

• Wic
• Private retreat
• Heat pump with a c

Tags

• HEAT PUMP WITH A C
• OPEN CONCEPT LAYOUT
• BREAKFAST BAR
• SPACIOUS PRIMARY SUITE
• WIC
• PRIVATE RETREAT

Property features AI

Finance

• Other: Water company and sewer service included in space rent; Directions: From Auburn Way N, east on 37th St into The River Estates
• Financial info: Land lease payment: $883; Listing terms: Cash or Conventional
• HOA & community: Located in The River Estates (senior community); Park amenities include BBQs, clubhouse, common area, pool, recreational area, sauna, spa/hot tub, high-speed internet availability; 304 homes in the park; Park approved for sale

Exterior

• Parking: Carport; RV parking (community)
• Security: Community clubhouse and common areas (park amenities)
• Utilities: Electric energy source; Public water (included in space rent); Sewer service included in space rent; Power provided by PSE; Cable: Xfinity; Internet: Xfinity
• Home design: Manufactured home (double wide); One level; Facing: Has view; Make: Golden West, Model: Gsd-300; Mobile home remains on lot; Skirted with metal
• Construction: Metal/Vinyl construction materials; Composition roof; Concrete ribbon foundation with tie downs; Manufactured after 06/15/1976
• Exterior features: Metal/vinyl exterior; Paved lot; Community waterfront/private beach access; Spa/Hot tub (community)

Interior

• Kitchen: Dishwasher; Garbage disposal; Stove/Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Vinyl; Carpet
• Bathrooms: 2 full bathrooms; 2 bathtubs; 2 showers
• Heating & cooling: Forced air heating; Heat pump heating; Forced air cooling; Heat pump cooling
• Interior features: Entry; Kitchen with eating space; Living room; Utility room; Bath off primary; Ceiling fan(s); Patio/porch/deck; Vaulted ceilings; Walk-in closet
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $148k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $355 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $148k).
• Cap rate 10.4% 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.
• Market conditions: Rents rising (+1.5%/yr); 171 active listings in the ZIP; 21 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 $1k of loan paydown is wiped out by about $4k 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.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 23y ago; this cycle's ask has dropped $12k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $30k; list at $148k implies a 393% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $152/mo.
• Climate carrying-cost: in FEMA flood zone AH (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $147,995

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.31% ✓
• Cap rate: 10.40%
• Cash-on-cash: 14.67%
• DSCR: 1.65
• GRM: 6.4

CMA / ARV

• ARV (on-the-fly): $124,800
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3611 I St NE #91	0.00mi	2/1.5	1,232 (-1%)	3mo	$138,000	$112	93
3611 I St NE #293	0.00mi	2/2.0	1,248 (0%)	20mo	$162,000	$130	83
3611 I St NE #291	0.00mi	2/2.0	1,380 (+11%)	8mo	$175,000	$127	76
3611 I St NE #24	0.00mi	2/2.0	1,344 (+8%)	15mo	$85,000	$63	75
3611 I St NE #260	0.00mi	3/2.0 (+1)	1,152 (-8%)	13mo	$47,500	$41	71
3611 I St NE #26	0.20mi	2/2.0	1,344 (+8%)	12mo	$175,000	$130	68
3611 I St NE #304	0.20mi	2/2.0	1,344 (+8%)	12mo	$122,000	$91	68
3611 I St NE #296	0.10mi	2/2.0	1,344 (+8%)	20mo	$189,500	$141	66
3611 I St NE #182	0.20mi	3/2.0 (+1)	1,152 (-8%)	14mo	$115,000	$100	61
3611 I St NE #116	0.20mi	3/2.0 (+1)	1,344 (+8%)	18mo	$89,000	$66	57
3611 I St NE #203	0.20mi	2/1.0	1,150 (-8%)	20mo	$60,000	$52	57
725 SE 37th #26	0.31mi	3/2.0 (+1)	1,344 (+8%)	18mo	$120,000	$89	53

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: -2.7%
• Equity multiple: 0.90×
• Total profit: $-4,140
• Equity at exit: $22,067

10-year hold

• IRR: 5.1%
• Equity multiple: 1.35×
• Total profit: $14,579
• Equity at exit: $12,796

Cash invested: $41,439 (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: 6.4×

Monthly cashflow live

• Estimated rent: $1,936 high
• Mortgage (P&I): −$776
• Tax est. 1.5%: −$185 /mo · $2,220/yr
• Insurance: −$62
• Flood insurance flood zone: −$152 /mo · $1,824/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $355

Break-even live

Break-even rent $1,487

Max offer price $147,995

Occupancy floor 77%

Sensitivity live

Price	-10% $457	-5% $406	+0% $355	+5% $303	+10% $252
Rent	-10% $202	-5% $278	+0% $355	+5% $431	+10% $507
Rate	-1.0pp $429	-0.5pp $392	base $355	+0.5pp $316	+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: $36,999
• Closing costs: $4,440
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
802 45th St NE Auburn, WA	1.0–3.0	1.0–2.0	895	$1,749	$1.95	2d	11	0.60mi
2701 J St NE Unit 2701JB Auburn, WA	2.0	1.0	800	$2,050	$2.56	25d	1	0.63mi
987 26th Pl NE Auburn, WA	2.0	1.5	939	$1,795	$1.91	25d	1	0.65mi
2602 J St NE Auburn, WA	2.0	1.0	897	$1,972	$2.20	3d	10	0.67mi
2556 M Pl NE Unit 2556MPC Auburn, WA	2.0	1.0	1000	$1,895	$1.90	20d	1	0.69mi
2545 M Pl NE Unit 2545MPC Auburn, WA	2.0	1.0	1000	$1,895	$1.90	25d	1	0.70mi
2502 M St NE Unit 2502MA Auburn, WA	2.0	1.0	910	$2,050	$2.25	3d	1	0.74mi
4750 Auburn Way N Auburn, WA	1.0–4.0	1.0–2.0	1011	$2,102	$2.08	2d	10	0.79mi
2441 I St NE Auburn, WA	2.0	1.0	910	$1,795	$1.97	15d	1	0.79mi
2414 N St NE Unit C Auburn, WA	3.0	1.0	1271	$1,950	$1.53	25d	1	0.80mi
2409 N St NE Auburn, WA	2.0	1.0	900	$1,950	$2.17	15d	1	0.80mi
2319 L St NE Unit 2319LB Auburn, WA	2.0	1.0	895	$1,995	$2.23	3d	1	0.82mi
2315 L St NE Unit 2315LA Auburn, WA	2.0	1.0	990	$1,995	$2.02	3d	1	0.83mi
2317 I St NE Unit 2319 Auburn, WA	3.0	2.0	1400	$2,275	$1.62	25d	1	0.89mi
2222 L St NE Unit 2222LA Auburn, WA	2.0	1.0	895	$1,995	$2.23	3d	1	0.89mi
2212 O St NE Unit D Auburn, WA	3.0	1.0	1000	$1,925	$1.93	22d	1	0.92mi
802 22nd St NE Unit 802 Auburn, WA	2.0	1.0	750	$1,585	$2.11	13d	1	1.00mi
1741 22nd St NE Auburn, WA	1.0–3.0	1.0–2.0	902	$1,650	$1.83	3d	2	1.00mi
2025 M St NE Unit 2045 Auburn, WA	2.0	1.5	1248	$2,095	$1.68	22d	1	1.01mi
1015 18th St NE Unit 931 935 1001 1007 Auburn, WA	2.0	1.0	900	$1,699	$1.89	25d	1	1.08mi
1413 12th St NE Unit ADU Auburn, WA	3.0	1.0	1000	$2,400	$2.40	5d	1	1.46mi

Listing history 19 events

1. 2026-06-18
   days on market $147,995 Active 9 DOM
2. 2026-06-17
   days on market $147,995 Active 8 DOM
3. 2026-06-16
   days on market $147,995 Active 7 DOM
4. 2026-06-15
   days on market $147,995 Active 6 DOM
5. 2026-06-13
   days on market $147,995 Active 4 DOM
6. 2026-06-13
   days on market $147,995 Active 3 DOM
7. 2026-06-10
   remarks 699-char remark
8. 2026-06-10
   pricedays on marketlisting id $147,995 Active 1 DOM
9. 2026-06-09
   days on market $159,995 Active 36 DOM
10. 2026-06-08
    days on market $159,995 Active 35 DOM
11. 2026-06-07
    days on market $159,995 Active 34 DOM
12. 2026-06-04
    days on market $159,995 Active 31 DOM
13. 2026-06-03
    days on market $159,995 Active 30 DOM
14. 2026-06-02
    days on market $159,995 Active 29 DOM
15. 2026-06-01
    days on market $159,995 Active 28 DOM
16. 2026-05-31
    days on market $159,995 Active 27 DOM
17. 2026-05-04
    listed $159,995 Active
18. 2003-06-04
    soldstatus $30,000
19. 2003-04-07
    listed $32,500

ⓘ 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 5/10 Major FEMA zone AH · 27% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥87°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: $23,230
• − Mortgage interest: −$8,290
• − Property taxes: −$2,220
• − Insurance: −$2,564
• − Repairs & maintenance: −$1,858
• − Management: −$1,858
• − Depreciation: −$4,305
• Taxable income: $2,134
• Est. tax owed @ 24.0%: −$512
• After-tax cash flow: $3,742/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 move-in ready manufactured home in The River Estates offers a good condition with minor cosmetic updates, making it an attractive option for both resale and rental.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value
• Both interior paint — refreshes the home's appearance
• Both lighting — improves ambiance and safety

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and adds value ↑
• Both interior paint — refreshes the home's appearance ↑
• Both lighting — improves ambiance and safety ↑

ⓘ 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: 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

+392.3% since first listed

3 events — show timeline

• 2026-05-04 Listed $159,995 NWMLS as Distributed by MLS Grid
• 2003-06-04 Sold (MLS) $30,000 NWMLS as Distributed by MLS Grid
• 2003-04-07 Listed $32,500 NWMLS as Distributed by MLS Grid