2500 S 370th St #32 · Lakeland South, WA 98003

$87,500

2 bd · 2.0 ba · 1,248 sqft · Manufactured · 134 Days on market

Built 1981 Est $116k · 25% under ↓ 11% since listing

---

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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Schools +3.9/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Experience comfort, charm & low-maintenance living in this updated 2BR/2BA home in Kloshe Illahee (55+). Inviting layout with updated center kitchen + walk-in pantry, new LVP flooring, and remodeled bathrooms. Big-ticket updates: roof & fresh exterior paint (2024), plus heat pump w/ A/C and water heater (2022). Primary suite with walk-in closet; private secondary bedroom for guests/office. Enjoy a large entertaining deck, fully fenced yard, powered storage shed, and stainless refrigerator in utility room (included). Relax on the oversized covered patio on a corner lot near a quiet cul-de-sac. Unique park amenities: pool, spa, sauna, fitness center, walking trail & social e

Key facts

• Heat pump
• Fresh exterior paint
• New roof

Tags

• UPDATED CENTER KITCHEN
• WALK-IN PANTRY
• REMODELED BATHROOMS
• NEW ROOF
• FRESH EXTERIOR PAINT
• HEAT PUMP

Property features AI

Finance

• Financial info: Land lease amount: $1,449; Listing terms: Cash or Conventional
• HOA & community: Located in a senior community (park is senior community); Park amenities include clubhouse, pool, spa/hot tub, sauna, exercise room, trails, recreational area, BBQs, common areas, sidewalks and RV parking; Park approved for sale; Approximately 258 homes in the park; Pets allowed (cats and dogs); Land lease applies

Exterior

• Parking: Carport
• Utilities: Electric service and electric water heater; Community water; Community sewer; Power provided by PSE
• Home design: Manufactured double-wide (Silvercrest Buckingham); Updated/remodeled condition; One story; Mobile home remains; Style: Manufactured double wide
• Construction: Metal/vinyl construction; Composition roof; Pillar/post/pier foundation; Manufactured after 06/15/1976
• Exterior features: Patio/porch/deck; Awnings; Landscaped; Metal/vinyl exterior; Has view; Located in a cul-de-sac; Paved access

Interior

• Kitchen: Stove/Range; Microwave; Dishwasher; Refrigerator; See remarks
• Bedrooms: 2 bedrooms
• Flooring: Laminate; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath
• Heating & cooling: Heat pump for heating and cooling
• Interior features: Water heater; Vaulted ceilings; Walk-in closet; Bath off primary
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $88k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $88k).
• Recommended offer: $77k (12.0% below list) — sets the bar for market timing.
• Cap rate 24.2% vs local median 2.9% in Lakeland South — 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 79/100 on livability (#113 in WA, #2,299 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: amenities F, cost of living F.
• Federal Way School District (suburban): math 35% / reading 47% proficiency, ranked #207 of 291 in WA (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Rainier View Elementary School (495 students, 84% FRL); Sequoyah Middle School (535 students, 81% FRL); Todd Beamer High School (1,302 students, 70% FRL) — zoned schools average 78% FRL vs 48% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.3%/yr); 233 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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 39% of the median local income ($75k/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 $605 of loan paydown is wiped out by about $3k 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 + 2.3% rent growth), your $24k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 134 days — a 12% lower offer ($77k) is reasonable based on typical stale-listing flexibility.

Recommended offer $77,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 134 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. 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: 2.76% ✓
• Cap rate: 24.20%
• Cash-on-cash: 63.94%
• DSCR: 3.85
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $116,064
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2500 S 370th St #32	0.00mi	2/2.0	1,248 (0%)	1mo	$84,000	$67	100
37301 28th Ave S	0.20mi	2/2.0	1,248 (0%)	0mo	$200,000	$160	90
2500 S 370th St #112	0.00mi	2/2.0	1,248 (0%)	14mo	$118,000	$95	89
2500 S 370th St #61	0.08mi	2/2.0	1,248 (0%)	12mo	$74,500	$60	87
2430 S 371st St #49	0.09mi	3/2.0 (+1)	1,200 (-4%)	2mo	$190,000	$158	83
2500 S 370th St #40	0.00mi	2/2.0	1,296 (+4%)	14mo	$82,000	$63	82
2500 S 370th St #208	0.00mi	2/2.0	1,344 (+8%)	10mo	$110,000	$82	79
2500 S 370th St N #85	0.08mi	2/2.0	1,344 (+8%)	6mo	$125,000	$93	79
2500 S 370th St #213	0.08mi	2/2.0	1,344 (+8%)	7mo	$69,900	$52	78
2500 S 370th St #160	0.08mi	2/2.0	1,344 (+8%)	9mo	$120,000	$89	76
2500 S 370th St #54	0.08mi	3/2.0 (+1)	1,344 (+8%)	9mo	$127,500	$95	71
2500 S 370th St #162	0.08mi	3/2.0 (+1)	1,380 (+11%)	4mo	$160,000	$116	70

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 · 2.33% rent growth · sell at horizon

5-year hold

• IRR: 62.3%
• Equity multiple: 3.75×
• Total profit: $67,385
• Equity at exit: $13,047

10-year hold

• IRR: 66.6%
• Equity multiple: 7.50×
• Total profit: $159,335
• Equity at exit: $7,565

Cash invested: $24,500 (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 98003

• Rents YoY: 2.3%
• Active inventory: 233
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $2,418 high
• Mortgage (P&I): −$459
• Tax est. 1.5%: −$109 /mo · $1,312/yr
• Insurance: −$36
• HOA: −$0
• Vacancy / Maint / Mgmt: −$508
• Net cashflow: $1,305

Break-even live

Break-even rent $765

Max offer price $87,500

Occupancy floor 41%

Sensitivity live

Price	-10% $1,366	-5% $1,336	+0% $1,305	+5% $1,275	+10% $1,245
Rent	-10% $1,114	-5% $1,210	+0% $1,305	+5% $1,401	+10% $1,496
Rate	-1.0pp $1,350	-0.5pp $1,328	base $1,305	+0.5pp $1,283	+1.0pp $1,260

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: $21,875
• Closing costs: $2,625
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1926 S 368th Pl #206 Federal Way, WA	2.0	2.5	1176	$2,995	$2.55	0d	1	0.35mi
35929 21st Pl S Federal Way, WA	2.0	1.5–2.0	1174	$2,650	$2.26	0d	5	0.72mi
2020 S 360th St Federal Way, WA	1.0–3.0	1.0–2.0	971	$1,915	$1.97	0d	25	0.80mi
1211 S 376th St Milton, WA	1.0–2.0	1.0–2.0	952	$3,350	$3.52	0d	65	0.96mi
35703 16th Ave S Federal Way, WA	1.0–5.0	1.0–3.0	1098	$1,874	$1.71	3d	28	1.15mi
207 Meridian Ave E Edgewood, WA	1.0–2.0	1.0–2.0	835	$2,498	$2.99	0d	18	1.17mi

Listing history 3 events

1. 2026-04-30
   status Pending
2. 2026-04-04
   price $87,500
3. 2025-12-17
   listed $98,500 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 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,015
• − Mortgage interest: −$4,901
• − Property taxes: −$1,312
• − Insurance: −$438
• − Repairs & maintenance: −$2,321
• − Management: −$2,321
• − Depreciation: −$2,545
• Taxable income: $15,176
• Est. tax owed @ 24.0%: −$3,642
• After-tax cash flow: $12,024/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: Federal Way School District
• NCES district ID: 5302820
• Math proficiency: 35% ▬ 0.00%
• Reading proficiency: 47% ▬ 0.00%
• Median HH income: $61,594
• Composite: 38.79/100
• National rank: #8361
• State rank: #207 of 291 in WA

Livability — Lakeland South

• Score: 79/100
• State rank: #113
• US rank: #2299

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lakeland South, WA
• County: King County · 2,251,916 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 51,619
• Household income: $75,319
• Rent vs Own: 53.1% rent · 46.9% own
• Severe rent burden: 2895.0

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 32% Hispanic / Latino 23% Black 19% Two or more races 16% Asian 13% Pacific Islander 2%
• Hispanic origin (detail): Mexican 18%
• Common ancestry: Portuguese 3% Lithuanian 2% Swedish 2%
• Foreign-born: 32% · Canada, South Korea, Vietnam
• Languages at home: 57% English-only · Spanish 18% Other Indo-European 3% Russian/Polish/Slavic 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: ▼ -623.87%
• Current HPI: 327.5371
• Rent YoY: ▲ 2.33%
• 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

-11.2% since first listed

3 events — show timeline

• 2026-04-30 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-04 Price Changed $87,500 NWMLS as Distributed by MLS Grid
• 2025-12-17 Listed $98,500 NWMLS as Distributed by MLS Grid