3105 M St SE #33 · Auburn, WA 98002

$59,999

2 bd · 1.0 ba · 840 sqft · Manufactured · 149 Days on market

Built 1974 Est $92k · 35% under ↓ 25% 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

This 2-bedroom, 1 bath home is located in the heart of Auburn at Skylark Mobile Home Park (All ages) very well maintained, recently painted and almost new shed. Sellers had a garden with tons of veggies, herbs and fruits each year. This home has space for everything! Very close to schools, restaurants, markets and public transportation. Financing available. Please contact a realtor to view it, do not disturb tenants.

Key facts

• 2 parking spots
• Built 1974
• Listed 149 days

Property features AI

Finance

• Other: Buyer to verify schools; Bus line nearby
• Financial info: Land lease: $1,225/month; Listing terms: Cash or Conventional
• HOA & community: Located in Skylark Village Estates II (park approved for sale); Monthly land lease

Exterior

• Parking: 2 open/uncovered parking spaces
• Utilities: Public water; Electric energy source; Electric water heater (located in closet)
• Home design: Manufactured single-wide home; One level; Mobile home remains on site; Good condition
• Construction: Metal/vinyl and wood construction; Torch down roof; Tie-down foundation; Manufactured house structure
• Exterior features: Patio/porch/deck; Metal/vinyl and wood exterior

Interior

• Kitchen: Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Laminate; Carpet
• Bathrooms: 1 full bathroom with bathtub
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Water heater (electric)
• Laundry & utility: Washer; Dryer; Laundry available in park

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $60k.

Deal economics

• At list price, monthly cash flow is $909 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.
• Cap rate 24.5% 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); 176 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals leasing fast (median 6d 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).

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 ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 149 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.

Recommended offer $52,799 (12.0% below list)

Questions for the listing agent

1. It's been on market 149 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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. 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: 2.79% ✓
• Cap rate: 24.47%
• Cash-on-cash: 64.93%
• DSCR: 3.89
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $92,400
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3225 M St SE #131	0.02mi	2/2.0	900 (+7%)	8mo	$105,000	$117	76
3105 M St SE #44	0.00mi	2/1.0	720 (-14%)	2mo	$36,000	$50	74
2302 R St SE #55	0.60mi	2/1.0	849 (+1%)	1mo	$23,500	$28	69
900 29th St SE Unit E10	0.17mi	2/1.0	720 (-14%)	6mo	$29,000	$40	63
900 29th St SE Unit D-11	0.20mi	3/2.0 (+1)	960 (+14%)	3mo	$71,750	$75	56
401 37th St SE #20	0.55mi	2/1.0	896 (+7%)	12mo	$100,000	$112	53
2304 A St SE #55	0.72mi	2/1.0	780 (-7%)	3mo	$103,000	$132	52
210 37th St SE #35	0.69mi	2/1.0	784 (-7%)	13mo	$115,000	$147	46
418 37th St SE	0.57mi	3/2.0 (+1)	924 (+10%)	8mo	$225,000	$244	41
210 37th St SE #94	0.69mi	2/2.0	924 (+10%)	15mo	$85,000	$92	35
210 37th St SE #64	0.72mi	2/2.0	960 (+14%)	7mo	$72,000	$75	33
210 37th St SE #1	0.72mi	3/1.0 (+1)	952 (+13%)	18mo	$105,000	$110	24

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: 62.4%
• Equity multiple: 3.72×
• Total profit: $45,719
• Equity at exit: $8,946

10-year hold

• IRR: 66.4%
• Equity multiple: 7.23×
• Total profit: $104,601
• 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: 176
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $1,675 high
• Mortgage (P&I): −$315
• Tax est. 1.5%: −$75 /mo · $900/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$352
• Net cashflow: $909

Break-even live

Break-even rent $525

Max offer price $59,999

Occupancy floor 41%

Sensitivity live

Price	-10% $950	-5% $930	+0% $909	+5% $888	+10% $867
Rent	-10% $777	-5% $843	+0% $909	+5% $975	+10% $1,041
Rate	-1.0pp $939	-0.5pp $924	base $909	+0.5pp $893	+1.0pp $878

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 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2952 O St SE Unit F Auburn, WA	2.0	1.0	1051	$1,495	$1.42	3d	1	0.18mi
2952 O St SE Unit D Auburn, WA	2.0	1.0	795	$1,375	$1.73	3d	1	0.19mi
1526 29th St SE Auburn, WA	2.0	1.0	912	$1,595	$1.75	25d	1	0.25mi
1120 37th St SE Auburn, WA	2.0	1.0	788	$1,695	$2.15	13d	1	0.33mi
1014 37th St SE Apt 4 Auburn, WA	2.0	2.0	1005	$1,780	$1.77	6d	1	0.37mi
404 27th St SE Unit 19-1 Auburn, WA	2.0	1.0	1000	$1,750	$1.75	13d	1	0.51mi
2455 F St SE Auburn, WA	1.0–3.0	1.0–2.0	757	$1,678	$2.21	3d	6	0.58mi
417 22nd St SE Apt C Auburn, WA	2.0	1.0	600	$1,700	$2.83	0d	1	0.69mi
402 21st St SE Auburn, WA	1.0–2.0	1.0–1.5	747	$1,695	$2.27	15d	4	0.74mi
2020 F St SE Auburn, WA	1.0–2.0	1.0	725	$1,599	$2.21	25d	1	0.75mi
1420 17th St SE Auburn, WA	1.0–2.0	1.0	725	$1,695	$2.34	4d	4	0.88mi
703 47th St SE Auburn, WA	2.0	1.0–2.0	781	$1,970	$2.52	2d	7	1.06mi
732 4th Ave NE Pacific, WA	2.0	1.0	850	$1,805	$2.12	6d	2	1.07mi
2901 Auburn Way S Auburn, WA	1.0–2.0	1.0	667	$2,175	$3.26	0d	20	1.16mi
345 Pacific Ave N Pacific, WA	1.0–3.0	1.0–2.0	898	$1,950	$2.17	0d	10	1.33mi
111 10th St SE Unit 4 Auburn, WA	1.0	1.0	560	$1,295	$2.31	6d	1	1.41mi
111 10th St SE Apt 1 Auburn, WA	1.0	1.0	560	$1,295	$2.31	25d	1	1.41mi

Listing history 24 events

1. 2026-06-21
   days on market $59,999 Active 149 DOM
2. 2026-06-18
   days on market $59,999 Active 146 DOM
3. 2026-06-17
   days on market $59,999 Active 145 DOM
4. 2026-06-16
   days on market $59,999 Active 144 DOM
5. 2026-06-15
   days on market $59,999 Active 143 DOM
6. 2026-06-13
   days on market $59,999 Active 141 DOM
7. 2026-06-13
   days on market $59,999 Active 140 DOM
8. 2026-06-09
   days on market $59,999 Active 137 DOM
9. 2026-06-08
   days on market $59,999 Active 136 DOM
10. 2026-06-07
    days on market $59,999 Active 135 DOM
11. 2026-06-04
    days on market $59,999 Active 132 DOM
12. 2026-06-03
    days on market $59,999 Active 131 DOM
13. 2026-06-02
    days on market $59,999 Active 130 DOM
14. 2026-06-01
    days on market $59,999 Active 129 DOM
15. 2026-05-31
    days on market $59,999 Active 128 DOM
16. 2026-05-20
    price $59,999
17. 2026-05-06
    price $50,999
18. 2026-04-08
    price $55,999
19. 2026-04-04
    price $58,000
20. 2026-03-16
    price $60,000
21. 2026-03-16
    price $65,000
22. 2026-02-27
    price $70,000
23. 2026-02-13
    price $75,000
24. 2026-01-23
    listed $80,000 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 ≥87°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: $20,105
• − Mortgage interest: −$3,361
• − Property taxes: −$900
• − Insurance: −$300
• − Repairs & maintenance: −$1,608
• − Management: −$1,608
• − Depreciation: −$1,745
• Taxable income: $10,582
• Est. tax owed @ 24.0%: −$2,540
• After-tax cash flow: $8,368/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

-25.0% since first listed

9 events — show timeline

• 2026-05-20 Price Changed $59,999 NWMLS as Distributed by MLS Grid
• 2026-05-06 Price Changed $50,999 NWMLS as Distributed by MLS Grid
• 2026-04-08 Price Changed $55,999 NWMLS as Distributed by MLS Grid
• 2026-04-04 Price Changed $58,000 NWMLS as Distributed by MLS Grid
• 2026-03-16 Price Changed $60,000 NWMLS as Distributed by MLS Grid
• 2026-03-16 Price Changed $65,000 NWMLS as Distributed by MLS Grid
• 2026-02-27 Price Changed $70,000 NWMLS as Distributed by MLS Grid
• 2026-02-13 Price Changed $75,000 NWMLS as Distributed by MLS Grid
• 2026-01-23 Listed $80,000 NWMLS as Distributed by MLS Grid