35118 311th Pl NE · Swede Heaven, WA 98223

$280,000

2 bd · 1.0 ba · 1,402 sqft · SingleFamily public records · 42 Days on market

Built 1924 8,000 sqft lot $200/sqft · at area comps Est $289k · at est. $95/mo HOA · 4% of rent

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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 +13.1/30.0
• ARV discount +9.0/15.0
• Schools +4.4/10.0
• DSCR +3.9/10.0
• Rent growth +3.7/5.0
• Livability +3.0/5.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Escape to your own Creekside retreat alongside French Creek! This lovingly updated 1924 cabin offers timeless character paired with modern comforts perfectly blending rustic charm with meaningful improvements. At 1,402 sq ft, the home features 2 bedrooms and a remodeled bath w/ walk-in shower, with an open concept living room boasting serene water views that never get old. Recent upgrades include new flooring, all new appliances, an efficient gas stove, a tankless water heater, and so much more. A detached ADU offers exciting potential with a few finishing touches it could become a fully independent living space, ideal for guests or extended stays. Step outside to multiple decks perfect for

Key facts

• Updated cabin
• Serene water views
• New flooring

Tags

• UPDATED CABIN
• REMODELED BATH
• OPEN CONCEPT LIVING ROOM
• SERENE WATER VIEWS
• NEW FLOORING
• NEW APPLIANCES

Property features AI

Finance

• Other: Located on a 0.1837-acre lot (MLS source: Realist); Partial slope topography
• Financial info: Listing terms: Cash
• HOA & community: Has HOA; annual fee; HOA covers common area maintenance, security, snow removal and trash; Community features include CCRs, gated access, and trails

Exterior

• Parking: Detached carport; Attached garage; Covered parking for 3 vehicles
• Security: Gated community entry; Security gate and security service
• Utilities: Shared well water; Septic tank sewer; Electric and propane energy sources; Power provided by Skagit PUD
• Home design: Single-family house; One story; Entry at main level; Built on lot
• Construction: Wood construction; Metal roof; Pillar/post/pier foundation
• Exterior features: Wood products siding; Deck; Patio; Outbuildings; Shop; Gated entry; Secluded setting; Dirt road access; Creek on the property; Wooded vegetation; Has view

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Laminate; Vinyl plank
• Bathrooms: 1 full bathroom; 1 full bathroom in garage area
• Heating & cooling: Stove/free-standing heating; No central cooling
• Interior features: Fireplace (gas); Water heater
• Laundry & utility: Washer; Dryer; Electric water heater located in the laundry room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $280k.

Deal economics

• At list price, monthly cash flow is $-11 ($-130/yr) — negative.
• To cash-flow at today's rent, offer at most $278k (0.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $222k (20.5% below list).
• Recommended offer: $222k (20.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 59/100 on livability (#483 in WA) — a working-class tenant base; expect higher turnover. Strengths: crime A+, housing A+; Watch: health & safety C-, cost of living D+, amenities F.
• Darrington School District (rural): math 44% / reading 54% proficiency, ranked #155 of 291 in WA (top 53%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Darrington Elementary School (326 students, 64% FRL); Darrington High School (120 students, 48% FRL).
• Market conditions: Rents rising fast (+4.8%/yr); 279 active listings in the ZIP; solid renter incomes; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Snohomish County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($272k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $175k; list at $280k implies a 60% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $222,496 (20.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.79% ✗
• Cap rate: 6.25%
• Cash-on-cash: -0.17%
• DSCR: 0.99
• GRM: 10.5

CMA / ARV

• ARV (median comp): $289,492
• List price: $280,000
• Delta: -3.28%
• Verdict: FAIR
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.77% rent growth · sell at horizon

5-year hold

• IRR: -14.8%
• Equity multiple: 0.46×
• Total profit: $-42,100
• Equity at exit: $41,749

10-year hold

• IRR: -3.7%
• Equity multiple: 0.74×
• Total profit: $-20,674
• Equity at exit: $24,209

Cash invested: $78,400 (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 98223

• Rents YoY: 4.8%
• Active inventory: 279
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $2,225 medium
• Mortgage (P&I): −$1,468
• Tax from tax record: −$89 /mo · $1,063/yr
• Insurance: −$117
• HOA: −$95
• Vacancy / Maint / Mgmt: −$467
• Net cashflow: $-11

Break-even live

Break-even rent $2,239

Max offer price $278,082

Occupancy floor 95%

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $95 · $1,140/yr
• Likely covers: watergas

Listing history 21 events

1. 2026-06-18
   days on market $280,000 Active 42 DOM
2. 2026-06-17
   days on market $280,000 Active 41 DOM
3. 2026-06-16
   days on market $280,000 Active 40 DOM
4. 2026-06-15
   days on market $280,000 Active 39 DOM
5. 2026-06-13
   days on market $280,000 Active 37 DOM
6. 2026-06-13
   days on market $280,000 Active 36 DOM
7. 2026-06-09
   days on market $280,000 Active 33 DOM
8. 2026-06-08
   days on market $280,000 Active 32 DOM
9. 2026-06-07
   days on market $280,000 Active 31 DOM
10. 2026-06-04
    days on market $280,000 Active 28 DOM
11. 2026-06-03
    days on market $280,000 Active 27 DOM
12. 2026-06-02
    days on market $280,000 Active 26 DOM
13. 2026-06-01
    days on market $280,000 Active 25 DOM
14. 2026-05-31
    days on market $280,000 Active 24 DOM
15. 2026-05-07
    listed $280,000 Active
16. 2024-06-24
    soldstatus $175,000 Closed
17. 2024-06-24
    soldstatus $175,000
18. 2024-05-15
    status Pending
19. 2024-05-09
    listed $175,000 Active
20. 2005-07-01
    soldstatus $190,000
21. 2005-03-15
    listed $195,950

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $1,063 · $89/mo
• Projected year-2 tax: $2,744 · $229/mo
• Expected delta: +$1,681/yr (+$140/mo · 158.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $26,700
• − Mortgage interest: −$15,684
• − Property taxes: −$1,063
• − Insurance: −$1,400
• − Repairs & maintenance: −$2,136
• − Management: −$2,136
• − HOA: −$1,140
• − Depreciation: −$8,145
• Taxable loss: −$5,005
• Est. tax savings @ 24.0%: +$1,201
• After-tax cash flow: $1,071/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: Darrington School District
• NCES district ID: 5301980
• Math proficiency: 44% ▲ 3.00%
• Reading proficiency: 54% ▼ -1.00%
• Median HH income: $46,176
• Composite: 43.63/100
• National rank: #6417
• State rank: #155 of 291 in WA

Livability — Swede Heaven

• Score: 59/100
• State rank: #483
• US rank: #20084

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Swede Heaven, WA
• County: Snohomish County · 786,756 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 46,497
• Household income: $99,681
• Rent vs Own: 22.4% rent · 77.6% own
• Severe rent burden: 1068.0

Population outlook (Snohomish County) Hauer SSP2

• Today (2025): 899,800 people
• By 2030: 960,975 · +6.8%
• By 2040: 1,074,447 · +19.4%
• By 2050: 1,171,954 · +30.2%
• By 2075: 1,384,849 · +53.9%
• By 2100: 1,497,296 · +66.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 10% Two or more races 10% Asian 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 9% Lithuanian 3% Slovak 3%
• Foreign-born: 7% · Canada, Vietnam
• Languages at home: 90% English-only · Spanish 5% Tagalog/Filipino 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Snohomish

• 2024 margin: D (+19.0) · D 57.8% · R 38.9% · Other 3.3%
• 2008→2024 swing: +0.1pp no change · 2008: 18.9pp · 2024: 19.0pp
• All cycles: 2024: D+19.0 2020: D+20.6 2016: D+16.6 2012: D+16.2 2008: D+18.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -527.84%
• Current HPI: 314.8582
• Rent YoY: ▲ 4.77%
• 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

+42.9% since first listed

7 events — show timeline

• 2026-05-07 Listed $280,000 NWMLS as Distributed by MLS Grid
• 2024-06-24 Sold (Public Records) $175,000 Public Records
• 2024-06-24 Sold (MLS) $175,000 NWMLS as Distributed by MLS Grid
• 2024-05-15 Pending — NWMLS as Distributed by MLS Grid
• 2024-05-09 Listed $175,000 NWMLS as Distributed by MLS Grid
• 2005-07-01 Sold (MLS) $190,000 NWMLS as Distributed by MLS Grid
• 2005-03-15 Listed $195,950 NWMLS as Distributed by MLS Grid

Property tax history

+1.1%/yr

Latest (2026): $1,063 · -9.0% YoY. Source: county tax records.