2500 S 370th St #96 · Lakeland South, WA 98003

$62,500

2 bd · 2.0 ba · 1,120 sqft · Manufactured · 49 Days on market

Built 1980 Fair condition $56/sqft · 51% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Schools +3.9/10.0
• Rent growth +3.1/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

PRICE IMPROVEMENT! Motivated Seller offering a $2,000 buyer credit at closing with a full price offer. This cozy home is located i Kloshe Illhee Park, a 55+ community with many amenities for the park residents to enjoy. A large clubhouse with exercise room, pool, hot tub, sauna, pool tables, theater room and party room with kitchen. This two bedroom 2 bath home is waiting for its new owner. Come and love and live in this great community. Home is sold As-Is and priced accordingly. Garbage and recycling included. You are close to I 5 if you like easy access to everything. Close to shopping and necessities. Experience easy living! Make this home your own oasis.

Key facts

• Parking
• Community pool
• Built 1980

Property features AI

Finance

• Other: Senior community designation; Buyer to verify schools
• Financial info: Land lease: $1,540; Cash offers only
• HOA & community: Park approved for sale; Kloshe Illahee park with 258 homes; Community clubhouse; Common areas; Exercise room; Pool; Spa/Hot tub; Tennis courts

Exterior

• Parking: Carport; RV parking (community)
• Utilities: Electric energy source; Public water; Park sewer; PSE power; Electric water heater
• Home design: Manufactured home (double wide); One story; Entry; Primary bath off bedroom
• Construction: Metal skirting; Metal/vinyl construction materials; Composition roof; Pillar/post/pier foundation; Manufactured after 6/15/1976
• Exterior features: Metal/vinyl exterior; Awnings; Drapes; Cul-de-sac lot; Paved access; Has view; Spa/Hot Tub (community)

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Hardwood; Vinyl; Carpet
• Bathrooms: 2 full bathrooms; 1 bathtub; 1 shower
• Heating & cooling: Forced air heating; No cooling
• Interior features: Water heater; Electric fireplace
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $62k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $62k).
• Recommended offer: $61k (3.0% below list) — sets the bar for market timing.
• Cap rate 34.1% 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.
• Market conditions: Rents rising (+2.3%/yr); 231 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 2d 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 38% 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 $432 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 + 2.3% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 19y ago; this cycle's ask has dropped $5k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $32k; list at $62k implies a 92% gain — meaningful room to come down on a strong offer.

Recommended offer $60,625 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 3.81% ✓
• Cap rate: 34.14%
• Cash-on-cash: 99.46%
• DSCR: 5.43
• GRM: 2.2

CMA / ARV

• ARV (median comp): $126,764
• List price: $62,500
• Delta: -50.70%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 7 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 (+11%)	0mo	$84,000	$67	80
2430 S 371st St #49	0.09mi	3/2.0 (+1)	1,200 (+7%)	2mo	$190,000	$158	78
37301 28th Ave S	0.20mi	2/2.0	1,248 (+11%)	0mo	$200,000	$160	72
2500 S 370th St #112	0.00mi	2/2.0	1,248 (+11%)	13mo	$118,000	$95	70
2500 S 370th St #61	0.08mi	2/2.0	1,248 (+11%)	12mo	$74,500	$60	68
2500 S 370th St #146	0.08mi	2/2.0	1,248 (+11%)	21mo	$69,900	$56	60
2500 Alder St #214	0.71mi	2/2.0	1,248 (+11%)	18mo	$65,000	$52	33

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: 99.8%
• Equity multiple: 5.61×
• Total profit: $80,691
• Equity at exit: $9,319

10-year hold

• IRR: —
• Equity multiple: 11.45×
• Total profit: $182,903
• Equity at exit: $5,404

Cash invested: $17,500 (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: 231
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $2,383 high
• Mortgage (P&I): −$328
• Tax est. 1.5%: −$78 /mo · $938/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$500
• Net cashflow: $1,450

Break-even live

Break-even rent $547

Max offer price $62,500

Occupancy floor 34%

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: $15,625
• Closing costs: $1,875
• 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	1d	1	0.35mi
2020 S 360th St Federal Way, WA	1.0–3.0	1.0–2.0	971	$1,915	$1.97	1d	24	0.80mi
210 27th Ave Milton, WA	1.0–2.0	1.0–2.0	837	$2,199	$2.63	1d	5	0.93mi
1211 S 376th St Milton, WA	1.0–2.0	1.0–2.0	952	$3,350	$3.52	1d	63	0.96mi
35703 16th Ave S Federal Way, WA	1.0–5.0	1.0–3.0	1098	$1,874	$1.71	1d	28	1.15mi
207 Meridian Ave E Edgewood, WA	1.0–2.0	1.0–2.0	835	$2,649	$3.17	1d	18	1.17mi

Listing history 17 events

1. 2026-06-18
   days on market $62,500 Active 49 DOM
2. 2026-06-17
   days on market $62,500 Active 48 DOM
3. 2026-06-16
   days on market $62,500 Active 47 DOM
4. 2026-06-15
   days on market $62,500 Active 46 DOM
5. 2026-06-13
   remarks 666-char remark
6. 2026-06-13
   pricedays on market $62,500 Active 44 DOM
7. 2026-06-09
   days on market $67,950 Active 40 DOM
8. 2026-06-08
   days on market $67,950 Active 39 DOM
9. 2026-06-07
   days on market $67,950 Active 38 DOM
10. 2026-06-04
    days on market $67,950 Active 35 DOM
11. 2026-06-03
    days on market $67,950 Active 34 DOM
12. 2026-06-02
    days on market $67,950 Active 33 DOM
13. 2026-06-01
    days on market $67,950 Active 32 DOM
14. 2026-05-31
    days on market $67,950 Active 31 DOM
15. 2026-04-28
    listed $67,950 Active
16. 2007-07-03
    soldstatus $32,500
17. 2007-05-01
    listed $34,950

ⓘ 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: $28,593
• − Mortgage interest: −$3,501
• − Property taxes: −$938
• − Insurance: −$312
• − Repairs & maintenance: −$2,287
• − Management: −$2,287
• − Depreciation: −$1,818
• Taxable income: $17,449
• Est. tax owed @ 24.0%: −$4,188
• After-tax cash flow: $13,217/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

Fair 45/100 Moderate rehab

This 55+ community home requires moderate renovations to improve its condition and value. Key updates include fresh paint, new carpet, and modern kitchen and bathroom fixtures.

Repairs flagged

• Moderate kitchen cabinets — Worn and outdated
• Major bathroom fixtures — Outdated and in poor condition
• Minor exterior siding — Some wear

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace carpet — New carpet improves comfort and reduces maintenance
• Both Replace kitchen cabinets — New cabinets modernize the space and improve functionality
• Both Replace bathroom fixtures — New fixtures modernize the space and improve functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · Worn and outdated	Moderate	$3,000–15,000
bathroom fixtures · Outdated and in poor condition	Major	$15,000–50,000
exterior siding · Some wear	Minor	$500–3,000
Total estimated repair cost · 3 items		$18,500–68,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace carpet — New carpet improves comfort and reduces maintenance ↑
• Both Replace kitchen cabinets — New cabinets modernize the space and improve functionality ↑
• Both Replace bathroom fixtures — New fixtures modernize the space and improve functionality ↑

ⓘ 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: 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

+78.8% since first listed

4 events — show timeline

• 2026-06-10 Price Changed $62,500 NWMLS as Distributed by MLS Grid
• 2026-04-28 Listed $67,950 NWMLS as Distributed by MLS Grid
• 2007-07-03 Sold (MLS) $32,500 NWMLS as Distributed by MLS Grid
• 2007-05-01 Listed $34,950 NWMLS as Distributed by MLS Grid