6206 188th St NE #46 · Arlington, WA 98223

$54,000

2 bd · 1.0 ba · 784 sqft · Manufactured public records · 25 Days on market

Built 1977

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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
• Schools +5.3/10.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming garden retreat in a welcoming 55+ community! Nestled on a beautiful corner lot, this lovingly maintained manufactured home is a gardener’s paradise. From the moment you arrive, you’ll notice the pride of ownership both inside and out. Step into an inviting open layout featuring a spacious living room filled with natural light, complemented by fresh interior paint and stylish new LVP flooring throughout. The large kitchen is a standout, offering a generous island and a picturesque window that overlooks your lush front garden. The comfortable primary bedroom provides ample closet space, while the second bedroom offers flexibility as a guest room or home office. The refres

Key facts

• Generous island
• Open layout
• Large kitchen

Tags

• CORNER LOT
• OPEN LAYOUT
• LARGE KITCHEN
• GENEROUS ISLAND
• PICTURESQUE WINDOW
• LUSH FRONT GARDEN

Property features AI

Finance

• Other: Calculated living area: 784; MLS square footage source: Realist/tax records; Buyer broker compensation: $1,500
• Financial info: Cash offers only
• HOA & community: Located in Airway Mobile Home Park (about 60 homes); Senior community with senior exemption; Pets allowed (cats and dogs; see remarks); Park approved for sale; Common area in park; Land lease: $850/month

Exterior

• Parking: Carport; Uncovered parking
• Utilities: Electric energy; Public water (billed through park); Sewer billed through park; Power by Snohomish County PUD; Cable available (Xfinity); Internet available (Ziply or Xfinity)
• Home design: Manufactured single-wide home (Ridgewood); One level; Mobile home remains; Good condition
• Construction: Metal roof; Metal/vinyl construction; Built as manufactured after 06/15/1976
• Exterior features: Corner lot; Paved lot; Awnings; Drapes; Landscaped; Patio/porch/deck; Metal/vinyl exterior; Metal skirt

Interior

• Kitchen: Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Vinyl plank
• Bathrooms: 1 three-quarter bathroom
• Heating & cooling: Forced air heating; No central air; Double-pane windows
• Interior features: Water heater (electric) located in exterior closet; Tie down foundation
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $54k.

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 $54k).
• Recommended offer: $53k (1.5% below list) — sets the bar for market timing.
• Cap rate 35.2% vs local median 2.5% in Arlington — 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 80/100 on livability (#96 in WA, #1,873 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: crime D+, cost of living F.
• Arlington School District (suburban): math 50% / reading 66% proficiency, ranked #58 of 291 in WA (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Pioneer Elementary (493 students, 35% FRL); Haller Middle School (589 students, 38% FRL); Arlington High School (1,661 students, 36% FRL).
• Market conditions: Rents rising fast (+4.8%/yr); 287 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $373 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 4.8% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($53k) is reasonable based on typical stale-listing flexibility.

Recommended offer $53,190 (1.5% below list)

Questions for the listing agent

1. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
4. Crime grade is D 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?
5. 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.
6. 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.
7. 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: 3.92% ✓
• Cap rate: 35.18%
• Cash-on-cash: 103.18%
• DSCR: 5.59
• GRM: 2.1

CMA / ARV

• ARV (on-the-fly): $35,280
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6206 188th St NE #69	0.00mi	2/1.0	728 (-7%)	21mo	$32,500	$45	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 · 4.77% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.15×
• Total profit: $77,923
• Equity at exit: $8,052

10-year hold

• IRR: —
• Equity multiple: 13.63×
• Total profit: $190,936
• Equity at exit: $4,669

Cash invested: $15,120 (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: 287
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $2,118 high
• Mortgage (P&I): −$283
• Tax est. 1.5%: −$68 /mo · $810/yr
• Insurance: −$22
• HOA: −$0
• Vacancy / Maint / Mgmt: −$445
• Net cashflow: $1,300

Break-even live

Break-even rent $472

Max offer price $54,000

Occupancy floor 34%

Sensitivity live

Price	-10% $1,337	-5% $1,319	+0% $1,300	+5% $1,281	+10% $1,263
Rent	-10% $1,133	-5% $1,216	+0% $1,300	+5% $1,384	+10% $1,467
Rate	-1.0pp $1,327	-0.5pp $1,314	base $1,300	+0.5pp $1,286	+1.0pp $1,272

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: $13,500
• Closing costs: $1,620
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18725 67th Ave NE Arlington, WA	1.0–2.0	1.0–2.0	667	$2,250	$3.37	0d	3	0.33mi
19920 67th Ave NE #47 Arlington, WA	3.0	1.5	1000	$2,185	$2.19	6d	1	0.84mi
19920 67th Ave NE #52 Arlington, WA	2.0	1.0	800	$1,485	$1.86	6d	1	0.84mi
17327 67th Ave NE Arlington, WA	2.0	1.0–2.5	900	$2,295	$2.55	0d	7	0.91mi
6605 204th St NE Arlington, WA	1.0	1.0	578	$1,700	$2.94	0d	2	1.15mi
20310 74th Ave NE Arlington, WA	3.0	1.0–2.0	819	$2,440	$2.98	0d	17	1.28mi
7980 200th St NE Arlington, WA	2.0	1.5–2.0	958	$2,188	$2.28	0d	6	1.31mi
20227 77th Ave NE Arlington, WA	1.0–2.0	1.0–2.0	805	$2,200	$2.73	0d	6	1.37mi
4906 Longhouse Trail Ln NE Arlington, WA	2.0	1.0–2.0	687	$2,350	$3.42	0d	9	1.47mi

Listing history 17 events

1. 2026-06-21
   days on market $54,000 Active 25 DOM
2. 2026-06-18
   days on market $54,000 Active 22 DOM
3. 2026-06-17
   days on market $54,000 Active 21 DOM
4. 2026-06-16
   days on market $54,000 Active 20 DOM
5. 2026-06-15
   days on market $54,000 Active 19 DOM
6. 2026-06-13
   days on market $54,000 Active 17 DOM
7. 2026-06-13
   days on market $54,000 Active 16 DOM
8. 2026-06-10
   price $54,000 Active 13 DOM
9. 2026-06-09
   days on market $59,000 Active 13 DOM
10. 2026-06-08
    days on market $59,000 Active 12 DOM
11. 2026-06-07
    days on market $59,000 Active 11 DOM
12. 2026-06-04
    days on market $59,000 Active 8 DOM
13. 2026-06-03
    days on market $59,000 Active 7 DOM
14. 2026-06-02
    days on market $59,000 Active 6 DOM
15. 2026-06-01
    days on market $59,000 Active 5 DOM
16. 2026-05-31
    days on market $59,000 Active 4 DOM
17. 2026-05-27
    listed $59,000 Active

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

Taxation est. · year 1

• Rental income: $25,417
• − Mortgage interest: −$3,025
• − Property taxes: −$810
• − Insurance: −$270
• − Repairs & maintenance: −$2,033
• − Management: −$2,033
• − Depreciation: −$1,571
• Taxable income: $15,674
• Est. tax owed @ 24.0%: −$3,762
• After-tax cash flow: $11,839/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: Arlington School District
• NCES district ID: 5300240
• Math proficiency: 50% ▼ -1.00%
• Reading proficiency: 66% ▲ 1.00%
• Median HH income: $73,341
• Composite: 53.31/100
• National rank: #3184
• State rank: #58 of 291 in WA

Livability — Arlington

• Score: 80/100
• State rank: #96
• US rank: #1873

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Arlington, WA
• County: Snohomish County · 786,756 people
• City population: 46,497
• 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

1 event — show timeline

• 2026-05-27 Listed $59,000 NWMLS as Distributed by MLS Grid

Property tax history

+5.7%/yr

Latest (2026): $102 · +101.0% YoY. Source: county tax records.