2500 Alder St #22 · Milton, WA 98354

$92,000

3 bd · 2.0 ba · 1,440 sqft · Manufactured · 35 Days on market

Built 1979 13 ac lot Est $135k · 32% under

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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 +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

PRICE IMPROVEMENT!! Welcome to Heather Hills, a gated 55+ community featuring an active clubhouse with social gatherings, card games, and weekly coffee get togethers. This well-designed home offers 3 bedrooms and 2 bathrooms, with a private primary suite and 5-piece en-suite bath on one end, and two additional bedrooms with adjacent bath on the opposite end for added privacy. Recent updates include 8” wide-plank espresso-tone LVP flooring, new subfloor, and updated PEX plumbing. The laundry room also features new sub flooring and LVP flooring. The bright living room enjoys western exposure with beautiful sunset views. Both formal and informal dining areas provide great space for enter

Key facts

• Gated community
• Active clubhouse
• Updated pex plumbing

Tags

• GATED COMMUNITY
• ACTIVE CLUBHOUSE
• PRIVATE PRIMARY SUITE
• 5-PIECE EN-SUITE BATH
• 8 WIDE-PLANK LVP FLOORING
• UPDATED PEX PLUMBING

Property features AI

Finance

• Other: Bus line nearby
• Financial info: Land lease: $1,299; Listing terms: Cash or Conventional
• HOA & community: Located in Heather Hills manufactured home park; Park amenities include clubhouse and common area; Senior community (park); Pets allowed: cats and dogs; 127 homes in park; Park approved for sale

Exterior

• Parking: Carport
• Security: Security gate
• Utilities: Electric power; Community water (included in space rent); Sewer service included in space rent; Power provided by City of Milton
• Home design: Manufactured double wide (Barrington); One level; Faces west; Good condition
• Construction: Metal/vinyl and wood construction; Composition roof; Tie down foundation; Manufactured after 06/15/1976
• Exterior features: Paved lot; Metal/vinyl and wood exterior; Patio/porch/deck

Interior

• Kitchen: Dishwasher; Stove/Range; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Laminate; Vinyl plank; Carpet
• Bathrooms: 2 full bathrooms; 2 bathtubs; 2 showers
• Heating & cooling: Forced air heating; Heat pump; Central air conditioning
• Interior features: Dining room; Family room; Kitchen with eating space; Utility room; Awnings; Bath off primary bedroom; Double pane windows; Landscaped; Patio/porch/deck
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $92k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $92k).
• Recommended offer: $89k (3.0% below list) — sets the bar for market timing.
• Cap rate 25.5% vs local median 2.5% in Milton — 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 77/100 on livability (#145 in WA, #2,880 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime D-, amenities F, cost of living F.
• Fife School District (suburban): math 44% / reading 57% proficiency, ranked #127 of 291 in WA (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 47 active listings in the ZIP; 7 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 33% of the median local income ($97k/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 $636 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 + 3.0% rent growth), your $26k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 8y ago; this cycle's ask has dropped $10k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $75k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $89,240 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 2.90% ✓
• Cap rate: 25.46%
• Cash-on-cash: 68.46%
• DSCR: 4.05
• GRM: 2.9

CMA / ARV

• ARV (on-the-fly): $135,360
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2500 Alder St #33	0.00mi	2/2.0 (-1)	1,440 (0%)	2mo	$130,000	$90	93
2500 Alder St #202	0.00mi	2/2.0 (-1)	1,440 (0%)	16mo	$59,995	$42	81
2500 Alder St #63	0.00mi	3/2.0	1,566 (+9%)	6mo	$155,000	$99	81
2500 Alder St #221	0.00mi	3/2.0	1,536 (+7%)	13mo	$110,000	$72	78
2500 Alder St #6	0.00mi	3/2.0	1,344 (-7%)	16mo	$85,000	$63	76
2500 Alder St #302	0.00mi	2/2.0 (-1)	1,536 (+7%)	11mo	$132,000	$86	75
2500 Alder St #52	0.13mi	2/2.0 (-1)	1,536 (+7%)	5mo	$145,000	$94	74
2500 Alder St #312	0.00mi	3/2.0	1,632 (+13%)	8mo	$105,000	$64	72
2500 Alder St #16	0.00mi	2/2.0 (-1)	1,248 (-13%)	5mo	$138,000	$111	69
37301 28th Ave S	0.58mi	2/2.0 (-1)	1,248 (-13%)	0mo	$200,000	$160	46
37301 28th Ave S #34	0.58mi	2/2.0 (-1)	1,568 (+9%)	11mo	$300,000	$191	44
37301 28th Ave S #4	0.60mi	2/2.0 (-1)	1,568 (+9%)	11mo	$262,500	$167	43

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 67.9%
• Equity multiple: 4.06×
• Total profit: $78,727
• Equity at exit: $13,717

10-year hold

• IRR: 72.0%
• Equity multiple: 8.35×
• Total profit: $189,236
• Equity at exit: $7,954

Cash invested: $25,760 (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 98354

• Active inventory: 47
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $2,665 high
• Mortgage (P&I): −$482
• Tax est. 1.5%: −$115 /mo · $1,380/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$560
• Net cashflow: $1,470

Break-even live

Break-even rent $805

Max offer price $92,000

Occupancy floor 40%

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: $23,000
• Closing costs: $2,760
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
210 27th Ave Milton, WA	1.0–2.0	1.0–2.0	837	$2,199	$2.63	2d	5	0.27mi
207 Meridian Ave E Edgewood, WA	1.0–2.0	1.0–2.0	835	$2,649	$3.17	2d	18	0.58mi
1211 S 376th St Milton, WA	1.0–2.0	1.0–2.0	952	$3,350	$3.52	2d	63	0.84mi
1926 S 368th Pl #206 Federal Way, WA	2.0	2.5	1176	$2,995	$2.55	2d	1	0.89mi
2800 Queens Way Milton, WA	1.0–3.0	1.0–2.5	1015	$2,795	$2.75	2d	26	1.00mi
10304 20th St E Edgewood, WA	1.0–3.0	1.0–2.0	911	$2,741	$3.01	2d	18	1.48mi
2020 S 360th St Federal Way, WA	1.0–3.0	1.0–2.0	971	$2,305	$2.37	2d	24	1.50mi

Listing history 40 events

1. 2026-06-18
   days on market $92,000 Active 35 DOM
2. 2026-06-17
   days on market $92,000 Active 34 DOM
3. 2026-06-16
   days on market $92,000 Active 33 DOM
4. 2026-06-15
   days on market $92,000 Active 32 DOM
5. 2026-06-13
   days on market $92,000 Active 30 DOM
6. 2026-06-13
   days on market $92,000 Active 29 DOM
7. 2026-06-09
   days on market $92,000 Active 26 DOM
8. 2026-06-08
   days on market $92,000 Active 25 DOM
9. 2026-06-07
   days on market $92,000 Active 24 DOM
10. 2026-06-04
    days on market $92,000 Active 21 DOM
11. 2026-06-03
    days on market $92,000 Active 20 DOM
12. 2026-06-02
    days on market $92,000 Active 19 DOM
13. 2026-06-01
    days on market $92,000 Active 18 DOM
14. 2026-05-31
    days on market $92,000 Active 17 DOM
15. 2026-05-14
    listed $102,000 Active
16. 2023-03-16
    soldstatus $75,000 Closed
17. 2023-03-07
    status Pending
18. 2023-03-07
    status Pending
19. 2023-02-11
    price
20. 2023-02-11
    price $84,999
21. 2023-01-21
    price
22. 2023-01-21
    price $94,900
23. 2022-10-27
    status Active
24. 2022-10-27
    status Active
25. 2022-10-17
    status Pending
26. 2022-10-17
    status Pending
27. 2022-10-03
    price
28. 2022-10-03
    price $99,900
29. 2022-09-24
    status Active
30. 2022-09-24
    status Active
31. 2022-09-21
    status Pending
32. 2022-09-21
    status Pending
33. 2022-09-20
    price
34. 2022-09-20
    price $110,000
35. 2022-09-14
    status Active
36. 2022-09-08
    listed Active
37. 2022-09-08
    listed $124,990 Active
38. 2018-06-08
    soldstatus $70,000 Sold
39. 2018-04-26
    status Pending
40. 2018-04-16
    listed $82,500 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: $31,980
• − Mortgage interest: −$5,153
• − Property taxes: −$1,380
• − Insurance: −$460
• − Repairs & maintenance: −$2,558
• − Management: −$2,558
• − Depreciation: −$2,676
• Taxable income: $17,193
• Est. tax owed @ 24.0%: −$4,126
• After-tax cash flow: $13,508/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: Fife School District
• NCES district ID: 5302880
• Math proficiency: 44% ▼ -4.00%
• Reading proficiency: 57% ▼ -1.00%
• Median HH income: $64,187
• Composite: 46.52/100
• National rank: #5310
• State rank: #127 of 291 in WA

Livability — Milton

• Score: 77/100
• State rank: #145
• US rank: #2880

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Milton, WA
• County: Pierce County · 788,257 people
• City population: 8,597
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 8,597
• Household income: $96,866
• Rent vs Own: 44.4% rent · 55.6% own
• Severe rent burden: 465.0

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: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 14% Two or more races 10% Asian 6% Black 3% Native American 1%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Subsaharan African 4% Scotch-Irish 4% Portuguese 4%
• Foreign-born: 13% · Canada, South Korea, Vietnam
• Languages at home: 78% English-only · Spanish 9% Russian/Polish/Slavic 5% German/W. Germanic 2%

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: ▼ -248.03%
• Current HPI: 319.2485
• Rent YoY: —
• 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

+23.6% since first listed

26 events — show timeline

• 2026-05-14 Listed $102,000 NWMLS as Distributed by MLS Grid
• 2023-03-16 Sold (MLS) $75,000 NWMLS as Distributed by MLS Grid
• 2023-03-07 Pending — NWMLS as Distributed by MLS Grid
• 2023-03-07 Pending — NWMLS as Distributed by MLS Grid
• 2023-02-11 Price Changed — NWMLS as Distributed by MLS Grid
• 2023-02-11 Price Changed $84,999 NWMLS as Distributed by MLS Grid
• 2023-01-21 Price Changed — NWMLS as Distributed by MLS Grid
• 2023-01-21 Price Changed $94,900 NWMLS as Distributed by MLS Grid
• 2022-10-27 Relisted — NWMLS as Distributed by MLS Grid
• 2022-10-27 Relisted — NWMLS as Distributed by MLS Grid
• 2022-10-17 Pending — NWMLS as Distributed by MLS Grid
• 2022-10-17 Pending — NWMLS as Distributed by MLS Grid
• 2022-10-03 Price Changed — NWMLS as Distributed by MLS Grid
• 2022-10-03 Price Changed $99,900 NWMLS as Distributed by MLS Grid
• 2022-09-24 Relisted — NWMLS as Distributed by MLS Grid
• 2022-09-24 Relisted — NWMLS as Distributed by MLS Grid
• 2022-09-21 Pending — NWMLS as Distributed by MLS Grid
• 2022-09-21 Pending — NWMLS as Distributed by MLS Grid
• 2022-09-20 Price Changed — NWMLS as Distributed by MLS Grid
• 2022-09-20 Price Changed $110,000 NWMLS as Distributed by MLS Grid
• 2022-09-14 Relisted — NWMLS as Distributed by MLS Grid
• 2022-09-08 Listed $124,990 NWMLS as Distributed by MLS Grid
• 2022-09-08 Listed — NWMLS as Distributed by MLS Grid
• 2018-06-08 Sold (MLS) $70,000 NWMLS as Distributed by MLS Grid
• 2018-04-26 Pending — NWMLS as Distributed by MLS Grid
• 2018-04-16 Listed $82,500 NWMLS as Distributed by MLS Grid