11407 126th St E #222 · South Hill, WA 98374

$84,950

2 bd · 2.0 ba · 1,459 sqft · Manufactured public records · 102 Days on market

Built 1975 $58/sqft · 15% below area Est $107k · 21% 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 +5.4/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

REFRESHED AND READY TO MOVE IN, This 2 bedroom, 2 bath. Master bedroom with Soaking Tub (free standing) Home offers Comfort and great update throughout. Kitchen with Stainless Appliances, Stove top with Counter top surround for a quick breakfast or hand out for chatting. Outside Deck with cover, perfect for your morning coffee. Generous Floor plan with plenty of live or entertain. Home with heat Pump keep you warm in Winter and Cool in Summer. Home is located in 55+ Sans Souci Community with friendly atmospheres, Club House, Pool and all fun activities. Closed to Shopping and all other services.

Key facts

• Heat pump
• Soaking tub
• Stainless appliances

Tags

• SOAKING TUB
• STAINLESS APPLIANCES
• OUTSIDE DECK
• HEAT PUMP
• CLUB HOUSE
• POOL

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $85k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $77k (9.0% below list) — sets the bar for market timing.
• Cap rate 24.0% vs local median 3.0% in South Hill — 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 (#84 in WA, #1,620 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: crime C-, schools D+, cost of living F.
• Puyallup School District (suburban): math 53% / reading 66% proficiency, ranked #52 of 291 in WA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.7%/yr); 451 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Pierce County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.7% rent growth), your $24k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 23y ago; this cycle's ask has dropped $34k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $77,304 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — 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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 2.71% ✓
• Cap rate: 23.99%
• Cash-on-cash: 63.20%
• DSCR: 3.81
• GRM: 3.1

CMA / ARV

• ARV (median comp): $107,472
• List price: $84,950
• Delta: -20.96%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11325 126th St E #229	0.06mi	2/2.0	1,456 (-0%)	5mo	$139,900	$96	93
11301 126th St E #241	0.10mi	2/2.0	1,425 (-2%)	1mo	$60,000	$42	91
12615 113th St E #249	0.10mi	3/2.0 (+1)	1,464 (+0%)	8mo	$116,950	$80	83
11415 127th St E #186	0.04mi	2/2.0	1,339 (-8%)	3mo	$80,000	$60	82
11303 127th Street Ct E #164	0.13mi	2/2.0	1,560 (+7%)	2mo	$144,950	$93	81
11401 125th Street Ct E #218	0.04mi	3/2.0 (+1)	1,404 (-4%)	8mo	$139,950	$100	81
11418 127th St E #189	0.06mi	3/2.0 (+1)	1,542 (+6%)	4mo	$150,000	$97	80
12602 112th Ave E #33	0.15mi	3/2.0 (+1)	1,339 (-8%)	9mo	$66,500	$50	67
12314 124th St E #17	0.60mi	2/2.0	1,507 (+3%)	1mo	$150,000	$100	65
11429 124th Street Ct E #121	0.08mi	2/2.0	1,244 (-15%)	8mo	$115,000	$92	65
12227 123rd St Ct E #45	0.56mi	2/2.0	1,500 (+3%)	9mo	$100,000	$67	62
12504 123rd St E #54	0.68mi	2/2.0	1,440 (-1%)	7mo	$103,000	$72	60

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 · 1.72% rent growth · sell at horizon

5-year hold

• IRR: 60.8%
• Equity multiple: 3.65×
• Total profit: $63,116
• Equity at exit: $12,666

10-year hold

• IRR: 65.0%
• Equity multiple: 7.14×
• Total profit: $146,085
• Equity at exit: $7,345

Cash invested: $23,786 (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 98374

• Rents YoY: 1.7%
• Active inventory: 451
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $2,300 high
• Mortgage (P&I): −$445
• Tax from tax record: −$83 /mo · $1,001/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$483
• Net cashflow: $1,253

Break-even live

Break-even rent $714

Max offer price $84,950

Occupancy floor 41%

Sensitivity live

Price	-10% $1,301	-5% $1,277	+0% $1,253	+5% $1,229	+10% $1,205
Rent	-10% $1,071	-5% $1,162	+0% $1,253	+5% $1,344	+10% $1,434
Rate	-1.0pp $1,296	-0.5pp $1,274	base $1,253	+0.5pp $1,231	+1.0pp $1,208

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: $21,238
• Closing costs: $2,548
• Reserves months: —
• Total cash needed: —

Rent comps 24 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12317 121st Avenue Ct E Puyallup, WA	2.0	2.0	1034	$2,400	$2.32	0d	1	0.47mi
12317 121st Avenue Ct E Puyallup, WA	2.0	2.0	1034	$2,400	$2.32	18d	1	0.47mi
12117 122nd Ave E Puyallup, WA	3.0	2.5	1549	$2,975	$1.92	0d	1	0.52mi
12006 108th Avenue Ct E Puyallup, WA	3.0	1.0	1000	$2,000	$2.00	3d	1	0.55mi
10614 123rd Street Ct E Puyallup, WA	3.0	1.5	1584	$2,500	$1.58	44d	1	0.55mi
12724 104th Avenue Ct E Puyallup, WA	1.0–3.0	1.0–2.0	910	$1,995	$2.19	5d	8	0.65mi
13404 106th Ave E Puyallup, WA	3.0	2.0	1404	$2,650	$1.89	25d	1	0.72mi
12111 104th Ave E Puyallup, WA	1.0–3.0	1.0–2.0	902	$1,610	$1.78	5d	1	0.74mi
12123 125th Avenue Ct E Puyallup, WA	2.0	2.0	1110	$2,100	$1.89	44d	1	0.74mi
502 43rd Ave SE Puyallup, WA	2.0	2.0	1100	$2,810	$2.55	4d	1	0.74mi
13011 Meridian E Puyallup, WA	1.0–3.0	1.0–2.0	942	$1,912	$2.03	3d	19	0.77mi
13523 106th Ave E Puyallup, WA	3.0	2.0	1404	$2,650	$1.89	25d	1	0.82mi
12437 129th Ave E Puyallup, WA	2.0	1.5	1818	$2,400	$1.32	11d	1	0.87mi
9911 132nd Street Ct E Puyallup, WA	2.0	1.0	940	$1,745	$1.86	44d	2	1.00mi
9910 132nd Street Ct E Unit 9911-C Puyallup, WA	2.0	1.0	940	$1,375	$1.46	25d	1	1.01mi
10511 140th Street Ct E #27 Puyallup, WA	3.0	3.0	1311	$2,650	$2.02	25d	1	1.08mi
13507 99th Ave E Puyallup, WA	1.0–2.0	1.0–2.5	994	$2,237	$2.25	0d	14	1.11mi
9710 131st Street Ct E Unit A Puyallup, WA	2.0	2.0	1045	$2,150	$2.06	19d	1	1.15mi
13405 97th Ave E #308 Puyallup, WA	3.0	2.0	1085	$2,095	$1.93	44d	1	1.18mi
11013 144th Street Ct E Unit O24-6-B Puyallup, WA	3.0	1.5	1400	$2,450	$1.75	44d	1	1.18mi
13404 97th Ave E South Hill, WA	1.0–3.0	1.0–2.0	958	$1,955	$2.04	44d	3	1.22mi
14209 103rd Avenue Ct E Puyallup, WA	1.0–2.0	1.0	847	$1,875	$2.21	0d	2	1.23mi
608 39th Ave SW Puyallup, WA	1.0–2.0	1.0	891	$1,890	$2.12	0d	5	1.35mi
4114 7th St SW Puyallup, WA	1.0–2.0	1.0	900	$1,600	$1.78	4d	4	1.42mi

Listing history 38 events

1. 2026-06-21
   days on market $84,950 Active 102 DOM
2. 2026-06-18
   days on market $84,950 Active 99 DOM
3. 2026-06-17
   days on market $84,950 Active 98 DOM
4. 2026-06-16
   days on market $84,950 Active 97 DOM
5. 2026-06-15
   pricedays on market $84,950 Active 96 DOM
6. 2026-06-13
   days on market $89,950 Active 94 DOM
7. 2026-06-13
   days on market $89,950 Active 93 DOM
8. 2026-06-09
   days on market $89,950 Active 90 DOM
9. 2026-06-08
   days on market $89,950 Active 89 DOM
10. 2026-06-07
    days on market $89,950 Active 88 DOM
11. 2026-06-04
    days on market $89,950 Active 85 DOM
12. 2026-06-03
    days on market $89,950 Active 84 DOM
13. 2026-06-02
    days on market $89,950 Active 83 DOM
14. 2026-06-01
    days on market $89,950 Active 82 DOM
15. 2026-05-31
    days on market $89,950 Active 81 DOM
16. 2026-05-09
    price $89,950
17. 2026-04-14
    price $99,500
18. 2026-03-30
    price $109,950
19. 2026-03-11
    listed $119,000 Active
20. 2022-03-04
    soldstatus $79,950 Closed
21. 2022-02-23
    status Pending
22. 2021-12-26
    listed $79,950 Active
23. 2012-09-24
    historical
24. 2012-09-21
    soldstatus $17,000 Sold
25. 2012-09-13
    status Pending
26. 2012-08-30
    status Pending Inspection
27. 2012-06-18
    listed $17,000 Active
28. 2012-05-08
    historical
29. 2012-05-07
    soldstatus $23,500 Sold
30. 2012-03-31
    status Pending
31. 2012-03-19
    status Pending Inspection
32. 2012-01-13
    listed $23,500 Active
33. 2010-08-06
    status Pending
34. 2010-08-03
    soldstatus $14,500 Sold
35. 2010-07-03
    historical
36. 2010-07-01
    listed $14,500 Active
37. 2003-07-09
    soldstatus $39,500
38. 2003-05-25
    listed $42,000

ⓘ 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: $1,001 · $83/mo
• Projected year-2 tax: $1,001 · $83/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

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 · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,600
• − Mortgage interest: −$4,759
• − Property taxes: −$1,001
• − Insurance: −$425
• − Repairs & maintenance: −$2,208
• − Management: −$2,208
• − Depreciation: −$2,471
• Taxable income: $14,529
• Est. tax owed @ 24.0%: −$3,487
• After-tax cash flow: $11,546/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: Puyallup School District
• NCES district ID: 5306960
• Math proficiency: 53% ▬ 0.00%
• Reading proficiency: 66% ▬ 0.00%
• Median HH income: $68,291
• Composite: 54.01/100
• National rank: #3006
• State rank: #52 of 291 in WA

Livability — South Hill

• Score: 80/100
• State rank: #84
• US rank: #1620

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Hill, WA
• County: Pierce County · 788,257 people
• City population: 76,707
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 49,007
• Household income: $112,662
• Rent vs Own: 29.5% rent · 70.5% own
• Severe rent burden: 1171.0

Population outlook (Pierce County) Hauer SSP2

• Today (2025): 956,648 people
• By 2030: 1,010,862 · +5.7%
• By 2040: 1,113,170 · +16.4%
• By 2050: 1,206,524 · +26.1%
• By 2075: 1,436,425 · +50.2%
• By 2100: 1,563,654 · +63.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 64% Two or more races 16% Hispanic / Latino 13% Asian 7% Black 4% Native American 1% Pacific Islander 1%
• Hispanic origin (detail): Mexican 9% Puerto Rican 2%
• Common ancestry: Portuguese 6% Italian 3% Slovak 2%
• Foreign-born: 11% · Canada, South Korea, Vietnam
• Languages at home: 86% English-only · Spanish 7% Other Asian/Pacific 2% Other Indo-European 2%

Political lean MEDSL · Pierce

• 2024 margin: D (+10.8) · D 53.9% · R 43.1% · Other 3.0%
• 2008→2024 swing: -1.4pp toward R · 2008: 12.2pp · 2024: 10.8pp
• All cycles: 2024: D+10.8 2020: D+11.2 2016: D+7.5 2012: D+11.0 2008: D+12.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -431.48%
• Current HPI: 286.6617
• Rent YoY: ▲ 1.72%
• 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

+114.2% since first listed

23 events — show timeline

• 2026-05-09 Price Changed $89,950 NWMLS as Distributed by MLS Grid
• 2026-04-14 Price Changed $99,500 NWMLS as Distributed by MLS Grid
• 2026-03-30 Price Changed $109,950 NWMLS as Distributed by MLS Grid
• 2026-03-11 Listed $119,000 NWMLS as Distributed by MLS Grid
• 2022-03-04 Sold (MLS) $79,950 NWMLS as Distributed by MLS Grid
• 2022-02-23 Pending — NWMLS as Distributed by MLS Grid
• 2021-12-26 Listed $79,950 NWMLS as Distributed by MLS Grid
• 2012-09-24 Delisted — NWMLS as Distributed by MLS Grid
• 2012-09-21 Sold (MLS) $17,000 NWMLS as Distributed by MLS Grid
• 2012-09-13 Pending — NWMLS as Distributed by MLS Grid
• 2012-08-30 Pending — NWMLS as Distributed by MLS Grid
• 2012-06-18 Listed $17,000 NWMLS as Distributed by MLS Grid
• 2012-05-08 Delisted — NWMLS as Distributed by MLS Grid
• 2012-05-07 Sold (MLS) $23,500 NWMLS as Distributed by MLS Grid
• 2012-03-31 Pending — NWMLS as Distributed by MLS Grid
• 2012-03-19 Pending — NWMLS as Distributed by MLS Grid
• 2012-01-13 Listed $23,500 NWMLS as Distributed by MLS Grid
• 2010-08-06 Pending — NWMLS as Distributed by MLS Grid
• 2010-08-03 Sold (MLS) $14,500 NWMLS as Distributed by MLS Grid
• 2010-07-03 Delisted — NWMLS as Distributed by MLS Grid
• 2010-07-01 Listed $14,500 NWMLS as Distributed by MLS Grid
• 2003-07-09 Sold (MLS) $39,500 NWMLS as Distributed by MLS Grid
• 2003-05-25 Listed $42,000 NWMLS as Distributed by MLS Grid

Property tax history

+7.9%/yr

Latest (2026): $1,001 · +3.3% YoY. Source: county tax records.