803 E 82nd Street Ct #14 · Midland, WA 98404

$134,900

2 bd · 2.0 ba · 1,132 sqft · Manufactured public records · 45 Days on market

Built 1988 2,800 sqft lot $119/sqft · 17% below area Est $163k · 17% 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 +28.5/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Rare find in Ohana Estates, a 55+ co-op mobile home community. Lovely corner lot with vaulted ceilings, built-in hutch, skylights and double pane windows. Very open and bright living space connects to a spacious kitchen that includes new stove, oven & microwave. Plumbing throughout the unit was entirely replaced in 2025 and the heat pump in 2022. Primary bedroom features large closets and attached bath, complete with soaking tub & separate shower. 2nd bedroom located conveniently across from 3/4 bath, also providing ample closet space. A perfect sized laundry room has storage and leads to the large back deck for relaxing. Enjoy the fully fenced yard and raised garden beds, rea

Key facts

• Spacious kitchen
• Double pane windows
• Built-in hutch

Tags

• CORNER LOT
• VAULTED CEILINGS
• BUILT-IN HUTCH
• SKYLIGHTS
• DOUBLE PANE WINDOWS
• SPACIOUS KITCHEN

Property features AI

Finance

• Other: Calculated living area 1132 (source: Realist)
• Financial info: Land lease $781/month; Listing terms include Cash, Conventional, FHA
• HOA & community: Park approved for sale; Senior community; Approximately 25 homes in the park; Ohana Estates

Exterior

• Parking: Carport
• Utilities: Electric power; Public water; Sewer service through park; Power company: City of Tacoma; Water company: Spanaway
• Home design: Manufactured home (double wide); Moduline Candlewood model; Manufactured after 6/15/1976; One level; Good condition; Mobile home remains; Pillar/post/pier foundation
• Construction: Wood construction; Composition roof
• Exterior features: Wood products siding; Corner lot

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Laminate; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Heating & cooling: Heat pump for heating; Heat pump for cooling
• Interior features: Vaulted ceilings; Skylights; Ceiling fan(s); Double pane windows; Jetted/soaking tub; Bath off primary; Landscaped; Patio/porch/deck
• Laundry & utility: Utility room; Water heater located in primary closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $135k.

Deal economics

• At list price, monthly cash flow is $439 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $131k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 3.2% in Midland — 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 72/100 on livability (#208 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+; Watch: crime D, schools F, amenities F.
• Franklin Pierce School District (suburban): math 35% / reading 51% proficiency, ranked #197 of 291 in WA (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.6%/yr); 182 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $933 of loan paydown is wiped out by about $4k 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 + 1.6% rent growth), your $38k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 12y ago; this cycle's ask has dropped $8k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; list at $135k implies a 441% gain — meaningful room to come down on a strong offer.

Recommended offer $130,853 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 1.29% ✓
• Cap rate: 10.20%
• Cash-on-cash: 13.96%
• DSCR: 1.62
• GRM: 6.5

CMA / ARV

• ARV (median comp): $163,162
• List price: $134,900
• Delta: -17.32%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
818 82nd St E	0.04mi	3/2.0 (+1)	1,182 (+4%)	11mo	$180,000	$152	77
824 82nd Street Ct E #20	0.08mi	3/2.0 (+1)	1,080 (-5%)	19mo	$101,000	$94	68
1617 80th St E	0.65mi	3/2.0 (+1)	1,188 (+5%)	13mo	$412,000	$347	46

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 · 1.64% rent growth · sell at horizon

5-year hold

• IRR: 2.7%
• Equity multiple: 1.10×
• Total profit: $3,801
• Equity at exit: $20,114

10-year hold

• IRR: 10.9%
• Equity multiple: 1.80×
• Total profit: $30,085
• Equity at exit: $11,664

Cash invested: $37,772 (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 98404

• Rents YoY: 1.6%
• Active inventory: 182
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,736 high
• Mortgage (P&I): −$707
• Tax est. 1.5%: −$169 /mo · $2,024/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$365
• Net cashflow: $439

Break-even live

Break-even rent $1,180

Max offer price $134,900

Occupancy floor 70%

Sensitivity live

Price	-10% $533	-5% $486	+0% $439	+5% $393	+10% $346
Rent	-10% $302	-5% $371	+0% $439	+5% $508	+10% $576
Rate	-1.0pp $507	-0.5pp $474	base $439	+0.5pp $404	+1.0pp $369

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8402 E McKinley Ave Unit Iola Apartments-6 Tacoma, WA	1.0	1.0	700	$1,150	$1.64	25d	1	0.18mi
8412 E McKinley Ave Unit 7 Tacoma, WA	1.0	1.0	784	$1,150	$1.47	25d	1	0.20mi
908 76th Street Ct E Tacoma, WA	2.0–3.0	2.0	1065	$1,699	$1.60	0d	4	0.31mi
1018 76 Street Ct E Apt C Tacoma, WA	2.0	1.0	866	$1,550	$1.79	44d	1	0.34mi
913 75th St E Tacoma, WA	2.0	1.0	832	$1,525	$1.83	13d	1	0.45mi
908 74th St E Unit VASU**908-B Tacoma, WA	2.0	1.0	828	$1,450	$1.75	44d	1	0.47mi
7412 Golden Given Rd E Tacoma, WA	2.0	1.0–1.5	730	$1,588	$2.17	5d	1	0.48mi
7305 8th Avenue Ct E Tacoma, WA	2.0	1.0	828	$1,495	$1.81	5d	2	0.54mi
901 E 72nd St Tacoma, WA	1.0–2.0	1.0–2.0	765	$1,795	$2.34	24d	4	0.63mi
8015 Pacific Ave Unit 20 Tacoma, WA	2.0	1.5	1100	$1,995	$1.81	25d	1	0.63mi
150 S 84th St Unit B Tacoma, WA	2.0	1.0	1000	$1,700	$1.70	3d	1	0.64mi
8445 Pacific Ave Tacoma, WA	1.0–2.0	1.0–2.0	820	$1,975	$2.41	0d	2	0.66mi
7645 Pacific Ave Tacoma, WA	2.0	1.0	932	$1,650	$1.77	8d	2	0.67mi
7823 Pacific Ave Tacoma, WA	1.0–2.0	1.0	699	$1,629	$2.33	0d	4	0.67mi
7603 Pacific Ave Unit 301 Tacoma, WA	2.0	1.0	880	$1,250	$1.42	25d	1	0.70mi
7637 Pacific Ave Tacoma, WA	1.0–2.0	1.0–2.0	700	$1,600	$2.29	6d	6	0.71mi
7428 S Bell St Tacoma, WA	1.0–2.0	1.0–1.5	736	$1,795	$2.44	25d	3	0.74mi
1817 80th St E Tacoma, WA	3.0	2.0	1188	$3,200	$2.69	20d	1	0.75mi
8624 Pacific Ave S Apt 6 Tacoma, WA	2.0	1.5	900	$1,475	$1.64	3d	1	0.77mi
8402 S C St Tacoma, WA	2.0	2.5	1058	$1,886	$1.78	0d	1	0.78mi
7605 S C St Apt 7 Tacoma, WA	2.0	1.0	800	$1,445	$1.81	8d	1	0.79mi
7425 S D St Unit 204 Tacoma, WA	2.0	1.0	900	$1,700	$1.89	25d	1	0.87mi
1402 E 69th St Tacoma, WA	2.0	2.0	1000	$1,795	$1.79	25d	2	0.90mi
10910 22nd Avenue Ct E Unit Jkt Tacoma, WA	3.0	2.0	1452	$2,200	$1.52	25d	1	0.98mi
7015 S D St Tacoma, WA	1.0–2.0	1.0–1.5	760	$1,894	$2.49	0d	10	1.02mi
1111 99th Street Ct E Tacoma, WA	1.0–2.0	1.0	775	$1,450	$1.87	44d	4	1.15mi
137 99th Street Ct E Tacoma, WA	3.0	2.0	1200	$2,397	$2.00	44d	1	1.20mi
2621 80th St E Tacoma, WA	2.0	1.0	978	$2,100	$2.15	6d	1	1.25mi
605 98th St S Tacoma, WA	3.0	1.5	1320	$2,800	$2.12	44d	1	1.35mi
319 104th St E Tacoma, WA	3.0	1.0	990	$2,285	$2.31	5d	1	1.44mi

Listing history 21 events

1. 2026-06-21
   days on market $134,900 Active 45 DOM
2. 2026-06-18
   days on market $134,900 Active 42 DOM
3. 2026-06-17
   days on market $134,900 Active 41 DOM
4. 2026-06-16
   days on market $134,900 Active 40 DOM
5. 2026-06-15
   days on market $134,900 Active 39 DOM
6. 2026-06-13
   days on market $134,900 Active 37 DOM
7. 2026-06-13
   days on market $134,900 Active 36 DOM
8. 2026-06-09
   days on market $134,900 Active 33 DOM
9. 2026-06-08
   days on market $134,900 Active 32 DOM
10. 2026-06-07
    pricedays on market $134,900 Active 31 DOM
11. 2026-06-04
    days on market $142,500 Active 28 DOM
12. 2026-06-03
    days on market $142,500 Active 27 DOM
13. 2026-06-02
    days on market $142,500 Active 26 DOM
14. 2026-06-01
    days on market $142,500 Active 25 DOM
15. 2026-05-31
    days on market $142,500 Active 24 DOM
16. 2026-05-07
    listed $142,500 Active
17. 2014-07-25
    historical
18. 2014-07-24
    soldstatus $24,950 Sold
19. 2014-07-18
    status Pending
20. 2014-07-04
    status Pending - Backup Offer Requested
21. 2014-06-25
    listed $24,950 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 ≥87°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,834
• − Mortgage interest: −$7,556
• − Property taxes: −$2,024
• − Insurance: −$674
• − Repairs & maintenance: −$1,667
• − Management: −$1,667
• − Depreciation: −$3,924
• Taxable income: $3,322
• Est. tax owed @ 24.0%: −$797
• After-tax cash flow: $4,474/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: Franklin Pierce School District
• NCES district ID: 5302940
• Math proficiency: 35% ▬ 0.00%
• Reading proficiency: 51% ▲ 2.00%
• Median HH income: $49,240
• Composite: 39.18/100
• National rank: #8227
• State rank: #197 of 291 in WA

Livability — Midland

• Score: 72/100
• State rank: #208
• US rank: #5731

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midland, WA
• County: Pierce County · 788,257 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 35,961
• Household income: $82,191
• Rent vs Own: 31.4% rent · 68.6% own
• Severe rent burden: 989.0

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: Highly diverse neighborhood (Simpson 0.77)
• Race & ethnicity: White 38% Hispanic / Latino 20% Asian 17% Two or more races 16% Black 11% Native American 3% Pacific Islander 1%
• Hispanic origin (detail): Mexican 16% Puerto Rican 1%
• Common ancestry: Italian 3% Portuguese 2% Slovak 1%
• Foreign-born: 20% · Canada, Vietnam, South Korea
• Languages at home: 68% English-only · Spanish 13% Other Asian/Pacific 7% Vietnamese 4%

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: ▼ -462.09%
• Current HPI: 360.0843
• Rent YoY: ▲ 1.64%
• 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

+440.7% since first listed

7 events — show timeline

• 2026-06-04 Price Changed $134,900 NWMLS as Distributed by MLS Grid
• 2026-05-07 Listed $142,500 NWMLS as Distributed by MLS Grid
• 2014-07-25 Delisted — NWMLS as Distributed by MLS Grid
• 2014-07-24 Sold (MLS) $24,950 NWMLS as Distributed by MLS Grid
• 2014-07-18 Pending — NWMLS as Distributed by MLS Grid
• 2014-07-04 Pending — NWMLS as Distributed by MLS Grid
• 2014-06-25 Listed $24,950 NWMLS as Distributed by MLS Grid

Property tax history

+7.2%/yr

Latest (2026): $62 · +22.5% YoY. Source: county tax records.