1829 137th St E #101 · Parkland, WA 98445

$200,000

3 bd · 2.0 ba · 1,782 sqft · Manufactured public records · 42 Days on market

Built 1999 $112/sqft · 8% above area Est $186k · 8% over

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Why this score? — see what drove the C+ 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
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• ARV discount +4.0/15.0
• Schools +3.9/10.0
• Livability +3.9/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Elevated 55+ living in a prime location! Enjoy easy access through a private community gate and a premium setting right beside the clubhouse and open lawn, giving this home an expansive feel. This beautifully maintained Golden West home features new exterior paint, a new roof, and an energy-efficient heat pump to keep utility costs low year-round. Inside, you’ll find a spacious and inviting layout with a family room and a cozy double-sided fireplace shared with the dining area. The large kitchen offers a flat-top range, dishwasher, skylight, pantry, and a comfortable eat-in space. The primary suite is a true retreat with a walk-in closet and a luxurious 5-piece en suite bath, complete

Key facts

• Flat top range
• New exterior paint
• New roof

Tags

• PRIVATE COMMUNITY GATE
• NEW EXTERIOR PAINT
• NEW ROOF
• ENERGY EFFICIENT HEAT PUMP
• DOUBLE SIDED FIREPLACE
• FLAT TOP RANGE

Property features AI

Finance

• Other: Calculated living area approximately 1,782 sq ft; Tie-down foundation noted; On-market date: May 7, 2026
• Financial info: Land lease amount: $850; Listing terms: Cash and Conventional
• HOA & community: Located in a manufactured home park with 92 homes; Park amenities include BBQs, clubhouse, common area, exercise room, high-speed internet availability, recreational area, RV parking, and security gate; Senior community

Exterior

• Parking: Carport
• Security: Security gate
• Utilities: Public water (included with monthly space rent); Sewer (included with monthly space rent); Power provided by Elmhurst; Energy sources: Electric and wood
• Home design: Manufactured double-wide home; Single level; Oakwood make; Mobile home remains in place
• Construction: Wood construction; Composition roof; Tie-down foundation
• Exterior features: Wood products siding; Curbs and paved streets

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Vinyl; Carpet
• Bathrooms: 2 full bathrooms; 2 showers
• Heating & cooling: Heat pump for heating and cooling
• Interior features: Fireplace (electric); Dining room; Entry; Family room; Kitchen with eating space; Living room; Utility room; Jetted/soaking tub; Skylights; Walk-in closet; Landscaped
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $200k.

Deal economics

• At list price, monthly cash flow is $656 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 2.3% in Parkland — 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 (#148 in WA, #3,068 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities D+, crime 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.
• Zoned schools: Collins Elementary (462 students, 56% FRL); Franklin Pierce High School (1,141 students, 59% FRL) — zoned schools at 57% FRL track the district average.
• Market conditions: Rents rising (+2.0%/yr); 234 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• This rent runs 33% of the median local income ($93k/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 $1k of loan paydown is wiped out by about $6k 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 + 2.0% rent growth), your $56k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $194,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 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 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 F 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: 10.23%
• Cash-on-cash: 14.06%
• DSCR: 1.63
• GRM: 6.5

CMA / ARV

• ARV (median comp): $185,703
• List price: $200,000
• Delta: 7.70%
• Verdict: FAIR
• Comps: 4 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1802 140th St E #178	0.16mi	3/2.0	1,809 (+2%)	2mo	$270,000	$149	88
1921 140th St E #196	0.14mi	3/2.0	1,719 (-4%)	22mo	$200,000	$116	69
1826 137th St E #118	0.02mi	2/2.0 (-1)	1,572 (-12%)	13mo	$225,000	$143	63
1905 138th Street Ct E #147	0.07mi	3/2.0	1,558 (-13%)	20mo	$138,000	$89	59
2010 140th E	0.16mi	3/2.0	1,564 (-12%)	16mo	$250,000	$160	59

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 · 2.05% rent growth · sell at horizon

5-year hold

• IRR: 3.3%
• Equity multiple: 1.12×
• Total profit: $6,974
• Equity at exit: $29,821

10-year hold

• IRR: 11.9%
• Equity multiple: 1.90×
• Total profit: $50,204
• Equity at exit: $17,292

Cash invested: $56,000 (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 98445

• Rents YoY: 2.0%
• Active inventory: 234
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $2,580 medium
• Mortgage (P&I): −$1,049
• Tax est. 1.5%: −$250 /mo · $3,000/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$542
• Net cashflow: $656

Break-even live

Break-even rent $1,750

Max offer price $200,000

Occupancy floor 70%

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14818 36th Ave Ct E #2 Tacoma, WA	3.0	2.5	1625	$2,545	$1.57	1d	1	1.20mi
15326 4th Avenue Ct E Tacoma, WA	3.0	2.5	1840	$2,750	$1.49	1d	1	1.45mi
14601 1st Ave S Parkland, WA	3.0	2.5	1493	$2,595	$1.74	1d	1	1.49mi

Listing history 15 events

1. 2026-06-18
   days on market $200,000 Active 42 DOM
2. 2026-06-17
   days on market $200,000 Active 41 DOM
3. 2026-06-16
   days on market $200,000 Active 40 DOM
4. 2026-06-15
   days on market $200,000 Active 39 DOM
5. 2026-06-13
   days on market $200,000 Active 37 DOM
6. 2026-06-13
   days on market $200,000 Active 36 DOM
7. 2026-06-09
   days on market $200,000 Active 33 DOM
8. 2026-06-08
   days on market $200,000 Active 32 DOM
9. 2026-06-07
   days on market $200,000 Active 31 DOM
10. 2026-06-04
    days on market $200,000 Active 28 DOM
11. 2026-06-03
    days on market $200,000 Active 27 DOM
12. 2026-06-02
    days on market $200,000 Active 26 DOM
13. 2026-06-01
    days on market $200,000 Active 25 DOM
14. 2026-05-31
    days on market $200,000 Active 24 DOM
15. 2026-05-07
    listed $200,000 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 5/10 Major FEMA zone X (unshaded) · 67% 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 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,961
• − Mortgage interest: −$11,203
• − Property taxes: −$3,000
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,477
• − Management: −$2,477
• − Depreciation: −$5,818
• Taxable income: $4,986
• Est. tax owed @ 24.0%: −$1,197
• After-tax cash flow: $6,677/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 — Parkland

• Score: 77/100
• State rank: #148
• US rank: #3068

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Parkland, WA
• County: Pierce County · 788,257 people
• City population: 36,624
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 33,684
• Household income: $92,520
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 1085.0

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 0.69)
• Race & ethnicity: White 53% Two or more races 17% Hispanic / Latino 14% Black 10% Asian 6% Native American 4% Pacific Islander 3%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Portuguese 3% Lithuanian 2% Italian 2%
• Foreign-born: 12% · Canada, South Korea, Vietnam
• Languages at home: 81% English-only · Spanish 8% Other Asian/Pacific 3% Russian/Polish/Slavic 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: ▼ -471.23%
• Current HPI: 316.202
• Rent YoY: ▲ 2.05%
• 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

• 2026-05-07 Listed $200,000 NWMLS as Distributed by MLS Grid

Property tax history

-12.1%/yr

Latest (2026): $112 · +16.0% YoY. Source: county tax records.