3411 28 Street Ct E #81 · Waller, WA 98443

$160,000

3 bd · 2.0 ba · 1,616 sqft · Manufactured public records · 96 Days on market

Built 1985 $99/sqft · 78% above area

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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 +5.4/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome Home! New 25-Year Roof installed June 2026! This relaxing residence features air conditioning within a 55+ development. The open-concept design incorporates thousands of dollars in upgrades, including a heat pump, water heater, new ramp, and updated water lines beneath the structure. The spacious interior offers vaulted ceilings, skylights, a dedicated office, living room, and family room. The primary bedroom, located at one end of the home, boasts a large primary bathroom. The property includes a beautiful, open kitchen with white cabinetry, a breakfast bar, and new appliances including a sink, stove, and exhaust fan. Included appliances are a washer, dryer, stove, refrigerator, s

Key facts

• Heat pump
• Large bath
• Water heater

Tags

• HEAT PUMP
• WATER HEATER
• NEW RAMP
• NEW WATER LINES
• SEPARATE OFFICE AREA
• LARGE BATH

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $160k.

Deal economics

• At list price, monthly cash flow is $690 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $160k).
• Recommended offer: $146k (9.0% below list) — sets the bar for market timing.
• Cap rate 14.7% vs local median 2.2% in Waller — 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 69/100 on livability (#254 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B; Watch: health & safety C-, commute D+, amenities 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.
• Zoned schools: Waller Road Elementary (310 students, 60% FRL); Aylen Jr High (711 students, 44% FRL); Puyallup High School (1,701 students, 38% FRL) — zoned schools average 47% FRL vs 27% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 28 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $1k of loan paydown is wiped out by about $5k 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 + 3.0% rent growth), your $45k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 96 days — a 9% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $90k; list at $160k implies a 78% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,600 (9.0% below list)

Questions for the listing agent

1. It's been on market 96 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.68% ✓
• Cap rate: 14.66%
• Cash-on-cash: 29.90%
• DSCR: 2.33
• GRM: 5.0

CMA / ARV

• ARV (median comp): $89,950
• List price: $160,000
• Delta: 77.88%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3102 35th Avenue Ct E	0.20mi	3/2.0	1,502 (-7%)	19mo	$50,000	$33	63
3115 36th Ave E #20	0.27mi	3/2.0	1,764 (+9%)	13mo	$120,000	$68	61
3021 28th ST Ct E #7	0.22mi	3/2.0	1,404 (-13%)	20mo	$133,500	$95	52
2912 36th Ave E #4	0.13mi	2/2.0 (-1)	1,440 (-11%)	24mo	$140,000	$97	51
3821 Waller Rd E	0.65mi	2/2.0 (-1)	1,470 (-9%)	20mo	$350,000	$238	32

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: 10.3%
• Equity multiple: 1.41×
• Total profit: $18,241
• Equity at exit: $23,857

10-year hold

• IRR: 19.5%
• Equity multiple: 2.64×
• Total profit: $73,433
• Equity at exit: $13,834

Cash invested: $44,800 (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 98443

• Active inventory: 28
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $2,690 high
• Mortgage (P&I): −$839
• Tax from tax record: −$103 /mo · $1,240/yr
• Insurance: −$67
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$565
• Net cashflow: $690

Break-even live

Break-even rent $1,817

Max offer price $160,000

Occupancy floor 69%

Sensitivity live

Price	-10% $780	-5% $735	+0% $690	+5% $644	+10% $599
Rent	-10% $477	-5% $583	+0% $690	+5% $796	+10% $902
Rate	-1.0pp $770	-0.5pp $730	base $690	+0.5pp $648	+1.0pp $606

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3807 29th Avenue Ct E Tacoma, WA	3.0	2.5	2075	$3,350	$1.61	12d	1	0.74mi
4600 16th St E Fife, WA	1.0–3.0	1.0–2.0	925	$2,300	$2.49	26d	1	0.95mi
1207 46th Ave E Unit 1207 Fife, WA	3.0	1.5	1200	$1,995	$1.66	26d	1	1.22mi
5601 Pasinetti St E Fife, WA	4.0	3.0	1926	$3,000	$1.56	12d	1	1.35mi
4919 Waller Rd E Unit 4919 Tacoma, WA	2.0	1.0	1200	$2,300	$1.92	26d	1	1.40mi
1405 E 38th St Tacoma, WA	3.0	2.5	1265	$2,650	$2.09	0d	1	1.42mi

Listing history 25 events

1. 2026-06-21
   days on market $160,000 Active 96 DOM
2. 2026-06-18
   days on market $160,000 Active 93 DOM
3. 2026-06-17
   days on market $160,000 Active 92 DOM
4. 2026-06-16
   days on market $160,000 Active 91 DOM
5. 2026-06-15
   pricedays on market $160,000 Active 90 DOM
6. 2026-06-13
   days on market $155,000 Active 88 DOM
7. 2026-06-13
   days on market $155,000 Active 87 DOM
8. 2026-06-09
   days on market $155,000 Active 84 DOM
9. 2026-06-08
   days on market $155,000 Active 83 DOM
10. 2026-06-07
    days on market $155,000 Active 82 DOM
11. 2026-06-04
    days on market $155,000 Active 79 DOM
12. 2026-06-03
    days on market $155,000 Active 78 DOM
13. 2026-06-02
    days on market $155,000 Active 77 DOM
14. 2026-06-01
    days on market $155,000 Active 76 DOM
15. 2026-05-31
    days on market $155,000 Active 75 DOM
16. 2026-04-25
    price $155,000
17. 2026-04-25
    status Active
18. 2026-04-13
    status Pending
19. 2026-03-04
    listed $165,000 Active
20. 2023-03-27
    soldstatus $89,900 Closed
21. 2023-02-21
    status Pending
22. 2023-02-13
    status Active
23. 2023-01-26
    status Pending
24. 2023-01-10
    price $89,900
25. 2023-01-04
    listed $99,900 Active

ⓘ 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: $1,240 · $103/mo
• Projected year-2 tax: $1,568 · $131/mo
• Expected delta: +$328/yr (+$27/mo · 26.4%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone AE · 78% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥88°F today · 16 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: $32,283
• − Mortgage interest: −$8,962
• − Property taxes: −$1,240
• − Insurance: −$5,918
• − Repairs & maintenance: −$2,583
• − Management: −$2,583
• − Depreciation: −$4,655
• Taxable income: $6,342
• Est. tax owed @ 24.0%: −$1,522
• After-tax cash flow: $6,754/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 — Waller

• Score: 69/100
• State rank: #254
• US rank: #8174

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waller, WA
• City population: 5,787
• Population (ZIP): 5,787

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: Predominantly White (71%)
• Race & ethnicity: White 71% Two or more races 11% Hispanic / Latino 10% Asian 6% Black 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 5% Italian 4% Romanian 3%
• Foreign-born: 7% · Canada, Vietnam, South Korea
• Languages at home: 89% English-only · Spanish 5% Other Asian/Pacific 2% German/W. Germanic 1%

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: ▼ -375.05%
• Current HPI: 299.5307
• Rent YoY: —
• Metro: —
• 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

+55.2% since first listed

10 events — show timeline

• 2026-04-25 Price Changed $155,000 NWMLS as Distributed by MLS Grid
• 2026-04-25 Relisted — NWMLS as Distributed by MLS Grid
• 2026-04-13 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-04 Listed $165,000 NWMLS as Distributed by MLS Grid
• 2023-03-27 Sold (MLS) $89,900 NWMLS as Distributed by MLS Grid
• 2023-02-21 Pending — NWMLS as Distributed by MLS Grid
• 2023-02-13 Relisted — NWMLS as Distributed by MLS Grid
• 2023-01-26 Pending — NWMLS as Distributed by MLS Grid
• 2023-01-10 Price Changed $89,900 NWMLS as Distributed by MLS Grid
• 2023-01-04 Listed $99,900 NWMLS as Distributed by MLS Grid

Property tax history

+10.7%/yr

Latest (2026): $1,240 · +8.3% YoY. Source: county tax records.