9314 Canyon Rd E #85 · Summit, WA 98371

$128,000

3 bd · 2.0 ba · 1,460 sqft · Manufactured public records · 14 Days on market

Built 1986 $88/sqft · 50% below area

---

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 +3.9/10.0
• Livability +3.3/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this beautifully updated 3-bedroom, 1.25-bath home located in the sought-after 55+ Canyon Terrace Community! Thoughtfully maintained and extensively upgraded, this home features a heat pump, crawl space insulation, double and triple-pane windows, updated flooring, a newer roof, left gutter guards, interior paint, carpet, and high-end appliances in the remodeled kitchen. Enjoy the bright and spacious layout with a large living room and open kitchen/dining area perfect for everyday living and entertaining. The generous primary suite includes its own ensuite bathroom with a walk-in shower, while abundant storage throughout the home adds convenience and functionality. Step outside an

Key facts

• Heat pump
• Newer roof
• Updated flooring

Tags

• HEAT PUMP
• CRAWL SPACE INSULATION
• DOUBLE AND TRIPLE-PANE WINDOWS
• UPDATED FLOORING
• NEWER ROOF
• LEFT GUTTER GUARDS

Property features AI

Finance

• Other: Property type: Residential - Manufactured Home; Calculated living area: 1,460; Green feature: Double pane windows
• Financial info: Listing terms: Cash or Conventional; Land lease: $1,035 (monthly)
• HOA & community: Located in Canyon Terrace manufactured home park; Park amenities: Clubhouse, common area, RV parking; 87 homes in the park; Park approved for sale; Senior community

Exterior

• Parking: Carport; RV parking (park amenity)
• Utilities: Electric energy source; Electric water heater; Community water (through park); Sewer through park; Tacoma Public Utilities power
• Home design: Manufactured double-wide home; One level; Manufactured after 6/15/1976; Mobile home remains; Good condition; Make: ZIMM, Model: NASHUA; Style: Manufactured - Double Wide
• Construction: Wood construction; Composition roof; Tie down foundation
• Exterior features: Wood exterior; Paved lot; Has view

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Laminate; Carpet
• Bathrooms: One three-quarter bathroom; One half bathroom; One shower
• Heating & cooling: Forced air heating; Heat pump; Forced air cooling; Heat pump cooling
• Interior features: Water heater; Vaulted ceilings; Ceiling fan(s); Double pane windows; Awnings; Landscaped; Patio/porch/deck; Bath off primary
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $128k.

Deal economics

• At list price, monthly cash flow is $949 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $128k).
• Cap rate 15.2% vs local median 2.5% in Summit — 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 66/100 on livability (#318 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, employment A; Watch: schools D-, amenities F, commute 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 (+1.4%/yr); 227 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 4d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $885 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 + 1.4% rent growth), your $36k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 7y 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.

Recommended offer $128,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.80% ✓
• Cap rate: 15.19%
• Cash-on-cash: 31.79%
• DSCR: 2.41
• GRM: 4.6

CMA / ARV

• ARV (median comp): $257,500
• List price: $128,000
• Delta: -50.29%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9314 Canyon Rd E #85	0.00mi	3/2.0	1,460 (0%)	0mo	$119,000	$82	100
9314 Canyon Rd E #39	0.00mi	3/2.0	1,504 (+3%)	3mo	$168,000	$112	93
9314 Canyon Rd E #82	0.00mi	2/2.0 (-1)	1,526 (+4%)	5mo	$100,000	$66	83
9314 Canyon Rd E #23	0.00mi	3/2.0	1,539 (+5%)	15mo	$160,000	$104	79
9314 Canyon Rd E #74	0.00mi	2/2.0 (-1)	1,330 (-9%)	8mo	$135,000	$102	73
5115 88th Street Ct E #29	0.33mi	2/2.0 (-1)	1,436 (-2%)	9mo	$129,950	$90	70
5801 89th Street Ct E #5	0.39mi	3/2.0	1,496 (+2%)	10mo	$151,000	$101	69
6022 89th Street Ct E #20	0.53mi	3/2.0	1,528 (+5%)	2mo	$257,500	$169	66
5902 89th Street Ct E #11	0.43mi	2/2.0 (-1)	1,596 (+9%)	1mo	$289,000	$181	58
5123 88th Street Ct E	0.32mi	3/2.0	1,336 (-8%)	17mo	$114,800	$86	57
6012 91st Street Ct E	0.47mi	3/2.0	1,599 (+10%)	10mo	$309,000	$193	54
6021 90th Street Ct E #109	0.51mi	3/2.0	1,648 (+13%)	11mo	$325,000	$197	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 · 1.41% rent growth · sell at horizon

5-year hold

• IRR: 24.9%
• Equity multiple: 2.01×
• Total profit: $36,126
• Equity at exit: $19,085

10-year hold

• IRR: 31.7%
• Equity multiple: 3.65×
• Total profit: $95,020
• Equity at exit: $11,067

Cash invested: $35,840 (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 98371

• Rents YoY: 1.4%
• Active inventory: 227
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $2,300 high
• Mortgage (P&I): −$671
• Tax from tax record: −$143 /mo · $1,712/yr
• Insurance: −$53
• HOA: −$0
• Vacancy / Maint / Mgmt: −$483
• Net cashflow: $949

Break-even live

Break-even rent $1,098

Max offer price $128,000

Occupancy floor 54%

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: $32,000
• Closing costs: $3,840
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2506 103rd St E Puyallup, WA	2.0	1.0	1025	$1,877	$1.83	4d	3	0.72mi
4016 84th St E Tacoma, WA	3.0	1.0	940	$1,695	$1.80	10d	1	0.87mi
10823 50th Ave E Tacoma, WA	1.0–2.0	1.0–2.0	916	$2,391	$2.61	1d	3	1.07mi
6406 104th St E Unit 6402 Puyallup, WA	2.0	1.0	900	$1,600	$1.78	43d	1	1.07mi
5923 111th Street Ct E Puyallup, WA	3.0	2.5	1364	$2,600	$1.91	1d	1	1.24mi
6115 111th St E Puyallup, WA	1.0–3.0	1.0–2.0	911	$2,391	$2.62	1d	16	1.27mi
5909 111th Street Ct E Puyallup, WA	3.0	2.5	1356	$2,395	$1.77	14d	1	1.27mi
5617 112th St E Puyallup, WA	1.0–3.0	1.0–2.0	947	$2,195	$2.32	11d	17	1.29mi
9604 S Fruitland Unit 7502 Puyallup, WA	2.0	2.0	1492	$2,500	$1.68	1d	1	1.42mi

Listing history 4 events

1. 2026-05-08
   listed $128,000 Active
2. 2019-10-29
   soldstatus $82,500 Sold
3. 2019-10-13
   status Pending
4. 2019-09-25
   listed $85,000 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: $1,712 · $143/mo
• Projected year-2 tax: $1,712 · $143/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 · 14 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: $27,594
• − Mortgage interest: −$7,170
• − Property taxes: −$1,712
• − Insurance: −$640
• − Repairs & maintenance: −$2,208
• − Management: −$2,208
• − Depreciation: −$3,724
• Taxable income: $9,933
• Est. tax owed @ 24.0%: −$2,384
• After-tax cash flow: $9,008/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 — Summit

• Score: 66/100
• State rank: #318
• US rank: #11661

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Summit, WA
• County: Pierce County · 788,257 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 24,682
• Household income: $97,242
• Rent vs Own: 28.1% rent · 71.9% own
• Severe rent burden: 507.0

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: Predominantly White (70%)
• Race & ethnicity: White 70% Two or more races 12% Hispanic / Latino 11% Asian 6% Black 4%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 5% Slovak 3% Italian 2%
• Foreign-born: 10% · Canada, South Korea, Vietnam
• Languages at home: 85% English-only · Spanish 5% Korean 2% Vietnamese 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: ▼ -580.45%
• Current HPI: 295.2143
• Rent YoY: ▲ 1.41%
• 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

+40.0% since first listed

6 events — show timeline

• 2026-06-05 Sold (MLS) $119,000 NWMLS as Distributed by MLS Grid
• 2026-05-22 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-08 Listed $128,000 NWMLS as Distributed by MLS Grid
• 2019-10-29 Sold (MLS) $82,500 NWMLS as Distributed by MLS Grid
• 2019-10-13 Pending — NWMLS as Distributed by MLS Grid
• 2019-09-25 Listed $85,000 NWMLS as Distributed by MLS Grid

Property tax history

+10.8%/yr

Latest (2026): $1,712 · +9.1% YoY. Source: county tax records.