15308 122nd Avenue Ct E · South Hill, WA 98374

$124,900

3 bd · 2.0 ba · 1,400 sqft · Manufactured · 57 Days on market

Built 1996 Average condition $89/sqft · 71% below area ↓ 4% since listing

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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 +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.8/5.0
• Appreciation +0.0/10.0

Listing remarks

This welcoming home in the 55+ community of Viking Estates offers 1,400 sq. ft. of comfortable, light-filled living. The three-bedroom, two bath layout provides a practical, single-story plan that's perfect for relaxed everyday living. The primary bedroom features a walk-in closet and an attached bath. Large windows and vaulted ceilings bring a uplifting atmosphere. The kitchen offers ample storage and workspace, making meal prep a pleasure and entertaining easy. The spacious living room provides abundant space for gatherings and daily living and the landscape invites outdoor entertaining. Located close to Sunrise Village with easy access to amenities, shops, and services, the home also inc

Key facts

• Outdoor entertaining
• Walk-in closet
• Attached bath

Tags

• WALK-IN CLOSET
• ATTACHED BATH
• AMPLE STORAGE
• OUTDOOR ENTERTAINING
• EASY ACCESS TO AMENITIES

Property features AI

Finance

• Other: Calculated building area 1400; Green feature: Double pane windows
• Financial info: Listing terms: Cash or Conventional; Land lease amount applies
• HOA & community: Senior community (senior exemption); Park: Viking Estates; Land lease

Exterior

• Parking: Individual garage; Has garage
• Utilities: Community water (Firgrove); Septic sewer; Electric water heater; Power by PSE; Internet: Xfinity
• Home design: Manufactured home (double wide); One level; Mobile home remains; Model Celbr 52/26; Good condition
• Construction: Composition roof; Manufactured house structure; Tie down foundation; Built as/manufactured after 06/15/1976
• Exterior features: Corner lot; Landscaped; Patio/porch/deck; Jetted/soaking tub (in bathroom); Bath off primary; Walk-in closet; Vaulted ceilings; Double pane windows

Interior

• Kitchen: Dishwasher; Double oven; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Laminate flooring; Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; No central cooling; Ceiling fan(s)
• Interior features: Water heater; Tie down foundation
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $125k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $125k).
• Recommended offer: $121k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.1% 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; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 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 $864 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 + 1.7% rent growth), your $35k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.

Recommended offer $121,153 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 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 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?
4. 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.
5. 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.
6. 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: 2.22% ✓
• Cap rate: 19.06%
• Cash-on-cash: 45.59%
• DSCR: 3.03
• GRM: 3.8

CMA / ARV

• ARV (median comp): $424,889
• List price: $124,900
• Delta: -70.60%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15410 122nd Avenue Ct E #9	0.04mi	3/2.0	1,400 (0%)	20mo	$215,000	$154	81
15410 123rd Avenue Ct E #47	0.06mi	3/2.0	1,344 (-4%)	12mo	$174,000	$129	81
15208 123rd Avenue Ct E #39	0.06mi	3/2.0	1,290 (-8%)	13mo	$195,000	$151	73
15406 122nd Avenue Ct E #8	0.03mi	3/2.0	1,512 (+8%)	15mo	$190,000	$126	73
16124 120th Ave E	0.51mi	3/2.0	1,316 (-6%)	4mo	$440,000	$334	63
16126 120th Ave E	0.52mi	3/2.0	1,344 (-4%)	11mo	$362,000	$269	60
16210 118th Avenue Ct E	0.61mi	3/2.0	1,296 (-7%)	11mo	$425,000	$328	50
13210 152nd Street Ct E	0.67mi	3/2.0	1,296 (-7%)	11mo	$480,000	$370	48

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: 41.3%
• Equity multiple: 2.74×
• Total profit: $60,894
• Equity at exit: $18,623

10-year hold

• IRR: 46.9%
• Equity multiple: 5.23×
• Total profit: $148,048
• Equity at exit: $10,799

Cash invested: $34,972 (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: 3.8×

Monthly cashflow live

• Estimated rent: $2,774 high
• Mortgage (P&I): −$655
• Tax est. 1.5%: −$156 /mo · $1,874/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$583
• Net cashflow: $1,329

Break-even live

Break-even rent $1,093

Max offer price $124,900

Occupancy floor 47%

Sensitivity live

Price	-10% $1,415	-5% $1,372	+0% $1,329	+5% $1,285	+10% $1,242
Rent	-10% $1,109	-5% $1,219	+0% $1,329	+5% $1,438	+10% $1,548
Rate	-1.0pp $1,392	-0.5pp $1,360	base $1,329	+0.5pp $1,296	+1.0pp $1,263

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11013 144th Street Ct E Unit O24-6-B Puyallup, WA	3.0	1.5	1400	$2,450	$1.75	45d	1	0.93mi
17023 121st Ave E Puyallup, WA	3.0	3.0	1837	$4,500	$2.45	45d	1	1.10mi
12615 172nd St E Puyallup, WA	3.0	2.0	1298	$2,600	$2.00	3d	1	1.20mi
12415 172nd St E Puyallup, WA	1.0–3.0	1.0–2.5	1091	$2,845	$2.61	0d	11	1.23mi
14209 103rd Avenue Ct E Puyallup, WA	1.0–2.0	1.0	847	$1,875	$2.21	0d	2	1.28mi
17246 117th Ave E Puyallup, WA	3.0	2.5	1775	$2,750	$1.55	45d	1	1.31mi
10511 140th Street Ct E #27 Puyallup, WA	3.0	3.0	1311	$2,650	$2.02	25d	1	1.35mi
10414 140th Street Ct E #55 Puyallup, WA	4.0	2.5	1407	$2,595	$1.84	0d	1	1.39mi
10414 140th St Ct E Puyallup, WA	4.0	2.5	1407	$2,595	$1.84	3d	1	1.39mi
9921 158th St E Puyallup, WA	2.0	1.0	1100	$2,400	$2.18	13d	1	1.48mi
12020 Sunrise Blvd E Puyallup, WA	1.0–3.0	1.0–2.0	961	$2,597	$2.70	0d	25	1.48mi
13523 106th Ave E Puyallup, WA	3.0	2.0	1404	$2,650	$1.89	25d	1	1.50mi

Listing history 16 events

1. 2026-06-21
   statusdays on market $124,900 Pending - Backup Offer Requested 57 DOM
2. 2026-06-18
   days on market $124,900 Active 56 DOM
3. 2026-06-17
   days on market $124,900 Active 55 DOM
4. 2026-06-16
   days on market $124,900 Active 54 DOM
5. 2026-06-15
   days on market $124,900 Active 53 DOM
6. 2026-06-13
   days on market $124,900 Active 51 DOM
7. 2026-06-13
   days on market $124,900 Active 50 DOM
8. 2026-06-09
   days on market $124,900 Active 47 DOM
9. 2026-06-08
   days on market $124,900 Active 46 DOM
10. 2026-06-07
    days on market $124,900 Active 45 DOM
11. 2026-06-04
    days on market $124,900 Active 42 DOM
12. 2026-06-03
    days on market $124,900 Active 41 DOM
13. 2026-06-02
    days on market $124,900 Active 40 DOM
14. 2026-06-01
    days on market $124,900 Active 39 DOM
15. 2026-05-31
    days on market $124,900 Active 38 DOM
16. 2026-04-23
    listed $129,900 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 2/10 Low 7 d/yr ≥88°F today · 14 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: $33,293
• − Mortgage interest: −$6,996
• − Property taxes: −$1,874
• − Insurance: −$624
• − Repairs & maintenance: −$2,663
• − Management: −$2,663
• − Depreciation: −$3,633
• Taxable income: $14,838
• Est. tax owed @ 24.0%: −$3,561
• After-tax cash flow: $12,382/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.

Condition & rehab AI · 12 photos

Average 55/100 Cosmetic rehab

This home is in average condition with some cosmetic updates needed. It offers a practical, single-story layout with ample space for everyday living and entertaining. The home is located in a 55+ community with easy access to amenities and services.

Repairs flagged

• Minor kitchen backsplash — red tile backsplash
• Minor bathroom backsplash — red tile backsplash

Value-add opportunities

• Resale paint interior walls — Fresh paint can make a significant difference in the home's appearance
• Resale update kitchen backsplash — A new backsplash can modernize the kitchen and add value
• Resale update bathroom backsplash — A new backsplash can modernize the bathroom and add value
• Both update flooring — New flooring can improve the home's appearance and increase its value
• Both landscaping — A well-maintained yard can increase curb appeal and add value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen backsplash · red tile backsplash	Minor	$500–3,000
bathroom backsplash · red tile backsplash	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale paint interior walls — Fresh paint can make a significant difference in the home's appearance ↑
• Resale update kitchen backsplash — A new backsplash can modernize the kitchen and add value ↑
• Resale update bathroom backsplash — A new backsplash can modernize the bathroom and add value ↑
• Both update flooring — New flooring can improve the home's appearance and increase its value ↑
• Both landscaping — A well-maintained yard can increase curb appeal and add value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-3.8% since first listed

2 events — show timeline

• 2026-05-22 Price Changed $124,900 NWMLS as Distributed by MLS Grid
• 2026-04-23 Listed $129,900 NWMLS as Distributed by MLS Grid