9314 Canyon Rd E #40 · Summit, WA 98371

$122,000

3 bd · 2.0 ba · 1,080 sqft · Manufactured public records · 158 Days on market

Built 1985 $113/sqft · 28% above area Est $95k · 28% over

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.9/10.0
• Livability +3.3/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Discover your dream home in vibrant Canyon Terrace, a welcoming 55+ community! This stunning turnkey 3-bed, 1.75-bath gem shines with fresh updates: new flooring, paint, trim, fixtures, bathrooms, roof & more! All appliances included for instant comfort. Relax under the covered carport for 2 cars, with sheltered entries, accessibility ramp, ample storage, and easy low-maintenance landscaping on a spacious lot. Dive into fun community amenities: clubhouse with library & game room (billiards + ping-pong), plus RV/boat storage. Prime spot off Canyon Road for effortless freeway access. Don't miss out—move in today and fall in love with your new lifestyle!

Key facts

• New flooring
• New paint
• New trim

Tags

• TURNKEY
• NEW FLOORING
• NEW PAINT
• NEW TRIM
• NEW FIXTURES
• NEW BATHROOMS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $122k.

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 ($2k rent vs $122k).
• Recommended offer: $107k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.1% 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; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 10d 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 $843 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 $34k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 158 days — a 12% lower offer ($107k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $28k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $73k; list at $122k implies a 67% gain — meaningful room to come down on a strong offer.

Recommended offer $107,360 (12.0% below list)

Questions for the listing agent

1. It's been on market 158 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.54% ✓
• Cap rate: 13.08%
• Cash-on-cash: 24.24%
• DSCR: 2.08
• GRM: 5.4

CMA / ARV

• ARV (median comp): $95,387
• List price: $122,000
• Delta: 27.90%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9314 Canyon Rd E #4	0.00mi	2/1.5 (-1)	924 (-14%)	7mo	$55,000	$60	63
9314 Canyon Rd E #33	0.00mi	2/2.0 (-1)	924 (-14%)	12mo	$25,000	$27	61
9314 Canyon Rd E	0.00mi	2/2.0 (-1)	1,238 (+15%)	24mo	$52,500	$42	51

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: 15.8%
• Equity multiple: 1.62×
• Total profit: $21,216
• Equity at exit: $18,191

10-year hold

• IRR: 23.2%
• Equity multiple: 2.85×
• Total profit: $63,309
• Equity at exit: $10,548

Cash invested: $34,160 (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: 5.4×

Monthly cashflow live

• Estimated rent: $1,874 high
• Mortgage (P&I): −$640
• Tax from tax record: −$100 /mo · $1,198/yr
• Insurance: −$51
• HOA: −$0
• Vacancy / Maint / Mgmt: −$394
• Net cashflow: $690

Break-even live

Break-even rent $1,001

Max offer price $122,000

Occupancy floor 58%

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: $30,500
• Closing costs: $3,660
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9020 Pipeline Rd E Apt 3 Tacoma, WA	2.0	1.0	790	$1,450	$1.84	43d	1	0.14mi
9020 Pipeline Rd E Unit 4 Tacoma, WA	2.0	1.0	790	$1,515	$1.92	43d	1	0.14mi
9012 Pipeline Rd E Unit 7 Tacoma, WA	2.0	1.0	790	$1,495	$1.89	4d	1	0.16mi
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
8222 Pipeline Rd E Tacoma, WA	2.0	1.0	785	$1,895	$2.41	43d	1	0.97mi
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 16 events

1. 2026-06-09
   days on market $122,000 Active 158 DOM
2. 2026-06-08
   days on market $122,000 Active 157 DOM
3. 2026-06-07
   days on market $122,000 Active 156 DOM
4. 2026-06-04
   days on market $122,000 Active 153 DOM
5. 2026-06-03
   days on market $122,000 Active 152 DOM
6. 2026-06-02
   days on market $122,000 Active 151 DOM
7. 2026-06-01
   days on market $122,000 Active 150 DOM
8. 2026-05-31
   days on market $122,000 Active 149 DOM
9. 2026-04-11
   price $130,000
10. 2026-02-27
    price $135,000
11. 2026-01-22
    price $140,000
12. 2026-01-02
    listed $150,000 Active
13. 2024-03-13
    soldstatus $73,000 Closed
14. 2024-02-22
    status Pending
15. 2024-01-23
    price $84,500
16. 2023-11-29
    listed $93,000 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: $1,198 · $100/mo
• Projected year-2 tax: $1,198 · $100/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: $22,487
• − Mortgage interest: −$6,834
• − Property taxes: −$1,198
• − Insurance: −$610
• − Repairs & maintenance: −$1,799
• − Management: −$1,799
• − Depreciation: −$3,549
• Taxable income: $6,698
• Est. tax owed @ 24.0%: −$1,607
• After-tax cash flow: $6,671/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

+39.8% since first listed

8 events — show timeline

• 2026-04-11 Price Changed $130,000 NWMLS as Distributed by MLS Grid
• 2026-02-27 Price Changed $135,000 NWMLS as Distributed by MLS Grid
• 2026-01-22 Price Changed $140,000 NWMLS as Distributed by MLS Grid
• 2026-01-02 Listed $150,000 NWMLS as Distributed by MLS Grid
• 2024-03-13 Sold (MLS) $73,000 NWMLS as Distributed by MLS Grid
• 2024-02-22 Pending — NWMLS as Distributed by MLS Grid
• 2024-01-23 Price Changed $84,500 NWMLS as Distributed by MLS Grid
• 2023-11-29 Listed $93,000 NWMLS as Distributed by MLS Grid

Property tax history

+10.1%/yr

Latest (2026): $1,198 · +11.3% YoY. Source: county tax records.