2500 Alder St #304 · Milton, WA 98354

$103,999

3 bd · 2.0 ba · 1,248 sqft · Manufactured · 56 Days on market

Built 1978 Average condition Est $141k · 26% under ↓ 8% 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to comfortable, low maintenance living in this gated 55+ community in Milton, ideally located on a quiet cul de sac. This well cared for manufactured home offers a bright and open layout with a spacious living and dining area that feels inviting and easy to enjoy every day. The spacious kitchen making it both functional and pleasant for daily use. Large double pane vinyl windows bring in great natural light and enhance the overall airy feel of the home. The primary bedroom is set apart on one end for added privacy and includes a full four piece bathroom, creating a relaxing personal retreat. On the opposite side, two additional bedrooms and another full bath offer versatility for gu

Key facts

• Gated community
• Bright open layout
• Manufactured home

Tags

• GATED COMMUNITY
• CUL DE SAC
• MANUFACTURED HOME
• BRIGHT OPEN LAYOUT
• SPACIOUS KITCHEN
• DOUBLE PANE VINYL WINDOWS

Property features AI

Finance

• Other: Calculated building area: 1248 square feet; Listed as one level; Estimated days on market: 73
• Financial info: Land lease: $995; Listing terms: Cash or Conventional
• HOA & community: Manufactured home park approved for sale; Park amenities include clubhouse and security gate; Heather Hills park with approximately 130 homes; Pets allowed; Senior community

Exterior

• Parking: Carport
• Security: Security gate
• Utilities: Electric energy source; Public water; Public sewer; Power provided by City of Milton; Water provided by City of Milton; Cable connected (Dish)
• Home design: Manufactured double-wide home (Bainbridge model); One level; Residential manufactured home in good condition; Has a view; Mobile home remains on site
• Construction: Metal/vinyl construction materials; Composition roof; Pillar/post/pier foundation; Manufactured house structure type
• Exterior features: Metal/vinyl exterior; Awnings; Landscaped; Patio/porch/deck; Corner lot; Cul-de-sac; Paved

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Laminate; Vinyl
• Bathrooms: 2 full bathrooms; 2 bathtubs; 2 showers
• Heating & cooling: Forced air heating; Heat pump (heating and cooling); High-efficiency heating
• Interior features: Water heater; Double pane windows
• Laundry & utility: Water heater located in closet/deck

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $104k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $104k).
• Recommended offer: $101k (3.0% below list) — sets the bar for market timing.
• Cap rate 22.3% vs local median 2.5% in Milton — 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 (#145 in WA, #2,880 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime D-, amenities F, cost of living F.
• Fife School District (suburban): math 44% / reading 57% proficiency, ranked #127 of 291 in WA (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 47 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• This rent runs 33% of the median local income ($97k/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 $719 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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 $100,879 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is D 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: 2.56% ✓
• Cap rate: 22.29%
• Cash-on-cash: 57.14%
• DSCR: 3.54
• GRM: 3.3

CMA / ARV

• ARV (on-the-fly): $141,024
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2500 Alder St #16	0.00mi	2/2.0 (-1)	1,248 (0%)	5mo	$138,000	$111	91
2500 Alder St #214	0.14mi	2/2.0 (-1)	1,248 (0%)	18mo	$65,000	$52	74
2500 Alder St #335	0.00mi	2/2.0 (-1)	1,152 (-8%)	10mo	$130,000	$113	74
2500 Alder St #6	0.00mi	3/2.0	1,344 (+8%)	16mo	$85,000	$63	74
2500 Alder St #104	0.00mi	2/2.0 (-1)	1,152 (-8%)	14mo	$137,500	$119	71
37301 28th Ave S	0.58mi	2/2.0 (-1)	1,248 (0%)	0mo	$200,000	$160	68
2430 S 371st St #49	0.68mi	3/2.0	1,200 (-4%)	2mo	$190,000	$158	60

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: 55.6%
• Equity multiple: 3.46×
• Total profit: $71,501
• Equity at exit: $15,507

10-year hold

• IRR: 60.6%
• Equity multiple: 7.05×
• Total profit: $176,143
• Equity at exit: $8,992

Cash invested: $29,120 (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 98354

• Active inventory: 47
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $2,665 high
• Mortgage (P&I): −$545
• Tax est. 1.5%: −$130 /mo · $1,560/yr
• Insurance: −$43
• HOA: −$0
• Vacancy / Maint / Mgmt: −$560
• Net cashflow: $1,387

Break-even live

Break-even rent $910

Max offer price $103,999

Occupancy floor 43%

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: $26,000
• Closing costs: $3,120
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
210 27th Ave Milton, WA	1.0–2.0	1.0–2.0	837	$2,199	$2.63	1d	5	0.27mi
207 Meridian Ave E Edgewood, WA	1.0–2.0	1.0–2.0	835	$2,649	$3.17	1d	18	0.58mi
1211 S 376th St Milton, WA	1.0–2.0	1.0–2.0	952	$3,350	$3.52	1d	63	0.84mi
1926 S 368th Pl #206 Federal Way, WA	2.0	2.5	1176	$2,995	$2.55	1d	1	0.89mi
2800 Queens Way Milton, WA	1.0–3.0	1.0–2.5	1015	$2,795	$2.75	2d	26	1.00mi
10304 20th St E Edgewood, WA	1.0–3.0	1.0–2.0	911	$2,741	$3.01	1d	18	1.48mi
2020 S 360th St Federal Way, WA	1.0–3.0	1.0–2.0	971	$2,305	$2.37	2d	24	1.50mi

Listing history 18 events

1. 2026-06-18
   days on market $103,999 Active 56 DOM
2. 2026-06-17
   days on market $103,999 Active 55 DOM
3. 2026-06-16
   days on market $103,999 Active 54 DOM
4. 2026-06-15
   days on market $103,999 Active 53 DOM
5. 2026-06-13
   days on market $103,999 Active 51 DOM
6. 2026-06-13
   days on market $103,999 Active 50 DOM
7. 2026-06-09
   days on market $103,999 Active 47 DOM
8. 2026-06-08
   days on market $103,999 Active 46 DOM
9. 2026-06-07
   days on market $103,999 Active 45 DOM
10. 2026-06-04
    days on market $103,999 Active 42 DOM
11. 2026-06-03
    days on market $103,999 Active 41 DOM
12. 2026-06-02
    days on market $103,999 Active 40 DOM
13. 2026-06-01
    days on market $103,999 Active 39 DOM
14. 2026-05-31
    days on market $103,999 Active 38 DOM
15. 2026-04-23
    listed $103,999 Active
16. 2021-06-07
    soldstatus $108,000 Closed
17. 2021-05-16
    status Pending
18. 2021-05-01
    listed $112,500 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 3/10 Moderate 7 d/yr ≥88°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,980
• − Mortgage interest: −$5,826
• − Property taxes: −$1,560
• − Insurance: −$520
• − Repairs & maintenance: −$2,558
• − Management: −$2,558
• − Depreciation: −$3,025
• Taxable income: $15,932
• Est. tax owed @ 24.0%: −$3,824
• After-tax cash flow: $12,816/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 well-maintained manufactured home in a gated community offers a spacious and open layout with good curb appeal. Minor updates to paint, cabinets, and fixtures would significantly enhance its resale and rental value.

Repairs flagged

• Minor Paint — Slight wear on interior walls.
• Minor Kitchen cabinets — Dated cabinetry could be updated for a fresh look.
• Minor Bathroom fixtures — Dated fixtures could be replaced for a modern look.

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances the home's appearance and value.
• Both Replace kitchen cabinets — Modern cabinets improve functionality and aesthetics.
• Both Replace bathroom fixtures — Updated fixtures increase the home's appeal and functionality.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Paint · Slight wear on interior walls.	Minor	$500–3,000
Kitchen cabinets · Dated cabinetry could be updated for a fresh look.	Minor	$500–3,000
Bathroom fixtures · Dated fixtures could be replaced for a modern look.	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances the home's appearance and value. ↑
• Both Replace kitchen cabinets — Modern cabinets improve functionality and aesthetics. ↑
• Both Replace bathroom fixtures — Updated fixtures increase the home's appeal and functionality. ↑

ⓘ 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: Fife School District
• NCES district ID: 5302880
• Math proficiency: 44% ▼ -4.00%
• Reading proficiency: 57% ▼ -1.00%
• Median HH income: $64,187
• Composite: 46.52/100
• National rank: #5310
• State rank: #127 of 291 in WA

Livability — Milton

• Score: 77/100
• State rank: #145
• US rank: #2880

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Milton, WA
• County: Pierce County · 788,257 people
• City population: 8,597
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 8,597
• Household income: $96,866
• Rent vs Own: 44.4% rent · 55.6% own
• Severe rent burden: 465.0

Population outlook (King County) Hauer SSP2

• Today (2025): 2,576,485 people
• By 2030: 2,803,316 · +8.8%
• By 2040: 3,255,921 · +26.4%
• By 2050: 3,706,444 · +43.9%
• By 2075: 4,746,063 · +84.2%
• By 2100: 5,407,730 · +109.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 14% Two or more races 10% Asian 6% Black 3% Native American 1%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Subsaharan African 4% Scotch-Irish 4% Portuguese 4%
• Foreign-born: 13% · Canada, South Korea, Vietnam
• Languages at home: 78% English-only · Spanish 9% Russian/Polish/Slavic 5% German/W. Germanic 2%

Political lean MEDSL · King

• 2024 margin: Solid D (+51.7) · D 74.2% · R 22.5% · Other 3.4%
• 2008→2024 swing: +9.6pp toward D · 2008: 42.1pp · 2024: 51.7pp
• All cycles: 2024: D+51.7 2020: D+52.7 2016: D+50.4 2012: D+39.9 2008: D+42.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -248.03%
• Current HPI: 319.2485
• Rent YoY: —
• 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

-7.6% since first listed

4 events — show timeline

• 2026-04-23 Listed $103,999 NWMLS as Distributed by MLS Grid
• 2021-06-07 Sold (MLS) $108,000 NWMLS as Distributed by MLS Grid
• 2021-05-16 Pending — NWMLS as Distributed by MLS Grid
• 2021-05-01 Listed $112,500 NWMLS as Distributed by MLS Grid