10512 137th St E #37 · South Hill, WA 98374

$150,000

3 bd · 2.0 ba · 1,196 sqft · Manufactured public records · 153 Days on market

Built 2005 $125/sqft · 115% 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 +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Affordable 3 Bedroom 2 Bath Silvercrest Model Home. Updated 3 Years ago. Open Bright Kitchen with Newer White Painted Wood Cabinets. All Newer completely Fresh Painted Interior and Lighting Fixtures Throughout. All Newer Vinyl Plank Flooring and Newer Carpeting Through Out. Huge Living Room and Dining Room. Cathedral Ceilings Throughout. Large Primary Master Bathroom with Tub and Shower and Full Wall Closet. The Second and Third Bedrooms are Good Sized. Nice Main Guest Bath Room with Tub and Shower also. Separate Utility room with Storage Shelf and Freezer Space or Storage. Nice Dry Storage Shed in Back Yard. 2 Vehicle Parking Area out Front. This Home is in a Great All Age Community and a

Key facts

• Newer carpeting
• Cathedral ceilings
• Huge living room

Tags

• OPEN BRIGHT KITCHEN
• NEWER LAMINATE FLOORING
• NEWER CARPETING
• HUGE LIVING ROOM
• CATHEDRAL CEILINGS
• LARGE MASTER BATHROOM

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $977 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.1% 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-, 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.
• Zoned schools: Warren Hunt Elem (717 students, 46% FRL); Glacier View Junior High (832 students, 40% FRL); Emerald Ridge High School (1,537 students, 37% FRL).
• Market conditions: Rents rising (+1.7%/yr); 452 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 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 $1k 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 $42k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 153 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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 $130k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $132,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 153 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: 1.65% ✓
• Cap rate: 14.11%
• Cash-on-cash: 27.93%
• DSCR: 2.24
• GRM: 5.0

CMA / ARV

• ARV (median comp): $78,479
• List price: $150,000
• Delta: 91.13%
• Verdict: OVERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10428 137th Street Ct E #47	0.03mi	3/2.0	1,188 (-1%)	0mo	$166,500	$140	97
13713 105th Avenue Ct E	0.03mi	3/2.0	1,144 (-4%)	23mo	$89,950	$79	72
10015 129th Street Ct E	0.61mi	3/2.0	1,188 (-1%)	15mo	$458,000	$386	58
11118 127th Street Ct E #8	0.71mi	2/2.0 (-1)	1,185 (-1%)	17mo	$57,000	$48	46
11113 127th Street Ct E #5	0.72mi	2/2.0 (-1)	1,144 (-4%)	12mo	$53,000	$46	44

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: 20.6%
• Equity multiple: 1.83×
• Total profit: $34,798
• Equity at exit: $22,365

10-year hold

• IRR: 28.0%
• Equity multiple: 3.33×
• Total profit: $97,863
• Equity at exit: $12,969

Cash invested: $42,000 (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: 452
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $2,482 high
• Mortgage (P&I): −$787
• Tax from tax record: −$134 /mo · $1,611/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$521
• Net cashflow: $977

Break-even live

Break-even rent $1,245

Max offer price $150,000

Occupancy floor 56%

Sensitivity live

Price	-10% $1,062	-5% $1,020	+0% $977	+5% $935	+10% $893
Rent	-10% $781	-5% $879	+0% $977	+5% $1,076	+10% $1,174
Rate	-1.0pp $1,053	-0.5pp $1,016	base $977	+0.5pp $939	+1.0pp $899

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13523 106th Ave E Puyallup, WA	3.0	2.0	1404	$2,650	$1.89	25d	1	0.11mi
13404 106th Ave E Puyallup, WA	3.0	2.0	1404	$2,650	$1.89	25d	1	0.20mi
10511 140th Street Ct E #27 Puyallup, WA	3.0	3.0	1311	$2,650	$2.02	25d	1	0.21mi
10414 140th Street Ct E #55 Puyallup, WA	4.0	2.5	1407	$2,595	$1.84	0d	1	0.23mi
10414 140th St Ct E Puyallup, WA	4.0	2.5	1407	$2,595	$1.84	3d	1	0.23mi
14209 103rd Avenue Ct E Puyallup, WA	1.0–2.0	1.0	847	$1,875	$2.21	0d	2	0.36mi
13011 Meridian E Puyallup, WA	1.0–3.0	1.0–2.0	942	$2,350	$2.49	3d	19	0.37mi
13507 99th Ave E Puyallup, WA	1.0–2.0	1.0–2.5	994	$2,237	$2.25	0d	14	0.37mi
9910 132nd Street Ct E Unit 9911-C Puyallup, WA	2.0	1.0	940	$1,375	$1.46	25d	1	0.41mi
9911 132nd Street Ct E Puyallup, WA	2.0	1.0	940	$1,745	$1.86	45d	2	0.44mi
13405 97th Ave E #308 Puyallup, WA	3.0	2.0	1085	$2,095	$1.93	45d	1	0.52mi
13404 97th Ave E South Hill, WA	1.0–3.0	1.0–2.0	958	$2,155	$2.25	45d	3	0.56mi
11013 144th Street Ct E Unit O24-6-B Puyallup, WA	3.0	1.5	1400	$2,450	$1.75	45d	1	0.58mi
9710 131st Street Ct E Unit A Puyallup, WA	2.0	2.0	1045	$2,150	$2.06	19d	1	0.59mi
12724 104th Avenue Ct E Puyallup, WA	1.0–3.0	1.0–2.0	910	$2,345	$2.58	6d	8	0.64mi
12202 107th Avenue Ct E Puyallup, WA	4.0	1.5	1248	$2,850	$2.28	5d	1	0.95mi
12202 107th Avenue Ct E Puyallup, WA	4.0	1.5	1248	$3,000	$2.40	45d	1	0.95mi
12311 112th Avenue Ct E Apt 3 Puyallup, WA	2.0	1.0	700	$1,800	$2.57	25d	1	0.97mi
11020 122nd St E Puyallup, WA	2.0	1.0	850	$1,650	$1.94	45d	1	0.99mi
12111 104th Ave E Puyallup, WA	1.0–3.0	1.0–2.0	902	$1,867	$2.07	6d	1	1.02mi
97th Ave E Puyallup, WA	3.0	2.5	1452	$2,495	$1.72	25d	1	1.05mi
12006 108th Avenue Ct E Puyallup, WA	3.0	1.0	1000	$2,000	$2.00	4d	1	1.07mi
9021 128th St E Puyallup, WA	2.0	1.0	952	$2,175	$2.28	45d	1	1.10mi
502 43rd Ave SE Puyallup, WA	2.0	2.0	1100	$2,810	$2.55	5d	1	1.19mi
13314 86th Ave E Unit A South Hill, WA	2.0	1.0	864	$1,750	$2.03	16d	1	1.25mi
13104 86 Ave E #13100 Puyallup, WA	2.0	1.0	800	$1,725	$2.16	25d	1	1.29mi
13104 86th Ave E Puyallup, WA	2.0	1.0	800	$1,725	$2.16	45d	1	1.29mi
12317 121st Avenue Ct E Puyallup, WA	2.0	2.0	1034	$2,400	$2.32	19d	1	1.35mi
12317 121st Avenue Ct E Puyallup, WA	2.0	2.0	1034	$2,400	$2.32	0d	1	1.35mi
9921 158th St E Puyallup, WA	2.0	1.0	1100	$2,400	$2.18	14d	1	1.37mi
4111 4th Street Pl SW Unit C Puyallup, WA	2.0	1.0	832	$1,680	$2.02	45d	1	1.46mi
8512 123rd Street Ct E Unit 8512 Puyallup, WA	2.0	1.5	1092	$2,300	$2.11	45d	1	1.50mi

Listing history 19 events

1. 2026-06-21
   days on market $150,000 Active 153 DOM
2. 2026-06-18
   days on market $150,000 Active 150 DOM
3. 2026-06-17
   days on market $150,000 Active 149 DOM
4. 2026-06-16
   days on market $150,000 Active 148 DOM
5. 2026-06-15
   days on market $150,000 Active 147 DOM
6. 2026-06-13
   days on market $150,000 Active 145 DOM
7. 2026-06-13
   days on market $150,000 Active 144 DOM
8. 2026-06-09
   days on market $150,000 Active 141 DOM
9. 2026-06-08
   days on market $150,000 Active 140 DOM
10. 2026-06-07
    days on market $150,000 Active 139 DOM
11. 2026-06-04
    days on market $150,000 Active 136 DOM
12. 2026-06-03
    days on market $150,000 Active 135 DOM
13. 2026-06-02
    days on market $150,000 Active 134 DOM
14. 2026-06-01
    days on market $150,000 Active 133 DOM
15. 2026-05-31
    days on market $150,000 Active 132 DOM
16. 2026-01-19
    listed $150,000 Active
17. 2022-08-04
    soldstatus $129,950 Closed
18. 2022-06-14
    status Pending
19. 2022-06-03
    listed $129,950 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: $1,611 · $134/mo
• Projected year-2 tax: $1,611 · $134/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 · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,785
• − Mortgage interest: −$8,402
• − Property taxes: −$1,611
• − Insurance: −$750
• − Repairs & maintenance: −$2,383
• − Management: −$2,383
• − Depreciation: −$4,364
• Taxable income: $9,893
• Est. tax owed @ 24.0%: −$2,374
• After-tax cash flow: $9,356/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 — 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

+15.4% since first listed

4 events — show timeline

• 2026-01-19 Listed $150,000 NWMLS as Distributed by MLS Grid
• 2022-08-04 Sold (MLS) $129,950 NWMLS as Distributed by MLS Grid
• 2022-06-14 Pending — NWMLS as Distributed by MLS Grid
• 2022-06-03 Listed $129,950 NWMLS as Distributed by MLS Grid

Property tax history

+7.8%/yr

Latest (2026): $1,611 · +4.2% YoY. Source: county tax records.