10117 218th Avenue Ct E #45 · Bonney Lake, WA 98391

$45,000

2 bd · 2.0 ba · 924 sqft · Manufactured public records · 20 Days on market

Built 1980 $49/sqft · at area comps Est $47k · at est. ↓ 20% since listing

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +9.4/15.0
• Schools +5.7/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to effortless living in this 1980 Silvercrest home, nestled in the desirable all-ages community of Quiet Meadows. Offering 2 bedrooms, 2 bathrooms, and 924 square feet, this move-in ready, owner-occupied residence blends comfort, functionality, and value—ideal for primary homebuyers seeking affordable, low-maintenance living. Step inside to a great layout featuring a spacious kitchen with abundant cabinetry, generous counter space, and a full appliance package—perfect for everyday living or entertaining. The seamless flow into the main living area creates a warm, inviting atmosphere filled with natural light. The well-appointed primary suite serves as a private retreat,

Key facts

• Spacious kitchen
• Natural light
• Large closets

Tags

• SPACIOUS KITCHEN
• ABUNDANT CABINETRY
• GENEROUS COUNTER SPACE
• FULL APPLIANCE PACKAGE
• NATURAL LIGHT
• LARGE CLOSETS

Property features AI

Finance

• Other: Tax information available; Buyer to verify schools
• Financial info: Land lease: $1,000; Listing terms: Cash
• HOA & community: Park name: Quiet Meadows; Manufactured home park approved for sale

Exterior

• Parking: Uncovered parking
• Utilities: Electric energy source; Public water; Power: PSE
• Home design: Manufactured home (Single wide); One story; Entry level: One; Facing: Not specified; Make: Silvercrest; Model: Kingsbrook
• Construction: Composition roof; Manufactured after 06/15/1976; Mobile home remains
• Exterior features: Paved lot; Has view; Patio/porch/deck

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove(s)/Range(s)
• Bedrooms: 2 bedrooms
• Flooring: Laminate; Vinyl
• Bathrooms: 1 full bath; 1 three-quarter bath; 2 bathtubs; 1 shower
• Heating & cooling: Forced air heating; Window unit cooling
• Interior features: Kitchen with eating space; Living room; Utility room; Bath off primary; Drapes; Jetted/soaking tub; Patio/porch/deck; Walk-in closet; Has heating (Forced air); Has cooling (Window unit(s)); Dishwasher; Dryer; Microwave; Refrigerator; Stove(s)/Range(s); Washer
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $45k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• Recommended offer: $44k (1.5% below list) — sets the bar for market timing.
• Cap rate 48.2% vs local median 3.1% in Bonney Lake — 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 72/100 on livability (#215 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, schools B+; Watch: amenities F, commute F, cost of living F.
• White River School District (suburban): math 57% / reading 68% proficiency, ranked #35 of 291 in WA (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.5%/yr); 740 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $311 of loan paydown is wiped out by about $1k 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 + 3.5% rent growth), your $13k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($44k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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 $44,325 (1.5% below list)

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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
3. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 5.22% ✓
• Cap rate: 48.15%
• Cash-on-cash: 149.51%
• DSCR: 7.65
• GRM: 1.6

CMA / ARV

• ARV (median comp): $46,993
• List price: $45,000
• Delta: -4.24%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10117 218th Avenue Ct E #45	0.00mi	2/2.0	924 (0%)	1mo	$40,000	$43	99
10206 218th Ave E	0.06mi	2/2.0	924 (0%)	9mo	$54,000	$58	90
21708 102nd Street Ct E #28	0.10mi	3/1.0 (+1)	840 (-9%)	17mo	$120,000	$143	57

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 · 3.47% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.45×
• Total profit: $93,828
• Equity at exit: $6,710

10-year hold

• IRR: —
• Equity multiple: 18.08×
• Total profit: $215,157
• Equity at exit: $3,891

Cash invested: $12,600 (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 98391

• Rents YoY: 3.5%
• Active inventory: 740
• Price-to-rent: 1.6×

Monthly cashflow live

• Estimated rent: $2,350 medium
• Mortgage (P&I): −$236
• Tax from tax record: −$32 /mo · $385/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$494
• Net cashflow: $1,570

Break-even live

Break-even rent $363

Max offer price $45,000

Occupancy floor 28%

Sensitivity live

Price	-10% $1,595	-5% $1,583	+0% $1,570	+5% $1,557	+10% $1,544
Rent	-10% $1,384	-5% $1,477	+0% $1,570	+5% $1,663	+10% $1,755
Rate	-1.0pp $1,592	-0.5pp $1,581	base $1,570	+0.5pp $1,558	+1.0pp $1,546

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9800 219th Ave E Bonney Lake, WA	2.0	1.0	905	$1,609	$1.78	6d	1	0.18mi
9803 221st Ave E Bonney Lake, WA	2.0–3.0	2.0	1060	$2,135	$2.01	45d	2	0.21mi

Listing history 7 events

1. 2026-05-17
   status Pending
2. 2026-04-27
   listed $45,000 Active
3. 2023-04-03
   soldstatus $40,000 Closed
4. 2023-03-09
   status Pending
5. 2023-02-13
   status Active
6. 2023-01-31
   status Pending
7. 2023-01-27
   listed $50,000 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: $385 · $32/mo
• Projected year-2 tax: $441 · $37/mo
• Expected delta: +$56/yr (+$5/mo · 14.5%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 10 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,202
• − Mortgage interest: −$2,521
• − Property taxes: −$385
• − Insurance: −$225
• − Repairs & maintenance: −$2,256
• − Management: −$2,256
• − Depreciation: −$1,309
• Taxable income: $19,250
• Est. tax owed @ 24.0%: −$4,620
• After-tax cash flow: $14,218/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: White River School District
• NCES district ID: 5309780
• Math proficiency: 57% ▲ 3.00%
• Reading proficiency: 68% ▲ 6.00%
• Median HH income: $71,369
• Composite: 56.68/100
• National rank: #2423
• State rank: #35 of 291 in WA

Livability — Bonney Lake

• Score: 72/100
• State rank: #215
• US rank: #6077

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bonney Lake, WA
• County: Pierce County · 788,257 people
• City population: 59,240
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 59,240
• Household income: $135,037
• Rent vs Own: 14.3% rent · 85.7% own
• Severe rent burden: 528.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 11% Hispanic / Latino 9% Asian 4%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Portuguese 6% Italian 4% Lithuanian 4%
• Foreign-born: 6% · Canada, China, South Korea
• Languages at home: 92% English-only · Spanish 3% Russian/Polish/Slavic 2% Other Asian/Pacific 1%

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: ▼ -565.91%
• Current HPI: 294.2062
• Rent YoY: ▲ 3.47%
• 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

-20.0% since first listed

8 events — show timeline

• 2026-05-28 Sold (MLS) $40,000 NWMLS as Distributed by MLS Grid
• 2026-05-17 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-27 Listed $45,000 NWMLS as Distributed by MLS Grid
• 2023-04-03 Sold (MLS) $40,000 NWMLS as Distributed by MLS Grid
• 2023-03-09 Pending — NWMLS as Distributed by MLS Grid
• 2023-02-13 Relisted — NWMLS as Distributed by MLS Grid
• 2023-01-31 Pending — NWMLS as Distributed by MLS Grid
• 2023-01-27 Listed $50,000 NWMLS as Distributed by MLS Grid

Property tax history

+54.4%/yr

Latest (2026): $385 · +0.1% YoY. Source: county tax records.