28602 75th Ave S

Roy, WA 98580

$169,950B-

3 bd · 2.0 ba · 1,400 sqft · Built 1996 · Manufactured · Active · 68 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,466/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$182
• HOA: −$0
• Vac / Maint / Mgmt: −$518
• Net cashflow: $875/mo
• Annual: $10,498/yr
• Cap rate: 12.47%
• Cash-on-cash: 22.06%
• DSCR: 1.98
• 1% rule: 1.45%
• Cash to close: $47,586

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $170k.
• At list price, monthly cash flow is $875 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• It's been on market 68 days — a 6% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $160k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#443 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A-; Watch: crime C-, health & safety C-, amenities F.
• Bethel School District (suburban): math 47% / reading 59% proficiency, ranked #103 of 291 in WA (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Roy Elementary (306 students, 50% FRL); Bethel High School (1,739 students, 53% FRL).
• Market conditions: 106 active listings in the ZIP; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• Pierce County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• Current owner paid $130k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $48k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 12.5% vs local median 2.7% in Roy — 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.

Questions for listing agent

• It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.