11518 237th Avenue Ct E · Prairie Heights, WA 98321

$144,950

3 bd · 2.0 ba · 1,296 sqft · Manufactured public records · 9 Days on market

Built 1984 0.25 ac lot $112/sqft · 52% below 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
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• ARV discount +7.5/15.0
• Schools +5.7/10.0
• Livability +4.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Wow!! Own A Home In Buckley On An 11,000 Sq Ft Fully Fenced Lot For This Price!! Affordable Living And ALL-AGES Shiloh Park!This Wonderful Home Features A Huge Fully Fenced Yard, 3 Large Bedrooms Including A Master Suite With It's Own Bath And Huge Closet, 2 Baths, 1296 Sq Ft, Situated On A Deadend Culdesac And Did I Mention The Fully Fenced Yard? Enjoy A Refreshed Kitchen With An Island, Updated Cabinets, And Modern Appliances All Included And Move In Ready! Stay Comfortable Year-Round With A Cozy Wood Stove, Relax And Have A Barbeque Even In The Rain On The Covered Back Deck, Out Back There Is A Storage Shed Also, Shiloh Park Is An All-Ages Community With Spacious Lots And Affordable Spac

Key facts

• Covered back deck
• Storage shed
• Fully fenced lot

Tags

• FULLY FENCED LOT
• HUGE FULLY FENCED YARD
• REFRESHED KITCHEN
• COVERED BACK DECK
• STORAGE SHED

Property features AI

Finance

• Other: Mobile home remains
• Financial info: Land lease applicable
• HOA & community: Park allows pets; Shiloh Park community with about 125 homes; Park approved for sale (manufactured home)

Exterior

• Parking: Uncovered parking
• Utilities: Electric energy source; Public water (TPU); Septic sewer; Power provided by TPU
• Home design: Manufactured double-wide home; One level; Good condition; Vaulted ceilings; Bath off primary; Ceiling fan(s); Double pane windows
• Construction: Metal/vinyl construction materials; Composition roof
• Exterior features: Metal/vinyl exterior; Cul-de-sac location; Dead-end street; Paved access

Interior

• Kitchen: Refrigerator; Microwave; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Laminate flooring; Vinyl flooring
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Fireplace (wood burning)
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $145k.

Deal economics

• At list price, monthly cash flow is $728 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Cap rate 12.3% vs local median 2.5% in Prairie Heights — 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 86/100 on livability (#19 in WA, #399 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: 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.
• Zoned schools: Mountain Meadow Elementary (416 students, 22% FRL); Glacier Middle School (970 students, 35% FRL); White River High School (1,263 students, 32% FRL) — zoned schools at 30% FRL track the district average.
• Market conditions: 239 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 + 3.0% rent growth), your $41k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $144,950

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 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?
3. 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.
4. 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.
5. 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: 1.44% ✓
• Cap rate: 12.32%
• Cash-on-cash: 21.53%
• DSCR: 1.96
• GRM: 5.8

CMA / ARV

• ARV (median comp): $303,476
• List price: $144,950
• Delta: -52.24%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11518 237th Avenue Ct E	0.00mi	3/2.0	1,296 (0%)	0mo	$75,000	$58	100
11605 237th Avenue Ct E	0.04mi	3/2.0	1,274 (-2%)	4mo	$141,500	$111	92
11707 237th Ave E	0.08mi	3/2.0	1,404 (+8%)	2mo	$157,000	$112	81
23613 119th Street Ct E	0.15mi	3/2.0	1,274 (-2%)	17mo	$221,950	$174	76
23623 116th St E	0.05mi	3/2.0	1,188 (-8%)	11mo	$182,000	$153	75
11918 240th Avenue Ct E	0.22mi	3/2.0	1,416 (+9%)	4mo	$425,000	$300	71
23507 116th St E	0.12mi	3/2.0	1,456 (+12%)	23mo	$197,950	$136	55

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: 14.1%
• Equity multiple: 1.56×
• Total profit: $22,867
• Equity at exit: $21,613

10-year hold

• IRR: 22.9%
• Equity multiple: 2.96×
• Total profit: $79,542
• Equity at exit: $12,533

Cash invested: $40,586 (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 98321

• Active inventory: 239
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $2,081 medium
• Mortgage (P&I): −$760
• Tax from tax record: −$95 /mo · $1,142/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $728

Break-even live

Break-even rent $1,159

Max offer price $144,950

Occupancy floor 60%

Sensitivity live

Price	-10% $810	-5% $769	+0% $728	+5% $687	+10% $646
Rent	-10% $564	-5% $646	+0% $728	+5% $810	+10% $893
Rate	-1.0pp $801	-0.5pp $765	base $728	+0.5pp $691	+1.0pp $652

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: $36,238
• Closing costs: $4,348
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9803 221st Ave E Bonney Lake, WA	2.0–3.0	2.0	1060	$2,475	$2.33	46d	2	1.46mi
9800 219th Ave E Bonney Lake, WA	2.0	1.0	905	$1,609	$1.78	6d	1	1.49mi

Listing history 2 events

1. 2026-05-16
   status Pending
2. 2026-05-07
   listed $144,950 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: $1,142 · $95/mo
• Projected year-2 tax: $1,421 · $118/mo
• Expected delta: +$279/yr (+$23/mo · 24.4%)

ⓘ 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: $24,970
• − Mortgage interest: −$8,119
• − Property taxes: −$1,142
• − Insurance: −$725
• − Repairs & maintenance: −$1,998
• − Management: −$1,998
• − Depreciation: −$4,217
• Taxable income: $6,772
• Est. tax owed @ 24.0%: −$1,625
• After-tax cash flow: $7,113/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 — Prairie Heights

• Score: 86/100
• State rank: #19
• US rank: #399

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Prairie Heights, WA
• Population (ZIP): 17,601

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 (87%)
• Race & ethnicity: White 87% Hispanic / Latino 6% Two or more races 5% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Portuguese 7% Italian 4% Lithuanian 3%
• Foreign-born: 2% · China, Canada
• Languages at home: 97% English-only · Spanish 1% 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: ▼ -206.67%
• Current HPI: 310.6568
• Rent YoY: —
• Metro: —
• 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

2 events — show timeline

• 2026-05-16 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-07 Listed $144,950 NWMLS as Distributed by MLS Grid

Property tax history

+11.2%/yr

Latest (2026): $1,142 · -1.7% YoY. Source: county tax records.