31108 3rd Ave #319 · Black Diamond, WA 98010

$128,999

2 bd · 2.0 ba · 980 sqft · Manufactured · 188 Days on market

Built 1978 Excellent condition 980 sqft lot $132/sqft · 7% above area Est $120k · 7% over ↓ 7% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.5/10.0
• Condition / age +4.8/5.0
• ARV discount +4.1/15.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Appreciation +0.0/10.0

Listing remarks

Prepare to be impressed by this fully remodeled 2 bed, 1.75 bath home in the heart of Black Diamond. Every detail feels brand new, featuring a custom kitchen with quartz counters, gold-tone fixtures, and stainless steel appliances. The spa-inspired primary suite offers a soaking tub, double vanity, and walk-in shower. Light-filled living spaces, modern flooring, and frosted-glass closets elevate the feel throughout. Nestled in a peaceful community near Ten Trails and historic downtown, this showstopper is anything but average.

Key facts

• Custom kitchen
• Quartz counters
• Gold-tone fixtures

Tags

• CUSTOM KITCHEN
• QUARTZ COUNTERS
• GOLD-TONE FIXTURES
• STAINLESS STEEL APPLIANCES
• SPA-INSPIRED PRIMARY BATH
• SOAKING TUB

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $129k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $962 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $129k).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.9% vs local median 2.2% in Black Diamond — 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 (#87 in WA, #1,663 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: amenities D+, cost of living F.
• Enumclaw School District (suburban): math 54% / reading 68% proficiency, ranked #46 of 291 in WA (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.2%/yr); 193 active listings in the ZIP; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $892 of loan paydown is wiped out by about $4k 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 + 2.2% rent growth), your $36k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 188 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $113,519 (12.0% below list)

Questions for the listing agent

1. It's been on market 188 days. Have you received any prior offers? Is the seller open to a 12% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.88% ✓
• Cap rate: 15.86%
• Cash-on-cash: 34.16%
• DSCR: 2.52
• GRM: 4.4

CMA / ARV

• ARV (median comp): $120,000
• List price: $128,999
• Delta: 7.50%
• Verdict: FAIR
• Comps: 3 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
31108 3rd Ave #330	0.04mi	2/1.0	910 (-7%)	2mo	$120,000	$132	80
31108 3rd Ave #228	0.12mi	3/2.0 (+1)	1,120 (+14%)	11mo	$220,000	$196	56
31108 3rd Ave #206	0.04mi	2/1.0	840 (-14%)	18mo	$115,000	$137	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 · 2.21% rent growth · sell at horizon

5-year hold

• IRR: 26.0%
• Equity multiple: 2.07×
• Total profit: $38,503
• Equity at exit: $19,234

10-year hold

• IRR: 33.2%
• Equity multiple: 3.91×
• Total profit: $104,965
• Equity at exit: $11,153

Cash invested: $36,120 (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 98010

• Home prices YoY: -19.9%
• Rents YoY: 2.2%
• Active inventory: 193
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $2,430 medium
• Mortgage (P&I): −$676
• Tax est. 1.5%: −$161 /mo · $1,935/yr
• Insurance: −$54
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$510
• Net cashflow: $962

Break-even live

Break-even rent $1,213

Max offer price $128,999

Occupancy floor 55%

Sensitivity live

Price	-10% $1,051	-5% $1,006	+0% $962	+5% $917	+10% $872
Rent	-10% $770	-5% $866	+0% $962	+5% $1,058	+10% $1,154
Rate	-1.0pp $1,027	-0.5pp $994	base $962	+0.5pp $928	+1.0pp $894

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-09
   days on market $128,999 Active 188 DOM
2. 2026-06-08
   days on market $128,999 Active 187 DOM
3. 2026-06-07
   days on market $128,999 Active 186 DOM
4. 2026-06-04
   days on market $128,999 Active 183 DOM
5. 2026-06-03
   days on market $128,999 Active 182 DOM
6. 2026-06-02
   days on market $128,999 Active 181 DOM
7. 2026-06-01
   days on market $128,999 Active 180 DOM
8. 2026-05-31
   days on market $128,999 Active 179 DOM
9. 2026-03-12
   price $128,999
10. 2026-02-16
    status Active
11. 2026-02-14
    historical
12. 2025-12-01
    listed $138,999 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 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥86°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 11 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,158
• − Mortgage interest: −$7,226
• − Property taxes: −$1,935
• − Insurance: −$1,442
• − Repairs & maintenance: −$2,333
• − Management: −$2,333
• − Depreciation: −$3,753
• Taxable income: $10,136
• Est. tax owed @ 24.0%: −$2,433
• After-tax cash flow: $9,107/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 · 13 photos

Excellent 95/100 None rehab

This fully remodeled 2-bedroom, 2-bathroom home in Black Diamond is in excellent condition with modern updates throughout. The home is move-in ready and has a great location near Ten Trails and historic downtown.

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances the home's curb appeal and can attract more buyers or renters.
• Both Add a smart home system — Improves convenience and can add value to the home.
• Both Install smart locks — Enhances security and can add value to the home.
• Both Add a smart thermostat — Improves energy efficiency and can add value to the home.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances the home's curb appeal and can attract more buyers or renters. ↑
• Both Add a smart home system — Improves convenience and can add value to the home. ↑
• Both Install smart locks — Enhances security and can add value to the home. ↑
• Both Add a smart thermostat — Improves energy efficiency and can add value to the home. ↑

ⓘ 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: Enumclaw School District
• NCES district ID: 5300001
• Math proficiency: 54% ▼ -1.00%
• Reading proficiency: 68% ▬ 0.00%
• Median HH income: $68,441
• Composite: 55.21/100
• National rank: #2736
• State rank: #46 of 291 in WA

Livability — Black Diamond

• Score: 80/100
• State rank: #87
• US rank: #1663

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Black Diamond, WA
• County: King County · 2,251,916 people
• City population: 6,857
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 6,857
• Household income: $142,048
• Rent vs Own: 14.3% rent · 85.7% own
• Severe rent burden: 14.0

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 (74%)
• Race & ethnicity: White 74% Two or more races 12% Asian 10% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Portuguese 4% Italian 4% Slovak 4%
• Foreign-born: 14% · Canada, Jamaica, South Korea
• Languages at home: 87% English-only · Spanish 5% Other Indo-European 4% Tagalog/Filipino 1%

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: ▼ -80.21%
• Current HPI: 322.0508
• Rent YoY: ▲ 2.21%
• 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

-7.2% since first listed

4 events — show timeline

• 2026-03-12 Price Changed $128,999 NWMLS as Distributed by MLS Grid
• 2026-02-16 Relisted — NWMLS as Distributed by MLS Grid
• 2026-02-14 Delisted — NWMLS as Distributed by MLS Grid
• 2025-12-01 Listed $138,999 NWMLS as Distributed by MLS Grid