2500 Alder St #108 · Milton, WA 98354

$120,250

2 bd · 2.0 ba · 1,344 sqft · Manufactured · 142 Days on market

Built 1978 Est $126k · at est.

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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 +9.7/15.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Reasonable Offers Welcomed! Desirable Heather Hills a 55+gated community in Milton. Location is everything! Walk or drive the Town Center where you will find all the local amenities. Restaurants, Safeway, Ace Hardware, Walgreens, US Post Office, Banking, Medical and more! This home is "Move in Ready". Home offers the perfect blend of comfort & convenience. The frml liv rm has an electric fireplace that creates ambiance. Lrg vinyl windows (custom blinds) bring in plenty of natural lighting all day! Liv rm will easily accommodate sofa, love seat & additional furniture. Circular style kitchen has ample storage & prep space. The breakfast bar area for quick meal / sn

Key facts

• Large vinyl windows
• Wine closet
• Electric fireplace

Tags

• ELECTRIC FIREPLACE
• LARGE VINYL WINDOWS
• CIRCULAR STYLE KITCHEN
• BREAKFAST BAR
• WINE CLOSET
• PANTRY CLOSET

Property features AI

Finance

• Other: Located on a paved dead-end street; Bus route nearby (501/402)
• Financial info: Land lease amount $1,345; Listing terms: Cash
• HOA & community: Heather Hills park (approximately 132 homes); Park amenities include clubhouse, exercise room, security gate; Senior community

Exterior

• Parking: Carport (storage located in carport)
• Security: Security gate (park amenity); Security gate (home feature)
• Utilities: Electric energy source; Public water; Public sewer; City power (City of Milton); City water and sewer (City of Milton); Electric water heater
• Home design: Manufactured double-wide home (Manufactured Home); One level; Faces north; Good condition; Has a view; Mobile home remains on site
• Construction: Metal skirt; Metal/vinyl and wood construction materials; Composition roof; Pillar/post/pier foundation; Manufactured after 6/15/1976
• Exterior features: Awnings; Patio/porch/deck; Skylights; Drapes; Landscaped; Metal/vinyl and wood exterior

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Vinyl; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Heating & cooling: Forced air heating; Heat pump; High-efficiency systems; Central air conditioning
• Interior features: Fireplace (electric); Water heater
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.0% vs local median 2.5% in Milton — 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 77/100 on livability (#145 in WA, #2,880 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: crime D-, amenities F, cost of living F.
• Fife School District (suburban): math 44% / reading 57% proficiency, ranked #127 of 291 in WA (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 47 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 $832 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 + 3.0% rent growth), your $34k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 142 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 23y ago; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $44k; list at $120k implies a 173% gain — meaningful room to come down on a strong offer.

Recommended offer $105,820 (12.0% below list)

Questions for the listing agent

1. It's been on market 142 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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.
7. 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.
8. 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: 2.00% ✓
• Cap rate: 16.99%
• Cash-on-cash: 38.20%
• DSCR: 2.70
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $126,336
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2500 Alder St #33	0.00mi	2/2.0	1,440 (+7%)	2mo	$130,000	$90	86
2500 Alder St #16	0.00mi	2/2.0	1,248 (-7%)	5mo	$138,000	$111	84
2500 Alder St #6	0.00mi	3/2.0 (+1)	1,344 (0%)	16mo	$85,000	$63	82
2500 Alder St #202	0.00mi	2/2.0	1,440 (+7%)	16mo	$59,995	$42	74
2500 Alder St #335	0.00mi	2/2.0	1,152 (-14%)	10mo	$130,000	$113	68
2500 Alder St #214	0.14mi	2/2.0	1,248 (-7%)	18mo	$65,000	$52	67
2500 Alder St #302	0.00mi	2/2.0	1,536 (+14%)	11mo	$132,000	$86	67
2500 Alder St #52	0.13mi	2/2.0	1,536 (+14%)	5mo	$145,000	$94	66
2500 Alder St #104	0.00mi	2/2.0	1,152 (-14%)	14mo	$137,500	$119	65
37301 28th Ave S	0.58mi	2/2.0	1,248 (-7%)	0mo	$200,000	$160	61
2500 Alder St #221	0.00mi	3/2.0 (+1)	1,536 (+14%)	13mo	$110,000	$72	60
2430 S 371st St #49	0.68mi	3/2.0 (+1)	1,200 (-11%)	2mo	$190,000	$158	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 34.3%
• Equity multiple: 2.45×
• Total profit: $48,814
• Equity at exit: $17,930

10-year hold

• IRR: 41.2%
• Equity multiple: 4.88×
• Total profit: $130,554
• Equity at exit: $10,397

Cash invested: $33,670 (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 98354

• Active inventory: 47
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $2,409 high
• Mortgage (P&I): −$631
• Tax est. 1.5%: −$150 /mo · $1,804/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$506
• Net cashflow: $1,072

Break-even live

Break-even rent $1,052

Max offer price $120,250

Occupancy floor 50%

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: $30,062
• Closing costs: $3,608
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
210 27th Ave Milton, WA	1.0–2.0	1.0–2.0	837	$2,199	$2.63	1d	5	0.27mi
207 Meridian Ave E Edgewood, WA	1.0–2.0	1.0–2.0	835	$2,649	$3.17	1d	18	0.58mi
1211 S 376th St Milton, WA	1.0–2.0	1.0–2.0	952	$3,350	$3.52	1d	63	0.84mi
1926 S 368th Pl #206 Federal Way, WA	2.0	2.5	1176	$2,995	$2.55	1d	1	0.89mi
2800 Queens Way Milton, WA	1.0–3.0	1.0–2.5	1015	$2,346	$2.31	2d	26	1.00mi
10304 20th St E Edgewood, WA	1.0–3.0	1.0–2.0	911	$2,250	$2.47	1d	18	1.48mi
2020 S 360th St Federal Way, WA	1.0–3.0	1.0–2.0	971	$1,915	$1.97	2d	24	1.50mi

Listing history 19 events

1. 2026-06-18
   days on market $120,250 Active 142 DOM
2. 2026-06-17
   days on market $120,250 Active 141 DOM
3. 2026-06-16
   days on market $120,250 Active 140 DOM
4. 2026-06-15
   days on market $120,250 Active 139 DOM
5. 2026-06-13
   days on market $120,250 Active 137 DOM
6. 2026-06-13
   days on market $120,250 Active 136 DOM
7. 2026-06-09
   days on market $120,250 Active 133 DOM
8. 2026-06-08
   days on market $120,250 Active 132 DOM
9. 2026-06-07
   days on market $120,250 Active 131 DOM
10. 2026-06-04
    days on market $120,250 Active 128 DOM
11. 2026-06-03
    days on market $120,250 Active 127 DOM
12. 2026-06-02
    days on market $120,250 Active 126 DOM
13. 2026-06-01
    days on market $120,250 Active 125 DOM
14. 2026-05-31
    days on market $120,250 Active 124 DOM
15. 2026-05-18
    price $120,250
16. 2026-04-16
    price $127,500
17. 2026-01-27
    listed $135,000 Active
18. 2003-07-02
    soldstatus $44,000
19. 2003-05-07
    listed $45,000

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥88°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,904
• − Mortgage interest: −$6,736
• − Property taxes: −$1,804
• − Insurance: −$601
• − Repairs & maintenance: −$2,312
• − Management: −$2,312
• − Depreciation: −$3,498
• Taxable income: $11,640
• Est. tax owed @ 24.0%: −$2,794
• After-tax cash flow: $10,068/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: Fife School District
• NCES district ID: 5302880
• Math proficiency: 44% ▼ -4.00%
• Reading proficiency: 57% ▼ -1.00%
• Median HH income: $64,187
• Composite: 46.52/100
• National rank: #5310
• State rank: #127 of 291 in WA

Livability — Milton

• Score: 77/100
• State rank: #145
• US rank: #2880

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Milton, WA
• County: Pierce County · 788,257 people
• City population: 8,597
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 8,597
• Household income: $96,866
• Rent vs Own: 44.4% rent · 55.6% own
• Severe rent burden: 465.0

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 (68%)
• Race & ethnicity: White 68% Hispanic / Latino 14% Two or more races 10% Asian 6% Black 3% Native American 1%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Subsaharan African 4% Scotch-Irish 4% Portuguese 4%
• Foreign-born: 13% · Canada, South Korea, Vietnam
• Languages at home: 78% English-only · Spanish 9% Russian/Polish/Slavic 5% German/W. Germanic 2%

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: ▼ -248.03%
• Current HPI: 319.2485
• Rent YoY: —
• 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

+167.2% since first listed

5 events — show timeline

• 2026-05-18 Price Changed $120,250 NWMLS as Distributed by MLS Grid
• 2026-04-16 Price Changed $127,500 NWMLS as Distributed by MLS Grid
• 2026-01-27 Listed $135,000 NWMLS as Distributed by MLS Grid
• 2003-07-02 Sold (MLS) $44,000 NWMLS as Distributed by MLS Grid
• 2003-05-07 Listed $45,000 NWMLS as Distributed by MLS Grid