12322 122nd Avenue Ct E #63 · South Hill, WA 98374

$139,950

3 bd · 2.0 ba · 1,723 sqft · Manufactured public records · 37 Days on market

Built 1979 $81/sqft · at area comps Est $140k · 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 +7.5/15.0
• Schools +5.4/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

FALL IN LOVE with this stunningly updated home in the highly sought-after Country Dale Estates, a premier 55+ community. This move-in-ready residence features a beautifully remodeled kitchen that flows seamlessly into an oversized family room, complete with newer flooring, fresh paint, and abundant cabinetry. The thoughtful layout offers both formal living and dining rooms, three generous bedrooms, and 2 bathrooms with walking showers. Recent 2024 upgrades provide total peace of mind, including a brand-new heat pump, fresh interior paint throughout, and plush new carpet in all bedrooms. Storage is a breeze with a walk-in closet, a massive laundry area, and a substantial 13x18 outdoor shed.

Key facts

• Formal dining room
• Remodeled kitchen
• Walking showers

Tags

• REMODELED KITCHEN
• OVERSIZED FAMILY ROOM
• FORMAL LIVING ROOM
• FORMAL DINING ROOM
• WALKING SHOWERS
• BRAND NEW HEAT PUMP

Property features AI

Finance

• Other: Senior community designation noted; Bus line nearby
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Located in Country Dale manufactured home park; Park amenities include BBQs, clubhouse, common area, pool, RV parking, and trails; 116 homes in the park; Land lease applicable ($775)

Exterior

• Parking: Carport
• Utilities: Electric power (PSE); Community water (billed in park); Septic sewer; Cable: Xfinity; Internet: Xfinity
• Home design: Manufactured double-wide home; Single-story; Updated/remodeled; Model: Buckingham; Make: SILCR; Mobile home remains in place
• Construction: Metal/vinyl construction materials; Composition roof; Tie-down foundation; Manufactured after 6/15/1976
• Exterior features: Metal/vinyl exterior; Patio/porch/deck; Paved and secluded lot; Has view

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Vinyl; Vinyl plank; Carpet
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom; 2 showers total
• Heating & cooling: Forced air heating; Heat pump; Forced air cooling; Heat pump cooling
• Interior features: Water heater; Vaulted ceilings; Ceiling fan(s); Double pane windows; Drapes; Walk-in closet(s)
• Laundry & utility: Washer; Dryer; Utility/laundry room; Water heater located in laundry (electric)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $140k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.9% vs local median 3.0% in South Hill — 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 (#84 in WA, #1,620 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: crime C-, schools D+, cost of living F.
• Puyallup School District (suburban): math 53% / reading 66% proficiency, ranked #52 of 291 in WA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.7%/yr); 440 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $968 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 + 1.7% rent growth), your $39k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 26y ago; this cycle's ask has dropped $9k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $135,751 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.97% ✓
• Cap rate: 16.85%
• Cash-on-cash: 37.71%
• DSCR: 2.68
• GRM: 4.2

CMA / ARV

• ARV (median comp): $139,900
• List price: $139,950
• Delta: 0.04%
• Verdict: FAIR
• Comps: 19 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12223 125th St E #101	0.09mi	2/2.0 (-1)	1,729 (+0%)	1mo	$164,000	$95	90
12404 122nd Avenue Ct E #62	0.06mi	3/2.0	1,792 (+4%)	18mo	$145,000	$81	76
11611 121st Avenue Ct E	0.40mi	3/2.0	1,782 (+3%)	10mo	$460,000	$258	68
12314 124th St E #17	0.12mi	2/2.0 (-1)	1,507 (-12%)	1mo	$150,000	$100	68
12301 125th St E #103	0.10mi	2/2.0 (-1)	1,564 (-9%)	9mo	$164,000	$105	67
12227 123rd St Ct E #45	0.04mi	2/2.0 (-1)	1,500 (-13%)	9mo	$100,000	$67	64
12606 113th Ave E #243	0.63mi	2/2.0 (-1)	1,715 (-0%)	10mo	$80,000	$47	56
11418 127th St E #189	0.50mi	3/2.0	1,542 (-10%)	4mo	$150,000	$97	56
12101 126th Street Ct E #1	0.24mi	3/2.0	1,507 (-12%)	16mo	$52,000	$35	55
11208 125th St E #78	0.62mi	3/2.0	1,773 (+3%)	15mo	$99,950	$56	54
11303 127th Street Ct E #164	0.61mi	2/2.0 (-1)	1,560 (-10%)	2mo	$144,950	$93	49
12615 113th St E #249	0.62mi	3/2.0	1,464 (-15%)	8mo	$116,950	$80	40

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 · 1.72% rent growth · sell at horizon

5-year hold

• IRR: 32.3%
• Equity multiple: 2.33×
• Total profit: $52,270
• Equity at exit: $20,867

10-year hold

• IRR: 38.6%
• Equity multiple: 4.38×
• Total profit: $132,589
• Equity at exit: $12,100

Cash invested: $39,186 (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 98374

• Rents YoY: 1.7%
• Active inventory: 440
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $2,762 high
• Mortgage (P&I): −$734
• Tax from tax record: −$158 /mo · $1,896/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$580
• Net cashflow: $1,231

Break-even live

Break-even rent $1,203

Max offer price $139,950

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: $34,988
• Closing costs: $4,198
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12117 122nd Ave E Puyallup, WA	3.0	2.5	1549	$2,975	$1.92	1d	1	0.05mi
12123 125th Avenue Ct E Puyallup, WA	2.0	2.0	1110	$2,100	$1.89	43d	1	0.22mi
12437 129th Ave E Puyallup, WA	2.0	1.5	1818	$2,400	$1.32	10d	1	0.43mi
13011 122nd Avenue Ct E Puyallup, WA	3.0	2.5	2176	$3,100	$1.42	43d	1	0.49mi
12202 107th Avenue Ct E Puyallup, WA	4.0	1.5	1248	$3,000	$2.40	43d	1	0.94mi
12202 107th Avenue Ct E Puyallup, WA	4.0	1.5	1248	$2,850	$2.28	3d	1	0.94mi
10614 123rd Street Ct E Puyallup, WA	3.0	1.5	1584	$2,500	$1.58	43d	1	0.99mi
502 43rd Ave SE Puyallup, WA	2.0	2.0	1100	$2,810	$2.55	3d	1	1.06mi
12111 104th Ave E Puyallup, WA	1.0–3.0	1.0–2.0	902	$1,867	$2.07	4d	1	1.14mi
12724 104th Avenue Ct E Puyallup, WA	1.0–3.0	1.0–2.0	910	$2,345	$2.58	4d	8	1.15mi
13404 106th Ave E Puyallup, WA	3.0	2.0	1404	$2,650	$1.89	24d	1	1.22mi
13011 Meridian E Puyallup, WA	1.0–3.0	1.0–2.0	942	$2,350	$2.49	2d	19	1.29mi
13523 106th Ave E Puyallup, WA	3.0	2.0	1404	$2,650	$1.89	24d	1	1.30mi

Listing history 17 events

1. 2026-06-13
   statusdays on market $139,950 Pending 37 DOM
2. 2026-06-09
   days on market $139,950 Active 36 DOM
3. 2026-06-08
   days on market $139,950 Active 35 DOM
4. 2026-06-07
   days on market $139,950 Active 34 DOM
5. 2026-06-04
   days on market $139,950 Active 31 DOM
6. 2026-06-03
   days on market $139,950 Active 30 DOM
7. 2026-06-02
   days on market $139,950 Active 29 DOM
8. 2026-06-01
   days on market $139,950 Active 28 DOM
9. 2026-05-31
   days on market $139,950 Active 27 DOM
10. 2026-05-11
    price $144,900
11. 2026-05-04
    listed $149,000 Active
12. 2021-07-16
    soldstatus $125,000 Closed
13. 2021-07-02
    status Pending
14. 2021-06-23
    historical Active Under Contract
15. 2021-06-22
    listed $130,000 Active
16. 2000-10-26
    soldstatus $35,000
17. 2000-05-15
    listed $37,900

ⓘ 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: $1,896 · $158/mo
• Projected year-2 tax: $1,896 · $158/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 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 · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,138
• − Mortgage interest: −$7,839
• − Property taxes: −$1,896
• − Insurance: −$700
• − Repairs & maintenance: −$2,651
• − Management: −$2,651
• − Depreciation: −$4,071
• Taxable income: $13,330
• Est. tax owed @ 24.0%: −$3,199
• After-tax cash flow: $11,578/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: Puyallup School District
• NCES district ID: 5306960
• Math proficiency: 53% ▬ 0.00%
• Reading proficiency: 66% ▬ 0.00%
• Median HH income: $68,291
• Composite: 54.01/100
• National rank: #3006
• State rank: #52 of 291 in WA

Livability — South Hill

• Score: 80/100
• State rank: #84
• US rank: #1620

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Hill, WA
• County: Pierce County · 788,257 people
• City population: 76,707
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 49,007
• Household income: $112,662
• Rent vs Own: 29.5% rent · 70.5% own
• Severe rent burden: 1171.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 64% Two or more races 16% Hispanic / Latino 13% Asian 7% Black 4% Native American 1% Pacific Islander 1%
• Hispanic origin (detail): Mexican 9% Puerto Rican 2%
• Common ancestry: Portuguese 6% Italian 3% Slovak 2%
• Foreign-born: 11% · Canada, South Korea, Vietnam
• Languages at home: 86% English-only · Spanish 7% Other Asian/Pacific 2% Other Indo-European 2%

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: ▼ -431.48%
• Current HPI: 286.6617
• Rent YoY: ▲ 1.72%
• 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

+269.3% since first listed

10 events — show timeline

• 2026-06-10 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-25 Price Changed $139,950 NWMLS as Distributed by MLS Grid
• 2026-05-11 Price Changed $144,900 NWMLS as Distributed by MLS Grid
• 2026-05-04 Listed $149,000 NWMLS as Distributed by MLS Grid
• 2021-07-16 Sold (MLS) $125,000 NWMLS as Distributed by MLS Grid
• 2021-07-02 Pending — NWMLS as Distributed by MLS Grid
• 2021-06-23 Contingent — NWMLS as Distributed by MLS Grid
• 2021-06-22 Listed $130,000 NWMLS as Distributed by MLS Grid
• 2000-10-26 Sold (MLS) $35,000 NWMLS as Distributed by MLS Grid
• 2000-05-15 Listed $37,900 NWMLS as Distributed by MLS Grid

Property tax history

+8.5%/yr

Latest (2026): $1,896 · +5.3% YoY. Source: county tax records.