5702 90th Street Ct E #173 · Summit, WA 98371

$309,950

3 bd · 2.0 ba · 2,176 sqft · Manufactured public records · 188 Days on market

Built 2002 Est $339k · 9% under ↓ 6% since listing

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Why this score? — see what drove the D 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 +12.8/30.0
• ARV discount +11.4/15.0
• Schools +3.9/10.0
• DSCR +3.8/10.0
• 1% rule +3.4/10.0
• Livability +3.3/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Come experience highly sought after 55+ community of Harvest Gate. This 2 bedroom & den floorplan is a favorite of many. Huge living room with gas log fireplace, formal dining along with large dining area in the gourmet island kitchen. The primary suite is spacious with a sitting area, big walk-in closet and bright bathroom. Guest bedroom is quite large too. Enjoy the big covered patio and large 2 car garage. Lovely landscaping. Community has a great clubhouse with billiard room, exercise area, card room and large dining hall. RV parking is available too Gated security and friendly neighbors. .. hurry to Harvest Gate!

Key facts

• Rv parking
• Gated security
• Covered patio

Tags

• GAS LOG FIREPLACE
• GOURMET ISLAND KITCHEN
• COVERED PATIO
• RV PARKING
• GATED SECURITY

Property features AI

Finance

• Other: Listing terms: Cash or Conventional
• Financial info: Land lease: $842
• HOA & community: Harvest Gate park (187 homes); Park approved for sale; Senior community

Exterior

• Parking: Individual garage; Has garage; RV parking in park
• Security: Security gate
• Utilities: Public water (Summit); Pierce County sewer; Puget Sound Energy power; Gas water heater (natural gas); Comcast cable and internet
• Home design: Manufactured home (Triple wide); Silvercrest make; One story; North facing; Very good condition; Bath off primary; Vaulted ceilings; Walk-in closet; Ceiling fan(s); Double pane windows; Jetted/soaking tub
• Construction: Wood construction; Composition roof; Concrete ribbon foundation with tie downs; Manufactured after 6/15/1976
• Exterior features: Wood exterior products; Awnings; Patio/porch/deck; Skylights; Landscaped; Corner, paved lot

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Hardwood; Laminate; Vinyl; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Fireplace (gas); Water heater
• Laundry & utility: Washer; Dryer; Water heater located in laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $310k.

Deal economics

• At list price, monthly cash flow is $-30 ($-361/yr) — negative.
• To cash-flow at today's rent, offer at most $305k (1.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $262k (15.6% below list).
• Recommended offer: $262k (15.6% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 2.5% in Summit — 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 66/100 on livability (#318 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, employment A; Watch: schools D-, amenities F, commute F.
• Franklin Pierce School District (suburban): math 35% / reading 51% proficiency, ranked #197 of 291 in WA (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.4%/yr); 228 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• This rent runs 32% of the median local income ($97k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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.

Negotiation context

• It's been on market 188 days — a 12% lower offer ($273k) is reasonable based on typical stale-listing flexibility.

Recommended offer $261,625 (15.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 188 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
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. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.84% ✗
• Cap rate: 6.18%
• Cash-on-cash: -0.42%
• DSCR: 0.98
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $339,456
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5702 90th Street Ct E #173	0.00mi	2/2.0 (-1)	2,176 (0%)	1mo	$300,000	$138	94
6024 88th Street Ct E #47	0.23mi	2/2.0 (-1)	2,176 (0%)	3mo	$335,000	$154	82
9120 60th Ave E #101	0.16mi	2/2.0 (-1)	2,176 (0%)	7mo	$332,500	$153	81
6020 91st St E #143	0.19mi	2/2.0 (-1)	2,176 (0%)	7mo	$335,000	$154	80
5725 90th Street Ct E #159	0.05mi	2/2.0 (-1)	2,176 (0%)	18mo	$360,000	$165	78
6008 88th Street Ct E #43	0.23mi	3/2.0	2,176 (0%)	19mo	$364,215	$167	74
6122 91st St E	0.24mi	3/2.0	2,176 (0%)	20mo	$340,000	$156	72
5730 89 St E #4	0.10mi	2/2.0 (-1)	2,024 (-7%)	9mo	$320,000	$158	72
6114 89 Street Ct E #24	0.23mi	2/2.0 (-1)	2,024 (-7%)	14mo	$370,500	$183	61

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 · 1.41% rent growth · sell at horizon

5-year hold

• IRR: -18.7%
• Equity multiple: 0.35×
• Total profit: $-56,247
• Equity at exit: $46,215

10-year hold

• IRR: -14.7%
• Equity multiple: 0.22×
• Total profit: $-67,771
• Equity at exit: $26,799

Cash invested: $86,786 (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 98371

• Rents YoY: 1.4%
• Active inventory: 228
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $2,616 medium
• Mortgage (P&I): −$1,625
• Tax from tax record: −$342 /mo · $4,108/yr
• Insurance: −$129
• HOA: −$0
• Vacancy / Maint / Mgmt: −$549
• Net cashflow: $-30

Break-even live

Break-even rent $2,654

Max offer price $304,643

Occupancy floor 96%

Sensitivity live

Price	-10% $145	-5% $58	+0% $-30	+5% $-118	+10% $-205
Rent	-10% $-237	-5% $-133	+0% $-30	+5% $73	+10% $177
Rate	-1.0pp $126	-0.5pp $49	base $-30	+0.5pp $-110	+1.0pp $-192

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: $77,488
• Closing costs: $9,298
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9604 S Fruitland Unit 7502 Puyallup, WA	2.0	2.0	1492	$2,500	$1.68	0d	1	1.18mi

Listing history 4 events

1. 2026-05-01
   status Pending
2. 2026-03-28
   price $309,950
3. 2026-02-24
   price $319,950
4. 2025-10-25
   listed $329,950 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: $4,108 · $342/mo
• Projected year-2 tax: $4,108 · $342/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 ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,395
• − Mortgage interest: −$17,362
• − Property taxes: −$4,108
• − Insurance: −$1,550
• − Repairs & maintenance: −$2,512
• − Management: −$2,512
• − Depreciation: −$9,017
• Taxable loss: −$5,665
• Est. tax savings @ 24.0%: +$1,360
• After-tax cash flow: $999/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: Franklin Pierce School District
• NCES district ID: 5302940
• Math proficiency: 35% ▬ 0.00%
• Reading proficiency: 51% ▲ 2.00%
• Median HH income: $49,240
• Composite: 39.18/100
• National rank: #8227
• State rank: #197 of 291 in WA

Livability — Summit

• Score: 66/100
• State rank: #318
• US rank: #11661

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Summit, WA
• County: Pierce County · 788,257 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 24,682
• Household income: $97,242
• Rent vs Own: 28.1% rent · 71.9% own
• Severe rent burden: 507.0

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: Predominantly White (70%)
• Race & ethnicity: White 70% Two or more races 12% Hispanic / Latino 11% Asian 6% Black 4%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 5% Slovak 3% Italian 2%
• Foreign-born: 10% · Canada, South Korea, Vietnam
• Languages at home: 85% English-only · Spanish 5% Korean 2% Vietnamese 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: ▼ -580.45%
• Current HPI: 295.2143
• Rent YoY: ▲ 1.41%
• 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

-6.1% since first listed

4 events — show timeline

• 2026-05-01 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-28 Price Changed $309,950 NWMLS as Distributed by MLS Grid
• 2026-02-24 Price Changed $319,950 NWMLS as Distributed by MLS Grid
• 2025-10-25 Listed $329,950 NWMLS as Distributed by MLS Grid

Property tax history

+3.1%/yr

Latest (2026): $4,108 · -3.6% YoY. Source: county tax records.