111 Cedar Ave S · Eatonville, WA 98321

$125,000

2 bd · 1.0 ba · 704 sqft · SingleFamily · 8 Days on market

Built 1934 Poor condition 10,500 sqft lot

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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 +4.8/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits at the end of a quiet street in Eatonville. Situated on an approximately 10,500 sq ft lot, this 2-bedroom, 1-bath home offers potential for redevelopment, investment, or a full renovation project. Formerly used as a rental property (tenants recently moved out), the home sits on a cement block foundation and includes an oversized single-car garage plus an exterior laundry room on a slab. The property is in poor condition and will require significant repairs or possible tear down and rebuild a new residence. End-of-street location provides added privacy and room to bring your vision to life. Property is being sold in current condition with no repairs. Buyer to verify all in

Key facts

• 0.24 acre lot
• Garage
• Built 1934

Tags

• OVERSIZED SINGLE-CAR GARAGE
• EXTERIOR LAUNDRY ROOM
• CEMENT BLOCK FOUNDATION
• END-OF-STREET LOCATION

Property features AI

Finance

• Other: Property condition: Fixer
• Financial info: Listing terms: Cash

Exterior

• Parking: Detached garage (has garage) with 1 covered space; 3 uncovered parking spaces; Approximately 400 sq ft garage
• Utilities: Electric energy source; Public water (Town of Eatonville); Sewer connected (Town of Eatonville); Power provided by Town of Eatonville; Electric water heater
• Home design: Single-family residence, one story; Main-level entry; Built on lot, detached; Facing direction not specified
• Construction: Built in 1934 (effective year); Metal/vinyl construction materials; Composition roof; Block foundation
• Exterior features: Metal/vinyl exterior; Dead-end street lot

Interior

• Kitchen: No specific appliances listed
• Bedrooms: 2 bedrooms (both on main level)
• Bathrooms: One 3/4 bathroom (main level) with shower
• Heating & cooling: Baseboard heating; No cooling
• Interior features: Water heater; No basement
• Laundry & utility: Water heater located behind washer & dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $125k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $781 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Cap rate 14.4% vs local median 2.7% in Eatonville — 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 (#101 in WA, #1,946 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, crime A; Watch: commute F.
• Eatonville School District (rural): math 45% / reading 60% proficiency, ranked #116 of 291 in WA (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Eatonville High School (560 students, 41% FRL).
• Market conditions: 235 active listings in the ZIP; 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 $864 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 $35k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 23y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $42k; list at $125k implies a 198% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1934 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $125,000

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1934 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-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?
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: 1.73% ✓
• Cap rate: 14.43%
• Cash-on-cash: 29.07%
• DSCR: 2.29
• GRM: 4.8

CMA / ARV

• ARV (on-the-fly): $324,544
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
111 Cedar Ave S	0.00mi	2/1.0	704 (0%)	1mo	$160,100	$227	100
109 Orchard Ave S	0.13mi	2/1.0	726 (+3%)	15mo	$335,000	$461	76

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: 20.7%
• Equity multiple: 1.85×
• Total profit: $29,584
• Equity at exit: $18,638

10-year hold

• IRR: 28.9%
• Equity multiple: 3.58×
• Total profit: $90,141
• Equity at exit: $10,808

Cash invested: $35,000 (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: 235
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $2,167 medium
• Mortgage (P&I): −$656
• Tax est. 1.5%: −$156 /mo · $1,875/yr
• Insurance: −$52
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$455
• Net cashflow: $781

Break-even live

Break-even rent $1,178

Max offer price $125,000

Occupancy floor 59%

Sensitivity live

Price	-10% $868	-5% $825	+0% $781	+5% $738	+10% $695
Rent	-10% $610	-5% $696	+0% $781	+5% $867	+10% $953
Rate	-1.0pp $844	-0.5pp $813	base $781	+0.5pp $749	+1.0pp $716

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-19
   listed $125,000 Active
2. 2003-08-11
   soldstatus $42,000
3. 2003-05-05
   listed $48,500

ⓘ 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 7/10 Severe FEMA zone X (unshaded) · 75% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥89°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,000
• − Mortgage interest: −$7,002
• − Property taxes: −$1,875
• − Insurance: −$1,422
• − Repairs & maintenance: −$2,080
• − Management: −$2,080
• − Depreciation: −$3,636
• Taxable income: $7,904
• Est. tax owed @ 24.0%: −$1,897
• After-tax cash flow: $7,479/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 · 12 photos

Poor 20/100 Extensive rehab

This property requires extensive repairs and updates to bring it up to modern standards, significantly increasing its resale and rental value.

Repairs flagged

• Major kitchen appliances — need replacement
• Major bathroom fixtures — need replacement
• Major roof — visible moss and potential leaks
• Major exterior paint — peeling paint
• Major flooring — worn carpet, subfloor visible
• Major interior walls/paint — peeling paint, exposed insulation
• Major systems — outdated appliances, potential electrical issues

Value-add opportunities

• Both kitchen appliances — modern appliances improve both resale and rental value
• Both bathroom fixtures — updated fixtures enhance both resale and rental appeal
• Both exterior paint — fresh paint improves curb appeal and value
• Both flooring — new flooring enhances both resale and rental value
• Both interior walls/paint — fresh paint and repairs improve both resale and rental appeal
• Both systems — modern appliances and electrical upgrades enhance both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen appliances · need replacement	Major	$15,000–50,000
bathroom fixtures · need replacement	Major	$15,000–50,000
roof · visible moss and potential leaks	Major	$15,000–50,000
exterior paint · peeling paint	Major	$15,000–50,000
flooring · worn carpet, subfloor visible	Major	$15,000–50,000
interior walls/paint · peeling paint, exposed insulation	Major	$15,000–50,000
systems · outdated appliances, potential electrical issues	Major	$15,000–50,000
Total estimated repair cost · 7 items		$105,000–350,000

Value-add ROI direction

• Both kitchen appliances — modern appliances improve both resale and rental value ↑
• Both bathroom fixtures — updated fixtures enhance both resale and rental appeal ↑
• Both exterior paint — fresh paint improves curb appeal and value ↑
• Both flooring — new flooring enhances both resale and rental value ↑
• Both interior walls/paint — fresh paint and repairs improve both resale and rental appeal ↑
• Both systems — modern appliances and electrical upgrades enhance both resale and rental value ↑

ⓘ 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: Eatonville School District
• NCES district ID: 5302370
• Math proficiency: 45% ▼ -1.00%
• Reading proficiency: 60% ▲ 1.00%
• Median HH income: $58,370
• Composite: 47.54/100
• National rank: #4971
• State rank: #116 of 291 in WA

Livability — Eatonville

• Score: 80/100
• State rank: #101
• US rank: #1946

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Eatonville, 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

+157.7% since first listed

3 events — show timeline

• 2026-05-19 Listed $125,000 NWMLS as Distributed by MLS Grid
• 2003-08-11 Sold (MLS) $42,000 NWMLS as Distributed by MLS Grid
• 2003-05-05 Listed $48,500 NWMLS as Distributed by MLS Grid