12314 122nd Ave Ct #65 · South Hill, WA 98374

$119,900

2 bd · 2.0 ba · 1,146 sqft · Manufactured public records · 222 Days on market

Built 1978 $105/sqft · 24% above area Est $96k · 24% over

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Why this score? — see what drove the C+ 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 +5.4/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this beautiful 2-bed, 1.75-bath gem in one of South Hill’s most desirable55+ communities! This spacious 1,146 sq. ft. manufactured home has been upkept and features newer appliances and heat pump The open-concept floor plan creates an easy flow between the kitchen, dining, and living areas, perfect for relaxing or entertaining. Enjoy year-round comfort with a heat pump and free-standing stove, deep soaking tub in ensuite bath off primary double carport with storage. The exterior is low-maintenance and features mature landscaping, a , and a welcoming front entry. Conveniently located near freeways, shopping, restaurants.

Key facts

• Heat pump
• Newer appliances
• Double carport

Tags

• NEWER APPLIANCES
• HEAT PUMP
• OPEN-CONCEPT FLOOR PLAN
• DEEP SOAKING TUB
• DOUBLE CARPORT
• MATURE LANDSCAPING

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 $871 ($10k/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 15.0% 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-, 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.
• Zoned schools: Ridgecrest Elementary (479 students, 43% FRL); Ferrucci Jr High (819 students, 52% FRL); Emerald Ridge High School (1,537 students, 37% FRL) — zoned schools average 44% FRL vs 27% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.7%/yr); 452 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 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 $829 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 $34k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 222 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 14y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $15k; list at $120k implies a 699% gain — meaningful room to come down on a strong offer.

Recommended offer $105,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 222 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. 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. 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: 1.79% ✓
• Cap rate: 15.01%
• Cash-on-cash: 31.12%
• DSCR: 2.38
• GRM: 4.6

CMA / ARV

• ARV (median comp): $96,437
• List price: $119,900
• Delta: 24.33%
• Verdict: OVERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11216 127th St E #19	0.64mi	2/2.0	1,147 (+0%)	5mo	$67,500	$59	66
12719 121st Avenue Ct E #14	0.28mi	3/2.0 (+1)	1,188 (+4%)	12mo	$160,000	$135	66
12516 115th Avenue Ct E #194	0.43mi	3/2.0 (+1)	1,080 (-6%)	2mo	$150,000	$139	63
11328 126th St E #228	0.53mi	2/1.0	1,120 (-2%)	8mo	$40,000	$36	60
12614 113th Ave E #247	0.63mi	2/2.0	1,182 (+3%)	9mo	$75,000	$63	58
12416 114th Ave E #105	0.52mi	2/2.0	1,056 (-8%)	6mo	$20,000	$19	58
4116 20th Pl SE	0.53mi	3/2.0 (+1)	1,238 (+8%)	0mo	$406,000	$328	56
11429 124th Street Ct E #121	0.50mi	2/2.0	1,244 (+9%)	8mo	$115,000	$92	56
11113 127th Street Ct E #5	0.74mi	2/2.0	1,144 (-0%)	12mo	$53,000	$46	55
12117 126th Street Ct #5	0.70mi	3/2.0 (+1)	1,188 (+4%)	2mo	$165,000	$139	55
12511 112th Ave E #41	0.63mi	2/2.0	1,022 (-11%)	3mo	$89,900	$88	50
12607 113th Ave E #246	0.61mi	2/1.0	1,080 (-6%)	12mo	$77,500	$72	48

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: 24.5%
• Equity multiple: 1.99×
• Total profit: $33,315
• Equity at exit: $17,877

10-year hold

• IRR: 31.5%
• Equity multiple: 3.67×
• Total profit: $89,599
• Equity at exit: $10,367

Cash invested: $33,572 (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: 452
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $2,151 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,798/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $871

Break-even live

Break-even rent $1,049

Max offer price $119,900

Occupancy floor 55%

Sensitivity live

Price	-10% $953	-5% $912	+0% $871	+5% $829	+10% $788
Rent	-10% $701	-5% $786	+0% $871	+5% $956	+10% $1,040
Rate	-1.0pp $931	-0.5pp $901	base $871	+0.5pp $839	+1.0pp $808

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12317 121st Avenue Ct E Puyallup, WA	2.0	2.0	1034	$2,400	$2.32	19d	1	0.03mi
12317 121st Avenue Ct E Puyallup, WA	2.0	2.0	1034	$2,400	$2.32	0d	1	0.03mi
12113 122nd St E Puyallup, WA	1.0	1.0	700	$1,350	$1.93	5d	1	0.15mi
12123 125th Avenue Ct E Puyallup, WA	2.0	2.0	1110	$2,100	$1.89	45d	1	0.25mi
12815 123rd St Ct E Puyallup, WA	1.0	1.0	720	$1,599	$2.22	19d	2	0.38mi
12821 123rd Street Ct E Unit 21-8 Puyallup, WA	1.0	1.0	720	$1,525	$2.12	45d	1	0.40mi
12311 112th Avenue Ct E Apt 3 Puyallup, WA	2.0	1.0	700	$1,800	$2.57	25d	1	0.60mi
11020 122nd St E Puyallup, WA	2.0	1.0	850	$1,650	$1.94	45d	1	0.73mi
13007 Sunridge Way E Puyallup, WA	3.0	2.0	1450	$2,000	$1.38	0d	1	0.76mi
12006 108th Avenue Ct E Puyallup, WA	3.0	1.0	1000	$2,000	$2.00	4d	1	0.91mi
502 43rd Ave SE Puyallup, WA	2.0	2.0	1100	$2,810	$2.55	5d	1	1.08mi
12724 104th Avenue Ct E Puyallup, WA	1.0–3.0	1.0–2.0	910	$1,995	$2.19	6d	8	1.13mi
12111 104th Ave E Puyallup, WA	1.0–3.0	1.0–2.0	902	$1,610	$1.78	6d	1	1.15mi
13404 106th Ave E Puyallup, WA	3.0	2.0	1404	$2,650	$1.89	25d	1	1.18mi
13523 106th Ave E Puyallup, WA	3.0	2.0	1404	$2,650	$1.89	25d	1	1.26mi
13011 Meridian E Puyallup, WA	1.0–3.0	1.0–2.0	942	$1,912	$2.03	3d	19	1.26mi
11013 144th Street Ct E Unit O24-6-B Puyallup, WA	3.0	1.5	1400	$2,450	$1.75	45d	1	1.48mi
9911 132nd Street Ct E Puyallup, WA	2.0	1.0	940	$1,745	$1.86	45d	2	1.49mi
10511 140th Street Ct E #27 Puyallup, WA	3.0	3.0	1311	$2,650	$2.02	25d	1	1.49mi
9910 132nd Street Ct E Unit 9911-C Puyallup, WA	2.0	1.0	940	$1,375	$1.46	25d	1	1.49mi

Listing history 22 events

1. 2026-06-21
   days on market $119,900 Active 222 DOM
2. 2026-06-18
   days on market $119,900 Active 219 DOM
3. 2026-06-17
   days on market $119,900 Active 218 DOM
4. 2026-06-16
   days on market $119,900 Active 217 DOM
5. 2026-06-15
   days on market $119,900 Active 216 DOM
6. 2026-06-13
   days on market $119,900 Active 214 DOM
7. 2026-06-13
   days on market $119,900 Active 213 DOM
8. 2026-06-09
   days on market $119,900 Active 210 DOM
9. 2026-06-08
   days on market $119,900 Active 209 DOM
10. 2026-06-07
    days on market $119,900 Active 208 DOM
11. 2026-06-04
    days on market $119,900 Active 205 DOM
12. 2026-06-03
    days on market $119,900 Active 204 DOM
13. 2026-06-02
    days on market $119,900 Active 203 DOM
14. 2026-06-01
    days on market $119,900 Active 202 DOM
15. 2026-05-31
    days on market $119,900 Active 201 DOM
16. 2026-01-29
    price $119,900
17. 2025-11-11
    listed $130,000 Active
18. 2012-12-19
    historical
19. 2012-12-18
    soldstatus $15,000 Sold
20. 2012-11-19
    status Pending
21. 2012-11-16
    status Pending Inspection
22. 2012-10-25
    listed $19,500 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 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: $25,810
• − Mortgage interest: −$6,716
• − Property taxes: −$1,798
• − Insurance: −$600
• − Repairs & maintenance: −$2,065
• − Management: −$2,065
• − Depreciation: −$3,488
• Taxable income: $9,078
• Est. tax owed @ 24.0%: −$2,179
• After-tax cash flow: $8,268/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

+514.9% since first listed

7 events — show timeline

• 2026-01-29 Price Changed $119,900 NWMLS as Distributed by MLS Grid
• 2025-11-11 Listed $130,000 NWMLS as Distributed by MLS Grid
• 2012-12-19 Delisted — NWMLS as Distributed by MLS Grid
• 2012-12-18 Sold (MLS) $15,000 NWMLS as Distributed by MLS Grid
• 2012-11-19 Pending — NWMLS as Distributed by MLS Grid
• 2012-11-16 Pending — NWMLS as Distributed by MLS Grid
• 2012-10-25 Listed $19,500 NWMLS as Distributed by MLS Grid

Property tax history

-2.9%/yr

Latest (2026): $196 · +4.1% YoY. Source: county tax records.