13405 Cedar Ct E

Prairie Ridge, WA 98391

$199,950B

3 bd · 2.0 ba · 1,152 sqft · Built 1974 · Manufactured · Active · 98 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,848/mo
• Mortgage (P&I): −$1,049
• Tax + insurance: −$333
• HOA: −$16
• Vac / Maint / Mgmt: −$598
• Net cashflow: $852/mo
• Annual: $10,221/yr
• Cap rate: 11.40%
• Cash-on-cash: 18.26%
• DSCR: 1.81
• 1% rule: 1.42%
• Cash to close: $55,986

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $200k.
• At list price, monthly cash flow is $852 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• It's been on market 98 days — a 9% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $182k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#401 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: amenities F, commute F, cost of living D-.
• Sumner School District (suburban): math 64% / reading 73% proficiency, ranked #18 of 291 in WA (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Liberty Ridge Elementary (514 students, 44% FRL); Bonney Lake High School (1,636 students, 30% FRL).
• Market conditions: Rents rising (+3.5%/yr); 736 active listings in the ZIP; high-income renter base; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• Pierce County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts 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 $69k; list at $200k implies a 190% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.5% rent growth), your $56k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.4% vs local median 3.3% in Prairie Ridge — 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.

Questions for listing agent

• It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.