10414 Peacock Hill Ave #15 · Gig Harbor, WA 98332

$174,000

2 bd · 2.0 ba · 1,340 sqft · Manufactured public records · 50 Days on market

Built 1972 $130/sqft · 31% below area Est $251k · 31% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +6.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Just minutes from downtown Gig Harbor, this home is located in Hillcrest Manufactured Home Park, a welcoming 55+ community. This two-bedroom residence offers a comfortable and functional layout, beginning with an inviting living room that flows seamlessly into the dining area and an open, light-filled kitchen featuring new appliances. The spacious primary bedroom includes a beautifully remodeled ensuite bathroom and a large walk-in closet. A second bedroom, paired with a full bath, provides a comfortable retreat for guests, and both bedrooms feature brand-new flooring. Outside, enjoy one of the park's most desirable yards-private and spacious, complete with two additional storage sheds

Key facts

• Heat pump
• New appliances
• Large walk-in closet

Tags

• NEW APPLIANCES
• REMODELED ENSUITE BATHROOM
• LARGE WALK-IN CLOSET
• PRIVATE AND SPACIOUS YARD
• TWO ADDITIONAL STORAGE SHEDS
• HEAT PUMP

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $174k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $174k).
• Recommended offer: $169k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.0% vs local median 1.9% in Gig Harbor — 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 74/100 on livability (#177 in WA, #4,581 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, commute A+, employment A+; Watch: health & safety C-, amenities F, cost of living F.
• Peninsula School District (suburban): math 61% / reading 72% proficiency, ranked #21 of 291 in WA (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: 212 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $1k of loan paydown is wiped out by about $5k 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 $49k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 17y 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 $18k; list at $174k implies a 841% gain — meaningful room to come down on a strong offer.

Recommended offer $168,780 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 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 1972 — 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 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?
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: 1.56% ✓
• Cap rate: 14.01%
• Cash-on-cash: 27.58%
• DSCR: 2.23
• GRM: 5.3

CMA / ARV

• ARV (median comp): $250,968
• List price: $174,000
• Delta: -30.67%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10414 Peacock Hill Ave #54	0.00mi	2/2.0	1,430 (+7%)	9mo	$249,950	$175	82

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: 21.6%
• Equity multiple: 1.88×
• Total profit: $43,048
• Equity at exit: $25,944

10-year hold

• IRR: 29.7%
• Equity multiple: 3.65×
• Total profit: $129,041
• Equity at exit: $15,044

Cash invested: $48,720 (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 98332

• Active inventory: 212
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $2,719 medium
• Mortgage (P&I): −$912
• Tax from tax record: −$44 /mo · $525/yr
• Insurance: −$72
• HOA: −$0
• Vacancy / Maint / Mgmt: −$571
• Net cashflow: $1,120

Break-even live

Break-even rent $1,302

Max offer price $174,000

Occupancy floor 54%

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: $43,500
• Closing costs: $5,220
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4113 105th Street Ct Gig Harbor, WA	3.0	2.0	1594	$3,000	$1.88	14d	1	0.19mi
11315 17th Avenue Ct NW Gig Harbor, WA	3.0	2.0	1338	$2,700	$2.02	43d	1	1.48mi

Listing history 15 events

1. 2026-06-10
   status $174,000 Pending 50 DOM
2. 2026-06-09
   days on market $174,000 Active 50 DOM
3. 2026-06-08
   days on market $174,000 Active 49 DOM
4. 2026-06-07
   days on market $174,000 Active 48 DOM
5. 2026-06-04
   days on market $174,000 Active 45 DOM
6. 2026-06-03
   days on market $174,000 Active 44 DOM
7. 2026-06-02
   days on market $174,000 Active 43 DOM
8. 2026-06-01
   days on market $174,000 Active 42 DOM
9. 2026-05-31
   days on market $174,000 Active 41 DOM
10. 2026-05-05
    status Active
11. 2026-04-28
    status Pending
12. 2026-04-13
    listed $174,000 Active
13. 2009-06-16
    soldstatus $18,500 Sold
14. 2009-06-09
    historical
15. 2009-05-26
    listed $23,950

ⓘ 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: $525 · $44/mo
• Projected year-2 tax: $1,705 · $142/mo
• Expected delta: +$1,180/yr (+$98/mo · 224.7%)

ⓘ 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 · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,633
• − Mortgage interest: −$9,747
• − Property taxes: −$525
• − Insurance: −$870
• − Repairs & maintenance: −$2,611
• − Management: −$2,611
• − Depreciation: −$5,062
• Taxable income: $11,208
• Est. tax owed @ 24.0%: −$2,690
• After-tax cash flow: $10,745/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: Peninsula School District
• NCES district ID: 5306690
• Math proficiency: 61% ▲ 1.00%
• Reading proficiency: 72% ▼ -1.00%
• Median HH income: $76,796
• Composite: 60.35/100
• National rank: #1718
• State rank: #21 of 291 in WA

Livability — Gig Harbor

• Score: 74/100
• State rank: #177
• US rank: #4581

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gig Harbor, WA
• County: Pierce County · 788,257 people
• City population: 47,845
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 20,072
• Household income: $135,330
• Rent vs Own: 15.4% rent · 84.6% own
• Severe rent burden: 218.0

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 (82%)
• Race & ethnicity: White 82% Two or more races 10% Hispanic / Latino 4% Asian 4% Black 1%
• Common ancestry: Italian 6% Lithuanian 5% Portuguese 4%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 2% Russian/Polish/Slavic 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: ▼ -638.13%
• Current HPI: 335.5178
• Rent YoY: —
• 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

+626.5% since first listed

6 events — show timeline

• 2026-05-05 Relisted — NWMLS as Distributed by MLS Grid
• 2026-04-28 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-13 Listed $174,000 NWMLS as Distributed by MLS Grid
• 2009-06-16 Sold (MLS) $18,500 NWMLS as Distributed by MLS Grid
• 2009-06-09 Delisted — NWMLS as Distributed by MLS Grid
• 2009-05-26 Listed $23,950 NWMLS as Distributed by MLS Grid

Property tax history

+8.6%/yr

Latest (2026): $525 · +0.6% YoY. Source: county tax records.