9314 Canyon Rd E #12 · Summit, WA 98371

$112,000

2 bd · 2.0 ba · 1,401 sqft · Manufactured public records · 13 Days on market

Built 1975 Est $143k · 22% 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 +3.9/10.0
• Livability +3.3/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Tucked away in 55+ community of desirable Canyon Terrace Park is a well maintained 2 bedroom 2 bathroom manufactured home. Home feels very spacious with living room, family room and dining room. The large kitchen has double oven, cook top, dishwasher, abundance of cabinets, peninsula with seating and new vinyl plank flooring that continues into the laundry room. Off the kitchen are built-ins that can accommodate a desk and pantry/storage. Enjoy storing your beautiful collectables in the built-in glass cabinets in the dining room. Primary bedroom has its own private bathroom and secondary bathroom is located off the laundry room and second bedroom. Outside enjoy the raised garden bed, mature

Key facts

• Glass cabinets
• Large kitchen
• Double oven

Tags

• LARGE KITCHEN
• DOUBLE OVEN
• BUILT-INS
• GLASS CABINETS
• RAISED GARDEN BED
• PRIVATE COVERED DECK

Property features AI

Finance

• Other: Calculated living area: 1536; Listed as residential — manufactured home; Directions: GPS friendly — from 512 exit Canyon Rd, Canyon Rd East to Summit Waller, Left on 9314 Canyon Rd E into Canyon Terrace
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Located in Canyon Terrace manufactured home park; Park approved for sale; 87 homes in the park; Park amenities include clubhouse, common area, high-speed internet availability, recreational area, and RV parking; Senior community designation (verify rules); pets allowed — see remarks; Monthly land lease applies

Exterior

• Parking: Carport; Uncovered parking; RV parking available in park
• Utilities: Electric energy source; Public water (through the park); Sewer via park septic; Power provided by Tacoma Public Utilities; Cable and internet connected (Lightcurve)
• Home design: Manufactured double-wide home (Signature Mark 1 SIGNA); One level; North-facing; Good condition; Mobile home remains on site; Skirted with aluminum
• Construction: Metal and vinyl construction; Composition roof; Pillar/post/pier foundation; Built as a manufactured house (double wide)
• Exterior features: Metal/vinyl exterior; Patio/porch/deck; Cul-de-sac location; Dead-end street; Paved access; Has view

Interior

• Kitchen: Dishwasher; Double oven; Garbage disposal; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Laminate; Vinyl; Vinyl plank; Carpet
• Bathrooms: Two three-quarter bathrooms; One bathtub and one shower
• Heating & cooling: Forced air heating; Heat pump (heating and cooling)
• Interior features: Water heater (electric) with outside access; Jetted/soaking tub; Skylights; Awnings
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $112k.

Deal economics

• At list price, monthly cash flow is $934 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $112k).
• Cap rate 16.3% 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); 227 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 $774 of loan paydown is wiped out by about $3k 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 + 1.4% rent growth), your $31k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $112,000

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.86% ✓
• Cap rate: 16.30%
• Cash-on-cash: 35.76%
• DSCR: 2.59
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $142,902
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9314 Canyon Rd E #85	0.00mi	3/2.0 (+1)	1,460 (+4%)	0mo	$119,000	$82	88
9314 Canyon Rd E #74	0.00mi	2/2.0	1,330 (-5%)	8mo	$135,000	$102	84
9314 Canyon Rd E #82	0.00mi	2/2.0	1,526 (+9%)	5mo	$100,000	$66	81
9314 Canyon Rd E #39	0.00mi	3/2.0 (+1)	1,504 (+7%)	3mo	$168,000	$112	81
5115 88th Street Ct E #29	0.33mi	2/2.0	1,436 (+2%)	9mo	$129,950	$90	73
9314 Canyon Rd E #23	0.00mi	3/2.0 (+1)	1,539 (+10%)	15mo	$160,000	$104	66
9314 Canyon Rd E	0.00mi	2/2.0	1,238 (-12%)	24mo	$52,500	$42	61
5123 88th Street Ct E	0.32mi	3/2.0 (+1)	1,336 (-5%)	17mo	$114,800	$86	58
5801 89th Street Ct E #5	0.39mi	3/2.0 (+1)	1,496 (+7%)	10mo	$151,000	$101	56
5902 89th Street Ct E #11	0.43mi	2/2.0	1,596 (+14%)	1mo	$289,000	$181	56
6022 89th Street Ct E #20	0.53mi	3/2.0 (+1)	1,528 (+9%)	2mo	$257,500	$169	54
6012 91st Street Ct E	0.47mi	3/2.0 (+1)	1,599 (+14%)	10mo	$309,000	$193	41

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: 29.7%
• Equity multiple: 2.21×
• Total profit: $38,074
• Equity at exit: $16,700

10-year hold

• IRR: 36.1%
• Equity multiple: 4.08×
• Total profit: $96,711
• Equity at exit: $9,684

Cash invested: $31,360 (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: 227
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $2,085 high
• Mortgage (P&I): −$587
• Tax from tax record: −$79 /mo · $943/yr
• Insurance: −$47
• HOA: −$0
• Vacancy / Maint / Mgmt: −$438
• Net cashflow: $934

Break-even live

Break-even rent $902

Max offer price $112,000

Occupancy floor 50%

Sensitivity live

Price	-10% $998	-5% $966	+0% $934	+5% $903	+10% $871
Rent	-10% $770	-5% $852	+0% $934	+5% $1,017	+10% $1,099
Rate	-1.0pp $991	-0.5pp $963	base $934	+0.5pp $905	+1.0pp $876

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: $28,000
• Closing costs: $3,360
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2506 103rd St E Puyallup, WA	2.0	1.0	1025	$1,877	$1.83	5d	3	0.72mi
4016 84th St E Tacoma, WA	3.0	1.0	940	$1,695	$1.80	11d	1	0.87mi
10823 50th Ave E Tacoma, WA	1.0–2.0	1.0–2.0	916	$2,391	$2.61	2d	3	1.07mi
6406 104th St E Unit 6402 Puyallup, WA	2.0	1.0	900	$1,600	$1.78	44d	1	1.07mi
5923 111th Street Ct E Puyallup, WA	3.0	2.5	1364	$2,600	$1.91	0d	1	1.24mi
6115 111th St E Puyallup, WA	1.0–3.0	1.0–2.0	911	$1,995	$2.19	0d	15	1.27mi
5909 111th Street Ct E Puyallup, WA	3.0	2.5	1356	$2,395	$1.77	15d	1	1.27mi
5617 112th St E Puyallup, WA	1.0–3.0	1.0–2.0	947	$1,870	$1.97	0d	17	1.29mi
9604 S Fruitland Unit 7502 Puyallup, WA	2.0	2.0	1492	$2,500	$1.68	0d	1	1.42mi

Listing history 10 events

1. 2026-06-18
   days on market $112,000 Active 13 DOM
2. 2026-06-17
   days on market $112,000 Active 12 DOM
3. 2026-06-16
   days on market $112,000 Active 11 DOM
4. 2026-06-15
   days on market $112,000 Active 10 DOM
5. 2026-06-13
   days on market $112,000 Active 8 DOM
6. 2026-06-13
   days on market $112,000 Active 7 DOM
7. 2026-06-09
   days on market $112,000 Active 4 DOM
8. 2026-06-08
   days on market $112,000 Active 3 DOM
9. 2026-06-07
   remarks 699-char remark
10. 2026-06-07
    listed $112,000 Active 2 DOM

ⓘ 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: $943 · $79/mo
• Projected year-2 tax: $1,098 · $91/mo
• Expected delta: +$154/yr (+$13/mo · 16.4%)

ⓘ 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 7/10 Severe 10 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,018
• − Mortgage interest: −$6,274
• − Property taxes: −$943
• − Insurance: −$560
• − Repairs & maintenance: −$2,001
• − Management: −$2,001
• − Depreciation: −$3,258
• Taxable income: $9,980
• Est. tax owed @ 24.0%: −$2,395
• After-tax cash flow: $8,818/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

1 event — show timeline

• 2026-06-05 Listed $112,000 NWMLS as Distributed by MLS Grid

Property tax history

+6.9%/yr

Latest (2026): $943 · +9.9% YoY. Source: county tax records.