31108 3rd Ave #233 · Black Diamond, WA 98010

$180,000

2 bd · 2.0 ba · 865 sqft · Manufactured · 196 Days on market

Built 2025 Good condition $208/sqft · 35% above area Est $134k · 35% 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 +28.8/30.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Schools +5.5/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +3.1/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

BRAND NEW HOME located in Diamond Valley MHC, an all-ages, family and pet-friendly community in Black Diamond, WA. This beautiful 2 bed + 2 bath home features brand-new energy-efficient appliances, ample natural lighting, and fresh, modern interiors throughout — making it the perfect starter home or downsizing opportunity. Enjoy the charm of small-town living with convenient access to Maple Valley, Covington, and nearby shopping, dining, and outdoor recreation. Don't miss your opportunity to own a NEW home in this welcoming neighborhood and growing community.

Key facts

• New oven/range
• Garbage disposal
• Double wide home

Tags

• DOUBLE WIDE HOME
• NEW OVEN/RANGE
• GARBAGE DISPOSAL
• REFRIGERATOR
• SCENIC BLACK DIAMOND
• CLOSE TO DOWNTOWN

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $180k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $537 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 2.2% in Black Diamond — 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 (#87 in WA, #1,663 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: amenities D+, cost of living F.
• Enumclaw School District (suburban): math 54% / reading 68% proficiency, ranked #46 of 291 in WA (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.2%/yr); 193 active listings in the ZIP; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 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.
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.2% rent growth), your $50k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 196 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $158,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 196 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 B-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: 1.30% ✓
• Cap rate: 10.32%
• Cash-on-cash: 14.37%
• DSCR: 1.64
• GRM: 6.4

CMA / ARV

• ARV (median comp): $133,761
• List price: $180,000
• Delta: 34.57%
• Verdict: OVERPRICED
• Comps: 10 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
31108 3rd Ave #330	0.09mi	2/1.0	910 (+5%)	2mo	$120,000	$132	81
31108 3rd Ave #206	0.09mi	2/1.0	840 (-3%)	18mo	$115,000	$137	72
31108 3rd Ave #117	0.09mi	3/1.0 (+1)	800 (-8%)	24mo	$141,700	$177	54

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 · 2.21% rent growth · sell at horizon

5-year hold

• IRR: 1.7%
• Equity multiple: 1.07×
• Total profit: $3,283
• Equity at exit: $26,839

10-year hold

• IRR: 10.5%
• Equity multiple: 1.79×
• Total profit: $39,781
• Equity at exit: $15,563

Cash invested: $50,400 (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 98010

• Home prices YoY: -19.9%
• Rents YoY: 2.2%
• Active inventory: 193
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $2,339 medium
• Mortgage (P&I): −$944
• Tax est. 1.5%: −$225 /mo · $2,700/yr
• Insurance: −$75
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$491
• Net cashflow: $537

Break-even live

Break-even rent $1,659

Max offer price $180,000

Occupancy floor 72%

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $180,000 Active 196 DOM
2. 2026-06-17
   days on market $180,000 Active 195 DOM
3. 2026-06-16
   days on market $180,000 Active 194 DOM
4. 2026-06-15
   days on market $180,000 Active 193 DOM
5. 2026-06-13
   days on market $180,000 Active 191 DOM
6. 2026-06-09
   days on market $180,000 Active 187 DOM
7. 2026-06-08
   days on market $180,000 Active 186 DOM
8. 2026-06-07
   days on market $180,000 Active 185 DOM
9. 2026-06-04
   days on market $180,000 Active 182 DOM
10. 2026-06-03
    days on market $180,000 Active 181 DOM
11. 2026-06-02
    days on market $180,000 Active 180 DOM
12. 2026-06-01
    days on market $180,000 Active 179 DOM
13. 2026-05-31
    days on market $180,000 Active 178 DOM
14. 2025-12-04
    listed $180,000 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 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥86°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 11 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,066
• − Mortgage interest: −$10,083
• − Property taxes: −$2,700
• − Insurance: −$1,697
• − Repairs & maintenance: −$2,245
• − Management: −$2,245
• − Depreciation: −$5,236
• Taxable income: $3,859
• Est. tax owed @ 24.0%: −$926
• After-tax cash flow: $5,521/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 · 11 photos

Good 80/100 None rehab

This brand new home in Diamond Valley MHC is move-in ready with modern interiors and energy-efficient appliances. It offers a great opportunity for both resale and rental in a family-friendly community.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and adds value
• Both Painting exterior — Fresh paint can improve curb appeal and value
• Both Landscaping maintenance — Keeps the property looking well-maintained

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Both Painting exterior — Fresh paint can improve curb appeal and value ↑
• Both Landscaping maintenance — Keeps the property looking well-maintained ↑

ⓘ 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: Enumclaw School District
• NCES district ID: 5300001
• Math proficiency: 54% ▼ -1.00%
• Reading proficiency: 68% ▬ 0.00%
• Median HH income: $68,441
• Composite: 55.21/100
• National rank: #2736
• State rank: #46 of 291 in WA

Livability — Black Diamond

• Score: 80/100
• State rank: #87
• US rank: #1663

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Black Diamond, WA
• County: King County · 2,251,916 people
• City population: 6,857
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 6,857
• Household income: $142,048
• Rent vs Own: 14.3% rent · 85.7% own
• Severe rent burden: 14.0

Population outlook (King County) Hauer SSP2

• Today (2025): 2,576,485 people
• By 2030: 2,803,316 · +8.8%
• By 2040: 3,255,921 · +26.4%
• By 2050: 3,706,444 · +43.9%
• By 2075: 4,746,063 · +84.2%
• By 2100: 5,407,730 · +109.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Two or more races 12% Asian 10% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Portuguese 4% Italian 4% Slovak 4%
• Foreign-born: 14% · Canada, Jamaica, South Korea
• Languages at home: 87% English-only · Spanish 5% Other Indo-European 4% Tagalog/Filipino 1%

Political lean MEDSL · King

• 2024 margin: Solid D (+51.7) · D 74.2% · R 22.5% · Other 3.4%
• 2008→2024 swing: +9.6pp toward D · 2008: 42.1pp · 2024: 51.7pp
• All cycles: 2024: D+51.7 2020: D+52.7 2016: D+50.4 2012: D+39.9 2008: D+42.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.21%
• Current HPI: 322.0508
• Rent YoY: ▲ 2.21%
• 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

• 2025-12-04 Listed $180,000 NWMLS as Distributed by MLS Grid