9118 130th Avenue Ct

Anderson Island, WA 98303

$289,000C

3 bd · 3.0 ba · 2,858 sqft · Built 1999 · SingleFamily · Active · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,531/mo
• Mortgage (P&I): −$1,516
• Tax + insurance: −$418
• HOA: −$71
• Vac / Maint / Mgmt: −$531
• Net cashflow: $-5/mo
• Annual: $-62/yr
• Cap rate: 6.27%
• Cash-on-cash: -0.08%
• DSCR: 1.00
• 1% rule: 0.88%
• Cash to close: $80,920

Investor read

• This is a 3-bed/3.0-bath single-family listed at $289k.
• At list price, monthly cash flow is $-5 ($-62/yr) — negative.
• To cash-flow at today's rent, offer at most $288k (0.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $253k (12.4% below list).
• It's been on market 41 days — a 3% lower offer ($280k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $253k (12.4% below list) — sets the bar for 1% rule.
• In year one you build about $31k of equity ($2k loan paydown + $29k appreciation (10.0% local appreciation)).
• Location reads 63/100 on livability (#390 in WA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment B+, housing B+; Watch: health & safety C-, amenities F, commute F.
• Steilacoom Hist. School District (suburban): math 57% / reading 71% proficiency, ranked #33 of 291 in WA (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Anderson Island Elementary (25 students, 64% FRL); Steilacoom High (946 students, 26% FRL) — zoned schools average 45% FRL vs 16% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 117 active listings in the ZIP; 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.
• 2 sale attempts since 14y ago; this cycle's ask has dropped $16k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $289k implies a 345% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $81k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$50k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 6.3% vs local median 2.4% in Anderson Island — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 41 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.