507 131st St E Unit L · Parkland, WA 98445

$114,999

2 bd · 1.0 ba · 568 sqft · Manufactured public records · 10 Days on market

Built 2024 $202/sqft · 156% above area ↓ 11% since listing

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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 +28.3/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Schools +3.9/10.0
• Livability +3.9/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Parkland Mobile Village, a well-maintained 55+ community offering affordable, low-maintenance living in a convenient location. This brand-new 2024 Clayton home is move-in ready and thoughtfully designed with 2 bedrooms, 1 bath, a bright open-concept living area, and modern finishes throughout. Large windows fill the home with natural light, creating a warm and inviting atmosphere from the moment you step inside. Enjoy the peace of mind that comes with owning a new home, complete with energy-efficient construction and contemporary styling. The covered front porch provides the perfect spot to relax with your morning coffee or unwind at the end of the day. Conveniently located near

Key facts

• Covered front porch
• Convenient location
• Move in ready

Tags

• MOVE IN READY
• OPEN CONCEPT LIVING AREA
• ENERGY EFFICIENT CONSTRUCTION
• COVERED FRONT PORCH
• CONVENIENT LOCATION

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $115k.

Deal economics

• At list price, monthly cash flow is $367 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Cap rate 10.1% vs local median 2.3% in Parkland — 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 77/100 on livability (#148 in WA, #3,068 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities D+, crime 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 (+2.0%/yr); 234 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $795 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 + 2.0% rent growth), your $32k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $25k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $114,999

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.28% ✓
• Cap rate: 10.13%
• Cash-on-cash: 13.69%
• DSCR: 1.61
• GRM: 6.5

CMA / ARV

• ARV (median comp): $57,490
• List price: $114,999
• Delta: 115.67%
• Verdict: OVERPRICED
• Comps: 15 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.05% rent growth · sell at horizon

5-year hold

• IRR: 2.8%
• Equity multiple: 1.11×
• Total profit: $3,385
• Equity at exit: $17,147

10-year hold

• IRR: 11.4%
• Equity multiple: 1.86×
• Total profit: $27,549
• Equity at exit: $9,943

Cash invested: $32,200 (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 98445

• Rents YoY: 2.0%
• Active inventory: 234
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,471 high
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,725/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$309
• Net cashflow: $367

Break-even live

Break-even rent $1,006

Max offer price $114,999

Occupancy floor 70%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
114 129th St S Tacoma, WA	1.0	1.0	600	$1,145	$1.91	2d	1	0.36mi
204 128th St S Unit 208 Parkland, WA	1.0	1.0	500	$1,185	$2.37	43d	1	0.45mi
208 128th St S Tacoma, WA	1.0	1.0	500	$1,185	$2.37	43d	1	0.45mi
120 136th St S Unit B10 Tacoma, WA	1.0	1.0	585	$1,195	$2.04	43d	1	0.51mi
120 136th St S Unit A9 Tacoma, WA	2.0	1.0	730	$1,395	$1.91	24d	1	0.54mi
209 125th St S Tacoma, WA	1.0–2.0	1.0	787	$1,500	$1.90	43d	1	0.55mi
12712 C St S Unit F Tacoma, WA	1.0	1.0	600	$1,250	$2.08	14d	1	0.57mi
12712 C St S Unit Cc Tacoma, WA	2.0	1.0	750	$1,395	$1.86	43d	1	0.57mi
315 125th St S Tacoma, WA	1.0	1.0	520	$1,175	$2.26	43d	1	0.61mi
323 Garfield St S Tacoma, WA	1.0	1.0	549	$1,595	$2.91	3d	3	0.68mi
706 128th St S Unit 708 Parkland, WA	1.0	1.0	498	$1,225	$2.46	24d	1	0.75mi
14209 Pacific Ave S Tacoma, WA	1.0	1.0	500	$1,160	$2.32	43d	3	0.86mi
14117 C St S Tacoma, WA	2.0	1.0	750	$1,545	$2.06	43d	1	0.87mi
14207 C St S Unit A-22 Tacoma, WA	1.0	1.0	650	$1,099	$1.69	43d	1	0.90mi
14402 2nd Ave E Tacoma, WA	1.0	1.0	728	$1,595	$2.19	2d	8	0.93mi
14209 C St S Tacoma, WA	1.0	1.0	650	$1,260	$1.94	43d	1	0.95mi
11302 10th Avenue Ct E Tacoma, WA	3.0	1.0–2.0	869	$2,037	$2.34	4d	16	1.01mi
105 114th St E Unit 4 Tacoma, WA	1.0	1.0	500	$1,285	$2.57	43d	1	1.04mi
909 136th Street Ct S Unit 5B-POU Parkland, WA	1.0	1.0	400	$1,275	$3.19	1d	1	1.08mi
806 112th St E Parkland, WA	1.0–2.0	1.0–2.0	800	$1,500	$1.88	43d	1	1.14mi
416 111th St Ct E Tacoma, WA	1.0–3.0	1.0–2.0	925	$2,038	$2.20	1d	52	1.17mi
14701 C St S Tacoma, WA	1.0–2.0	1.0	690	$1,495	$2.17	4d	3	1.22mi
1015 112th St E Tacoma, WA	3.0	1.0–2.0	833	$1,938	$2.33	2d	15	1.24mi
10925 Park Ave S Tacoma, WA	2.0	1.0	709	$1,775	$2.50	24d	5	1.40mi
10925 Park Ave S Tacoma, WA	3.0	1.0–2.0	838	$1,880	$2.24	10d	12	1.40mi

Listing history 15 events

1. 2026-06-18
   days on market $114,999 Active 10 DOM
2. 2026-06-17
   days on market $114,999 Active 9 DOM
3. 2026-06-16
   days on market $114,999 Active 8 DOM
4. 2026-06-15
   days on market $114,999 Active 7 DOM
5. 2026-06-13
   days on market $114,999 Active 5 DOM
6. 2026-06-13
   days on market $114,999 Active 4 DOM
7. 2026-06-08
   remarks 699-char remark
8. 2026-06-08
   pricedays on marketlisting id $114,999 Active 1 DOM
9. 2026-04-20
   status Active
10. 2025-10-21
    price $123,990
11. 2025-10-15
    status Active
12. 2025-07-14
    price $124,990
13. 2025-06-03
    price $129,900
14. 2025-04-22
    price $134,900
15. 2024-10-17
    listed $139,900 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 4/10 Moderate FEMA zone X (unshaded) · 22% 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 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,650
• − Mortgage interest: −$6,442
• − Property taxes: −$1,725
• − Insurance: −$575
• − Repairs & maintenance: −$1,412
• − Management: −$1,412
• − Depreciation: −$3,345
• Taxable income: $2,739
• Est. tax owed @ 24.0%: −$657
• After-tax cash flow: $3,750/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 — Parkland

• Score: 77/100
• State rank: #148
• US rank: #3068

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Parkland, WA
• County: Pierce County · 788,257 people
• City population: 36,624
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 33,684
• Household income: $92,520
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 1085.0

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 53% Two or more races 17% Hispanic / Latino 14% Black 10% Asian 6% Native American 4% Pacific Islander 3%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Portuguese 3% Lithuanian 2% Italian 2%
• Foreign-born: 12% · Canada, South Korea, Vietnam
• Languages at home: 81% English-only · Spanish 8% Other Asian/Pacific 3% Russian/Polish/Slavic 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: ▼ -471.23%
• Current HPI: 316.202
• Rent YoY: ▲ 2.05%
• 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

-11.4% since first listed

7 events — show timeline

• 2026-04-20 Relisted — NWMLS as Distributed by MLS Grid
• 2025-10-21 Price Changed $123,990 NWMLS as Distributed by MLS Grid
• 2025-10-15 Relisted — NWMLS as Distributed by MLS Grid
• 2025-07-14 Price Changed $124,990 NWMLS as Distributed by MLS Grid
• 2025-06-03 Price Changed $129,900 NWMLS as Distributed by MLS Grid
• 2025-04-22 Price Changed $134,900 NWMLS as Distributed by MLS Grid
• 2024-10-17 Listed $139,900 NWMLS as Distributed by MLS Grid

Property tax history

+4.4%/yr

Latest (2023): $175 · +625.5% YoY. Source: county tax records.