20715 84th Ave E

Graham, WA 98387

$349,900C-

3 bd · 2.0 ba · 1,344 sqft · Built 1981 · Manufactured · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,950/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$486
• HOA: −$0
• Vac / Maint / Mgmt: −$619
• Net cashflow: $10/mo
• Annual: $114/yr
• Cap rate: 6.33%
• Cash-on-cash: 0.12%
• DSCR: 1.01
• 1% rule: 0.84%
• Cash to close: $97,972

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $350k.
• At list price, monthly cash flow is $10 ($114/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $295k (15.7% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $295k (15.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#373 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: crime C-, health & safety C-, amenities F.
• Bethel School District (suburban): math 47% / reading 59% proficiency, ranked #103 of 291 in WA (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Elk Plain School of Choice (570 students, 39% FRL); Liberty Middle School (936 students, 55% FRL); Graham Kapowsin High School (2,011 students, 49% FRL).
• Market conditions: Rents rising fast (+4.2%/yr); 388 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 1d 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).
• Pierce County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $95k; list at $350k implies a 268% gain — meaningful room to come down on a strong offer.
• Cap rate 6.3% vs local median 3.6% in Graham — 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.
• This rent runs 33% of the median local income ($107k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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.