3702 Hunt St NW #23 · Gig Harbor, WA 98335

$85,000

2 bd · 1.0 ba · 752 sqft · Manufactured public records · 18 Days on market

Built 1969 $113/sqft · 6% above area Est $80k · 6% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +6.0/10.0
• ARV discount +4.7/15.0
• Rent growth +3.7/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Rare opportunity in one of Gig Harbor’s few 55+ communities, ideally located near Uptown shopping, dining, and medical services, with the waterfront just minutes away. This home has been thoughtfully updated with butcher block kitchen countertops, refreshed bathroom vanities, a new stove, mini-split system, smart fan, vinyl windows, and durable laminate flooring. Additional upgrades include updated plumbing and electrical, fresh interior paint, and a new entry door. Enjoy abundant natural light throughout, plus a newer 4-year-old roof. Outside features include two storage sheds, landscaped garden spaces, and a covered carport. Monthly park fees cover water, sewer, and access to the cl

Key facts

• New stove
• Vinyl windows
• Mini-split system

Tags

• REFRESHED BATHROOM VANITIES
• NEW STOVE
• MINI-SPLIT SYSTEM
• SMART FAN
• VINYL WINDOWS
• DURABLE LAMINATE FLOORING

Property features AI

Finance

• Other: Property condition: Good; Energy source: Electric; Mobile home remains
• Financial info: Land lease: $824/month; Listing terms: Cash or Conventional
• HOA & community: Located in Harborland manufactured home park (park approved for sale); Clubhouse and high-speed internet available in park; 64 homes in the park; Senior community

Exterior

• Parking: Carport
• Utilities: Electric power (Peninsula Light); Community water (well); Septic sewer; Cable and internet (Xfinity)
• Home design: Manufactured single-wide home; One story; Faces northeast; Manufactured home model: Marlette
• Construction: Metal skirting; Composition roof
• Exterior features: Metal/vinyl exterior; Awnings; Landscaped; Patio/porch/deck; Dead-end street; Open space; Paved access

Interior

• Kitchen: Dishwasher; Stove/Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Ceramic tile; Laminate
• Bathrooms: 1 full bath with bathtub and separate shower
• Heating & cooling: Ductless heat pump providing heating and cooling; Heat pump cooling
• Interior features: Water heater (electric) located in exterior cabinet; Tie down foundation
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $85k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $84k (1.5% below list) — sets the bar for market timing.
• Cap rate 21.8% vs local median 1.9% in Gig Harbor — 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 74/100 on livability (#177 in WA, #4,581 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A-; Watch: health & safety C-, amenities F, cost of living F.
• Peninsula School District (suburban): math 61% / reading 72% proficiency, ranked #21 of 291 in WA (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Harbor Heights Elementary School (433 students, 20% FRL); Gig Harbor High (1,435 students, 15% FRL) — zoned schools at 17% FRL track the district average.
• Market conditions: Rents rising fast (+4.7%/yr); 183 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 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 $588 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 + 4.7% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($84k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $83,725 (1.5% below list)

Questions for the listing agent

1. Built in 1969 — 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 A-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?
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: 2.51% ✓
• Cap rate: 21.83%
• Cash-on-cash: 55.48%
• DSCR: 3.47
• GRM: 3.3

CMA / ARV

• ARV (median comp): $80,092
• List price: $85,000
• Delta: 6.13%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3702 Hunt St #8	0.00mi	1/1.0 (-1)	798 (+6%)	7mo	$45,000	$56	79
3702 Hunt St #50	0.00mi	2/2.0	840 (+12%)	3mo	$115,000	$137	74

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 · 4.65% rent growth · sell at horizon

5-year hold

• IRR: 55.7%
• Equity multiple: 3.52×
• Total profit: $59,947
• Equity at exit: $12,674

10-year hold

• IRR: 61.3%
• Equity multiple: 7.63×
• Total profit: $157,875
• Equity at exit: $7,349

Cash invested: $23,800 (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 98335

• Rents YoY: 4.7%
• Active inventory: 183
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $2,136 high
• Mortgage (P&I): −$446
• Tax est. 1.5%: −$106 /mo · $1,275/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$449
• Net cashflow: $1,100

Break-even live

Break-even rent $744

Max offer price $85,000

Occupancy floor 44%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6563 McDonald Ave Gig Harbor, WA	2.0	2.0	1189	$2,850	$2.40	3d	8	0.29mi
6100 Soundview Dr Gig Harbor, WA	1.0–2.0	1.0	810	$1,975	$2.44	15d	1	0.34mi
3444 Erickson St Gig Harbor, WA	1.0	1.0	590	$1,545	$2.62	5d	3	0.39mi
5900 Soundview Dr Gig Harbor, WA	2.0	1.0	900	$1,725	$1.92	44d	1	0.44mi
3110 Grandview St Unit 1 Gig Harbor, WA	2.0	1.0	713	$2,145	$3.01	12d	1	0.65mi
4100 Foster St Gig Harbor, WA	1.0	1.0	780	$1,795	$2.30	44d	1	0.84mi
4425 Harbor Country Dr Gig Harbor, WA	1.0	1.0	632	$1,635	$2.59	2d	1	1.33mi

Listing history 13 events

1. 2026-06-01
   status $85,000 Pending 18 DOM
2. 2026-05-31
   days on market $85,000 Active 18 DOM
3. 2026-05-13
   listed $85,000 Active
4. 2022-04-29
   soldstatus $122,000 Closed
5. 2022-04-09
   status Pending
6. 2022-03-30
   price $124,900
7. 2022-03-17
   listed $129,000 Active
8. 2021-11-16
   soldstatus $99,988 Closed
9. 2021-09-26
   status Pending
10. 2021-09-02
    listed $99,988 Active
11. 2021-05-21
    soldstatus $70,000 Closed
12. 2021-05-11
    status Pending
13. 2021-04-10
    listed $75,000 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 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 · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 18 unhealthy d/yr today · 28 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,637
• − Mortgage interest: −$4,761
• − Property taxes: −$1,275
• − Insurance: −$425
• − Repairs & maintenance: −$2,051
• − Management: −$2,051
• − Depreciation: −$2,473
• Taxable income: $12,601
• Est. tax owed @ 24.0%: −$3,024
• After-tax cash flow: $10,180/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: Peninsula School District
• NCES district ID: 5306690
• Math proficiency: 61% ▲ 1.00%
• Reading proficiency: 72% ▼ -1.00%
• Median HH income: $76,796
• Composite: 60.35/100
• National rank: #1718
• State rank: #21 of 291 in WA

Livability — Gig Harbor

• Score: 74/100
• State rank: #177
• US rank: #4581

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gig Harbor, WA
• County: Pierce County · 788,257 people
• City population: 47,845
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 27,773
• Household income: $128,592
• Rent vs Own: 24.1% rent · 75.9% own
• Severe rent burden: 609.0

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 (80%)
• Race & ethnicity: White 80% Two or more races 11% Hispanic / Latino 7% Asian 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 9% Portuguese 8% Slovak 4%
• Foreign-born: 5% · Canada, China, Vietnam
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 1%

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: ▼ -604.41%
• Current HPI: 346.8354
• Rent YoY: ▲ 4.65%
• 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

+13.3% since first listed

12 events — show timeline

• 2026-06-01 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-13 Listed $85,000 NWMLS as Distributed by MLS Grid
• 2022-04-29 Sold (MLS) $122,000 NWMLS as Distributed by MLS Grid
• 2022-04-09 Pending — NWMLS as Distributed by MLS Grid
• 2022-03-30 Price Changed $124,900 NWMLS as Distributed by MLS Grid
• 2022-03-17 Listed $129,000 NWMLS as Distributed by MLS Grid
• 2021-11-16 Sold (MLS) $99,988 NWMLS as Distributed by MLS Grid
• 2021-09-26 Pending — NWMLS as Distributed by MLS Grid
• 2021-09-02 Listed $99,988 NWMLS as Distributed by MLS Grid
• 2021-05-21 Sold (MLS) $70,000 NWMLS as Distributed by MLS Grid
• 2021-05-11 Pending — NWMLS as Distributed by MLS Grid
• 2021-04-10 Listed $75,000 NWMLS as Distributed by MLS Grid

Property tax history

-3.6%/yr

Latest (2026): $24 · -1.7% YoY. Source: county tax records.