13519 201st St Ct E #135 · Graham, WA 98338

$165,000

3 bd · 2.0 ba · 1,188 sqft · Manufactured public records · 19 Days on market

Built 1993 $139/sqft · 47% below area Est $310k · 47% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.5/10.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful fully Remodel 3Bed and 2Bath Home! Welcome to Angler’s Pointe, friendly all-ages Family Park; New Roof and gutters House offers a bright, open floor plan with updated flooring lighting and painting, a spacious eat-in kitchen with new cabinets and counters; Appliances that STAY with the home! a large living room and three spacious Bedrooms The property boasts a large, fenced yard and a shed. Plus, just minutes to JBLM, freeways, and shops. Schedule you're showing today!

Key facts

• Open floor plan
• Shed
• Fenced yard

Tags

• OPEN FLOOR PLAN
• SPACIOUS EAT-IN KITCHEN
• NEW CABINETS
• LARGE LIVING ROOM
• FENCED YARD
• SHED

Property features AI

Finance

• Other: Taxes reported (2025); Buyer brokerage compensation: 3%
• Financial info: Land lease amount: $1,208; Listing terms: Cash, Conventional
• HOA & community: Pets allowed (see remarks); Land lease in effect

Exterior

• Parking: Carport
• Utilities: Water: Graham Hill Mutual; Power: PSE; Sewer: Park (septic); Internet: Xfinity; Electric water heater
• Home design: Manufactured home (double wide); Fleetwood make; Updated/remodeled; One level; Manufactured after 06/15/1976; Mobile home remains; Park approved for sale
• Construction: Composition and shake roof; Tie down foundation; Manufactured house structure
• Exterior features: Located in Anglers Pointe park; Bus line nearby

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Laminate flooring
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 1 shower
• Heating & cooling: Forced air heating; Forced air cooling; Electric energy source
• Interior features: Water heater; Electric fireplace
• Laundry & utility: Water heater located in laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $165k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $165k).
• Recommended offer: $163k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.9% 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.

Location & tenants

• 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.
• Orting School District (suburban): math 40% / reading 56% proficiency, ranked #142 of 291 in WA (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ptarmigan Ridge Elementary School (665 students, 35% FRL); Orting High School (864 students, 31% FRL) — zoned schools at 33% FRL track the district average.
• Market conditions: Rents rising (+3.3%/yr); 232 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $1k of loan paydown is wiped out by about $5k 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 + 3.3% rent growth), your $46k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($163k) is reasonable based on typical stale-listing flexibility.

Recommended offer $162,525 (1.5% below list)

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. 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.
3. 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.
4. 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: 1.68% ✓
• Cap rate: 14.86%
• Cash-on-cash: 30.59%
• DSCR: 2.36
• GRM: 5.0

CMA / ARV

• ARV (median comp): $310,141
• List price: $165,000
• Delta: -46.80%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20020 135th Ave E #57	0.07mi	3/2.0	1,188 (0%)	2mo	$156,000	$131	95
13609 201st Street Ct E #145	0.06mi	3/2.0	1,188 (0%)	15mo	$120,000	$101	85
13524 200th Street Ct E #58	0.04mi	3/2.0	1,344 (+13%)	9mo	$175,000	$130	69
20213 136th Ave E #106	0.08mi	3/2.0	1,120 (-6%)	23mo	$130,000	$116	67
20513 135th Ave E #8	0.27mi	3/2.0	1,296 (+9%)	13mo	$127,000	$98	61
20023 137th Avenue Ct E #138	0.14mi	3/2.0	1,344 (+13%)	14mo	$189,500	$141	60
20403 135th Avenue Ct E #84	0.18mi	3/2.0	1,344 (+13%)	14mo	$179,000	$133	58
20415 135th Ave E #14	0.22mi	3/2.0	1,080 (-9%)	22mo	$125,000	$116	56
20321 135th Avenue Ct E #86	0.17mi	3/2.0	1,344 (+13%)	19mo	$170,000	$126	54
20403 135th Ave E #20	0.18mi	3/2.0	1,344 (+13%)	18mo	$182,000	$135	54
20204 135th Ave E #45	0.09mi	3/2.0	1,026 (-14%)	24mo	$115,000	$112	53
13508 204th Street Ct E #70	0.23mi	3/2.0	1,344 (+13%)	20mo	$189,500	$141	50

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 · 3.32% rent growth · sell at horizon

5-year hold

• IRR: 25.6%
• Equity multiple: 2.06×
• Total profit: $49,124
• Equity at exit: $24,602

10-year hold

• IRR: 33.5%
• Equity multiple: 4.09×
• Total profit: $142,909
• Equity at exit: $14,266

Cash invested: $46,200 (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 98338

• Rents YoY: 3.3%
• Active inventory: 232
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $2,774 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$80 /mo · $961/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$583
• Net cashflow: $1,178

Break-even live

Break-even rent $1,284

Max offer price $165,000

Occupancy floor 53%

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14025 198th St E Graham, WA	3.0	2.0	1047	$2,795	$2.67	1d	1	0.37mi

Listing history 6 events

1. 2026-06-04
   status $165,000 Pending 19 DOM
2. 2026-06-03
   days on market $165,000 Active 19 DOM
3. 2026-06-02
   days on market $165,000 Active 18 DOM
4. 2026-06-01
   days on market $165,000 Active 17 DOM
5. 2026-05-31
   days on market $165,000 Active 16 DOM
6. 2026-05-15
   listed $165,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $961 · $80/mo
• Projected year-2 tax: $1,617 · $135/mo
• Expected delta: +$656/yr (+$55/mo · 68.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 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: $33,292
• − Mortgage interest: −$9,243
• − Property taxes: −$961
• − Insurance: −$825
• − Repairs & maintenance: −$2,663
• − Management: −$2,663
• − Depreciation: −$4,800
• Taxable income: $12,136
• Est. tax owed @ 24.0%: −$2,913
• After-tax cash flow: $11,218/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: Orting School District
• NCES district ID: 5306450
• Math proficiency: 40% ▬ 0.00%
• Reading proficiency: 56% ▬ 0.00%
• Median HH income: $72,768
• Composite: 45.37/100
• National rank: #5719
• State rank: #142 of 291 in WA

Livability — Graham

• Score: 64/100
• State rank: #373
• US rank: #14219

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Graham, WA
• County: Pierce County · 788,257 people
• City population: 32,687
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 32,687
• Household income: $114,819
• Rent vs Own: 15.5% rent · 84.5% own
• Severe rent burden: 236.0

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 (71%)
• Race & ethnicity: White 71% Two or more races 15% Hispanic / Latino 12% Asian 3% Black 3% Pacific Islander 2% Native American 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 4% Portuguese 4% Iranian 3%
• Foreign-born: 7% · Canada, South Korea, China
• Languages at home: 88% English-only · Spanish 5% Russian/Polish/Slavic 2% Other Asian/Pacific 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: ▼ -501.28%
• Current HPI: 304.4241
• Rent YoY: ▲ 3.32%
• 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

2 events — show timeline

• 2026-06-03 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-15 Listed $165,000 NWMLS as Distributed by MLS Grid

Property tax history

+6.2%/yr

Latest (2026): $961 · +4850.5% YoY. Source: county tax records.