13519 201st St Ct E #135

Graham, WA 98338

$165,000B+

3 bd · 2.0 ba · 1,188 sqft · Built 1993 · Manufactured · Pending · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,774/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$149
• HOA: −$0
• Vac / Maint / Mgmt: −$583
• Net cashflow: $1,178/mo
• Annual: $14,131/yr
• Cap rate: 14.86%
• Cash-on-cash: 30.59%
• DSCR: 2.36
• 1% rule: 1.68%
• Cash to close: $46,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $165k.
• 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).
• It's been on market 19 days — a 2% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $163k (1.5% below list) — sets the bar for market timing.
• 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.
• 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).
• 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.
• 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.

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.