10713 63rd St E #27

North Puyallup, WA 98372

$260,000D

2 bd · 2.0 ba · 1,040 sqft · Built 2022 · Manufactured · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,988/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$309
• HOA: −$0
• Vac / Maint / Mgmt: −$418
• Net cashflow: $-102/mo
• Annual: $-1,226/yr
• Cap rate: 6.13%
• Cash-on-cash: -0.59%
• DSCR: 0.97
• 1% rule: 0.76%
• Cash to close: $72,800

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $260k.
• At list price, monthly cash flow is $-102 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $242k (6.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $199k (23.5% below list).
• It's been on market 38 days — a 3% lower offer ($252k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $199k (23.5% 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 $8k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#25 in WA, #468 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, housing A+; Watch: employment C-.
• Puyallup School District (suburban): math 53% / reading 66% proficiency, ranked #52 of 291 in WA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Stewart Elementary (345 students, 68% FRL); Edgemont Jr High (521 students, 38% FRL); Puyallup High School (1,701 students, 38% FRL) — zoned schools average 48% FRL vs 27% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents rising fast (+4.5%/yr); 169 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 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.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.