11122 127th Street Ct E #10 · South Hill, WA 98374

$50,000

2 bd · 2.0 ba · 1,215 sqft · Manufactured public records · 86 Days on market

Built 1992 $41/sqft · 49% below area Est $97k · 49% under

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Why this score? — see what drove the C- 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 +15.0/30.0
• ARV discount +15.0/15.0
• Schools +5.4/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Don’t miss this wonderful 2 bed, 2 bath home in the highly sought-after San Souci 55+ community! Freshly painted throughout, this home offers a spacious open-concept layout with a generously sized kitchen and an inviting living area—perfect for both relaxing and entertaining. The large primary suite features a luxurious 5-piece bath, and the home includes a new washer/dryer, refrigerator, and blinds for added comfort and convenience. Enjoy easy, low-maintenance living with access to fantastic community amenities, including a clubhouse and pool—ideal for socializing and unwinding. As a special bonus, the seller even hosts a monthly painting class at the clubhouse—a fu

Key facts

• Inviting living area
• New washer dryer
• 5-piece bath

Tags

• OPEN-CONCEPT LAYOUT
• GENEROUSLY SIZED KITCHEN
• INVITING LIVING AREA
• LARGE PRIMARY SUITE
• 5-PIECE BATH
• NEW WASHER DRYER

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $50k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Recommended offer: $47k (6.0% below list) — sets the bar for market timing.
• Cap rate 37.3% vs local median 3.0% in South Hill — 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 80/100 on livability (#84 in WA, #1,620 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: crime C-, schools D+, cost of living F.
• 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.
• Market conditions: Rents rising (+1.7%/yr); 440 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 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 $346 of loan paydown is wiped out by about $2k 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 + 1.7% rent growth), your $14k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 86 days — a 6% lower offer ($47k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $20k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $47,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 86 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 4.21% ✓
• Cap rate: 37.33%
• Cash-on-cash: 110.86%
• DSCR: 5.93
• GRM: 2.0

CMA / ARV

• ARV (median comp): $97,187
• List price: $50,000
• Delta: -48.55%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12117 126th Street Ct #5	0.10mi	3/2.0 (+1)	1,188 (-2%)	1mo	$165,000	$139	86
11216 127th St E #19	0.08mi	2/2.0	1,147 (-6%)	5mo	$67,500	$59	83
12614 113th Ave E #247	0.12mi	2/2.0	1,182 (-3%)	9mo	$75,000	$63	83
11113 127th Street Ct E #5	0.04mi	2/2.0	1,144 (-6%)	12mo	$53,000	$46	78
11429 124th Street Ct E #121	0.27mi	2/2.0	1,244 (+2%)	8mo	$115,000	$92	76
11415 127th St E #186	0.22mi	2/2.0	1,339 (+10%)	3mo	$80,000	$60	70
11328 126th St E #228	0.19mi	2/1.0	1,120 (-8%)	8mo	$40,000	$36	67
12602 112th Ave E #33	0.12mi	3/2.0 (+1)	1,339 (+10%)	9mo	$66,500	$50	65
12607 113th Ave E #246	0.13mi	2/1.0	1,080 (-11%)	12mo	$77,500	$72	61
12516 115th Avenue Ct E #194	0.29mi	3/2.0 (+1)	1,080 (-11%)	2mo	$150,000	$139	61
12416 114th Ave E #105	0.26mi	2/2.0	1,056 (-13%)	6mo	$20,000	$19	61
12719 121st Avenue Ct E #14	0.62mi	3/2.0 (+1)	1,188 (-2%)	12mo	$160,000	$135	52

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 · 1.72% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.12×
• Total profit: $71,643
• Equity at exit: $7,455

10-year hold

• IRR: —
• Equity multiple: 12.28×
• Total profit: $157,943
• Equity at exit: $4,323

Cash invested: $14,000 (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 98374

• Rents YoY: 1.7%
• Active inventory: 440
• Price-to-rent: 2.0×

Monthly cashflow live

• Estimated rent: $2,104 high
• Mortgage (P&I): −$262
• Tax from tax record: −$85 /mo · $1,026/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$442
• Net cashflow: $1,293

Break-even live

Break-even rent $466

Max offer price $50,000

Occupancy floor 34%

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12311 112th Avenue Ct E Apt 3 Puyallup, WA	2.0	1.0	700	$1,800	$2.57	23d	1	0.29mi
11020 122nd St E Puyallup, WA	2.0	1.0	850	$1,650	$1.94	43d	1	0.37mi
12724 104th Avenue Ct E Puyallup, WA	1.0–3.0	1.0–2.0	910	$1,995	$2.19	4d	8	0.47mi
13404 106th Ave E Puyallup, WA	3.0	2.0	1404	$2,650	$1.89	24d	1	0.49mi
12006 108th Avenue Ct E Puyallup, WA	3.0	1.0	1000	$2,000	$2.00	2d	1	0.54mi
13011 Meridian E Puyallup, WA	1.0–3.0	1.0–2.0	942	$1,912	$2.03	2d	19	0.54mi
13523 106th Ave E Puyallup, WA	3.0	2.0	1404	$2,650	$1.89	24d	1	0.59mi
12111 104th Ave E Puyallup, WA	1.0–3.0	1.0–2.0	902	$1,610	$1.78	4d	1	0.66mi
12317 121st Avenue Ct E Puyallup, WA	2.0	2.0	1034	$2,400	$2.32	2d	1	0.69mi
12317 121st Avenue Ct E Puyallup, WA	2.0	2.0	1034	$2,400	$2.32	17d	1	0.69mi
12113 122nd St E Puyallup, WA	1.0	1.0	700	$1,350	$1.93	3d	1	0.73mi
502 43rd Ave SE Puyallup, WA	2.0	2.0	1100	$2,810	$2.55	3d	1	0.73mi
9911 132nd Street Ct E Puyallup, WA	2.0	1.0	940	$1,745	$1.86	43d	2	0.77mi
9910 132nd Street Ct E Unit 9911-C Puyallup, WA	2.0	1.0	940	$1,375	$1.46	24d	1	0.78mi
10511 140th Street Ct E #27 Puyallup, WA	3.0	3.0	1311	$2,650	$2.02	24d	1	0.86mi
13507 99th Ave E Puyallup, WA	1.0–2.0	1.0–2.5	994	$2,237	$2.25	1d	15	0.87mi
9710 131st Street Ct E Unit A Puyallup, WA	2.0	2.0	1045	$2,150	$2.06	17d	1	0.93mi
13203 97th Ave E #202 Puyallup, WA	1.0	1.0	710	$1,750	$2.46	43d	1	0.93mi
13405 97th Ave E #308 Puyallup, WA	3.0	2.0	1085	$2,095	$1.93	43d	1	0.95mi
12123 125th Avenue Ct E Puyallup, WA	2.0	2.0	1110	$2,100	$1.89	43d	1	0.97mi
13404 97th Ave E South Hill, WA	1.0–3.0	1.0–2.0	958	$1,955	$2.04	43d	3	1.00mi
13521 97th Ave E Puyallup, WA	1.0	1.0	715	$1,750	$2.45	4d	3	1.00mi
11013 144th Street Ct E Unit O24-6-B Puyallup, WA	3.0	1.5	1400	$2,450	$1.75	43d	1	1.02mi
12815 123rd St Ct E Puyallup, WA	1.0	1.0	720	$1,599	$2.22	17d	2	1.08mi
12821 123rd Street Ct E Unit 21-8 Puyallup, WA	1.0	1.0	720	$1,525	$2.12	43d	1	1.10mi
4111 4th Street Pl SW Unit C Puyallup, WA	2.0	1.0	832	$1,680	$2.02	43d	1	1.15mi
608 39th Ave SW Puyallup, WA	1.0–2.0	1.0	891	$1,890	$2.12	2d	6	1.29mi
9021 128th St E Puyallup, WA	2.0	1.0	952	$2,175	$2.28	43d	1	1.34mi
4114 7th St SW Puyallup, WA	1.0–2.0	1.0	900	$1,600	$1.78	2d	4	1.34mi

Listing history 21 events

1. 2026-06-15
   statusdays on market $50,000 Pending 86 DOM
2. 2026-06-13
   days on market $50,000 Active 85 DOM
3. 2026-06-13
   days on market $50,000 Active 84 DOM
4. 2026-06-09
   days on market $50,000 Active 81 DOM
5. 2026-06-08
   days on market $50,000 Active 80 DOM
6. 2026-06-07
   days on market $50,000 Active 79 DOM
7. 2026-06-04
   days on market $50,000 Active 76 DOM
8. 2026-06-03
   days on market $50,000 Active 75 DOM
9. 2026-06-02
   days on market $50,000 Active 74 DOM
10. 2026-06-01
    days on market $50,000 Active 73 DOM
11. 2026-05-31
    days on market $50,000 Active 72 DOM
12. 2026-05-11
    price $60,000
13. 2026-04-10
    price $65,000
14. 2026-03-20
    listed $70,000 Active
15. 2025-11-14
    soldstatus $60,000 Closed
16. 2025-10-25
    status Pending
17. 2025-10-13
    listed $69,950 Active
18. 2017-11-20
    soldstatus $30,000 Sold
19. 2017-10-10
    status Pending
20. 2017-09-01
    historical Contingent
21. 2017-07-19
    listed $34,000 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: $1,026 · $85/mo
• Projected year-2 tax: $1,026 · $85/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,244
• − Mortgage interest: −$2,801
• − Property taxes: −$1,026
• − Insurance: −$250
• − Repairs & maintenance: −$2,019
• − Management: −$2,019
• − Depreciation: −$1,455
• Taxable income: $15,674
• Est. tax owed @ 24.0%: −$3,762
• After-tax cash flow: $11,759/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: Puyallup School District
• NCES district ID: 5306960
• Math proficiency: 53% ▬ 0.00%
• Reading proficiency: 66% ▬ 0.00%
• Median HH income: $68,291
• Composite: 54.01/100
• National rank: #3006
• State rank: #52 of 291 in WA

Livability — South Hill

• Score: 80/100
• State rank: #84
• US rank: #1620

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Hill, WA
• County: Pierce County · 788,257 people
• City population: 76,707
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 49,007
• Household income: $112,662
• Rent vs Own: 29.5% rent · 70.5% own
• Severe rent burden: 1171.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 64% Two or more races 16% Hispanic / Latino 13% Asian 7% Black 4% Native American 1% Pacific Islander 1%
• Hispanic origin (detail): Mexican 9% Puerto Rican 2%
• Common ancestry: Portuguese 6% Italian 3% Slovak 2%
• Foreign-born: 11% · Canada, South Korea, Vietnam
• Languages at home: 86% English-only · Spanish 7% Other Asian/Pacific 2% Other Indo-European 2%

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: ▼ -431.48%
• Current HPI: 286.6617
• Rent YoY: ▲ 1.72%
• 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

+76.5% since first listed

10 events — show timeline

• 2026-05-11 Price Changed $60,000 NWMLS as Distributed by MLS Grid
• 2026-04-10 Price Changed $65,000 NWMLS as Distributed by MLS Grid
• 2026-03-20 Listed $70,000 NWMLS as Distributed by MLS Grid
• 2025-11-14 Sold (MLS) $60,000 NWMLS as Distributed by MLS Grid
• 2025-10-25 Pending — NWMLS as Distributed by MLS Grid
• 2025-10-13 Listed $69,950 NWMLS as Distributed by MLS Grid
• 2017-11-20 Sold (MLS) $30,000 NWMLS as Distributed by MLS Grid
• 2017-10-10 Pending — NWMLS as Distributed by MLS Grid
• 2017-09-01 Contingent — NWMLS as Distributed by MLS Grid
• 2017-07-19 Listed $34,000 NWMLS as Distributed by MLS Grid

Property tax history

+3.3%/yr

Latest (2026): $1,026 · +3.1% YoY. Source: county tax records.