9806 196th St E · Graham, WA 98338

$299,000

3 bd · 2.0 ba · 1,826 sqft · Manufactured · 229 Days on market

Built 2005 Est $323k · 7% under ↓ 7% since listing

---

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 +19.2/30.0
• ARV discount +10.9/15.0
• DSCR +6.1/10.0
• 1% rule +5.1/10.0
• Schools +4.9/10.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Corner Lot in Desirable Azalea Gardens 55+ Community! One level home with 1826 sf, 3 beds, 2 full baths, and an oversized garage w/ an abundance of storage - this home has what you're looking for. Spacious layout includes vaulted ceilings, formal living room, dining area, and eat-in kitchen w/ bar open to bonus room. Cozy gas fireplace offers year-round comfort, while large windows keeps it bright. Slider to enclosed patio great for entertaining! Primary suite offers w-i-c and large bathroom w/ soaking tub. BRAND NEW ROOF! 3-car garage has plenty of extra space for workshop and all storage cabinets stay. Community offers clubhouse, RV parking, landscaping, and so much more. Close to ameniti

Key facts

• One level home
• Rv parking
• Brand new roof

Tags

• AZALEA GARDENS COMMUNITY
• ONE LEVEL HOME
• OVERSIZED GARAGE
• ENCLOSED PATIO
• BRAND NEW ROOF
• RV PARKING

Property features AI

Finance

• Other: Taxes listed (see full listing for details)
• Financial info: Listing terms: Cash or Conventional; Land lease: $1,100
• HOA & community: Located in Azalea Gardens (manufactured home park approved for sale); Park amenities include BBQs, clubhouse, common areas, high-speed internet availability, RV parking, security gate; Senior community

Exterior

• Parking: Individual garage; Has garage
• Security: Security gate
• Utilities: Electric energy source; Public water; Electric water heater; Public sewer (Step-Sewer - Azalea Gardens); TPU power
• Home design: Manufactured home (triple wide); One level; Vaulted ceilings; Primary bedroom with bath off; Walk-in closet; Faces north; Good condition; Mobile home remains
• Construction: Wood construction; Composition roof; Concrete perimeter foundation with tie downs; Manufactured after 6/15/1976; Make: KARST, Model: DEVELOPER
• Exterior features: Wood exterior products; Patio/porch/deck; Landscaped; Corner lot; Paved

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Vinyl; Carpet
• Bathrooms: 2 full bathrooms; 2 bathtubs; 2 showers
• Heating & cooling: Forced air heating
• Interior features: Fireplace (gas); Water heater
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $299k.

Deal economics

• At list price, monthly cash flow is $322 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $299k).
• Recommended offer: $263k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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.
• Bethel School District (suburban): math 47% / reading 59% proficiency, ranked #103 of 291 in WA (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.3%/yr); 236 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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).
• This rent runs 32% of the median local income ($115k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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.

Negotiation context

• It's been on market 229 days — a 12% lower offer ($263k) is reasonable based on typical stale-listing flexibility.

Recommended offer $263,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 229 days. Have you received any prior offers? Is the seller open to a 12% 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. 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: 1.01% ✓
• Cap rate: 7.59%
• Cash-on-cash: 4.62%
• DSCR: 1.21
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $323,202
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9911 196th Street Ct E	0.06mi	3/2.0	1,737 (-5%)	2mo	$359,000	$207	88
9903 E 195th Street Ct E	0.07mi	3/2.0	1,731 (-5%)	9mo	$250,000	$144	80
9903 197th St E	0.08mi	3/2.0	1,774 (-3%)	14mo	$295,000	$166	80
10511 196th Street Ct E	0.43mi	3/2.0	1,782 (-2%)	8mo	$387,000	$217	70
19126 98th Avenue Ct E	0.26mi	2/2.0 (-1)	1,761 (-4%)	9mo	$340,000	$193	70
10509 197th St E	0.42mi	2/2.0 (-1)	1,820 (-0%)	9mo	$423,500	$233	68
9908 196th St E #50	0.05mi	3/2.0	1,592 (-13%)	12mo	$280,000	$176	67
19423 100th Avenue Ct E	0.17mi	3/2.0	2,024 (+11%)	12mo	$325,000	$161	64
10016 197th St E #88	0.13mi	2/2.0 (-1)	2,024 (+11%)	11mo	$320,000	$158	62
9817 197th St E	0.05mi	3/2.0	1,592 (-13%)	24mo	$281,950	$177	57
20509 93rd Avenue Ct E #8	0.66mi	4/2.0 (+1)	1,774 (-3%)	22mo	$400,000	$225	41

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: -8.7%
• Equity multiple: 0.68×
• Total profit: $-26,922
• Equity at exit: $44,582

10-year hold

• IRR: 1.2%
• Equity multiple: 1.09×
• Total profit: $7,182
• Equity at exit: $25,852

Cash invested: $83,720 (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: 236
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $3,023 high
• Mortgage (P&I): −$1,568
• Tax est. 1.5%: −$374 /mo · $4,485/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$635
• Net cashflow: $322

Break-even live

Break-even rent $2,616

Max offer price $299,000

Occupancy floor 84%

Sensitivity live

Price	-10% $529	-5% $425	+0% $322	+5% $219	+10% $115
Rent	-10% $83	-5% $203	+0% $322	+5% $441	+10% $561
Rate	-1.0pp $473	-0.5pp $398	base $322	+0.5pp $245	+1.0pp $166

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19906 100th Avenue Ct E Graham, WA	3.0	2.0	1322	$2,749	$2.08	18d	1	0.20mi
10234 194th St E Graham, WA	2.0	1.0–2.5	1231	$2,252	$1.83	0d	17	0.32mi
10508 196th Street Ct E Graham, WA	3.0	2.0	2364	$2,689	$1.14	4d	1	0.44mi
18511 97th Ave E Puyallup, WA	3.0	2.5	2104	$2,895	$1.38	19d	1	0.69mi
18402 96th Ave E South Hill, WA	4.0	2.5	2307	$1,400	$0.61	13d	1	0.76mi
18402 96th Ave E South Hill, WA	4.0	2.5	2300	$1,700	$0.74	12d	1	0.76mi
18317 96th Ave E Puyallup, WA	4.0	2.5	2150	$5,500	$2.56	45d	1	0.77mi
10110 184th St E Puyallup, WA	3.0	2.5	1582	$2,595	$1.64	45d	1	0.77mi
10423 Rainier Ridge Blvd E Puyallup, WA	1.0–3.0	1.0–2.0	1035	$3,330	$3.22	0d	27	0.84mi
19605 84th Ave E Spanaway, WA	3.0	2.5	1916	$3,050	$1.59	25d	1	0.85mi
18709 107th Ln E Puyallup, WA	4.0	2.5	2305	$3,600	$1.56	21d	1	0.89mi
18709 107th Ln E Puyallup, WA	4.0	2.5	2297	$3,500	$1.52	25d	1	0.89mi
18709 107th Ln E Puyallup, WA	4.0	2.5	2297	$3,500	$1.52	21d	1	0.89mi
18747 108th Ave E Puyallup, WA	4.0	2.0	1900	$3,200	$1.68	0d	1	1.00mi
18702 108th Ave E Puyallup, WA	4.0	2.5	1833	$3,100	$1.69	0d	1	1.00mi
18744 110th Ave E Unit NA Puyallup, WA	4.0	2.5	1824	$3,189	$1.75	25d	1	1.05mi
9110 178th Street Ct E Puyallup, WA	4.0	3.0	2321	$3,195	$1.38	16d	1	1.21mi
18225 113th Ave E Puyallup, WA	3.0	2.5	1770	$2,675	$1.51	16d	1	1.26mi
20519 80th Ave E Spanaway, WA	4.0	2.5	2031	$2,925	$1.44	6d	1	1.27mi
11420 184th Street Ct E Puyallup, WA	3.0	2.0	1554	$1,700	$1.09	18d	1	1.31mi
11328 185th St E Puyallup, WA	4.0	2.0	2430	$2,995	$1.23	0d	1	1.32mi
11621 189th St E Puyallup, WA	3.0	2.5	1861	$2,595	$1.39	18d	1	1.37mi
18606 116th Ave E Puyallup, WA	3.0	3.0	2049	$2,250	$1.10	16d	1	1.38mi

Listing history 18 events

1. 2026-06-21
   days on market $299,000 Active 229 DOM
2. 2026-06-18
   days on market $299,000 Active 226 DOM
3. 2026-06-17
   days on market $299,000 Active 225 DOM
4. 2026-06-16
   days on market $299,000 Active 224 DOM
5. 2026-06-15
   days on market $299,000 Active 223 DOM
6. 2026-06-13
   days on market $299,000 Active 221 DOM
7. 2026-06-13
   statusdays on market $299,000 Active 220 DOM
8. 2026-06-09
   days on market $299,000 Active Under Contract 217 DOM
9. 2026-06-08
   days on market $299,000 Active Under Contract 216 DOM
10. 2026-06-07
    days on market $299,000 Active Under Contract 215 DOM
11. 2026-06-04
    days on market $299,000 Active Under Contract 212 DOM
12. 2026-06-03
    days on market $299,000 Active Under Contract 211 DOM
13. 2026-06-02
    days on market $299,000 Active Under Contract 210 DOM
14. 2026-06-01
    days on market $299,000 Active Under Contract 209 DOM
15. 2026-05-31
    days on market $299,000 Active Under Contract 208 DOM
16. 2026-03-31
    price $299,000
17. 2026-01-15
    price $310,000
18. 2025-11-04
    listed $320,000 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 · 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: $36,278
• − Mortgage interest: −$16,749
• − Property taxes: −$4,485
• − Insurance: −$1,495
• − Repairs & maintenance: −$2,902
• − Management: −$2,902
• − Depreciation: −$8,698
• Taxable loss: −$953
• Est. tax savings @ 24.0%: +$229
• After-tax cash flow: $4,093/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: Bethel School District
• NCES district ID: 5300480
• Math proficiency: 47% ▬ 0.00%
• Reading proficiency: 59% ▲ 2.00%
• Median HH income: $65,872
• Composite: 48.66/100
• National rank: #4568
• State rank: #103 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

-6.6% since first listed

3 events — show timeline

• 2026-03-31 Price Changed $299,000 NWMLS as Distributed by MLS Grid
• 2026-01-15 Price Changed $310,000 NWMLS as Distributed by MLS Grid
• 2025-11-04 Listed $320,000 NWMLS as Distributed by MLS Grid