8318 38th St E · Edgewood, WA 98371

$100,000

3 bd · 2.0 ba · 1,391 sqft · Manufactured · 81 Days on market

Built 2002 Good condition $72/sqft · at area comps Est $105k · at est. ↓ 9% since listing

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +9.6/15.0
• Schools +5.4/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +2.9/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to easy, low-maintenance living in Cherrywood Manor, a welcoming 55+ community designed for comfort, connection, and convenience. Step inside and feel the openness of the spacious floor plan, highlighted by vaulted ceilings and an abundance of natural light. Brand new luxury vinyl plank flooring flows throughout the home, complemented by fresh interior paint, creating a clean, modern feel that’s truly move-in ready. The kitchen opens seamlessly to the main living space, and each bedroom is impressively sized and features its own walk-in closet, a rare and welcome bonus for storage and organization. Outside, enjoy peaceful mornings or quiet evenings on your covered back porch t

Key facts

• Walk-in closet
• Spacious floor plan
• Natural light

Tags

• SPACIOUS FLOOR PLAN
• VAULTED CEILINGS
• NATURAL LIGHT
• LUXURY VINYL PLANK FLOORING
• FRESH INTERIOR PAINT
• WALK-IN CLOSET

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $100k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $667 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $94k (6.0% below list) — sets the bar for market timing.
• Cap rate 19.4% vs local median 1.9% in Edgewood — 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 (#95 in WA, #1,861 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, commute A; Watch: amenities F, 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 (+1.4%/yr); 227 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k 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 + 1.4% rent growth), your $28k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($94k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $94,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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.
7. 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.
8. 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: 2.26% ✓
• Cap rate: 19.41%
• Cash-on-cash: 46.86%
• DSCR: 3.09
• GRM: 3.7

CMA / ARV

• ARV (median comp): $104,975
• List price: $100,000
• Delta: -4.74%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8318 38th St E	0.00mi	3/2.0	1,391 (0%)	1mo	$70,000	$50	99
8515 37th Street Ct E #62	0.13mi	3/2.0	1,512 (+9%)	1mo	$139,950	$93	78
8519 37th St Ct E #63	0.14mi	3/2.0	1,512 (+9%)	14mo	$106,000	$70	68
8524 37th Street Ct E #84	0.13mi	3/2.0	1,248 (-10%)	22mo	$90,000	$72	59

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 · 1.41% rent growth · sell at horizon

5-year hold

• IRR: 20.7%
• Equity multiple: 1.82×
• Total profit: $23,010
• Equity at exit: $14,910

10-year hold

• IRR: 27.5%
• Equity multiple: 3.21×
• Total profit: $61,796
• Equity at exit: $8,646

Cash invested: $28,000 (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 98371

• Rents YoY: 1.4%
• Active inventory: 227
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $2,259 high
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,500/yr
• Insurance: −$42
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$474
• Net cashflow: $667

Break-even live

Break-even rent $1,415

Max offer price $100,000

Occupancy floor 65%

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8009 50th St E Fife, WA	2.0	1.0	1100	$2,150	$1.95	18d	1	0.80mi
3351 70th Ave E Fife, WA	1.0–3.0	1.0–2.0	950	$2,599	$2.74	1d	12	0.85mi
6753 Park St E Fife, WA	3.0	2.5	1814	$2,895	$1.60	1d	1	1.06mi
200 Milton Way Milton, WA	2.0	1.0	975	$1,895	$1.94	24d	1	1.25mi
1503 18th St NW Puyallup, WA	1.0–2.0	1.0	840	$1,730	$2.06	10d	4	1.28mi
2629 Meridian Ave E Edgewood, WA	1.0–2.0	1.0–2.0	801	$2,165	$2.70	5d	8	1.33mi
2211 6th Ave Milton, WA	1.0–2.0	1.0–1.5	836	$1,985	$2.37	2d	5	1.36mi
10416 29th St E Unit 10416 Edgewood, WA	2.0	1.0	900	$1,675	$1.86	43d	1	1.42mi
10426 29th St E Unit 10426 Edgewood, WA	2.0	1.0	900	$1,675	$1.86	15d	1	1.43mi
2506 103rd Ave E Edgewood, WA	3.0	2.0	1250	$2,250	$1.80	24d	1	1.44mi
2506 103rd Ave E Edgewood, WA	2.0–3.0	1.0–1.5	1100	$2,200	$2.00	43d	3	1.44mi
2715 62nd Ave E Fife, WA	1.0–2.0	1.0–2.0	951	$2,175	$2.29	3d	6	1.48mi

Listing history 6 events

1. 2026-05-18
   status Pending
2. 2026-05-18
   status Pending
3. 2026-04-15
   price $100,000
4. 2026-04-15
   price $100,000
5. 2026-02-26
   listed $110,000 Active
6. 2026-02-26
   listed $110,000 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 5/10 Major FEMA zone AE · 64% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥89°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,107
• − Mortgage interest: −$5,602
• − Property taxes: −$1,500
• − Insurance: −$5,618
• − Repairs & maintenance: −$2,169
• − Management: −$2,169
• − Depreciation: −$2,909
• Taxable income: $7,141
• Est. tax owed @ 24.0%: −$1,714
• After-tax cash flow: $6,289/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This move-in ready manufactured home in Cherrywood Manor offers a spacious floor plan with new flooring, cabinets, and appliances, making it an excellent investment opportunity.

Value-add opportunities

• Both Painting exterior — Enhances curb appeal and value
• Both Landscaping — Improves curb appeal and value
• Both New flooring in bathrooms — Enhances aesthetics and value
• Both New countertops in kitchen — Enhances aesthetics and value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior — Enhances curb appeal and value ↑
• Both Landscaping — Improves curb appeal and value ↑
• Both New flooring in bathrooms — Enhances aesthetics and value ↑
• Both New countertops in kitchen — Enhances aesthetics and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Edgewood

• Score: 80/100
• State rank: #95
• US rank: #1861

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Edgewood, WA
• County: Pierce County · 788,257 people
• City population: 26,662
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 24,682
• Household income: $97,242
• Rent vs Own: 28.1% rent · 71.9% own
• Severe rent burden: 507.0

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 (70%)
• Race & ethnicity: White 70% Two or more races 12% Hispanic / Latino 11% Asian 6% Black 4%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 5% Slovak 3% Italian 2%
• Foreign-born: 10% · Canada, South Korea, Vietnam
• Languages at home: 85% English-only · Spanish 5% Korean 2% Vietnamese 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: ▼ -580.45%
• Current HPI: 295.2143
• Rent YoY: ▲ 1.41%
• 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

-9.1% since first listed

6 events — show timeline

• 2026-05-18 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-18 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-15 Price Changed $100,000 NWMLS as Distributed by MLS Grid
• 2026-04-15 Price Changed $100,000 NWMLS as Distributed by MLS Grid
• 2026-02-26 Listed $110,000 NWMLS as Distributed by MLS Grid
• 2026-02-26 Listed $110,000 NWMLS as Distributed by MLS Grid