1706 73rd St E #15 · Midland, WA 98404

$120,000

2 bd · 2.0 ba · 1,123 sqft · Manufactured public records · 88 Days on market

Built 1987 $107/sqft · 29% below area Est $170k · 29% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

~New Affordable listing in 55+ Community!~ Incredible opportunity to move into a home that is completely and literally move in ready. Located in a very centralized location, you will enjoy the ease and access to stores and buslines. Stand-in showers are in both bathrooms of the home, as well as a very large entertaining space for guests. The larger corner lot stands out amongst the other properties in the park. Minimal upkeep but asthetic in appearance. The bedrooms are generous in size, and and with a new roof, newer water heater, fresh paint. .. this is the place to call home.

Key facts

• Larger corner lot
• Centralized location
• Move in ready

Tags

• MOVE IN READY
• CENTRALIZED LOCATION
• STAND-IN SHOWERS
• LARGE ENTERTAINING SPACE
• LARGER CORNER LOT
• NEW ROOF

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $643 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.7% vs local median 3.2% in Midland — 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 72/100 on livability (#208 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+; Watch: crime D, schools F, amenities F.
• Franklin Pierce School District (suburban): math 35% / reading 51% proficiency, ranked #197 of 291 in WA (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.6%/yr); 176 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $830 of loan paydown is wiped out by about $4k 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 + 1.6% rent growth), your $34k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $112,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 88 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 F-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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.55% ✓
• Cap rate: 12.72%
• Cash-on-cash: 22.96%
• DSCR: 2.02
• GRM: 5.4

CMA / ARV

• ARV (median comp): $169,950
• List price: $120,000
• Delta: -29.39%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1821 75th St E #5	0.13mi	2/2.0	1,182 (+5%)	4mo	$176,000	$149	82
7519 18th Avenue Ct E	0.17mi	2/2.0	1,074 (-4%)	10mo	$90,000	$84	77
2005 77th Street Ct E	0.30mi	3/2.0 (+1)	1,080 (-4%)	4mo	$418,000	$387	72
1910 77th Street Ct E	0.29mi	2/2.0	1,148 (+2%)	22mo	$340,000	$296	65
1617 80th St E	0.41mi	3/2.0 (+1)	1,188 (+6%)	13mo	$412,000	$347	56
1908 75th St E #30	0.17mi	2/2.0	1,274 (+13%)	17mo	$180,000	$141	55
8322 19th Ave Ct E #11	0.69mi	3/1.0 (+1)	972 (-13%)	2mo	$75,000	$77	35
8322 19th Avenue Ct E #11	0.69mi	3/1.0 (+1)	972 (-13%)	17mo	$75,000	$77	22

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 · 1.64% rent growth · sell at horizon

5-year hold

• IRR: 14.4%
• Equity multiple: 1.57×
• Total profit: $19,019
• Equity at exit: $17,892

10-year hold

• IRR: 22.1%
• Equity multiple: 2.77×
• Total profit: $59,361
• Equity at exit: $10,375

Cash invested: $33,600 (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 98404

• Rents YoY: 1.6%
• Active inventory: 176
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,864 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $643

Break-even live

Break-even rent $1,050

Max offer price $120,000

Occupancy floor 60%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1402 E 69th St Tacoma, WA	2.0	2.0	1000	$1,795	$1.79	24d	2	0.32mi
1817 80th St E Tacoma, WA	3.0	2.0	1188	$3,200	$2.69	19d	1	0.40mi
10910 22nd Avenue Ct E Unit Jkt Tacoma, WA	3.0	2.0	1452	$2,200	$1.52	24d	1	0.51mi
7412 Golden Given Rd E Tacoma, WA	2.0	1.0–1.5	730	$1,588	$2.17	4d	1	0.54mi
1018 76 Street Ct E Apt C Tacoma, WA	2.0	1.0	866	$1,550	$1.79	44d	1	0.60mi
901 E 72nd St Tacoma, WA	1.0–2.0	1.0–2.0	765	$1,795	$2.34	24d	4	0.62mi
908 74th St E Unit VASU**908-B Tacoma, WA	2.0	1.0	828	$1,450	$1.75	44d	1	0.65mi
913 75th St E Tacoma, WA	2.0	1.0	832	$1,525	$1.83	13d	1	0.66mi
908 76th Street Ct E Tacoma, WA	2.0–3.0	2.0	1065	$1,699	$1.60	2d	5	0.68mi
2621 80th St E Tacoma, WA	2.0	1.0	978	$2,100	$2.15	5d	1	0.69mi
7305 8th Avenue Ct E Tacoma, WA	2.0	1.0	828	$1,495	$1.81	4d	2	0.70mi
1928 E 56th St Unit 47 Tacoma, WA	3.0	1.0	950	$1,800	$1.89	24d	1	1.01mi
1928 E 56th St Unit 45 Tacoma, WA	2.0	1.0	800	$1,600	$2.00	24d	1	1.01mi
1928 E 56th St Tacoma, WA	2.0	1.0	850	$1,650	$1.94	24d	1	1.01mi
1722 E 56th St Unit 1 Tacoma, WA	2.0	1.0	842	$1,450	$1.72	2d	1	1.03mi
1706 E 56th St Unit 2 Tacoma, WA	2.0	1.0	938	$1,545	$1.65	24d	1	1.03mi
8402 E McKinley Ave Unit Iola Apartments-6 Tacoma, WA	1.0	1.0	700	$1,150	$1.64	24d	1	1.06mi
8412 E McKinley Ave Unit 7 Tacoma, WA	1.0	1.0	784	$1,150	$1.47	24d	1	1.07mi
7428 S Bell St Tacoma, WA	1.0–2.0	1.0–1.5	736	$1,795	$2.44	24d	3	1.33mi
7603 Pacific Ave Unit 301 Tacoma, WA	2.0	1.0	880	$1,250	$1.42	24d	1	1.33mi
1105 E 53rd St Tacoma, WA	3.0	2.0	1178	$2,595	$2.20	3d	1	1.33mi
7645 Pacific Ave Tacoma, WA	2.0	1.0	932	$1,650	$1.77	8d	2	1.36mi
7637 Pacific Ave Tacoma, WA	1.0–2.0	1.0–2.0	700	$1,600	$2.29	5d	6	1.37mi
7823 Pacific Ave Tacoma, WA	1.0–2.0	1.0	699	$1,659	$2.37	3d	5	1.39mi
8015 Pacific Ave Unit 20 Tacoma, WA	2.0	1.5	1100	$1,995	$1.81	24d	1	1.42mi
7605 S C St Apt 7 Tacoma, WA	2.0	1.0	800	$1,445	$1.81	8d	1	1.43mi
7015 S D St Tacoma, WA	1.0–2.0	1.0–1.5	760	$1,894	$2.49	3d	9	1.46mi
7425 S D St Unit 204 Tacoma, WA	2.0	1.0	900	$1,700	$1.89	24d	1	1.48mi

Listing history 18 events

1. 2026-06-18
   days on market $120,000 Active 88 DOM
2. 2026-06-17
   days on market $120,000 Active 87 DOM
3. 2026-06-16
   days on market $120,000 Active 86 DOM
4. 2026-06-15
   days on market $120,000 Active 85 DOM
5. 2026-06-13
   days on market $120,000 Active 83 DOM
6. 2026-06-13
   days on market $120,000 Active 82 DOM
7. 2026-06-09
   days on market $120,000 Active 79 DOM
8. 2026-06-08
   days on market $120,000 Active 78 DOM
9. 2026-06-07
   days on market $120,000 Active 77 DOM
10. 2026-06-04
    days on market $120,000 Active 74 DOM
11. 2026-06-03
    days on market $120,000 Active 73 DOM
12. 2026-06-02
    days on market $120,000 Active 72 DOM
13. 2026-06-01
    days on market $120,000 Active 71 DOM
14. 2026-05-31
    days on market $120,000 Active 70 DOM
15. 2026-03-22
    listed $125,000 Active
16. 2026-02-18
    soldstatus $115,000 Closed
17. 2026-01-31
    status Pending
18. 2025-10-09
    listed $125,000 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 · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,364
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$600
• − Repairs & maintenance: −$1,789
• − Management: −$1,789
• − Depreciation: −$3,491
• Taxable income: $6,173
• Est. tax owed @ 24.0%: −$1,481
• After-tax cash flow: $6,234/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: Franklin Pierce School District
• NCES district ID: 5302940
• Math proficiency: 35% ▬ 0.00%
• Reading proficiency: 51% ▲ 2.00%
• Median HH income: $49,240
• Composite: 39.18/100
• National rank: #8227
• State rank: #197 of 291 in WA

Livability — Midland

• Score: 72/100
• State rank: #208
• US rank: #5731

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midland, WA
• County: Pierce County · 788,257 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 35,961
• Household income: $82,191
• Rent vs Own: 31.4% rent · 68.6% own
• Severe rent burden: 989.0

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: Highly diverse neighborhood (Simpson 0.77)
• Race & ethnicity: White 38% Hispanic / Latino 20% Asian 17% Two or more races 16% Black 11% Native American 3% Pacific Islander 1%
• Hispanic origin (detail): Mexican 16% Puerto Rican 1%
• Common ancestry: Italian 3% Portuguese 2% Slovak 1%
• Foreign-born: 20% · Canada, Vietnam, South Korea
• Languages at home: 68% English-only · Spanish 13% Other Asian/Pacific 7% Vietnamese 4%

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: ▼ -462.09%
• Current HPI: 360.0843
• Rent YoY: ▲ 1.64%
• 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

+0.0% since first listed

4 events — show timeline

• 2026-03-22 Listed $125,000 NWMLS as Distributed by MLS Grid
• 2026-02-18 Sold (MLS) $115,000 NWMLS as Distributed by MLS Grid
• 2026-01-31 Pending — NWMLS as Distributed by MLS Grid
• 2025-10-09 Listed $125,000 NWMLS as Distributed by MLS Grid

Property tax history

-11.0%/yr

Latest (2026): $61 · +22.5% YoY. Source: county tax records.