9110 218th Street Ct E · Graham, WA 98338

$180,000

3 bd · 2.0 ba · 1,296 sqft · Manufactured · 59 Days on market

Built 2000 Good condition Est $130k · 39% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.9/10.0
• Condition / age +3.8/5.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Beautifully maintained and move-in ready in an all-ages park, this charming home offers the perfect blend of comfort, function, and style. Situated on a spacious lot, the property features a spacious yard with mature landscaping, ideal for relaxing, entertaining, or creating your dream outdoor space. A versatile 8x8 shed and 10x16 workshop with electricity and built-in workbench provide endless possibilities for hobbies, storage, or projects. Inside, you’ll love the bright, open concept layout designed for modern living. The fully updated kitchen shines with sleek cabinetry, quartz countertops, stainless steel appliances, beverage fridge, and stylish under-cabinet lighting, perfect fo

Key facts

• Spacious yard
• Quartz countertops
• 10x16 workshop

Tags

• SPACIOUS YARD
• MATURE LANDSCAPING
• 8X8 SHED
• 10X16 WORKSHOP
• FULLY UPDATED KITCHEN
• QUARTZ COUNTERTOPS

Property features AI

Finance

• Other: Taxes and specific financial amounts excluded
• Financial info: Listing terms: Cash or Conventional; Land lease amount applies
• HOA & community: Located in Shady Woods park; Park approved for sale; 19 homes in the park; Land lease (monthly)

Exterior

• Parking: 2 open/uncovered parking spaces
• Utilities: Public water; Propane water heater; Sewer provided by park; Power via Tacoma Power; Internet: Xfinity; Energy sources: Electric and Propane
• Home design: Manufactured home (double wide); One level; Entry level on main floor
• Construction: Metal/vinyl construction; Pillar/post/pier foundation with tie-downs; Manufactured after 06/15/1976; Model: Maver-ICK, Make: Redmin
• Exterior features: Metal/vinyl exterior; Corner lot; Dead-end street; Paved lot

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range; Kitchen with eating space
• Bedrooms: 3 bedrooms
• Flooring: Laminate; Carpet
• Bathrooms: 2 full bathrooms; 2 bathtubs; 2 showers
• Heating & cooling: 90%+ high-efficiency heating (forced air); 90%+ high-efficiency central air conditioning
• Interior features: Water heater; Jetted/soaking tub; Vaulted ceilings; Patio/porch/deck; Landscaped
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $180k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $960 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Recommended offer: $175k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.7% 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; 1 comparable units currently listed for rent nearby; 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 $1k of loan paydown is wiped out by about $5k 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 + 3.3% rent growth), your $50k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.

Recommended offer $174,600 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 12.69%
• Cash-on-cash: 22.86%
• DSCR: 2.02
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $129,600
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9016 220th Street Ct E	0.14mi	3/2.0	1,288 (-1%)	3mo	$405,000	$314	90
9005 219th Street Ct E	0.09mi	3/2.0	1,340 (+3%)	1mo	$380,000	$284	89
22210 92nd Avenue Ct E #6	0.25mi	3/2.0	1,294 (-0%)	17mo	$130,000	$100	74
22505 91st Ave E	0.47mi	3/2.0	1,344 (+4%)	6mo	$113,300	$84	67
22607 91st Avenue Ct E #10	0.49mi	3/2.0	1,344 (+4%)	15mo	$150,000	$112	58
8911 226th St E #18	0.47mi	3/2.0	1,188 (-8%)	18mo	$105,000	$88	50
22716 91st Avenue Ct E #40	0.55mi	3/2.0	1,232 (-5%)	20mo	$120,000	$97	50

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: 16.2%
• Equity multiple: 1.65×
• Total profit: $32,933
• Equity at exit: $26,839

10-year hold

• IRR: 25.0%
• Equity multiple: 3.21×
• Total profit: $111,320
• Equity at exit: $15,563

Cash invested: $50,400 (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: 5.4×

Monthly cashflow live

• Estimated rent: $2,790 medium
• Mortgage (P&I): −$944
• Tax est. 1.5%: −$225 /mo · $2,700/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$586
• Net cashflow: $960

Break-even live

Break-even rent $1,575

Max offer price $180,000

Occupancy floor 61%

Sensitivity live

Price	-10% $1,085	-5% $1,022	+0% $960	+5% $898	+10% $836
Rent	-10% $740	-5% $850	+0% $960	+5% $1,070	+10% $1,181
Rate	-1.0pp $1,051	-0.5pp $1,006	base $960	+0.5pp $914	+1.0pp $866

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 1 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	17d	1	1.32mi

Listing history 16 events

1. 2026-06-21
   days on market $180,000 Active 59 DOM
2. 2026-06-18
   days on market $180,000 Active 56 DOM
3. 2026-06-17
   days on market $180,000 Active 55 DOM
4. 2026-06-16
   days on market $180,000 Active 54 DOM
5. 2026-06-15
   days on market $180,000 Active 53 DOM
6. 2026-06-13
   days on market $180,000 Active 51 DOM
7. 2026-06-13
   days on market $180,000 Active 50 DOM
8. 2026-06-09
   days on market $180,000 Active 47 DOM
9. 2026-06-08
   days on market $180,000 Active 46 DOM
10. 2026-06-07
    days on market $180,000 Active 45 DOM
11. 2026-06-04
    days on market $180,000 Active 42 DOM
12. 2026-06-03
    days on market $180,000 Active 41 DOM
13. 2026-06-02
    days on market $180,000 Active 40 DOM
14. 2026-06-01
    days on market $180,000 Active 39 DOM
15. 2026-05-31
    days on market $180,000 Active 38 DOM
16. 2026-04-23
    listed $180,000 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: $33,481
• − Mortgage interest: −$10,083
• − Property taxes: −$2,700
• − Insurance: −$900
• − Repairs & maintenance: −$2,678
• − Management: −$2,678
• − Depreciation: −$5,236
• Taxable income: $9,205
• Est. tax owed @ 24.0%: −$2,209
• After-tax cash flow: $9,314/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 75/100 Cosmetic rehab

This move-in ready manufactured home offers a good condition with updated kitchen and neutral paint. Landscaping and painting would further enhance its value.

Value-add opportunities

• Both landscaping — enhances curb appeal and outdoor living space
• Both painting — fresh paint can make a significant difference in the home's appearance
• Both landscaping — improves curb appeal and outdoor living space

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and outdoor living space ↑
• Both painting — fresh paint can make a significant difference in the home's appearance ↑
• Both landscaping — improves curb appeal and outdoor living space ↑

ⓘ 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: 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

1 event — show timeline

• 2026-04-23 Listed $180,000 NWMLS as Distributed by MLS Grid