31108 3rd Ave #114 · Black Diamond, WA 98010

$155,000

3 bd · 2.0 ba · 1,080 sqft · Manufactured · 155 Days on market

Built 1986 Est $212k · 27% under ↓ 9% since listing

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Why this score? — see what drove the A- 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 +5.5/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home! This prefabricated home with 3 bedrooms and two full bathrooms has been recently remodeled with new laminate flooring, fresh paint, double-pane windows, crown molding, and newly remodeled bathrooms. It features a laundry room, an open kitchen to dining area, and a spacious and comfortable living room. The primary suite offers a full bath and spacious walk-in closet. Enjoy a covered carport with ample parking for up to 5 cars, a large backyard for your personal use, one spacious storage shed. Located at Diamond Valley MHC a pet friendly community for all ages. What more could you ask for? Come see it today!

Key facts

• Laundry room
• Covered carport
• Large backyard

Tags

• REMODELED BATHROOMS
• LAUNDRY ROOM
• OPEN KITCHEN
• COVERED CARPORT
• LARGE BACKYARD
• SPACIOUS STORAGE SHED

🏷️ Possibly a rental listed for sale. The $155,000 price doesn't fit this home's estimated sale value (~$211,680) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $155k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $155k).
• Recommended offer: $136k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.0% vs local median 2.2% in Black Diamond — 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 (#87 in WA, #1,663 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: amenities D+, cost of living F.
• Enumclaw School District (suburban): math 54% / reading 68% proficiency, ranked #46 of 291 in WA (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Black Diamond Elementary (397 students, 25% FRL); Enumclaw Sr High School (1,339 students, 28% FRL) — zoned schools at 26% FRL track the district average.
• Market conditions: Rents rising (+2.2%/yr); 193 active listings in the ZIP; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 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.
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.2% rent growth), your $43k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 155 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $15k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $136,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 155 days. Have you received any prior offers? Is the seller open to a 12% 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 B-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: 1.90% ✓
• Cap rate: 15.99%
• Cash-on-cash: 34.63%
• DSCR: 2.54
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $211,680
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
31108 3rd Ave #228	0.08mi	3/2.0	1,120 (+4%)	11mo	$220,000	$196	81
31108 3rd Ave #317	0.00mi	3/2.0	1,187 (+10%)	5mo	$119,000	$100	79

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 · 2.21% rent growth · sell at horizon

5-year hold

• IRR: 27.0%
• Equity multiple: 2.11×
• Total profit: $48,181
• Equity at exit: $23,111

10-year hold

• IRR: 34.1%
• Equity multiple: 4.00×
• Total profit: $130,192
• Equity at exit: $13,402

Cash invested: $43,400 (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 98010

• Home prices YoY: -19.9%
• Rents YoY: 2.2%
• Active inventory: 193
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $2,941 medium
• Mortgage (P&I): −$813
• Tax est. 1.5%: −$194 /mo · $2,325/yr
• Insurance: −$65
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$618
• Net cashflow: $1,186

Break-even live

Break-even rent $1,440

Max offer price $155,000

Occupancy floor 55%

Sensitivity live

Price	-10% $1,293	-5% $1,239	+0% $1,186	+5% $1,132	+10% $1,079
Rent	-10% $954	-5% $1,070	+0% $1,186	+5% $1,302	+10% $1,418
Rate	-1.0pp $1,264	-0.5pp $1,225	base $1,186	+0.5pp $1,146	+1.0pp $1,105

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-04-28
   status Pending
2. 2026-04-13
   status Active
3. 2026-04-09
   status Pending
4. 2026-03-01
   price $155,000
5. 2025-11-19
   listed $169,900 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 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥86°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 11 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,294
• − Mortgage interest: −$8,682
• − Property taxes: −$2,325
• − Insurance: −$1,572
• − Repairs & maintenance: −$2,824
• − Management: −$2,824
• − Depreciation: −$4,509
• Taxable income: $12,558
• Est. tax owed @ 24.0%: −$3,014
• After-tax cash flow: $11,217/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: Enumclaw School District
• NCES district ID: 5300001
• Math proficiency: 54% ▼ -1.00%
• Reading proficiency: 68% ▬ 0.00%
• Median HH income: $68,441
• Composite: 55.21/100
• National rank: #2736
• State rank: #46 of 291 in WA

Livability — Black Diamond

• Score: 80/100
• State rank: #87
• US rank: #1663

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Black Diamond, WA
• County: King County · 2,251,916 people
• City population: 6,857
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 6,857
• Household income: $142,048
• Rent vs Own: 14.3% rent · 85.7% own
• Severe rent burden: 14.0

Population outlook (King County) Hauer SSP2

• Today (2025): 2,576,485 people
• By 2030: 2,803,316 · +8.8%
• By 2040: 3,255,921 · +26.4%
• By 2050: 3,706,444 · +43.9%
• By 2075: 4,746,063 · +84.2%
• By 2100: 5,407,730 · +109.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Two or more races 12% Asian 10% Hispanic / Latino 9%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Portuguese 4% Italian 4% Slovak 4%
• Foreign-born: 14% · Canada, Jamaica, South Korea
• Languages at home: 87% English-only · Spanish 5% Other Indo-European 4% Tagalog/Filipino 1%

Political lean MEDSL · King

• 2024 margin: Solid D (+51.7) · D 74.2% · R 22.5% · Other 3.4%
• 2008→2024 swing: +9.6pp toward D · 2008: 42.1pp · 2024: 51.7pp
• All cycles: 2024: D+51.7 2020: D+52.7 2016: D+50.4 2012: D+39.9 2008: D+42.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.21%
• Current HPI: 322.0508
• Rent YoY: ▲ 2.21%
• 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

-8.8% since first listed

5 events — show timeline

• 2026-04-28 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-13 Relisted — NWMLS as Distributed by MLS Grid
• 2026-04-09 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-01 Price Changed $155,000 NWMLS as Distributed by MLS Grid
• 2025-11-19 Listed $169,900 NWMLS as Distributed by MLS Grid