31108 3rd Ave #301 · Black Diamond, WA 98010

$220,000

3 bd · 2.0 ba · 1,256 sqft · Manufactured · 71 Days on market

Built 2021 Good condition $175/sqft · 83% above area

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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
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• ARV discount +7.5/15.0
• Schools +5.5/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +3.1/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome Home to this beautifully updated 2021 manufactured home in the all-ages Diamond Valley community. This home is truly move-in ready for you. Recently refreshed throughout, the home feels brand new. It has brand-new flooring, fresh interior paint, and exterior landscaping making the jewel of the community. The kitchen is both stylish and functional with an open-concept layout, brand new stainless steel appliances and plenty of storage. The primary suite offers a private retreat with dual-sink vanity and walk-in shower for added convenience. All updates are completed, and all you need is do is move in and enjoy. Park approval is required. Schedule your tour today!

Key facts

• Dual-sink vanity
• Walk-in shower
• Private retreat

Tags

• UPDATED MANUFACTURED HOME
• OPEN-CONCEPT LAYOUT
• STAINLESS STEEL APPLIANCES
• PRIVATE RETREAT
• DUAL-SINK VANITY
• WALK-IN SHOWER

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $220k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $766 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Recommended offer: $207k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.8% 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.
• 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 $2k of loan paydown is wiped out by about $7k 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 $62k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 25y ago 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.
• Current owner paid $143k; list at $220k implies a 54% gain — meaningful room to come down on a strong offer.

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 $206,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 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 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: 1.35% ✓
• Cap rate: 10.83%
• Cash-on-cash: 16.21%
• DSCR: 1.72
• GRM: 6.2

CMA / ARV

• ARV (median comp): $120,000
• List price: $220,000
• Delta: 83.33%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
31108 3rd Ave #317	0.08mi	3/2.0	1,187 (-6%)	5mo	$119,000	$100	83
31108 3rd Ave #228	0.00mi	3/2.0	1,120 (-11%)	11mo	$220,000	$196	72

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: 4.6%
• Equity multiple: 1.18×
• Total profit: $10,867
• Equity at exit: $32,803

10-year hold

• IRR: 13.3%
• Equity multiple: 2.02×
• Total profit: $63,136
• Equity at exit: $19,022

Cash invested: $61,600 (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 98010

• Home prices YoY: -19.9%
• Rents YoY: 2.2%
• Active inventory: 193
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $2,978 medium
• Mortgage (P&I): −$1,154
• Tax est. 1.5%: −$275 /mo · $3,300/yr
• Insurance: −$92
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$625
• Net cashflow: $766

Break-even live

Break-even rent $2,009

Max offer price $220,000

Occupancy floor 69%

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $220,000 Active 71 DOM
2. 2026-06-17
   days on market $220,000 Active 70 DOM
3. 2026-06-16
   days on market $220,000 Active 69 DOM
4. 2026-06-15
   days on market $220,000 Active 68 DOM
5. 2026-06-13
   days on market $220,000 Active 66 DOM
6. 2026-06-09
   days on market $220,000 Active 62 DOM
7. 2026-06-08
   days on market $220,000 Active 61 DOM
8. 2026-06-07
   days on market $220,000 Active 60 DOM
9. 2026-06-04
   days on market $220,000 Active 57 DOM
10. 2026-06-03
    days on market $220,000 Active 56 DOM
11. 2026-06-02
    days on market $220,000 Active 55 DOM
12. 2026-06-01
    days on market $220,000 Active 54 DOM
13. 2026-05-31
    days on market $220,000 Active 53 DOM
14. 2026-04-08
    listed $220,000 Active
15. 2021-09-01
    soldstatus $143,209 Closed
16. 2021-05-06
    status Pending
17. 2021-03-18
    status Pending
18. 2020-12-26
    listed $143,000 Active
19. 2002-05-29
    soldstatus $3,500
20. 2001-11-07
    listed $3,500

ⓘ 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: $35,737
• − Mortgage interest: −$12,323
• − Property taxes: −$3,300
• − Insurance: −$1,898
• − Repairs & maintenance: −$2,859
• − Management: −$2,859
• − Depreciation: −$6,400
• Taxable income: $6,098
• Est. tax owed @ 24.0%: −$1,464
• After-tax cash flow: $7,727/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 is in excellent condition with recent updates throughout, including new flooring, appliances, and landscaping. It's an ideal investment property with high resale and rental potential.

Value-add opportunities

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics
• Both Landscaping and curb appeal improvements — Enhances curb appeal and property value
• Both New flooring in bathrooms — Improves functionality and aesthetics
• Both New countertops and backsplash in kitchen — Enhances functionality and aesthetics

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Enhances curb appeal and interior aesthetics ↑
• Both Landscaping and curb appeal improvements — Enhances curb appeal and property value ↑
• Both New flooring in bathrooms — Improves functionality and aesthetics ↑
• Both New countertops and backsplash in kitchen — Enhances functionality and aesthetics ↑

ⓘ 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: 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

+6185.7% since first listed

7 events — show timeline

• 2026-04-08 Listed $220,000 NWMLS as Distributed by MLS Grid
• 2021-09-01 Sold (MLS) $143,209 NWMLS as Distributed by MLS Grid
• 2021-05-06 Pending — NWMLS as Distributed by MLS Grid
• 2021-03-18 Pending — NWMLS as Distributed by MLS Grid
• 2020-12-26 Listed $143,000 NWMLS as Distributed by MLS Grid
• 2002-05-29 Sold (MLS) $3,500 NWMLS as Distributed by MLS Grid
• 2001-11-07 Listed $3,500 NWMLS as Distributed by MLS Grid