10702 63rd St E Unit 36B

North Puyallup, WA 98372

$65,000B-

3 bd · 2.0 ba · 1,188 sqft · Built 1996 · Manufactured · Active

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,696/mo
• Mortgage (P&I): −$341
• Tax + insurance: −$175
• HOA: −$0
• Vac / Maint / Mgmt: −$356
• Net cashflow: $824/mo
• Annual: $9,891/yr
• Cap rate: 22.74%
• Cash-on-cash: 58.73%
• DSCR: 3.61
• 1% rule: 2.61%
• Cash to close: $18,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $65k. Condition is rated good.
• At list price, monthly cash flow is $824 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#25 in WA, #468 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, housing A+; Watch: employment C-.
• 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.
• Zoned schools: Stewart Elementary (345 students, 68% FRL); Edgemont Jr High (521 students, 38% FRL); Puyallup High School (1,701 students, 38% FRL) — zoned schools average 48% FRL vs 27% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents rising fast (+4.5%/yr); 310 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 63d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• 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 + 4.5% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 22.7% vs local median 3.2% in North Puyallup — 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.

Questions for listing agent

• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — Worn edges and slight discoloration on some cabinets.
• Minor: Bathroom fixtures — Slight discoloration and wear on some fixtures.