5629 113th Ave E #64 · North Puyallup, WA 98372

$62,500

2 bd · 1.0 ba · 924 sqft · Manufactured public records · 57 Days on market

Built 1977 $68/sqft · 26% below area Est $85k · 26% under

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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 +5.4/10.0
• Livability +4.2/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome Home! Located in the friendly 55+ Town & Country community, this charming residence offers easy, low-maintenance living. This charming 2-bed, 1-bath home in a 55+ community is move-in ready, with pride of ownership evident throughout. It features a large main bedroom with 2 closets and a 2nd bedroom . Outside you'll find a covered deck to enjoy - a covered carport and storage. Huge grassy field right behind the home . Live in comfort in all the seasons with the heat pump that works great ! shed provide extra storage shed . This active 55+ community includes a clubhouse, and a small pet is welcome! As a bonus, all appliances stay!

Key facts

• Covered deck
• Clubhouse
• Covered carport

Tags

• COVERED DECK
• COVERED CARPORT
• EXTRA STORAGE SHED
• CLUBHOUSE
• ALL APPLIANCES STAY

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $62k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $62k).
• Recommended offer: $61k (3.0% below list) — sets the bar for market timing.

Location & tenants

• 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.
• Market conditions: Rents rising fast (+4.5%/yr); 167 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $432 of loan paydown is wiped out by about $2k 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 + 4.5% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y 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 $45k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $60,625 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 3.10% ✓
• Cap rate: 27.74%
• Cash-on-cash: 76.61%
• DSCR: 4.41
• GRM: 2.7

CMA / ARV

• ARV (median comp): $84,950
• List price: $62,500
• Delta: -26.43%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5718 112th Avenue Ct E #37	0.07mi	2/2.0	900 (-3%)	4mo	$125,000	$139	85
5620 112th Avenue Ct E #23	0.05mi	3/1.0 (+1)	924 (0%)	9mo	$18,500	$20	85
5606 112th Avenue Ct E #15	0.07mi	2/2.0	924 (0%)	12mo	$85,000	$92	83
5711 112th Avenue Ct E #30	0.05mi	2/2.0	840 (-9%)	2mo	$125,000	$149	77
5514 112th Avenue Ct E #3	0.10mi	2/2.0	840 (-9%)	3mo	$134,900	$161	74
10713 61st St E Unit 108A	0.41mi	2/1.0	920 (-0%)	12mo	$95,000	$103	70
5520 112th Avenue Ct E #7	0.10mi	2/1.0	840 (-9%)	14mo	$35,000	$42	69
5705 113th Ave E #68	0.11mi	3/2.0 (+1)	1,008 (+9%)	10mo	$62,000	$62	63
10601 61st St E #117	0.45mi	3/2.0 (+1)	924 (0%)	11mo	$60,000	$65	60
10522 60th Street Ct E	0.46mi	2/2.0	1,056 (+14%)	3mo	$84,950	$80	49
10805 62nd Street Ct E #3	0.45mi	2/2.0	1,060 (+15%)	8mo	$94,000	$89	44
10515 60th Street Ct E #165	0.46mi	2/2.0	1,052 (+14%)	11mo	$30,000	$29	42

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 · 4.46% rent growth · sell at horizon

5-year hold

• IRR: 78.2%
• Equity multiple: 4.65×
• Total profit: $63,928
• Equity at exit: $9,319

10-year hold

• IRR: 82.1%
• Equity multiple: 10.12×
• Total profit: $159,551
• Equity at exit: $5,404

Cash invested: $17,500 (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 98372

• Rents YoY: 4.5%
• Active inventory: 167
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $1,935 high
• Mortgage (P&I): −$328
• Tax from tax record: −$58 /mo · $694/yr
• Insurance: −$26
• HOA: −$0
• Vacancy / Maint / Mgmt: −$406
• Net cashflow: $1,117

Break-even live

Break-even rent $521

Max offer price $62,500

Occupancy floor 37%

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: $15,625
• Closing costs: $1,875
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5517 108th Avenue Ct E Unit 5517 Puyallup, WA	2.0	1.0	864	$1,725	$2.00	43d	1	0.30mi
4908 110th Avenue Ct E #3 Edgewood, WA	3.0	2.0	1058	$2,395	$2.26	12d	1	0.48mi
4908 110th Ave Ct E Edgewood, WA	3.0	2.0	1100	$2,395	$2.18	18d	1	0.48mi
4729 114th Ave E Edgewood, WA	2.0	1.0	800	$1,995	$2.49	20d	1	0.51mi
4727 114th Ave E Edgewood, WA	2.0	1.0	800	$1,995	$2.49	20d	1	0.52mi
4824 110th Avenue Ct E Edgewood, WA	1.0–2.0	1.0	775	$2,050	$2.65	4d	3	0.53mi
407 Valley Ave NE Puyallup, WA	1.0–3.0	1.0–2.0	923	$2,062	$2.23	43d	1	0.53mi
10710 48th St E Unit A Edgewood, WA	2.0	1.0	898	$2,295	$2.56	43d	1	0.63mi
1027 N Meridian Puyallup, WA	1.0–2.0	1.0	782	$1,795	$2.29	4d	6	0.69mi
721 2nd Ave NE Puyallup, WA	2.0	1.5	1000	$1,895	$1.90	24d	1	0.92mi
719 2nd Ave NE Apt 2 Puyallup, WA	2.0	1.5	1000	$1,895	$1.90	4d	1	0.92mi
735 2nd St NW Unit 1 Puyallup, WA	2.0	1.0	837	$1,695	$2.03	21d	1	0.93mi
1617 E Main Puyallup, WA	1.0–2.0	1.0–2.0	930	$2,151	$2.31	1d	30	0.93mi
501 2nd Ave NE Puyallup, WA	1.0–2.0	1.0–2.0	1506	$2,299	$1.53	43d	17	0.93mi
501 2nd St NE Puyallup, WA	1.0–2.0	1.0–2.0	850	$2,299	$2.70	4d	11	0.93mi
120 5th St NE Unit 1 Puyallup, WA	1.0	1.0	726	$1,595	$2.20	43d	1	1.02mi
129 5th Ave NW Puyallup, WA	1.0	1.0	650	$1,949	$3.00	4d	1	1.05mi
311 2nd St NE Unit 03 Puyallup, WA	1.0	1.0	620	$1,145	$1.85	23d	1	1.05mi
344 7th St SE Puyallup, WA	2.0	1.0	800	$1,650	$2.06	43d	2	1.23mi
344 7th St SE Puyallup, WA	2.0	1.0	800	$1,622	$2.03	3d	2	1.23mi
344 7th St SE Unit 20 Puyallup, WA	2.0	1.0	800	$1,650	$2.06	24d	1	1.23mi
344 7th St SE Unit 8 Puyallup, WA	2.0	1.0	800	$1,595	$1.99	24d	1	1.23mi
602 5th Ave NW Unit A Puyallup, WA	1.0	1.0	650	$1,545	$2.38	21d	1	1.28mi
336 3rd St SE Puyallup, WA	2.0	1.0	630	$1,700	$2.70	24d	1	1.30mi
516 16th St SE Puyallup, WA	2.0	1.0	950	$1,895	$1.99	24d	1	1.31mi
803 9th St NW Unit 803 Puyallup, WA	2.0	1.0	800	$1,775	$2.22	20d	1	1.36mi
112 5th St SW Puyallup, WA	2.0	1.0	585	$1,400	$2.39	24d	1	1.39mi
1218 7th Ave SE Unit 1208 Puyallup, WA	2.0	1.0	885	$2,145	$2.42	24d	1	1.42mi
3107 E Main Ave Puyallup, WA	1.0–3.0	1.0–2.0	963	$2,106	$2.19	1d	30	1.46mi

Listing history 24 events

1. 2026-06-18
   days on market $62,500 Active 57 DOM
2. 2026-06-17
   days on market $62,500 Active 56 DOM
3. 2026-06-16
   days on market $62,500 Active 55 DOM
4. 2026-06-15
   days on market $62,500 Active 54 DOM
5. 2026-06-13
   days on market $62,500 Active 52 DOM
6. 2026-06-13
   days on market $62,500 Active 51 DOM
7. 2026-06-09
   days on market $62,500 Active 48 DOM
8. 2026-06-08
   days on market $62,500 Active 47 DOM
9. 2026-06-07
   days on market $62,500 Active 46 DOM
10. 2026-06-04
    days on market $62,500 Active 43 DOM
11. 2026-06-03
    days on market $62,500 Active 42 DOM
12. 2026-06-02
    days on market $62,500 Active 41 DOM
13. 2026-06-01
    days on market $62,500 Active 40 DOM
14. 2026-05-31
    days on market $62,500 Active 39 DOM
15. 2026-04-22
    listed $62,500 Active
16. 2021-04-13
    soldstatus $45,000 Sold
17. 2021-03-31
    status Pending
18. 2021-03-08
    status Active
19. 2021-03-06
    status Pending Inspection
20. 2021-03-01
    listed $49,000 Active
21. 2013-05-10
    historical
22. 2013-05-09
    soldstatus $12,000 Sold
23. 2013-05-04
    status Pending
24. 2013-03-23
    listed $12,500 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $694 · $58/mo
• Projected year-2 tax: $694 · $58/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 21% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥89°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,223
• − Mortgage interest: −$3,501
• − Property taxes: −$694
• − Insurance: −$312
• − Repairs & maintenance: −$1,858
• − Management: −$1,858
• − Depreciation: −$1,818
• Taxable income: $13,181
• Est. tax owed @ 24.0%: −$3,164
• After-tax cash flow: $10,243/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: Puyallup School District
• NCES district ID: 5306960
• Math proficiency: 53% ▬ 0.00%
• Reading proficiency: 66% ▬ 0.00%
• Median HH income: $68,291
• Composite: 54.01/100
• National rank: #3006
• State rank: #52 of 291 in WA

Livability — North Puyallup

• Score: 85/100
• State rank: #25
• US rank: #468

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Puyallup, WA
• County: Pierce County · 788,257 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 26,012
• Household income: $98,152
• Rent vs Own: 47.5% rent · 52.5% own
• Severe rent burden: 871.0

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 (73%)
• Race & ethnicity: White 73% Two or more races 10% Hispanic / Latino 8% Asian 6% Black 3% Pacific Islander 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Lithuanian 4% Romanian 4% Subsaharan African 3%
• Foreign-born: 13% · Canada, South Korea, China
• Languages at home: 81% English-only · Russian/Polish/Slavic 5% Spanish 4% Other Asian/Pacific 3%

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: ▼ -283.81%
• Current HPI: 309.7871
• Rent YoY: ▲ 4.46%
• 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

+400.0% since first listed

10 events — show timeline

• 2026-04-22 Listed $62,500 NWMLS as Distributed by MLS Grid
• 2021-04-13 Sold (MLS) $45,000 NWMLS as Distributed by MLS Grid
• 2021-03-31 Pending — NWMLS as Distributed by MLS Grid
• 2021-03-08 Relisted — NWMLS as Distributed by MLS Grid
• 2021-03-06 Pending — NWMLS as Distributed by MLS Grid
• 2021-03-01 Listed $49,000 NWMLS as Distributed by MLS Grid
• 2013-05-10 Delisted — NWMLS as Distributed by MLS Grid
• 2013-05-09 Sold (MLS) $12,000 NWMLS as Distributed by MLS Grid
• 2013-05-04 Pending — NWMLS as Distributed by MLS Grid
• 2013-03-23 Listed $12,500 NWMLS as Distributed by MLS Grid

Property tax history

+14.3%/yr

Latest (2026): $694 · +17.8% YoY. Source: county tax records.