5629 113th Ave E #64

North Puyallup, WA 98372

$39,900C

2 bd · 1.0 ba · 924 sqft · Built 1977 · Manufactured · Active

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,490/mo
• Mortgage (P&I): −$209
• Tax + insurance: −$74
• HOA: −$0
• Vac / Maint / Mgmt: −$313
• Net cashflow: $894/mo
• Annual: $10,724/yr
• Cap rate: 33.17%
• Cash-on-cash: 95.99%
• DSCR: 5.27
• 1% rule: 3.74%
• Cash to close: $11,172

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $40k. Condition is rated fair.
• At list price, monthly cash flow is $894 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• 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 $276 of loan paydown is wiped out by about $1k 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.
• 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 92d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 62% 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.
• 4 sale attempts since 13y ago; this cycle's ask has dropped $23k (36%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 4.5% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 33.2% 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 — Dated and worn, but not damaged.
• Minor: bathroom fixtures — Dated and worn, but not damaged.