5206 90th St E #43 · Summit, WA 98446

$110,000

2 bd · 2.0 ba · 1,147 sqft · Manufactured public records · 15 Days on market

Built 1980

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.9/10.0
• Rent growth +3.8/5.0
• Livability +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome Home! This beautifully updated two bedroom, two bath residence offers convenience and low maintenance living. The primary bedroom is light and bright and includes a sizable en suite. You will also appreciate the spacious kitchen and inviting living room, designed for both everyday comfort and entertaining. This thoughtfully maintained property features a manageable backyard, covered parking for two vehicles, and additional parking for two more. Abundant storage is available with a large, detached storage shed, complemented by an additional storage shed in back, for added flexibility. Ideally situated in a highly convenient location with easy access to shopping, dining, services, JBL

Key facts

• Covered parking
• Manageable backyard
• Spacious kitchen

Tags

• SIZABLE EN SUITE
• SPACIOUS KITCHEN
• INVITING LIVING ROOM
• MANAGEABLE BACKYARD
• COVERED PARKING
• DETACHED STORAGE SHED

Property features AI

Finance

• Other: Calculated living area 1,147; Paved access and bus line nearby
• Financial info: Listing terms: Cash
• HOA & community: Canyon Heights park; Land lease $785

Exterior

• Parking: Carport; Uncovered parking
• Utilities: Public water (Guardian); Public sewer (Guardian); Power by TPU; Cable connected (Xfinity); Internet connected (Xfinity); Electric water heater
• Home design: Manufactured double wide (Candlewood); One level; Manufactured home in park approved for sale; Manufactured after 06/15/1976; Good condition; Mobile home remains
• Construction: Metal/vinyl and other construction materials; Composition roof; Tie down foundation; Built as a manufactured house
• Exterior features: Metal/vinyl exterior; Other exterior materials; Paved lot; Patio/porch/deck

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Vinyl; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Heating & cooling: Forced air heating; Electric energy source
• Interior features: Water heater (electric) located to the right of the back door; Ceiling fan(s); Double pane windows; Bath off primary; Patio/porch/deck
• Laundry & utility: Washer; Dryer; Tie down foundation

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $110k.

Deal economics

• At list price, monthly cash flow is $617 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $108k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.0% vs local median 2.5% in Summit — 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 66/100 on livability (#318 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, employment A; Watch: schools D-, amenities F, commute F.
• Franklin Pierce School District (suburban): math 35% / reading 51% proficiency, ranked #197 of 291 in WA (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.2%/yr); 116 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 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 $761 of loan paydown is wiped out by about $3k 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 + 5.2% rent growth), your $31k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($108k) is reasonable based on typical stale-listing flexibility.

Recommended offer $108,350 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
3. 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.
4. 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.
5. 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: 1.55% ✓
• Cap rate: 13.03%
• Cash-on-cash: 24.05%
• DSCR: 2.07
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $48,174
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9314 Canyon Rd E	0.26mi	2/2.0	1,238 (+8%)	24mo	$52,500	$42	55

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 · 5.17% rent growth · sell at horizon

5-year hold

• IRR: 19.7%
• Equity multiple: 1.82×
• Total profit: $25,292
• Equity at exit: $16,401

10-year hold

• IRR: 29.4%
• Equity multiple: 3.89×
• Total profit: $88,951
• Equity at exit: $9,511

Cash invested: $30,800 (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 98446

• Rents YoY: 5.2%
• Active inventory: 116
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $1,701 high
• Mortgage (P&I): −$577
• Tax from tax record: −$104 /mo · $1,248/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $617

Break-even live

Break-even rent $920

Max offer price $110,000

Occupancy floor 59%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9012 Pipeline Rd E Unit 7 Tacoma, WA	2.0	1.0	790	$1,495	$1.89	4d	1	0.07mi
9020 Pipeline Rd E Apt 3 Tacoma, WA	2.0	1.0	790	$1,450	$1.84	43d	1	0.08mi
9020 Pipeline Rd E Unit 4 Tacoma, WA	2.0	1.0	790	$1,515	$1.92	43d	1	0.08mi
4016 84th St E Tacoma, WA	3.0	1.0	940	$1,695	$1.80	10d	1	0.73mi
8222 Pipeline Rd E Tacoma, WA	2.0	1.0	785	$1,895	$2.41	43d	1	0.82mi
2506 103rd St E Puyallup, WA	2.0	1.0	1025	$1,877	$1.83	4d	3	0.94mi
6406 104th St E Unit 6402 Puyallup, WA	2.0	1.0	900	$1,600	$1.78	43d	1	1.26mi
10823 50th Ave E Tacoma, WA	1.0–2.0	1.0–2.0	916	$2,391	$2.61	1d	3	1.27mi
5923 111th Street Ct E Puyallup, WA	3.0	2.5	1364	$2,600	$1.91	1d	1	1.45mi
6115 111th St E Puyallup, WA	1.0–3.0	1.0–2.0	911	$1,995	$2.19	1d	16	1.48mi
5909 111th Street Ct E Puyallup, WA	3.0	2.5	1356	$2,395	$1.77	15d	1	1.49mi
5617 112th St E Puyallup, WA	1.0–3.0	1.0–2.0	947	$1,880	$1.99	11d	17	1.50mi

Listing history 11 events

1. 2026-06-18
   days on market $110,000 Active 15 DOM
2. 2026-06-17
   days on market $110,000 Active 14 DOM
3. 2026-06-16
   days on market $110,000 Active 13 DOM
4. 2026-06-15
   days on market $110,000 Active 12 DOM
5. 2026-06-13
   days on market $110,000 Active 10 DOM
6. 2026-06-13
   days on market $110,000 Active 9 DOM
7. 2026-06-09
   days on market $110,000 Active 6 DOM
8. 2026-06-08
   days on market $110,000 Active 5 DOM
9. 2026-06-07
   days on market $110,000 Active 4 DOM
10. 2026-06-03
    remarks 699-char remark
11. 2026-06-03
    listed $110,000 Active 1 DOM

ⓘ 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: $1,248 · $104/mo
• Projected year-2 tax: $1,248 · $104/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,415
• − Mortgage interest: −$6,162
• − Property taxes: −$1,248
• − Insurance: −$550
• − Repairs & maintenance: −$1,633
• − Management: −$1,633
• − Depreciation: −$3,200
• Taxable income: $5,989
• Est. tax owed @ 24.0%: −$1,437
• After-tax cash flow: $5,970/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: Franklin Pierce School District
• NCES district ID: 5302940
• Math proficiency: 35% ▬ 0.00%
• Reading proficiency: 51% ▲ 2.00%
• Median HH income: $49,240
• Composite: 39.18/100
• National rank: #8227
• State rank: #197 of 291 in WA

Livability — Summit

• Score: 66/100
• State rank: #318
• US rank: #11661

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Summit, WA
• County: Pierce County · 788,257 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 14,634
• Household income: $101,938
• Rent vs Own: 33.2% rent · 66.8% own
• Severe rent burden: 246.0

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: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 61% Two or more races 17% Hispanic / Latino 17% Black 6% Asian 4% Pacific Islander 3% Native American 2%
• Hispanic origin (detail): Mexican 11% Puerto Rican 1%
• Common ancestry: Portuguese 4% Serbian 3% Italian 3%
• Foreign-born: 7% · Canada, South Korea
• Languages at home: 80% English-only · Spanish 11% Other Asian/Pacific 3% Russian/Polish/Slavic 2%

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: ▼ -562.34%
• Current HPI: 322.6286
• Rent YoY: ▲ 5.17%
• 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

1 event — show timeline

• 2026-06-03 Listed $110,000 NWMLS as Distributed by MLS Grid

Property tax history

+8.6%/yr

Latest (2026): $1,248 · +2.8% YoY. Source: county tax records.