23825 100th Ave E #27 · Graham, WA 98338

$44,997

2 bd · 2.0 ba · 924 sqft · Manufactured public records · 41 Days on market

Built 1984

---

Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.9/10.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Hurry on this AFFORDABLE opportunity to own an open and spacious vaulted 2-bedroom, 2-bath manufactured home! Vaulted ceilings throughout create a light, airy feel that lives larger than the square footage. Thoughtful split-bedroom design with bedrooms on opposite ends offers ideal privacy. Covered carport for convenient parking and a generously sized yard with room to enjoy the outdoors. The park has a peaceful country feel while still being close to everyday amenities. Kitchen includes range, refrigerator, and dishwasher. RARE find at this price and condition—bring your vision, a little paint and TLC, and make this home shine!

Key facts

• Covered carport
• Split-bedroom design
• Vaulted ceilings

Tags

• VAULTED CEILINGS
• SPLIT-BEDROOM DESIGN
• COVERED CARPORT
• GENEROUSLY SIZED YARD
• KITCHEN INCLUDES RANGE
• KITCHEN INCLUDES REFRIGERATOR

Property features AI

Finance

• Other: Calculated living area approximately 924 square feet
• Financial info: Listing accepts Cash and Conventional financing; Monthly land lease
• HOA & community: Located in Greenwood MHP (park)

Exterior

• Parking: Carport
• Utilities: Electric power
• Home design: Manufactured single-wide home; One level; Tie-down foundation
• Construction: Wood construction; Composition roof; Built as a manufactured house
• Exterior features: Wood exterior

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; No central cooling; Electric energy source
• Interior features: Dishwasher; Refrigerator; Stove/Range

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $45k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• Recommended offer: $44k (3.0% below list) — sets the bar for market timing.
• Cap rate 42.5% vs local median 3.6% in Graham — 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 64/100 on livability (#373 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: crime C-, health & safety C-, amenities F.
• Bethel School District (suburban): math 47% / reading 59% proficiency, ranked #103 of 291 in WA (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Kapowsin Elementary (336 students, 42% FRL); Graham Kapowsin High School (2,011 students, 49% FRL).
• Market conditions: Rents rising (+3.3%/yr); 232 active listings in the ZIP; high-income renter base; 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 $311 of loan paydown is wiped out by about $1k 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 + 3.3% rent growth), your $13k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($44k) is reasonable based on typical stale-listing flexibility.

Recommended offer $43,647 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 4.63% ✓
• Cap rate: 42.47%
• Cash-on-cash: 129.22%
• DSCR: 6.75
• GRM: 1.8

CMA / ARV

• ARV (on-the-fly): $97,944
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23823 100th Ave E #25	0.03mi	3/2.0 (+1)	924 (0%)	3mo	$98,000	$106	91
23903 101st Ave E #21	0.05mi	2/1.0	840 (-9%)	9mo	$71,900	$86	71

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 · 3.32% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.33×
• Total profit: $79,806
• Equity at exit: $6,709

10-year hold

• IRR: —
• Equity multiple: 15.57×
• Total profit: $183,606
• Equity at exit: $3,891

Cash invested: $12,599 (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 98338

• Rents YoY: 3.3%
• Active inventory: 232
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $2,082 medium
• Mortgage (P&I): −$236
• Tax from tax record: −$34 /mo · $403/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $1,357

Break-even live

Break-even rent $365

Max offer price $44,997

Occupancy floor 30%

Sensitivity live

Price	-10% $1,382	-5% $1,369	+0% $1,357	+5% $1,344	+10% $1,331
Rent	-10% $1,192	-5% $1,274	+0% $1,357	+5% $1,439	+10% $1,521
Rate	-1.0pp $1,379	-0.5pp $1,368	base $1,357	+0.5pp $1,345	+1.0pp $1,333

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: $11,249
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $44,997 Active 41 DOM
2. 2026-06-17
   days on market $44,997 Active 40 DOM
3. 2026-06-16
   days on market $44,997 Active 39 DOM
4. 2026-06-15
   days on market $44,997 Active 38 DOM
5. 2026-06-13
   days on market $44,997 Active 36 DOM
6. 2026-06-13
   days on market $44,997 Active 35 DOM
7. 2026-06-09
   days on market $44,997 Active 32 DOM
8. 2026-06-08
   pricedays on market $44,997 Active 31 DOM
9. 2026-06-07
   days on market $49,997 Active 30 DOM
10. 2026-06-04
    days on market $49,997 Active 27 DOM
11. 2026-06-03
    days on market $49,997 Active 26 DOM
12. 2026-06-02
    days on market $49,997 Active 25 DOM
13. 2026-06-01
    days on market $49,997 Active 24 DOM
14. 2026-05-31
    days on market $49,997 Active 23 DOM
15. 2026-05-18
    status Pending
16. 2026-04-28
    listed $49,997 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: $403 · $34/mo
• Projected year-2 tax: $441 · $37/mo
• Expected delta: +$38/yr (+$3/mo · 9.5%)

ⓘ 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 2/10 Low 7 d/yr ≥87°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 9 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,987
• − Mortgage interest: −$2,521
• − Property taxes: −$403
• − Insurance: −$225
• − Repairs & maintenance: −$1,999
• − Management: −$1,999
• − Depreciation: −$1,309
• Taxable income: $16,532
• Est. tax owed @ 24.0%: −$3,968
• After-tax cash flow: $12,313/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: Bethel School District
• NCES district ID: 5300480
• Math proficiency: 47% ▬ 0.00%
• Reading proficiency: 59% ▲ 2.00%
• Median HH income: $65,872
• Composite: 48.66/100
• National rank: #4568
• State rank: #103 of 291 in WA

Livability — Graham

• Score: 64/100
• State rank: #373
• US rank: #14219

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Graham, WA
• County: Pierce County · 788,257 people
• City population: 32,687
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 32,687
• Household income: $114,819
• Rent vs Own: 15.5% rent · 84.5% own
• Severe rent burden: 236.0

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 (71%)
• Race & ethnicity: White 71% Two or more races 15% Hispanic / Latino 12% Asian 3% Black 3% Pacific Islander 2% Native American 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 4% Portuguese 4% Iranian 3%
• Foreign-born: 7% · Canada, South Korea, China
• Languages at home: 88% English-only · Spanish 5% Russian/Polish/Slavic 2% Other Asian/Pacific 1%

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: ▼ -501.28%
• Current HPI: 304.4241
• Rent YoY: ▲ 3.32%
• 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

2 events — show timeline

• 2026-05-18 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-28 Listed $49,997 NWMLS as Distributed by MLS Grid

Property tax history

+9.1%/yr

Latest (2026): $403 · +10.4% YoY. Source: county tax records.