72224 48th Street Ct E #56 · Fife, WA 98424

$47,000

2 bd · 1.0 ba · 854 sqft · Manufactured · 1 Days on market

Built 1974 Average condition Est $62k · 25% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.4/10.0
• Livability +3.6/5.0
• Condition / age +2.8/5.0
• Rent growth +2.6/5.0
• Appreciation +0.0/10.0

Listing remarks

This home has been well maintained and recently updated with new carpet and Pergo flooring. New Kitchen counter and sink. Pellet stove helps greatly with rising utility costs. Why rent when you can own. Seller financing available ! Park allows pets with approval. Senior park and buyer must be approved prior to offer being accepted. Sits on a large lot and carport is built so you can stay dry in the pacific northwest! Large backyard and if that's not enough space for your garden, Fife's Levee Park is adjacent and this house looks out to the field of the grange. Community gardens are available thru the City of Fife at Levee park.

Key facts

• Large backyard
• Large lot
• Carport

Tags

• NEW KITCHEN COUNTER
• PELLET STOVE
• LARGE LOT
• CARPORT
• LARGE BACKYARD

Property features AI

Finance

• Other: Property type: Residential — Manufactured Home; Calculated living area: 854; Number of levels: One
• Financial info: Listing terms: Cash
• HOA & community: Senior community (park designated); Park name: Adrena Gale; Approximately 61 homes in the park; Land lease: $1,030/month; Pets: see remarks

Exterior

• Parking: Carport; RV parking available in the park; Storage at carport (space #56)
• Utilities: Electric power (Puget Sound Energy); Public water (provided by park); Sewer service provided by park; Cable connected (Comcast)
• Home design: Manufactured single-wide home; One story; Faces north; Mobile home remains on site; Style: Single Wide (Manufactured)
• Construction: Metal skirt; Metal/Vinyl construction materials; Flat torch-down roof; Foundation on pillars/posts/piers and partial slab; Model: New Moon (Make: Redmond); Condition: Good
• Exterior features: Metal/Vinyl exterior; Patio/porch/deck; Paved lot; View

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Laminate flooring; Carpet
• Bathrooms: 1 full bathroom with bathtub and shower
• Heating & cooling: Forced air heating
• Interior features: Water heater (electric) with outside entrance; Pellet stove
• Laundry & utility: Washer; Dryer; Laundry hookups inside

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $47k. Condition is rated average.

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 $47k).
• Cap rate 36.7% vs local median 2.9% in Fife — 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 71/100 on livability (#225 in WA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: crime F, amenities D-, cost of living F.
• 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 flat; 36 active listings in the ZIP; 5 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 $325 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 + 0.4% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $47,000

Questions for the listing agent

1. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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.
7. 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.
8. 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: 4.08% ✓
• Cap rate: 36.67%
• Cash-on-cash: 108.50%
• DSCR: 5.83
• GRM: 2.0

CMA / ARV

• ARV (on-the-fly): $62,342
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7102 49th St E #3	0.16mi	2/2.0	924 (+8%)	5mo	$95,000	$103	71
7220 53rd Street Ct E #44	0.34mi	2/1.0	784 (-8%)	8mo	$45,000	$57	64
5314 69th Avenue Ct E #39	0.40mi	2/1.0	744 (-13%)	1mo	$54,500	$73	59
5219 71st Avenue Ct E #26	0.31mi	2/1.0	960 (+12%)	21mo	$70,000	$73	48
8105 52nd St E	0.54mi	2/1.0	957 (+12%)	10mo	$320,000	$334	46

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 · 0.42% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 5.50×
• Total profit: $59,154
• Equity at exit: $7,008

10-year hold

• IRR: —
• Equity multiple: 10.50×
• Total profit: $125,021
• Equity at exit: $4,064

Cash invested: $13,160 (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 98424

• Home prices YoY: -17.8%
• Rents YoY: 0.4%
• Active inventory: 36
• Price-to-rent: 2.0×

Monthly cashflow live

• Estimated rent: $1,917 high
• Mortgage (P&I): −$246
• Tax est. 1.5%: −$59 /mo · $705/yr
• Insurance: −$20
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $1,123

Break-even live

Break-even rent $495

Max offer price $47,000

Occupancy floor 36%

Sensitivity live

Price	-10% $1,156	-5% $1,140	+0% $1,123	+5% $1,107	+10% $1,091
Rent	-10% $972	-5% $1,048	+0% $1,123	+5% $1,199	+10% $1,275
Rate	-1.0pp $1,147	-0.5pp $1,135	base $1,123	+0.5pp $1,111	+1.0pp $1,099

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: $11,750
• Closing costs: $1,410
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8009 50th St E Fife, WA	2.0	1.0	1100	$2,150	$1.95	19d	1	0.44mi
1503 18th St NW Unit C301 Puyallup, WA	1.0	1.0	740	$1,630	$2.20	45d	1	0.87mi
1503 18th St NW Puyallup, WA	1.0–2.0	1.0	840	$1,730	$2.06	11d	4	0.89mi
3351 70th Ave E Fife, WA	1.0–3.0	1.0–2.0	950	$2,199	$2.31	0d	12	0.94mi
2715 62nd Ave E Fife, WA	1.0–2.0	1.0–2.0	951	$2,175	$2.29	4d	6	1.48mi

Listing history 2 events

1. 2026-05-31
   remarks 639-char remark
2. 2026-05-31
   listed $47,000 Active 1 DOM

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X · 76% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥89°F today · 16 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: $23,008
• − Mortgage interest: −$2,633
• − Property taxes: −$705
• − Insurance: −$1,032
• − Repairs & maintenance: −$1,841
• − Management: −$1,841
• − Depreciation: −$1,367
• Taxable income: $13,589
• Est. tax owed @ 24.0%: −$3,261
• After-tax cash flow: $10,220/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.

Condition & rehab AI · 12 photos

Average 55/100 Cosmetic rehab

This manufactured home is in average condition with cosmetic updates needed. It has a large lot and carport, making it suitable for a potential buyer or renter.

Repairs flagged

• Minor kitchen cabinets — existing cabinets
• Minor bathroom fixtures — existing fixtures
• Minor landscaping — existing yard and fence

Value-add opportunities

• Both paint interior walls — enhances appearance and value
• Both replace carpet — improves comfort and value
• Both repair siding — enhances curb appeal and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · existing cabinets	Minor	$500–3,000
bathroom fixtures · existing fixtures	Minor	$500–3,000
landscaping · existing yard and fence	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both paint interior walls — enhances appearance and value ↑
• Both replace carpet — improves comfort and value ↑
• Both repair siding — enhances curb appeal and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Fife

• Score: 71/100
• State rank: #225
• US rank: #6558

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fife, WA
• County: Pierce County · 788,257 people
• City population: 11,816
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 11,816
• Household income: $94,122
• Rent vs Own: 50.9% rent · 49.1% own
• Severe rent burden: 477.0

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: Highly diverse neighborhood (Simpson 0.77)
• Race & ethnicity: White 41% Hispanic / Latino 16% Asian 16% Two or more races 14% Black 10% Pacific Islander 8% Native American 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Subsaharan African 3% Italian 2% Portuguese 2%
• Foreign-born: 24% · Canada, South Korea, Vietnam
• Languages at home: 66% English-only · Spanish 11% Russian/Polish/Slavic 5% Other Asian/Pacific 5%

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: ▼ -68.76%
• Current HPI: 317.8974
• Rent YoY: ▲ 0.42%
• 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

• 2026-05-30 Listed $47,000 NWMLS as Distributed by MLS Grid