6110 91st St E #145 · Summit, WA 98371

$285,000

3 bd · 2.0 ba · 2,176 sqft · Manufactured public records · 205 Days on market

Built 2001 $131/sqft · 8% below area Est $311k · 8% under ↓ 12% since listing

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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 +15.5/30.0
• ARV discount +11.3/15.0
• DSCR +4.8/10.0
• 1% rule +4.2/10.0
• Schools +3.9/10.0
• Livability +3.3/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Step into comfort and style in this beautifully refreshed Silvercrest home, the largest floorplan in the sought-after Harvest Gate 55+ community! Fresh interior paint, brand-new carpet, updated windows, and numerous recent touch-ups make this spacious home feel bright, clean, and move-in ready. The expansive living room welcomes you with soaring vaulted ceilings and abundant natural light enhanced by multiple solar tubes throughout the home. Enjoy both formal and casual dining spaces, including a huge island kitchen with room for an everyday dining table, walk-in pantry, brand-new appliances, and new Maytag washer and dryer. The oversized primary suite offers a relaxing retreat with a cozy

Key facts

• Walk-in closet
• Spacious kitchen
• Gas fireplace

Tags

• SPACIOUS KITCHEN
• WALK-IN CLOSET
• EN-SUITE BATHROOM
• GAS FIREPLACE
• FINISHED ROOM IN GARAGE
• COVERED PATIO

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $285k.

Deal economics

• At list price, monthly cash flow is $115 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $262k (8.1% below list).
• Recommended offer: $251k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.8% 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 (+1.4%/yr); 227 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• This rent runs 32% of the median local income ($97k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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.

Negotiation context

• It's been on market 205 days — a 12% lower offer ($251k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $40k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $250,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 205 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.92% ✗
• Cap rate: 6.78%
• Cash-on-cash: 1.72%
• DSCR: 1.08
• GRM: 9.1

CMA / ARV

• ARV (median comp): $311,263
• List price: $285,000
• Delta: -8.44%
• Verdict: FAIR
• Comps: 17 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6020 91st St E #143	0.02mi	2/2.0 (-1)	2,176 (0%)	7mo	$335,000	$154	88
9120 60th Ave E #101	0.05mi	2/2.0 (-1)	2,176 (0%)	7mo	$332,500	$153	86
6024 88th Street Ct E #47	0.17mi	2/2.0 (-1)	2,176 (0%)	3mo	$335,000	$154	84
5702 90th Street Ct E #173	0.22mi	2/2.0 (-1)	2,176 (0%)	1mo	$300,000	$138	84
6122 91st St E	0.02mi	3/2.0	2,176 (0%)	20mo	$340,000	$156	82
6008 88th Street Ct E #43	0.17mi	3/2.0	2,176 (0%)	19mo	$364,215	$167	76
5725 90th Street Ct E #159	0.18mi	2/2.0 (-1)	2,176 (0%)	18mo	$360,000	$165	72
6114 89 Street Ct E #24	0.10mi	2/2.0 (-1)	2,024 (-7%)	14mo	$370,500	$183	67
5730 89 St E #4	0.22mi	2/2.0 (-1)	2,024 (-7%)	9mo	$320,000	$158	66
6109 89th Street Ct E #69	0.12mi	3/2.0	1,953 (-10%)	24mo	$325,000	$166	57

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 · 1.41% rent growth · sell at horizon

5-year hold

• IRR: -15.3%
• Equity multiple: 0.46×
• Total profit: $-42,982
• Equity at exit: $42,494

10-year hold

• IRR: -9.7%
• Equity multiple: 0.44×
• Total profit: $-44,304
• Equity at exit: $24,642

Cash invested: $79,800 (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 98371

• Rents YoY: 1.4%
• Active inventory: 227
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,618 medium
• Mortgage (P&I): −$1,495
• Tax from tax record: −$341 /mo · $4,088/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$550
• Net cashflow: $115

Break-even live

Break-even rent $2,473

Max offer price $285,000

Occupancy floor 91%

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9604 S Fruitland Unit 7502 Puyallup, WA	2.0	2.0	1492	$2,500	$1.68	1d	1	0.94mi

Listing history 11 events

1. 2026-06-04
   status $285,000 Pending 205 DOM
2. 2026-06-03
   days on market $285,000 Active Under Contract 205 DOM
3. 2026-06-02
   days on market $285,000 Active Under Contract 204 DOM
4. 2026-06-01
   days on market $285,000 Active Under Contract 203 DOM
5. 2026-05-31
   days on market $285,000 Active Under Contract 202 DOM
6. 2026-05-14
   status Active
7. 2026-03-19
   price $285,000
8. 2026-03-11
   price $295,000
9. 2026-02-11
   price $305,000
10. 2025-11-14
    price $315,000
11. 2025-10-08
    listed $324,950 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: $4,088 · $341/mo
• Projected year-2 tax: $4,088 · $341/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 11 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,420
• − Mortgage interest: −$15,964
• − Property taxes: −$4,088
• − Insurance: −$1,425
• − Repairs & maintenance: −$2,514
• − Management: −$2,514
• − Depreciation: −$8,291
• Taxable loss: −$3,375
• Est. tax savings @ 24.0%: +$810
• After-tax cash flow: $2,184/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): 24,682
• Household income: $97,242
• Rent vs Own: 28.1% rent · 71.9% own
• Severe rent burden: 507.0

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 (70%)
• Race & ethnicity: White 70% Two or more races 12% Hispanic / Latino 11% Asian 6% Black 4%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 5% Slovak 3% Italian 2%
• Foreign-born: 10% · Canada, South Korea, Vietnam
• Languages at home: 85% English-only · Spanish 5% Korean 2% Vietnamese 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: ▼ -580.45%
• Current HPI: 295.2143
• Rent YoY: ▲ 1.41%
• 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

-12.3% since first listed

6 events — show timeline

• 2026-05-14 Relisted — NWMLS as Distributed by MLS Grid
• 2026-03-19 Price Changed $285,000 NWMLS as Distributed by MLS Grid
• 2026-03-11 Price Changed $295,000 NWMLS as Distributed by MLS Grid
• 2026-02-11 Price Changed $305,000 NWMLS as Distributed by MLS Grid
• 2025-11-14 Price Changed $315,000 NWMLS as Distributed by MLS Grid
• 2025-10-08 Listed $324,950 NWMLS as Distributed by MLS Grid

Property tax history

+3.4%/yr

Latest (2026): $4,088 · -4.1% YoY. Source: county tax records.