5703 113th Ave E #66 · North Puyallup, WA 98372

$70,000

2 bd · 2.0 ba · 924 sqft · Manufactured public records · 78 Days on market

Built 1977 $76/sqft · 44% below area Est $125k · 44% under

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Why this score? — see what drove the A- 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 +4.2/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this beautifully cared-for 2-bedroom residence in the highly sought-after Town & Country 55+ Community in Puyallup. Light-filled and tastefully updated, this inviting home offers a spacious kitchen with abundant cabinetry, a cozy dining area, and comfortable living spaces designed for easy, low-maintenance living. Huge carport with extra-large storage space, private yard, and easy ramp access to your unit. Enjoy peaceful mornings on the covered porch overlooking your open and private backyard, which backs to a sprawling green space frequently visited by local wildlife, creating a serene and picturesque setting. Attractive landscaping and true pride of ownership shine t

Key facts

• Covered porch
• Cozy dining area
• Spacious kitchen

Tags

• SPACIOUS KITCHEN
• COZY DINING AREA
• HUGE CARPORT
• EXTRA-LARGE STORAGE SPACE
• PRIVATE YARD
• COVERED PORCH

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $70k.

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 $70k).
• Recommended offer: $66k (6.0% below list) — sets the bar for market timing.

Location & tenants

• 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.
• Market conditions: Rents rising fast (+4.5%/yr); 167 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 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 $484 of loan paydown is wiped out by about $2k 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 + 4.5% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $4k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $65,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 2.71% ✓
• Cap rate: 24.16%
• Cash-on-cash: 63.81%
• DSCR: 3.84
• GRM: 3.1

CMA / ARV

• ARV (median comp): $125,000
• List price: $70,000
• Delta: -44.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5718 112th Avenue Ct E #37	0.06mi	2/2.0	900 (-3%)	4mo	$125,000	$139	89
5606 112th Avenue Ct E #15	0.07mi	2/2.0	924 (0%)	12mo	$85,000	$92	87
5711 112th Avenue Ct E #30	0.04mi	2/2.0	840 (-9%)	2mo	$125,000	$149	82
5620 112th Avenue Ct E #23	0.06mi	3/1.0 (+1)	924 (0%)	9mo	$18,500	$20	81
5514 112th Avenue Ct E #3	0.11mi	2/2.0	840 (-9%)	3mo	$134,900	$161	77
5705 113th Ave E #68	0.11mi	3/2.0 (+1)	1,008 (+9%)	10mo	$62,000	$62	66
10713 61st St E Unit 108A	0.41mi	2/1.0	920 (-0%)	12mo	$95,000	$103	66
10601 61st St E #117	0.45mi	3/2.0 (+1)	924 (0%)	12mo	$60,000	$65	64
5520 112th Avenue Ct E #7	0.10mi	2/1.0	840 (-9%)	14mo	$35,000	$42	64
10522 60th Street Ct E	0.45mi	2/2.0	1,056 (+14%)	3mo	$84,950	$80	53
10805 62nd Street Ct E #3	0.44mi	2/2.0	1,060 (+15%)	8mo	$94,000	$89	48
10515 60th Street Ct E #165	0.46mi	2/2.0	1,052 (+14%)	11mo	$30,000	$29	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 · 4.46% rent growth · sell at horizon

5-year hold

• IRR: 64.5%
• Equity multiple: 3.95×
• Total profit: $57,884
• Equity at exit: $10,437

10-year hold

• IRR: 69.3%
• Equity multiple: 8.55×
• Total profit: $147,904
• Equity at exit: $6,052

Cash invested: $19,600 (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 98372

• Rents YoY: 4.5%
• Active inventory: 167
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $1,900 high
• Mortgage (P&I): −$367
• Tax from tax record: −$62 /mo · $745/yr
• Insurance: −$29
• HOA: −$0
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $1,042

Break-even live

Break-even rent $580

Max offer price $70,000

Occupancy floor 40%

Sensitivity live

Price	-10% $1,082	-5% $1,062	+0% $1,042	+5% $1,022	+10% $1,003
Rent	-10% $892	-5% $967	+0% $1,042	+5% $1,117	+10% $1,192
Rate	-1.0pp $1,078	-0.5pp $1,060	base $1,042	+0.5pp $1,024	+1.0pp $1,006

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: $17,500
• Closing costs: $2,100
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5517 108th Avenue Ct E Unit 5517 Puyallup, WA	2.0	1.0	864	$1,725	$2.00	44d	1	0.32mi
4908 110th Ave Ct E Edgewood, WA	3.0	2.0	1100	$2,395	$2.18	18d	1	0.54mi
407 Valley Ave NE Puyallup, WA	1.0–3.0	1.0–2.0	923	$2,062	$2.23	44d	1	0.56mi
4729 114th Ave E Edgewood, WA	2.0	1.0	800	$1,995	$2.49	20d	1	0.58mi
4727 114th Ave E Edgewood, WA	2.0	1.0	800	$1,995	$2.49	20d	1	0.58mi
4824 110th Avenue Ct E Edgewood, WA	1.0–2.0	1.0	775	$2,050	$2.65	5d	3	0.60mi
1027 N Meridian Puyallup, WA	1.0–2.0	1.0	782	$1,795	$2.29	5d	6	0.65mi
10710 48th St E Unit A Edgewood, WA	2.0	1.0	898	$2,295	$2.56	44d	1	0.70mi
721 2nd Ave NE Puyallup, WA	2.0	1.5	1000	$1,895	$1.90	25d	1	0.85mi
719 2nd Ave NE Apt 2 Puyallup, WA	2.0	1.5	1000	$1,895	$1.90	5d	1	0.86mi
1617 E Main Puyallup, WA	1.0–2.0	1.0–2.0	930	$2,151	$2.31	0d	29	0.86mi
501 2nd St NE Puyallup, WA	1.0–2.0	1.0–2.0	850	$2,299	$2.70	5d	11	0.88mi
501 2nd Ave NE Puyallup, WA	1.0–2.0	1.0–2.0	1506	$2,299	$1.53	44d	17	0.88mi
735 2nd St NW Unit 1 Puyallup, WA	2.0	1.0	837	$1,695	$2.03	22d	1	0.89mi
120 5th St NE Unit 1 Puyallup, WA	1.0	1.0	726	$1,595	$2.20	44d	1	0.96mi
311 2nd St NE Unit 03 Puyallup, WA	1.0	1.0	620	$1,145	$1.85	24d	1	1.00mi
129 5th Ave NW Puyallup, WA	1.0	1.0	650	$1,949	$3.00	5d	1	1.00mi
344 7th St SE Puyallup, WA	2.0	1.0	800	$1,622	$2.03	3d	2	1.16mi
344 7th St SE Unit 20 Puyallup, WA	2.0	1.0	800	$1,650	$2.06	25d	1	1.16mi
344 7th St SE Puyallup, WA	2.0	1.0	800	$1,650	$2.06	44d	2	1.16mi
344 7th St SE Unit 8 Puyallup, WA	2.0	1.0	800	$1,595	$1.99	25d	1	1.16mi
602 5th Ave NW Unit A Puyallup, WA	1.0	1.0	650	$1,495	$2.30	0d	1	1.24mi
516 16th St SE Puyallup, WA	2.0	1.0	950	$1,895	$1.99	25d	1	1.24mi
336 3rd St SE Puyallup, WA	2.0	1.0	630	$1,700	$2.70	25d	1	1.24mi
403 W Meeker Puyallup, WA	1.0	1.0	465	$1,355	$2.91	0d	3	1.31mi
803 9th St NW Unit 803 Puyallup, WA	2.0	1.0	800	$1,775	$2.22	20d	1	1.33mi
112 5th St SW Puyallup, WA	2.0	1.0	585	$1,400	$2.39	25d	1	1.34mi
1218 7th Ave SE Unit 1208 Puyallup, WA	2.0	1.0	885	$2,145	$2.42	25d	1	1.35mi
3107 E Main Ave Puyallup, WA	1.0–3.0	1.0–2.0	963	$2,106	$2.19	0d	30	1.42mi

Listing history 6 events

1. 2026-05-08
   status Pending
2. 2026-04-02
   price $70,000
3. 2026-02-19
   listed $74,000 Active
4. 2024-10-31
   soldstatus $55,000 Closed
5. 2024-10-16
   status Pending
6. 2024-10-02
   listed $59,950 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: $745 · $62/mo
• Projected year-2 tax: $745 · $62/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 4/10 Moderate FEMA zone X (unshaded) · 21% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥89°F today · 15 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: $22,794
• − Mortgage interest: −$3,921
• − Property taxes: −$745
• − Insurance: −$350
• − Repairs & maintenance: −$1,824
• − Management: −$1,824
• − Depreciation: −$2,036
• Taxable income: $12,095
• Est. tax owed @ 24.0%: −$2,903
• After-tax cash flow: $9,605/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: 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 — North Puyallup

• Score: 85/100
• State rank: #25
• US rank: #468

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Puyallup, WA
• County: Pierce County · 788,257 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 26,012
• Household income: $98,152
• Rent vs Own: 47.5% rent · 52.5% own
• Severe rent burden: 871.0

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 (73%)
• Race & ethnicity: White 73% Two or more races 10% Hispanic / Latino 8% Asian 6% Black 3% Pacific Islander 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Lithuanian 4% Romanian 4% Subsaharan African 3%
• Foreign-born: 13% · Canada, South Korea, China
• Languages at home: 81% English-only · Russian/Polish/Slavic 5% Spanish 4% Other Asian/Pacific 3%

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: ▼ -283.81%
• Current HPI: 309.7871
• Rent YoY: ▲ 4.46%
• 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

+16.8% since first listed

6 events — show timeline

• 2026-05-08 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-02 Price Changed $70,000 NWMLS as Distributed by MLS Grid
• 2026-02-19 Listed $74,000 NWMLS as Distributed by MLS Grid
• 2024-10-31 Sold (MLS) $55,000 NWMLS as Distributed by MLS Grid
• 2024-10-16 Pending — NWMLS as Distributed by MLS Grid
• 2024-10-02 Listed $59,950 NWMLS as Distributed by MLS Grid

Property tax history

+12.3%/yr

Latest (2026): $745 · +55.5% YoY. Source: county tax records.