3027 35th Ave. Ct. East #73 · Waller, WA 98443

$199,000

3 bd · 2.0 ba · 1,483 sqft · Manufactured public records · 67 Days on market

Built 1994 6,970 sqft lot $134/sqft · 121% above area ↓ 5% since listing

---

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 +29.8/30.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Schools +5.4/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This beautifully maintained 'FHA Good Sense Home" is located in the highly desirable Tacoma Country Estates; sitting on a private lot with no one behind you, or to the east or west. This amazing 55+ community is minutes from the Freeway and all that downtown Tacoma and Puyallup have to offer. Do you RV? Country Estates has RV parking on premises for easy living. Large primary suite with 5pc bath and soaking tub. Open floor plan with soaring ceilings; great for gatherings and everyday living. The AC/Heat pump is soothing for hot summer days, and the pellet stove for those cold winter nights. * NEW * Luxury Vinyl plank flooring throughout living areas. Newer Paint and * ROOF * create

Key facts

• Private lot
• Rv parking
• Shop area

Tags

• PRIVATE LOT
• RV PARKING
• LUXURY VINYL PLANK FLOORING
• TREX DECK
• SHOP AREA
• ADDITIONAL SHED

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $199k.

Deal economics

• At list price, monthly cash flow is $305 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• Recommended offer: $187k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.7% vs local median 2.1% in Waller — 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 69/100 on livability (#254 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B; Watch: health & safety C-, commute D+, schools D-.
• 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: 27 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $1k of loan paydown is wiped out by about $6k 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 67 days — a 6% lower offer ($187k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $187,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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?
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: 1.27% ✓
• Cap rate: 10.70%
• Cash-on-cash: 15.75%
• DSCR: 1.70
• GRM: 6.6

CMA / ARV

• ARV (median comp): $89,950
• List price: $199,000
• Delta: 121.23%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3102 35th Avenue Ct E	0.02mi	3/2.0	1,502 (+1%)	19mo	$50,000	$33	81
2912 36th Ave E #4	0.13mi	2/2.0 (-1)	1,440 (-3%)	23mo	$140,000	$97	65
3021 28th ST Ct E #7	0.36mi	3/2.0	1,404 (-5%)	20mo	$133,500	$95	58
3821 Waller Rd E	0.47mi	2/2.0 (-1)	1,470 (-1%)	20mo	$350,000	$238	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -6.1%
• Equity multiple: 0.77×
• Total profit: $-12,593
• Equity at exit: $29,672

10-year hold

• IRR: 3.7%
• Equity multiple: 1.27×
• Total profit: $14,989
• Equity at exit: $17,206

Cash invested: $55,720 (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 98443

• Active inventory: 27
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,529 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$140 /mo · $1,676/yr
• Insurance: −$83
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$531
• Net cashflow: $305

Break-even live

Break-even rent $2,143

Max offer price $199,000

Occupancy floor 83%

Sensitivity live

Price	-10% $418	-5% $361	+0% $305	+5% $249	+10% $192
Rent	-10% $105	-5% $205	+0% $305	+5% $405	+10% $505
Rate	-1.0pp $405	-0.5pp $356	base $305	+0.5pp $253	+1.0pp $201

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2036 E Morton St Tacoma, WA	3.0	1.0	889	$3,300	$3.71	2d	1	0.87mi
4600 16th St E Fife, WA	1.0–3.0	1.0–2.0	925	$2,300	$2.49	24d	1	1.08mi
4919 Waller Rd E Unit 4919 Tacoma, WA	2.0	1.0	1200	$2,300	$1.92	24d	1	1.20mi
1207 46th Ave E Unit 1207 Fife, WA	3.0	1.5	1200	$1,995	$1.66	24d	1	1.36mi
1405 E 38th St Tacoma, WA	3.0	2.5	1265	$2,650	$2.09	2d	1	1.40mi

Listing history 16 events

1. 2026-06-18
   days on market $199,000 Active 67 DOM
2. 2026-06-17
   days on market $199,000 Active 66 DOM
3. 2026-06-16
   days on market $199,000 Active 65 DOM
4. 2026-06-15
   days on market $199,000 Active 64 DOM
5. 2026-06-13
   days on market $199,000 Active 62 DOM
6. 2026-06-13
   days on market $199,000 Active 61 DOM
7. 2026-06-09
   days on market $199,000 Active 58 DOM
8. 2026-06-08
   days on market $199,000 Active 57 DOM
9. 2026-06-07
   days on market $199,000 Active 56 DOM
10. 2026-06-04
    days on market $199,000 Active 53 DOM
11. 2026-06-03
    days on market $199,000 Active 52 DOM
12. 2026-06-02
    days on market $199,000 Active 51 DOM
13. 2026-06-01
    days on market $199,000 Active 50 DOM
14. 2026-05-31
    days on market $199,000 Active 49 DOM
15. 2026-04-24
    price $199,000
16. 2026-04-12
    listed $210,000 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: $1,676 · $140/mo
• Projected year-2 tax: $1,950 · $163/mo
• Expected delta: +$274/yr (+$23/mo · 16.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone AE · 78% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥88°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: $30,343
• − Mortgage interest: −$11,147
• − Property taxes: −$1,676
• − Insurance: −$6,114
• − Repairs & maintenance: −$2,427
• − Management: −$2,427
• − Depreciation: −$5,789
• Taxable income: $763
• Est. tax owed @ 24.0%: −$183
• After-tax cash flow: $3,476/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 — Waller

• Score: 69/100
• State rank: #254
• US rank: #8174

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waller, WA
• City population: 5,787
• Population (ZIP): 5,787

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 11% Hispanic / Latino 10% Asian 6% Black 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 5% Italian 4% Romanian 3%
• Foreign-born: 7% · Canada, Vietnam, South Korea
• Languages at home: 89% English-only · Spanish 5% Other Asian/Pacific 2% German/W. Germanic 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: ▼ -375.05%
• Current HPI: 299.5307
• Rent YoY: —
• Metro: —
• 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

-5.2% since first listed

2 events — show timeline

• 2026-04-24 Price Changed $199,000 NWMLS as Distributed by MLS Grid
• 2026-04-12 Listed $210,000 NWMLS as Distributed by MLS Grid

Property tax history

+5.6%/yr

Latest (2026): $1,676 · +6.4% YoY. Source: county tax records.