12505 123rd Street Ct E #50 · South Hill, WA 98374

$169,950

2 bd · 2.0 ba · 1,536 sqft · Manufactured public records · 39 Days on market

Built 1979 $111/sqft · 13% above area Est $150k · 13% over

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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
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• Schools +5.4/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• ARV discount +1.5/15.0
• Appreciation +0.0/10.0

Listing remarks

Experience comfort, flexibility, and easy living in this beautifully remodeled 2-bedroom, 2-bath home located in CountryDale, a desirable 55+ community in Puyallup. This spacious 1,536 sq ft home offers an open floorplan with bright, connected living spaces that flow easily into the kitchen and out to the enclosed deck, giving you a comfortable place to relax or entertain year-round. The kitchen features quartz countertops, newer cabinets, and a clean, updated feel. One of the standout features is the expansive craft room, nearly the size of the living room, offering valuable extra space for hobbies, sewing, office use, storage, or a second living area. Thoughtful updates include a new roof

Key facts

• Expansive craft room
• Newer windows
• New roof

Tags

• REMODELED HOME
• EXPANSIVE CRAFT ROOM
• NEW ROOF
• NEWER WINDOWS
• ENERGY EFFICIENT HEAT PUMP
• WALK IN WALK OUT SHOWER

Property features AI

Finance

• Other: Calculated building area 1536; Tie-down foundation
• Financial info: Land lease: $755/month; Listing terms: Cash or Conventional
• HOA & community: Located in Countrydale manufactured home park (approximately 120 homes); Park amenities: clubhouse, exercise room, pool, RV parking; Senior community

Exterior

• Parking: Carport with attached storage
• Utilities: Electric power (PSE); Public water (water included in rent); Sewer service included in rent; Xfinity cable and internet
• Home design: Manufactured double-wide home (Marle, model JACKI); One story; Faces west; Very good condition; Tie-down foundation; Skirted with vinyl; Manufactured after 6/15/1976; Mobile home remains
• Construction: Metal/vinyl construction; Composition roof
• Exterior features: Metal/vinyl exterior; Patio/porch/deck; Landscaped; Paved lot

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Vinyl plank; Vinyl; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath
• Heating & cooling: Forced air heating; Heat pump; Central air
• Interior features: Water heater (electric) located in outside closet; Vaulted ceilings; Drapes; Walk-in closet; Bath off primary
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $170k.

Deal economics

• At list price, monthly cash flow is $864 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $165k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.4% vs local median 3.0% in South Hill — 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 80/100 on livability (#84 in WA, #1,620 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: crime C-, 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.
• Zoned schools: Ridgecrest Elementary (479 students, 43% FRL); Emerald Ridge High School (1,537 students, 37% FRL).
• Market conditions: Rents rising (+1.7%/yr); 451 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $1k of loan paydown is wiped out by about $5k 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 + 1.7% rent growth), your $48k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.

Recommended offer $164,851 (3.0% below list)

Questions for the listing agent

1. It's been on market 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 1.45% ✓
• Cap rate: 12.39%
• Cash-on-cash: 21.78%
• DSCR: 1.97
• GRM: 5.8

CMA / ARV

• ARV (median comp): $150,000
• List price: $169,950
• Delta: 13.30%
• Verdict: OVERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12314 124th St E #17	0.10mi	2/2.0	1,507 (-2%)	1mo	$150,000	$100	91
12504 123rd St E #54	0.02mi	2/2.0	1,440 (-6%)	7mo	$103,000	$72	83
12227 123rd St Ct E #45	0.13mi	2/2.0	1,500 (-2%)	9mo	$100,000	$67	82
12301 125th St E #103	0.15mi	2/2.0	1,564 (+2%)	9mo	$164,000	$105	82
12223 125th St E #101	0.17mi	2/2.0	1,729 (+13%)	1mo	$164,000	$95	70
12420 123rd St E #56	0.05mi	3/2.0 (+1)	1,388 (-10%)	11mo	$185,000	$133	68
12101 126th Street Ct E #1	0.35mi	3/2.0 (+1)	1,507 (-2%)	16mo	$52,000	$35	62
11418 127th St E #189	0.66mi	3/2.0 (+1)	1,542 (+0%)	4mo	$150,000	$97	60
12514 123rd St E #52	0.02mi	3/2.0 (+1)	1,344 (-12%)	22mo	$170,000	$126	55
11415 127th St E #186	0.68mi	2/2.0	1,339 (-13%)	3mo	$80,000	$60	44
11401 125th Street Ct E #218	0.68mi	3/2.0 (+1)	1,404 (-9%)	8mo	$139,950	$100	42
4002 19th Street Pl SE	0.69mi	3/2.0 (+1)	1,761 (+15%)	22mo	$444,900	$253	20

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 · 1.72% rent growth · sell at horizon

5-year hold

• IRR: 13.0%
• Equity multiple: 1.51×
• Total profit: $24,316
• Equity at exit: $25,340

10-year hold

• IRR: 20.9%
• Equity multiple: 2.67×
• Total profit: $79,408
• Equity at exit: $14,694

Cash invested: $47,586 (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 98374

• Rents YoY: 1.7%
• Active inventory: 451
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $2,459 high
• Mortgage (P&I): −$891
• Tax from tax record: −$117 /mo · $1,403/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$516
• Net cashflow: $864

Break-even live

Break-even rent $1,366

Max offer price $169,950

Occupancy floor 60%

Sensitivity live

Price	-10% $960	-5% $912	+0% $864	+5% $816	+10% $767
Rent	-10% $669	-5% $766	+0% $864	+5% $961	+10% $1,058
Rate	-1.0pp $949	-0.5pp $907	base $864	+0.5pp $820	+1.0pp $775

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: $42,488
• Closing costs: $5,098
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12123 125th Avenue Ct E Puyallup, WA	2.0	2.0	1110	$2,100	$1.89	45d	1	0.07mi
12117 122nd Ave E Puyallup, WA	3.0	2.5	1549	$2,975	$1.92	0d	1	0.21mi
12437 129th Ave E Puyallup, WA	2.0	1.5	1818	$2,400	$1.32	11d	1	0.26mi
2406 43rd Ave SE Puyallup, WA	3.0	2.5	1877	$3,135	$1.67	0d	1	0.44mi
13011 122nd Avenue Ct E Puyallup, WA	3.0	2.5	2176	$3,100	$1.42	45d	1	0.52mi
13007 Sunridge Way E Puyallup, WA	3.0	2.0	1450	$2,000	$1.38	0d	1	0.66mi
10614 123rd Street Ct E Puyallup, WA	3.0	1.5	1584	$2,500	$1.58	45d	1	1.18mi
502 43rd Ave SE Puyallup, WA	2.0	2.0	1100	$2,810	$2.55	5d	1	1.24mi
12111 104th Ave E Puyallup, WA	1.0–3.0	1.0–2.0	902	$1,610	$1.78	6d	1	1.33mi
12724 104th Avenue Ct E Puyallup, WA	1.0–3.0	1.0–2.0	910	$1,995	$2.19	6d	8	1.33mi
13404 106th Ave E Puyallup, WA	3.0	2.0	1404	$2,650	$1.89	25d	1	1.37mi
13523 106th Ave E Puyallup, WA	3.0	2.0	1404	$2,650	$1.89	25d	1	1.45mi
13011 Meridian E Puyallup, WA	1.0–3.0	1.0–2.0	942	$1,912	$2.03	3d	19	1.46mi

Listing history 16 events

1. 2026-06-21
   days on market $169,950 Active 39 DOM
2. 2026-06-18
   days on market $169,950 Active 36 DOM
3. 2026-06-17
   days on market $169,950 Active 35 DOM
4. 2026-06-16
   days on market $169,950 Active 34 DOM
5. 2026-06-15
   days on market $169,950 Active 33 DOM
6. 2026-06-13
   days on market $169,950 Active 31 DOM
7. 2026-06-13
   days on market $169,950 Active 30 DOM
8. 2026-06-09
   days on market $169,950 Active 27 DOM
9. 2026-06-08
   days on market $169,950 Active 26 DOM
10. 2026-06-07
    days on market $169,950 Active 25 DOM
11. 2026-06-04
    days on market $169,950 Active 22 DOM
12. 2026-06-03
    days on market $169,950 Active 21 DOM
13. 2026-06-02
    days on market $169,950 Active 20 DOM
14. 2026-06-01
    days on market $169,950 Active 19 DOM
15. 2026-05-31
    days on market $169,950 Active 18 DOM
16. 2026-05-13
    listed $169,950 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: $1,403 · $117/mo
• Projected year-2 tax: $1,666 · $139/mo
• Expected delta: +$263/yr (+$22/mo · 18.7%)

ⓘ 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 ≥88°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,508
• − Mortgage interest: −$9,520
• − Property taxes: −$1,403
• − Insurance: −$850
• − Repairs & maintenance: −$2,361
• − Management: −$2,361
• − Depreciation: −$4,944
• Taxable income: $8,070
• Est. tax owed @ 24.0%: −$1,937
• After-tax cash flow: $8,427/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 — South Hill

• Score: 80/100
• State rank: #84
• US rank: #1620

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Hill, WA
• County: Pierce County · 788,257 people
• City population: 76,707
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 49,007
• Household income: $112,662
• Rent vs Own: 29.5% rent · 70.5% own
• Severe rent burden: 1171.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 64% Two or more races 16% Hispanic / Latino 13% Asian 7% Black 4% Native American 1% Pacific Islander 1%
• Hispanic origin (detail): Mexican 9% Puerto Rican 2%
• Common ancestry: Portuguese 6% Italian 3% Slovak 2%
• Foreign-born: 11% · Canada, South Korea, Vietnam
• Languages at home: 86% English-only · Spanish 7% Other Asian/Pacific 2% Other Indo-European 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: ▼ -431.48%
• Current HPI: 286.6617
• Rent YoY: ▲ 1.72%
• 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

• 2026-05-13 Listed $169,950 NWMLS as Distributed by MLS Grid

Property tax history

+22.6%/yr

Latest (2026): $1,403 · +4.7% YoY. Source: county tax records.