22206 92nd Avenue Ct E #7 · Graham, WA 98338

$187,999

3 bd · 2.0 ba · 1,404 sqft · Manufactured public records · 20 Days on market

Built 1993 Est $140k · 34% over

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Why this score? — see what drove the C+ 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 +9.8/10.0
• Schools +4.9/10.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this beautifully remodeled 3-bedroom, 2-bath manufactured home in Glendale Park, an all-ages community where pets are allowed with park approval. With 1,404 square feet of thoughtfully updated living space, this home feels like new from the moment you arrive. Recent improvements include a new roof, new siding, fresh exterior and interior paint, new flooring, pad, carpet, fully remodeled bathrooms, new furnace, water heater and a completely remodeled kitchen with new appliances backed by a 5-year warranty. The spacious kitchen offers an island, generous cabinet space, and plenty of room to gather, cook, and entertain. The open layout flows comfortably into the living areas, c

Key facts

• New furnace
• New siding
• Remodeled kitchen

Tags

• REMODELED KITCHEN
• NEW ROOF
• NEW SIDING
• FULLY REMODELED BATHROOMS
• NEW FURNACE
• WATER HEATER

Property features AI

Finance

• Other: Buyer brokerage compensation: 2.5%
• Financial info: Land lease: $875; Listing terms: Cash or conventional
• HOA & community: Glendale MHP (mobile home park); Park approved for sale; 54 homes in the park; Pets allowed: cats and dogs (see remarks)

Exterior

• Parking: Uncovered parking
• Utilities: Electric energy source; Electric water heater; Power provided by TPU; Water & sewer provided by park (see remarks for water source)
• Home design: Manufactured double-wide (Liber Independence model); Updated/remodeled condition; One story; South-facing; Has view; Mobile home remains; Skirted with metal
• Construction: Wood construction; Composition roof; Tie down foundation; Manufactured after 6/15/1976
• Exterior features: Wood exterior; Wood products; Patio/porch/deck; Paved lot

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Laminate; Vinyl; Carpet
• Bathrooms: 2 full bathrooms; 2 bathtubs
• Heating & cooling: Forced air heating; Has heating
• Interior features: Water heater; Skylights; Vaulted ceilings; Ceiling fan(s); Walk-in closet; Bath off primary
• Laundry & utility: Utility room with electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $188k.

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 ($3k rent vs $188k).
• Recommended offer: $185k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.0% vs local median 3.6% in Graham — 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 64/100 on livability (#373 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: crime C-, health & safety C-, amenities F.
• Bethel School District (suburban): math 47% / reading 59% proficiency, ranked #103 of 291 in WA (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.3%/yr); 232 active listings in the ZIP; 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 $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.
• At projected returns (-3.0% appreciation + 3.3% rent growth), your $53k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($185k) is reasonable based on typical stale-listing flexibility.

Recommended offer $185,179 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.48% ✓
• Cap rate: 12.99%
• Cash-on-cash: 23.92%
• DSCR: 2.06
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $140,400
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9005 219th Street Ct E	0.23mi	3/2.0	1,340 (-5%)	1mo	$380,000	$284	81
9309 221st St E #38	0.11mi	3/2.0	1,512 (+8%)	2mo	$157,000	$104	80
9016 220th Street Ct E	0.15mi	3/2.0	1,288 (-8%)	3mo	$405,000	$314	77
22505 91st Ave E	0.25mi	3/2.0	1,344 (-4%)	6mo	$113,300	$84	76
22210 92nd Avenue Ct E #6	0.01mi	3/2.0	1,294 (-8%)	17mo	$130,000	$100	72
9322 218th Street Ct E #12	0.24mi	3/2.0	1,512 (+8%)	7mo	$142,000	$94	70
22607 91st Avenue Ct E #10	0.26mi	3/2.0	1,344 (-4%)	15mo	$150,000	$112	68
9327 218th Street Ct E #9	0.28mi	3/2.0	1,512 (+8%)	9mo	$147,000	$97	66
22317 92nd Avenue Ct E #16	0.09mi	3/2.0	1,558 (+11%)	16mo	$156,000	$100	64
9009 219th Street Ct E	0.22mi	3/2.0	1,608 (+14%)	9mo	$390,000	$243	58
22716 91st Avenue Ct E #40	0.32mi	3/2.0	1,232 (-12%)	20mo	$120,000	$97	48

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 · 3.32% rent growth · sell at horizon

5-year hold

• IRR: 17.4%
• Equity multiple: 1.71×
• Total profit: $37,201
• Equity at exit: $28,031

10-year hold

• IRR: 26.1%
• Equity multiple: 3.32×
• Total profit: $121,931
• Equity at exit: $16,255

Cash invested: $52,640 (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 98338

• Rents YoY: 3.3%
• Active inventory: 232
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $2,779 medium
• Mortgage (P&I): −$986
• Tax from tax record: −$82 /mo · $985/yr
• Insurance: −$78
• HOA: −$0
• Vacancy / Maint / Mgmt: −$584
• Net cashflow: $1,049

Break-even live

Break-even rent $1,451

Max offer price $187,999

Occupancy floor 57%

Sensitivity live

Price	-10% $1,156	-5% $1,102	+0% $1,049	+5% $996	+10% $943
Rent	-10% $830	-5% $939	+0% $1,049	+5% $1,159	+10% $1,269
Rate	-1.0pp $1,144	-0.5pp $1,097	base $1,049	+0.5pp $1,000	+1.0pp $951

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: $47,000
• Closing costs: $5,640
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $187,999 Active 20 DOM
2. 2026-06-17
   days on market $187,999 Active 19 DOM
3. 2026-06-16
   days on market $187,999 Active 18 DOM
4. 2026-06-15
   days on market $187,999 Active 17 DOM
5. 2026-06-13
   days on market $187,999 Active 15 DOM
6. 2026-06-13
   days on market $187,999 Active 14 DOM
7. 2026-06-09
   days on market $187,999 Active 11 DOM
8. 2026-06-08
   days on market $187,999 Active 10 DOM
9. 2026-06-07
   days on market $187,999 Active 9 DOM
10. 2026-06-04
    days on market $187,999 Active 6 DOM
11. 2026-06-03
    days on market $187,999 Active 5 DOM
12. 2026-06-02
    days on market $187,999 Active 4 DOM
13. 2026-06-01
    days on market $187,999 Active 3 DOM
14. 2026-05-31
    days on market $187,999 Active 2 DOM

ⓘ 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: $985 · $82/mo
• Projected year-2 tax: $1,842 · $154/mo
• Expected delta: +$857/yr (+$71/mo · 87.0%)

ⓘ 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) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥87°F today · 14 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: $33,348
• − Mortgage interest: −$10,531
• − Property taxes: −$985
• − Insurance: −$940
• − Repairs & maintenance: −$2,668
• − Management: −$2,668
• − Depreciation: −$5,469
• Taxable income: $10,088
• Est. tax owed @ 24.0%: −$2,421
• After-tax cash flow: $10,169/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: Bethel School District
• NCES district ID: 5300480
• Math proficiency: 47% ▬ 0.00%
• Reading proficiency: 59% ▲ 2.00%
• Median HH income: $65,872
• Composite: 48.66/100
• National rank: #4568
• State rank: #103 of 291 in WA

Livability — Graham

• Score: 64/100
• State rank: #373
• US rank: #14219

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Graham, WA
• County: Pierce County · 788,257 people
• City population: 32,687
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 32,687
• Household income: $114,819
• Rent vs Own: 15.5% rent · 84.5% own
• Severe rent burden: 236.0

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 (71%)
• Race & ethnicity: White 71% Two or more races 15% Hispanic / Latino 12% Asian 3% Black 3% Pacific Islander 2% Native American 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 4% Portuguese 4% Iranian 3%
• Foreign-born: 7% · Canada, South Korea, China
• Languages at home: 88% English-only · Spanish 5% Russian/Polish/Slavic 2% Other Asian/Pacific 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: ▼ -501.28%
• Current HPI: 304.4241
• Rent YoY: ▲ 3.32%
• 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

• 2026-05-29 Listed $187,999 NWMLS as Distributed by MLS Grid

Property tax history

+8.5%/yr

Latest (2026): $985 · -10.2% YoY. Source: county tax records.