7502 189th Avenue Ct E #9 · Frederickson, WA 98375

$149,900

3 bd · 2.0 ba · 1,608 sqft · Manufactured public records · 44 Days on market

Built 1994 Est $162k · 8% under

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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
• ARV discount +11.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.9/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming Mobile home in all-age Woodland Estate MH Park! This 1994 home offers 1620 sq/ft, 4 beds, and 2 bathrooms and has been very well taken care of. An extended kitchen area to the dining room and lots of cabinet space, and new quartz countertops. The spacious living room opens to the dining room. Large main bedroom with bathroom and walk-in closet, and 3 more good-sized bedrooms. New waterproof laminated flooring throughout the house and bedrooms. Large backyard for entertaining or gardening. The property offers 4 parking spaces on the side of the home. Enjoy comfortable living with an open-concept layout, spacious bedrooms, and abundant natural light throughout. Conveniently located n

Key facts

• 4 parking spots
• Built 1994
• Listed 44 days

Property features AI

Finance

• Other: Mobile home remains on site
• Financial info: Land lease amount applies ($1,350); Acceptable financing: Cash or conventional
• HOA & community: Located in Woodland Estate MH Park (park-approved for sale); Approximately 51 homes in the park; Pets allowed: Dogs and cats; Park amenities include recreational area

Exterior

• Parking: Carport; Uncovered parking; RV parking available in park
• Utilities: Public water (included in park bill); Sewer included in park bill; Electric power (PSE); Energy sources: Electric and wood
• Home design: Manufactured double-wide home (GLEN OAKS model by LIBER); One level; East facing
• Construction: Wood construction materials; Composition roof; Tie-down foundation; Manufactured after 6/15/1976
• Exterior features: Wood products siding; Patio/porch/deck; Dead-end street; Open space; Paved

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range; Kitchen with eating space; Dining room
• Bedrooms: 4 bedrooms
• Flooring: Laminate
• Bathrooms: 2 full bathrooms; 2 bathtubs; 2 showers; Primary bathroom with bath off primary
• Heating & cooling: Forced air heating; No central cooling; Ceiling fan(s)
• Interior features: Fireplace (wood burning); Water heater (tank)
• Laundry & utility: Utility room (water heater located here); Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.9% vs local median 3.5% in Frederickson — 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 73/100 on livability (#197 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: crime D+, amenities D-, commute 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.
• Zoned schools: Elk Plain School of Choice (570 students, 39% FRL); Liberty Middle School (936 students, 55% FRL); Graham Kapowsin High School (2,011 students, 49% FRL).
• Market conditions: Rents rising (+2.8%/yr); 285 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 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 $4k 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 + 2.8% rent growth), your $42k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.

Recommended offer $145,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.92% ✓
• Cap rate: 16.93%
• Cash-on-cash: 37.97%
• DSCR: 2.69
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $162,408
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7508 189th St Ct E #15	0.03mi	3/2.0	1,432 (-11%)	12mo	$50,000	$35	70
7503 189th Street Ct E #12	0.03mi	4/2.0 (+1)	1,440 (-10%)	11mo	$75,000	$52	67
7425 188th Street Ct E #28	0.09mi	3/2.0	1,404 (-13%)	13mo	$90,000	$64	64
8009 195th St E #89	0.44mi	3/2.0	1,772 (+10%)	5mo	$125,000	$71	58
8102 195th St E #95	0.43mi	3/2.0	1,778 (+11%)	5mo	$180,000	$101	58
8004 192nd Street Ct E #10	0.38mi	4/2.0 (+1)	1,782 (+11%)	11mo	$230,000	$129	50
8215 192nd Street Ct E #34	0.51mi	4/2.0 (+1)	1,782 (+11%)	4mo	$190,000	$107	50
7218 191st Street Ct E	0.20mi	4/2.0 (+1)	1,848 (+15%)	14mo	$480,000	$260	50
19801 67th Ave E	0.73mi	3/2.0	1,435 (-11%)	1mo	$440,000	$307	47
8104 194th St E #51	0.47mi	4/2.0 (+1)	1,778 (+11%)	15mo	$145,000	$82	43
20001 69th Avenue Ct E	0.71mi	3/2.0	1,387 (-14%)	3mo	$441,450	$318	42
8417 195th St E #121	0.68mi	4/2.0 (+1)	1,782 (+11%)	16mo	$175,000	$98	32

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 · 2.79% rent growth · sell at horizon

5-year hold

• IRR: 33.8%
• Equity multiple: 2.42×
• Total profit: $59,686
• Equity at exit: $22,351

10-year hold

• IRR: 40.6%
• Equity multiple: 4.77×
• Total profit: $158,380
• Equity at exit: $12,961

Cash invested: $41,972 (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 98375

• Rents YoY: 2.8%
• Active inventory: 285
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $2,884 high
• Mortgage (P&I): −$786
• Tax from tax record: −$102 /mo · $1,223/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$606
• Net cashflow: $1,328

Break-even live

Break-even rent $1,203

Max offer price $149,900

Occupancy floor 49%

Sensitivity live

Price	-10% $1,413	-5% $1,371	+0% $1,328	+5% $1,286	+10% $1,243
Rent	-10% $1,100	-5% $1,214	+0% $1,328	+5% $1,442	+10% $1,556
Rate	-1.0pp $1,404	-0.5pp $1,366	base $1,328	+0.5pp $1,289	+1.0pp $1,250

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17814 75th Ave E Puyallup, WA	2.0	1.5	1064	$2,295	$2.16	22d	1	0.68mi
17908 72nd Ave E Puyallup, WA	3.0	2.5	1719	$1,400	$0.81	26d	1	0.68mi
19605 84th Ave E Spanaway, WA	3.0	2.5	1916	$3,050	$1.59	26d	1	0.72mi
20121 70th Ave E Spanaway, WA	4.0	3.0	1680	$2,950	$1.76	1d	1	0.78mi
7343 177th St E Puyallup, WA	3.0	3.0	1962	$2,795	$1.42	24d	1	0.81mi
7513 177th Street Ct E Puyallup, WA	1.0–4.0	1.0–2.5	1243	$2,940	$2.37	12d	7	0.81mi
20519 80th Ave E Spanaway, WA	4.0	2.5	2031	$2,925	$1.44	7d	1	1.03mi
8345 175th Street Ct E Puyallup, WA	2.0	2.5	1588	$2,300	$1.45	14d	1	1.07mi
20624 74th Ave E Spanaway, WA	4.0	2.5	2197	$1,400	$0.64	1d	1	1.07mi
18317 96th Ave E Puyallup, WA	4.0	2.5	2150	$5,500	$2.56	46d	1	1.40mi
18511 97th Ave E Puyallup, WA	3.0	2.5	2104	$2,895	$1.38	20d	1	1.43mi

Listing history 16 events

1. 2026-06-21
   days on market $149,900 Active 44 DOM
2. 2026-06-18
   days on market $149,900 Active 41 DOM
3. 2026-06-17
   days on market $149,900 Active 40 DOM
4. 2026-06-16
   days on market $149,900 Active 39 DOM
5. 2026-06-15
   days on market $149,900 Active 38 DOM
6. 2026-06-13
   days on market $149,900 Active 36 DOM
7. 2026-06-13
   days on market $149,900 Active 35 DOM
8. 2026-06-09
   days on market $149,900 Active 32 DOM
9. 2026-06-08
   days on market $149,900 Active 31 DOM
10. 2026-06-07
    days on market $149,900 Active 30 DOM
11. 2026-06-04
    days on market $149,900 Active 27 DOM
12. 2026-06-03
    days on market $149,900 Active 26 DOM
13. 2026-06-02
    days on market $149,900 Active 25 DOM
14. 2026-06-01
    days on market $149,900 Active 24 DOM
15. 2026-05-31
    days on market $149,900 Active 23 DOM
16. 2026-05-08
    listed $149,900 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: $1,223 · $102/mo
• Projected year-2 tax: $1,469 · $122/mo
• Expected delta: +$246/yr (+$20/mo · 20.1%)

ⓘ 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 · 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: $34,613
• − Mortgage interest: −$8,397
• − Property taxes: −$1,223
• − Insurance: −$750
• − Repairs & maintenance: −$2,769
• − Management: −$2,769
• − Depreciation: −$4,361
• Taxable income: $14,345
• Est. tax owed @ 24.0%: −$3,443
• After-tax cash flow: $12,496/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 — Frederickson

• Score: 73/100
• State rank: #197
• US rank: #5426

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Frederickson, WA
• County: Pierce County · 788,257 people
• City population: 32,195
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 31,187
• Household income: $117,074
• Rent vs Own: 24.6% rent · 75.4% own
• Severe rent burden: 541.0

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 0.64)
• Race & ethnicity: White 57% Two or more races 22% Hispanic / Latino 13% Black 8% Asian 6% Pacific Islander 1%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Portuguese 3% Lithuanian 3% Italian 3%
• Foreign-born: 11% · Canada, China, South Korea
• Languages at home: 82% English-only · Spanish 8% Other Indo-European 2% Other Asian/Pacific 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: ▼ -189.98%
• Current HPI: 285.0074
• Rent YoY: ▲ 2.79%
• 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

• 2026-05-08 Listed $149,900 NWMLS as Distributed by MLS Grid

Property tax history

+6.9%/yr

Latest (2026): $1,223 · +6.6% YoY. Source: county tax records.