836 Harman Way S #33 · Orting, WA 98360

$139,950

3 bd · 2.0 ba · 1,620 sqft · Manufactured public records · 102 Days on market

Built 1989 $86/sqft · at area comps Est $139k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.2/15.0
• Schools +4.5/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Spacious and well-maintained home in the desirable Mountain View Estates 55+ community. This 1,620 sq ft home offers 2 bedrooms, 1¾ baths plus a den with built-in workspace, providing flexible living for guests, hobbies, or a home office. New carpet throughout and vaulted ceilings with skylights create a bright, open feel with plenty of natural light. The kitchen features a breakfast bar and adjoining flex space perfect for informal dining, a sitting area, or additional workspace. Enjoy a large living room and separate formal dining area for comfortable everyday living and entertaining. The spacious primary suite includes a walk-in closet and oversized bath with double sinks. An effi

Key facts

• Oversized carport
• Shop storage area
• Private backyard

Tags

• DEN WITH BUILT-IN WORKSPACE
• BREAKFAST BAR
• PRIVATE BACKYARD
• OVERSIZED CARPORT
• SHOP STORAGE AREA
• WORKBENCH

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $140k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $140k).
• Recommended offer: $127k (9.0% below list) — sets the bar for market timing.
• Cap rate 16.8% vs local median 2.8% in Orting — 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 74/100 on livability (#185 in WA, #4,905 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, employment A; Watch: commute F, cost of living F.
• Orting School District (suburban): math 40% / reading 56% proficiency, ranked #142 of 291 in WA (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 133 active listings in the ZIP; 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 $968 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 + 3.0% rent growth), your $39k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 21y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $50k; list at $140k implies a 180% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $127,354 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.91% ✓
• Cap rate: 16.77%
• Cash-on-cash: 37.43%
• DSCR: 2.67
• GRM: 4.4

CMA / ARV

• ARV (median comp): $139,000
• List price: $139,950
• Delta: 0.68%
• Verdict: FAIR
• Comps: 3 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
836 Harman Way S #26	0.00mi	3/2.0	1,560 (-4%)	7mo	$137,000	$88	88
836 Harman Way S #94	0.00mi	3/2.0	1,560 (-4%)	14mo	$108,000	$69	82
836 S Harman Way #4	0.00mi	2/2.0 (-1)	1,499 (-8%)	4mo	$139,000	$93	79
836 S Harman Way #93	0.00mi	2/2.0 (-1)	1,590 (-2%)	16mo	$169,500	$107	78
836 Harman Way S #45	0.00mi	3/2.0	1,709 (+6%)	20mo	$125,000	$73	75
836 Harman Way S #34	0.00mi	2/2.0 (-1)	1,507 (-7%)	14mo	$128,900	$86	72
836 Harman Way S #63	0.00mi	2/2.0 (-1)	1,507 (-7%)	20mo	$137,500	$91	66
836 Harman Way S #28	0.00mi	3/2.0	1,762 (+9%)	24mo	$135,000	$77	66
836 Harman Way S #6	0.00mi	3/2.0	1,848 (+14%)	17mo	$115,000	$62	62
816 Maple Ln SW	0.29mi	2/2.0 (-1)	1,668 (+3%)	20mo	$439,950	$264	60
310 Oak St SW	0.28mi	3/2.0	1,737 (+7%)	18mo	$484,950	$279	60
314 Willow St SW	0.30mi	3/2.0	1,752 (+8%)	21mo	$460,000	$263	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: 33.4%
• Equity multiple: 2.41×
• Total profit: $55,156
• Equity at exit: $20,867

10-year hold

• IRR: 40.3%
• Equity multiple: 4.78×
• Total profit: $148,239
• Equity at exit: $12,100

Cash invested: $39,186 (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 98360

• Home prices YoY: -34.8%
• Active inventory: 133
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $2,678 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$101 /mo · $1,214/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$562
• Net cashflow: $1,222

Break-even live

Break-even rent $1,131

Max offer price $139,950

Occupancy floor 49%

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: $34,988
• Closing costs: $4,198
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-17
   status $139,950 Pending 102 DOM
2. 2026-06-16
   days on market $139,950 Active 102 DOM
3. 2026-06-15
   days on market $139,950 Active 101 DOM
4. 2026-06-13
   days on market $139,950 Active 99 DOM
5. 2026-06-13
   days on market $139,950 Active 98 DOM
6. 2026-06-09
   days on market $139,950 Active 95 DOM
7. 2026-06-08
   days on market $139,950 Active 94 DOM
8. 2026-06-07
   days on market $139,950 Active 93 DOM
9. 2026-06-04
   days on market $139,950 Active 90 DOM
10. 2026-06-03
    days on market $139,950 Active 89 DOM
11. 2026-06-02
    days on market $139,950 Active 88 DOM
12. 2026-06-01
    days on market $139,950 Active 87 DOM
13. 2026-05-31
    days on market $139,950 Active 86 DOM
14. 2026-03-06
    listed $139,950 Active
15. 2006-07-19
    soldstatus $49,950
16. 2005-08-18
    listed $49,950

ⓘ 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: $1,214 · $101/mo
• Projected year-2 tax: $1,372 · $114/mo
• Expected delta: +$157/yr (+$13/mo · 13.0%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (shaded) · 24% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥87°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,135
• − Mortgage interest: −$7,839
• − Property taxes: −$1,214
• − Insurance: −$700
• − Repairs & maintenance: −$2,571
• − Management: −$2,571
• − Depreciation: −$4,071
• Taxable income: $13,169
• Est. tax owed @ 24.0%: −$3,160
• After-tax cash flow: $11,505/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: Orting School District
• NCES district ID: 5306450
• Math proficiency: 40% ▬ 0.00%
• Reading proficiency: 56% ▬ 0.00%
• Median HH income: $72,768
• Composite: 45.37/100
• National rank: #5719
• State rank: #142 of 291 in WA

Livability — Orting

• Score: 74/100
• State rank: #185
• US rank: #4905

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Orting, WA
• Population (ZIP): 14,986

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 (81%)
• Race & ethnicity: White 81% Hispanic / Latino 9% Two or more races 9% Asian 1% Native American 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 6% Italian 4% Slovak 3%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% 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: ▼ -155.26%
• Current HPI: 290.3575
• 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

+180.2% since first listed

3 events — show timeline

• 2026-03-06 Listed $139,950 NWMLS as Distributed by MLS Grid
• 2006-07-19 Sold (MLS) $49,950 NWMLS as Distributed by MLS Grid
• 2005-08-18 Listed $49,950 NWMLS as Distributed by MLS Grid

Property tax history

+5.3%/yr

Latest (2026): $1,214 · +4.7% YoY. Source: county tax records.