2708 341st Ct S #29

South Creek, WA 98580

$23,500D+

2 bd · 1.0 ba · 552 sqft · Built 1975 · Manufactured · Active · 84 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,943/mo
• Mortgage (P&I): −$123
• Tax + insurance: −$18
• HOA: −$0
• Vac / Maint / Mgmt: −$408
• Net cashflow: $1,394/mo
• Annual: $16,729/yr
• Cap rate: 77.48%
• Cash-on-cash: 254.24%
• DSCR: 12.31
• 1% rule: 8.27%
• Cash to close: $6,580

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $24k.
• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $24k).
• It's been on market 84 days — a 6% lower offer ($22k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $22k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $162 of loan paydown is wiped out by about $705 of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#491 in WA) — a working-class tenant base; expect higher turnover. Strengths: crime A+, housing A+, employment B+; Watch: health & safety C-, schools D-, 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: 106 active listings in the ZIP; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• 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 $7k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 77.5% vs local median 2.3% in South Creek — 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.

Questions for listing agent

• It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.
• 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.