15302 122nd Avenue Ct E #4 · South Hill, WA 98374

$120,000

2 bd · 1.5 ba · 1,188 sqft · Manufactured · 211 Days on market

Built 2007 Good condition $101/sqft · 72% below area ↓ 29% since listing

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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 +7.5/15.0
• Schools +5.4/10.0
• Livability +4.0/5.0
• Condition / age +3.8/5.0
• Rent growth +2.9/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover charm and convenience in this delightful 2-bed, 1.5-bath corner lot home located in the 55+ Viking Estates community. This spacious 1,188 sq ft home offers a generous kitchen with plenty of pantry space, open lay-out, vaulted ceilings, skylight. The primary suite features a walk-in closet & shower. An attached 1-car garage adds practicality, entering into the utility room then kitchen. Enjoy the large southern style covered front porch with mature landscaping. Positioned near Sunrise Village, with easy access to medical facilities and scenic walks offering breathtaking mountain views.

Key facts

• Generous kitchen
• Walk-in closet
• Mature landscaping

Tags

• CORNER LOT
• GENEROUS KITCHEN
• WALK-IN CLOSET
• LARGE COVERED FRONT PORCH
• MATURE LANDSCAPING
• BREATHTAKING MOUNTAIN VIEWS

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath manufactured listed at $120k. Condition is rated good.

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 ($2k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.1% 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-, schools D+, 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.
• Market conditions: Rents rising (+1.7%/yr); 440 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 2d 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 $830 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 + 1.7% rent growth), your $34k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 211 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.

Recommended offer $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 211 days. Have you received any prior offers? Is the seller open to a 12% 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. 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: 2.01% ✓
• Cap rate: 17.06%
• Cash-on-cash: 38.44%
• DSCR: 2.71
• GRM: 4.1

CMA / ARV

• ARV (median comp): $426,731
• List price: $120,000
• Delta: -71.88%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15208 123rd Avenue Ct E #39	0.09mi	3/2.0 (+1)	1,290 (+9%)	13mo	$195,000	$151	64
15410 123rd Avenue Ct E #47	0.04mi	3/2.0 (+1)	1,344 (+13%)	11mo	$174,000	$129	60
16124 120th Ave E	0.48mi	3/2.0 (+1)	1,316 (+11%)	4mo	$440,000	$334	49
16210 118th Avenue Ct E	0.58mi	3/2.0 (+1)	1,296 (+9%)	11mo	$425,000	$328	42
16126 120th Ave E	0.49mi	3/2.0 (+1)	1,344 (+13%)	11mo	$362,000	$269	39
13210 152nd Street Ct E	0.67mi	3/2.0 (+1)	1,296 (+9%)	11mo	$480,000	$370	38

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: 33.1%
• Equity multiple: 2.37×
• Total profit: $46,081
• Equity at exit: $17,892

10-year hold

• IRR: 39.4%
• Equity multiple: 4.46×
• Total profit: $116,286
• Equity at exit: $10,375

Cash invested: $33,600 (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: 440
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $2,412 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$507
• Net cashflow: $1,076

Break-even live

Break-even rent $1,050

Max offer price $120,000

Occupancy floor 50%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11013 144th Street Ct E Unit O24-6-B Puyallup, WA	3.0	1.5	1400	$2,450	$1.75	43d	1	0.97mi
12615 172nd St E Puyallup, WA	3.0	2.0	1298	$2,600	$2.00	1d	1	1.13mi
12415 172nd St E Puyallup, WA	1.0–3.0	1.0–2.5	1091	$2,540	$2.33	1d	11	1.16mi
10511 140th Street Ct E #27 Puyallup, WA	3.0	3.0	1311	$2,650	$2.02	24d	1	1.39mi
12020 Sunrise Blvd E Puyallup, WA	1.0–3.0	1.0–2.0	961	$2,212	$2.30	1d	24	1.41mi
9921 158th St E Puyallup, WA	2.0	1.0	1100	$2,400	$2.18	12d	1	1.47mi
12004 179th Street Ct E Puyallup, WA	1.0–3.0	1.0–2.0	921	$2,170	$2.35	1d	18	1.48mi

Listing history 18 events

1. 2026-06-18
   days on market $120,000 Active 211 DOM
2. 2026-06-17
   days on market $120,000 Active 210 DOM
3. 2026-06-16
   days on market $120,000 Active 209 DOM
4. 2026-06-15
   days on market $120,000 Active 208 DOM
5. 2026-06-13
   days on market $120,000 Active 206 DOM
6. 2026-06-13
   days on market $120,000 Active 205 DOM
7. 2026-06-09
   days on market $120,000 Active 202 DOM
8. 2026-06-08
   days on market $120,000 Active 201 DOM
9. 2026-06-07
   days on market $120,000 Active 200 DOM
10. 2026-06-04
    days on market $120,000 Active 197 DOM
11. 2026-06-03
    days on market $120,000 Active 196 DOM
12. 2026-06-02
    days on market $120,000 Active 195 DOM
13. 2026-06-01
    days on market $120,000 Active 194 DOM
14. 2026-05-31
    days on market $120,000 Active 193 DOM
15. 2026-05-01
    price $120,000
16. 2026-02-17
    price $150,000
17. 2026-01-17
    price $165,000
18. 2025-11-19
    listed $170,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥88°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: $28,948
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$600
• − Repairs & maintenance: −$2,316
• − Management: −$2,316
• − Depreciation: −$3,491
• Taxable income: $11,703
• Est. tax owed @ 24.0%: −$2,809
• After-tax cash flow: $10,108/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This 2-bedroom, 1.5-bath home in Viking Estates is in good condition with cosmetic updates needed to enhance its resale and rental value.

Repairs flagged

• Minor Kitchen countertops — Worn and dated appearance.
• Minor Kitchen cabinets — Appears dated and could be updated for a fresh look.

Value-add opportunities

• Resale Updating kitchen countertops and cabinets — Freshens the kitchen and adds value.
• Both Landscaping and curb appeal improvements — Enhances the home's curb appeal and could attract more buyers or renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen countertops · Worn and dated appearance.	Minor	$500–3,000
Kitchen cabinets · Appears dated and could be updated for a fresh look.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale Updating kitchen countertops and cabinets — Freshens the kitchen and adds value. ↑
• Both Landscaping and curb appeal improvements — Enhances the home's curb appeal and could attract more buyers or renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-29.4% since first listed

4 events — show timeline

• 2026-05-01 Price Changed $120,000 NWMLS as Distributed by MLS Grid
• 2026-02-17 Price Changed $150,000 NWMLS as Distributed by MLS Grid
• 2026-01-17 Price Changed $165,000 NWMLS as Distributed by MLS Grid
• 2025-11-19 Listed $170,000 NWMLS as Distributed by MLS Grid