8504 37th Street Ct E #69 · Edgewood, WA 98371

$29,950

3 bd · 1.0 ba · 784 sqft · Manufactured public records · 126 Days on market

Built 1979 $38/sqft · 46% below area Est $55k · 46% under

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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 +15.0/30.0
• ARV discount +15.0/15.0
• Schools +5.4/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits in Cherrywood Mobile Manor! This home is being sold AS-IS and is ready for your vision and improvements. Featuring new windows in the living room and kitchen, accessibility ramps on both sides of the home, and a fully fenced lot offering added privacy and space. Covered entry and off-street parking included. Located in a peaceful community with a charming creek running through the park, creating a serene setting. Ideal for investors, flippers, or buyers looking for an affordable project with upside potential. Bring your tools and imagination!

Key facts

• Covered entry
• Fully fenced lot
• Off-street parking

Tags

• NEW WINDOWS
• ACCESSIBILITY RAMPS
• FULLY FENCED LOT
• COVERED ENTRY
• OFF-STREET PARKING

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $30k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $30k).
• Recommended offer: $26k (12.0% below list) — sets the bar for market timing.
• Cap rate 68.5% vs local median 1.9% in Edgewood — 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 (#95 in WA, #1,861 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, commute A; Watch: amenities F, 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 (+1.4%/yr); 227 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $208 of loan paydown is wiped out by about $898 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 + 1.4% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 126 days — a 12% lower offer ($26k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $26,356 (12.0% below list)

Questions for the listing agent

1. It's been on market 126 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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.
8. 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.
9. 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: 7.35% ✓
• Cap rate: 68.53%
• Cash-on-cash: 222.26%
• DSCR: 10.89
• GRM: 1.1

CMA / ARV

• ARV (median comp): $55,337
• List price: $29,950
• Delta: -45.88%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8406 37th Street Ct E #39	0.07mi	2/1.0 (-1)	800 (+2%)	2mo	$65,000	$81	87

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 · 1.41% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.60×
• Total profit: $63,722
• Equity at exit: $4,466

10-year hold

• IRR: —
• Equity multiple: 17.13×
• Total profit: $135,260
• Equity at exit: $2,590

Cash invested: $8,386 (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 98371

• Rents YoY: 1.4%
• Active inventory: 227
• Price-to-rent: 1.1×

Monthly cashflow live

• Estimated rent: $2,201 high
• Mortgage (P&I): −$157
• Tax from tax record: −$16 /mo · $195/yr
• Insurance: −$12
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$462
• Net cashflow: $1,127

Break-even live

Break-even rent $775

Max offer price $29,950

Occupancy floor 44%

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: $7,488
• Closing costs: $898
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8009 50th St E Fife, WA	2.0	1.0	1100	$2,150	$1.95	17d	1	0.83mi
3351 70th Ave E Fife, WA	1.0–3.0	1.0–2.0	950	$2,599	$2.74	1d	12	0.94mi
2629 Meridian Ave E Edgewood, WA	1.0–2.0	1.0–2.0	801	$2,165	$2.70	4d	8	1.25mi
1503 18th St NW Puyallup, WA	1.0–2.0	1.0	840	$1,730	$2.06	10d	4	1.28mi
200 Milton Way Milton, WA	2.0	1.0	975	$1,895	$1.94	24d	1	1.29mi
10416 29th St E Unit 10416 Edgewood, WA	2.0	1.0	900	$1,675	$1.86	43d	1	1.33mi
10426 29th St E Unit 10426 Edgewood, WA	2.0	1.0	900	$1,675	$1.86	14d	1	1.34mi
2506 103rd Ave E Edgewood, WA	2.0–3.0	1.0–1.5	1100	$2,200	$2.00	43d	3	1.37mi
2211 6th Ave Milton, WA	1.0–2.0	1.0–1.5	836	$1,985	$2.37	1d	5	1.40mi

Listing history 15 events

1. 2026-06-18
   days on market $29,950 Active 126 DOM
2. 2026-06-17
   days on market $29,950 Active 125 DOM
3. 2026-06-16
   days on market $29,950 Active 124 DOM
4. 2026-06-15
   days on market $29,950 Active 123 DOM
5. 2026-06-13
   days on market $29,950 Active 121 DOM
6. 2026-06-13
   days on market $29,950 Active 120 DOM
7. 2026-06-09
   days on market $29,950 Active 117 DOM
8. 2026-06-08
   days on market $29,950 Active 116 DOM
9. 2026-06-07
   days on market $29,950 Active 115 DOM
10. 2026-06-04
    days on market $29,950 Active 112 DOM
11. 2026-06-03
    days on market $29,950 Active 111 DOM
12. 2026-06-02
    days on market $29,950 Active 110 DOM
13. 2026-06-01
    days on market $29,950 Active 109 DOM
14. 2026-05-31
    days on market $29,950 Active 108 DOM
15. 2026-02-12
    listed $29,950 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: $195 · $16/mo
• Projected year-2 tax: $294 · $24/mo
• Expected delta: +$98/yr (+$8/mo · 50.5%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone AE · 64% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥89°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,416
• − Mortgage interest: −$1,678
• − Property taxes: −$195
• − Insurance: −$5,268
• − Repairs & maintenance: −$2,113
• − Management: −$2,113
• − Depreciation: −$871
• Taxable income: $14,177
• Est. tax owed @ 24.0%: −$3,402
• After-tax cash flow: $10,118/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: 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 — Edgewood

• Score: 80/100
• State rank: #95
• US rank: #1861

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Edgewood, WA
• County: Pierce County · 788,257 people
• City population: 26,662
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 24,682
• Household income: $97,242
• Rent vs Own: 28.1% rent · 71.9% own
• Severe rent burden: 507.0

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 (70%)
• Race & ethnicity: White 70% Two or more races 12% Hispanic / Latino 11% Asian 6% Black 4%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 5% Slovak 3% Italian 2%
• Foreign-born: 10% · Canada, South Korea, Vietnam
• Languages at home: 85% English-only · Spanish 5% Korean 2% Vietnamese 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: ▼ -580.45%
• Current HPI: 295.2143
• Rent YoY: ▲ 1.41%
• 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

• 2026-02-12 Listed $29,950 NWMLS as Distributed by MLS Grid

Property tax history

+8.5%/yr

Latest (2026): $195 · +0.1% YoY. Source: county tax records.