23905 101st Ave E #31 · Graham, WA 98338

$79,900

2 bd · 2.0 ba · 924 sqft · Manufactured public records · 189 Days on market

Built 1982 Est $98k · 18% under ↓ 22% 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.9/10.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Come see this singlewide for sale at Greenwood MHP (All-Ages) 1982 singlewide with 2 beds / 2 baths / 980 sq. ft. Inside you will find updated flooring, an updated kitchen, and updated bathrooms. Enjoy an ideal layout with the primary bedroom having it's own private bathroom, and the second bedroom on the opposite side of the home is adjacent to the other bathroom. The living room has vaulted ceilings and large windows for natural lighting. There is a separate area next to the kitchen with a washer and dryer. All appliances are included with the home. Outside you will enjoy a large lot with parking options on both sides of the home. Attached to the carport is a storage shed, and there are t

Key facts

• Large windows
• Washer and dryer
• Updated bathrooms

Tags

• UPDATED FLOORING
• UPDATED KITCHEN
• UPDATED BATHROOMS
• PRIVATE BATHROOM
• LARGE WINDOWS
• WASHER AND DRYER

Property features AI

Finance

• Financial info: Sale terms: Cash or Conventional
• HOA & community: Lot/space rent (land lease) $925

Exterior

• Parking: Carport; Uncovered parking
• Utilities: Shared well water; Community septic
• Home design: Manufactured single-wide home; One level; Manufactured after 6/15/1976; Mobile home remains on site
• Construction: Single wide manufactured construction
• Exterior features: Located in Greenwood manufactured home park; Park approved for sale; Shared well water; Community septic

Interior

• Bedrooms: 2 bedrooms
• Bathrooms: 2 full bathrooms; 2 bathtubs; 2 showers
• Interior features: Awnings; Bath off primary; Landscaped; Patio/porch/deck

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $80k.

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 $80k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 24.0% vs local median 3.6% in Graham — 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 64/100 on livability (#373 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: crime C-, health & safety C-, 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: Rents rising (+3.3%/yr); 232 active listings in the ZIP; 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 $552 of loan paydown is wiped out by about $2k 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 + 3.3% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 189 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.

Recommended offer $70,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 189 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. 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: 2.63% ✓
• Cap rate: 23.99%
• Cash-on-cash: 63.20%
• DSCR: 3.81
• GRM: 3.2

CMA / ARV

• ARV (on-the-fly): $97,944
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23823 100th Ave E #25	0.04mi	3/2.0 (+1)	924 (0%)	3mo	$98,000	$106	91
23903 101st Ave E #21	0.01mi	2/1.0	840 (-9%)	9mo	$71,900	$86	73

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 · 3.32% rent growth · sell at horizon

5-year hold

• IRR: 62.5%
• Equity multiple: 3.81×
• Total profit: $62,762
• Equity at exit: $11,913

10-year hold

• IRR: 67.2%
• Equity multiple: 7.89×
• Total profit: $154,035
• Equity at exit: $6,908

Cash invested: $22,372 (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 98338

• Rents YoY: 3.3%
• Active inventory: 232
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $2,101 medium
• Mortgage (P&I): −$419
• Tax from tax record: −$29 /mo · $346/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$441
• Net cashflow: $1,178

Break-even live

Break-even rent $609

Max offer price $79,900

Occupancy floor 39%

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $79,900 Active 189 DOM
2. 2026-06-17
   pricedays on market $79,900 Active 188 DOM
3. 2026-06-16
   days on market $89,900 Active 187 DOM
4. 2026-06-15
   days on market $89,900 Active 186 DOM
5. 2026-06-13
   days on market $89,900 Active 184 DOM
6. 2026-06-13
   days on market $89,900 Active 183 DOM
7. 2026-06-09
   days on market $89,900 Active 180 DOM
8. 2026-06-08
   days on market $89,900 Active 179 DOM
9. 2026-06-07
   days on market $89,900 Active 178 DOM
10. 2026-06-04
    days on market $89,900 Active 175 DOM
11. 2026-06-03
    days on market $89,900 Active 174 DOM
12. 2026-06-02
    days on market $89,900 Active 173 DOM
13. 2026-06-01
    days on market $89,900 Active 172 DOM
14. 2026-05-31
    days on market $89,900 Active 171 DOM
15. 2026-05-12
    price $89,900
16. 2026-02-26
    price $104,900
17. 2025-12-11
    listed $115,000 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: $346 · $29/mo
• Projected year-2 tax: $783 · $65/mo
• Expected delta: +$437/yr (+$36/mo · 126.0%)

ⓘ 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 2/10 Low 7 d/yr ≥87°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 9 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,206
• − Mortgage interest: −$4,476
• − Property taxes: −$346
• − Insurance: −$400
• − Repairs & maintenance: −$2,016
• − Management: −$2,016
• − Depreciation: −$2,324
• Taxable income: $13,627
• Est. tax owed @ 24.0%: −$3,271
• After-tax cash flow: $10,868/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 — Graham

• Score: 64/100
• State rank: #373
• US rank: #14219

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Graham, WA
• County: Pierce County · 788,257 people
• City population: 32,687
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 32,687
• Household income: $114,819
• Rent vs Own: 15.5% rent · 84.5% own
• Severe rent burden: 236.0

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 (71%)
• Race & ethnicity: White 71% Two or more races 15% Hispanic / Latino 12% Asian 3% Black 3% Pacific Islander 2% Native American 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 4% Portuguese 4% Iranian 3%
• Foreign-born: 7% · Canada, South Korea, China
• Languages at home: 88% English-only · Spanish 5% Russian/Polish/Slavic 2% Other Asian/Pacific 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: ▼ -501.28%
• Current HPI: 304.4241
• Rent YoY: ▲ 3.32%
• 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

-21.8% since first listed

3 events — show timeline

• 2026-05-12 Price Changed $89,900 NWMLS as Distributed by MLS Grid
• 2026-02-26 Price Changed $104,900 NWMLS as Distributed by MLS Grid
• 2025-12-11 Listed $115,000 NWMLS as Distributed by MLS Grid

Property tax history

+9.3%/yr

Latest (2026): $346 · +11.8% YoY. Source: county tax records.