13704 108th Street Ct E #2 · South Hill, WA 98374

$129,950

3 bd · 2.0 ba · 1,166 sqft · Manufactured public records · 65 Days on market

Built 1980 $111/sqft · 59% below area

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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
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Fully remodeled manufactured home in South Hill Cascade Park of just 10 homes with no age restrictions. Fresh interior paint, new laminate flooring, brand new roof (2026), new water heater, and a newer heat pump. Open concept living, dining, and kitchen areas offer comfortable everyday living and easy entertaining. Spacious primary bedroom features an ensuite bath and dual closets. Two additional bedrooms and a full bathroom. Perched slightly above surrounding homes, the property enjoys a pleasant territorial outlook. Convenient Puyallup location near shopping, dining, and commuter routes.

Key facts

• Open concept living
• Brand new roof
• New water heater

Tags

• REMODELED MANUFACTURED HOME
• NEW LAMINATE FLOORING
• BRAND NEW ROOF
• NEW WATER HEATER
• NEWER HEAT PUMP
• OPEN CONCEPT LIVING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $130k.

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 $130k).
• Recommended offer: $122k (6.0% below list) — sets the bar for market timing.
• Cap rate 17.0% 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; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 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 $898 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 $36k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $122,153 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% 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: 1.91% ✓
• Cap rate: 16.96%
• Cash-on-cash: 38.11%
• DSCR: 2.70
• GRM: 4.4

CMA / ARV

• ARV (median comp): $338,000
• List price: $129,950
• Delta: -61.55%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
13706 108th Street Ct E #3	0.00mi	2/2.0 (-1)	1,152 (-1%)	3mo	$181,000	$157	91
13704 108th Street Ct E #2	0.00mi	3/2.0	1,248 (+7%)	0mo	$121,500	$97	88
13618 106th St E	0.15mi	3/2.0	1,240 (+6%)	3mo	$578,000	$466	80
13605 109th Street Ct E	0.06mi	3/2.0	1,296 (+11%)	3mo	$495,000	$382	76

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: 32.8%
• Equity multiple: 2.36×
• Total profit: $49,357
• Equity at exit: $19,376

10-year hold

• IRR: 39.1%
• Equity multiple: 4.44×
• Total profit: $125,026
• Equity at exit: $11,236

Cash invested: $36,386 (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 98374

• Rents YoY: 1.7%
• Active inventory: 440
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $2,487 medium
• Mortgage (P&I): −$681
• Tax from tax record: −$73 /mo · $881/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$522
• Net cashflow: $1,155

Break-even live

Break-even rent $1,024

Max offer price $129,950

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: $32,488
• Closing costs: $3,898
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12123 125th Avenue Ct E Puyallup, WA	2.0	2.0	1110	$2,100	$1.89	43d	1	1.05mi
12317 121st Avenue Ct E Puyallup, WA	2.0	2.0	1034	$2,400	$2.32	2d	1	1.32mi
12317 121st Avenue Ct E Puyallup, WA	2.0	2.0	1034	$2,400	$2.32	17d	1	1.32mi

Listing history 8 events

1. 2026-05-04
   status Pending
2. 2026-04-23
   price $129,950
3. 2026-04-11
   price $135,000
4. 2026-02-28
   listed $140,000 Active
5. 2018-06-08
   soldstatus $440,000 Sold
6. 2018-05-09
   status Pending
7. 2018-04-25
   status Pending Inspection
8. 2018-03-16
   listed $450,000 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: $881 · $73/mo
• Projected year-2 tax: $1,274 · $106/mo
• Expected delta: +$393/yr (+$33/mo · 44.6%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥88°F today · 15 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: $29,841
• − Mortgage interest: −$7,279
• − Property taxes: −$881
• − Insurance: −$650
• − Repairs & maintenance: −$2,387
• − Management: −$2,387
• − Depreciation: −$3,780
• Taxable income: $12,476
• Est. tax owed @ 24.0%: −$2,994
• After-tax cash flow: $10,872/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 — 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

-71.1% since first listed

8 events — show timeline

• 2026-05-04 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-23 Price Changed $129,950 NWMLS as Distributed by MLS Grid
• 2026-04-11 Price Changed $135,000 NWMLS as Distributed by MLS Grid
• 2026-02-28 Listed $140,000 NWMLS as Distributed by MLS Grid
• 2018-06-08 Sold (MLS) $440,000 NWMLS as Distributed by MLS Grid
• 2018-05-09 Pending — NWMLS as Distributed by MLS Grid
• 2018-04-25 Pending — NWMLS as Distributed by MLS Grid
• 2018-03-16 Listed $450,000 NWMLS as Distributed by MLS Grid

Property tax history

+9.4%/yr

Latest (2026): $881 · +59.1% YoY. Source: county tax records.