818 82nd St E #6 · Midland, WA 98404

$190,000

3 bd · 2.0 ba · 1,182 sqft · Manufactured public records · 84 Days on market

Built 1989

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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 +24.4/30.0
• DSCR +7.9/10.0
• 1% rule +5.5/10.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• ARV discount +0.1/15.0
• Appreciation +0.0/10.0

Listing remarks

A beautifully updated 3-bed, 1.75-bath home offering low-maintenance living in the peaceful 55+ Co-Op community of Ohana Estates. This 1,182 sq ft residence features an open, light-filled layout with extensive upgrades throughout, creating a fresh and move-in-ready feel. The kitchen, living, and dining areas flow comfortably for everyday living, while the bedrooms provide flexibility for guests, hobbies, or a dedicated office. Enjoy a low-maintenance lot perfect for relaxing or light gardening. Ideally located near shopping, medical services, and commuter routes, this home blends comfort, convenience, and a welcoming community lifestyle.

Key facts

• 2 parking spots
• Built 1989
• Listed 84 days

🏢 Co-op / cooperative unit. The $190,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $190k.

Deal economics

• At list price, monthly cash flow is $386 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $179k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 3.2% in Midland — 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 72/100 on livability (#208 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+; Watch: crime D, schools F, amenities F.
• Franklin Pierce School District (suburban): math 35% / reading 51% proficiency, ranked #197 of 291 in WA (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.6%/yr); 176 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 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 $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $178,600 (6.0% below list)

Questions for the listing agent

1. 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?
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 F-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. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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.
7. 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.
8. 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: 1.05% ✓
• Cap rate: 8.73%
• Cash-on-cash: 8.70%
• DSCR: 1.39
• GRM: 7.9

CMA / ARV

• ARV (median comp): $163,162
• List price: $190,000
• Delta: 16.45%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
818 82nd St E	0.00mi	3/2.0	1,182 (0%)	11mo	$180,000	$152	91
824 82nd Street Ct E #20	0.04mi	3/2.0	1,080 (-9%)	19mo	$101,000	$94	68
1617 80th St E	0.62mi	3/2.0	1,188 (+0%)	13mo	$412,000	$347	60

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 · 1.64% rent growth · sell at horizon

5-year hold

• IRR: -4.6%
• Equity multiple: 0.83×
• Total profit: $-8,970
• Equity at exit: $28,330

10-year hold

• IRR: 3.5%
• Equity multiple: 1.24×
• Total profit: $12,872
• Equity at exit: $16,428

Cash invested: $53,200 (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 98404

• Rents YoY: 1.6%
• Active inventory: 176
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,995 high
• Mortgage (P&I): −$996
• Tax from tax record: −$115 /mo · $1,379/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$419
• Net cashflow: $386

Break-even live

Break-even rent $1,507

Max offer price $190,000

Occupancy floor 76%

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
908 76th Street Ct E Tacoma, WA	2.0–3.0	2.0	1065	$2,178	$2.05	2d	5	0.31mi
1018 76 Street Ct E Apt C Tacoma, WA	2.0	1.0	866	$1,550	$1.79	43d	1	0.34mi
913 75th St E Tacoma, WA	2.0	1.0	832	$1,525	$1.83	12d	1	0.45mi
908 74th St E Unit VASU**908-B Tacoma, WA	2.0	1.0	828	$1,450	$1.75	43d	1	0.47mi
7412 Golden Given Rd E Tacoma, WA	2.0	1.0–1.5	730	$1,588	$2.17	4d	1	0.48mi
7305 8th Avenue Ct E Tacoma, WA	2.0	1.0	828	$1,495	$1.81	4d	2	0.54mi
901 E 72nd St Tacoma, WA	1.0–2.0	1.0–2.0	765	$1,795	$2.34	23d	4	0.63mi
8015 Pacific Ave Unit 20 Tacoma, WA	2.0	1.5	1100	$1,995	$1.81	24d	1	0.63mi
150 S 84th St Unit B Tacoma, WA	2.0	1.0	1000	$1,700	$1.70	2d	1	0.64mi
8445 Pacific Ave Tacoma, WA	1.0–2.0	1.0–2.0	715	$1,975	$2.76	3d	3	0.66mi
7645 Pacific Ave Tacoma, WA	2.0	1.0	932	$1,650	$1.77	7d	2	0.67mi
7823 Pacific Ave Tacoma, WA	1.0–2.0	1.0	699	$1,659	$2.37	3d	5	0.67mi
7603 Pacific Ave Unit 301 Tacoma, WA	2.0	1.0	880	$1,250	$1.42	24d	1	0.70mi
7637 Pacific Ave Tacoma, WA	1.0–2.0	1.0–2.0	700	$1,600	$2.29	5d	6	0.71mi
7428 S Bell St Tacoma, WA	1.0–2.0	1.0–1.5	736	$1,795	$2.44	24d	3	0.74mi
1817 80th St E Tacoma, WA	3.0	2.0	1188	$3,200	$2.69	19d	1	0.75mi
8624 Pacific Ave S Apt 6 Tacoma, WA	2.0	1.5	900	$1,475	$1.64	2d	1	0.77mi
7605 S C St Apt 7 Tacoma, WA	2.0	1.0	800	$1,445	$1.81	7d	1	0.79mi
7425 S D St Unit 204 Tacoma, WA	2.0	1.0	900	$1,700	$1.89	24d	1	0.87mi
1402 E 69th St Tacoma, WA	2.0	2.0	1000	$1,795	$1.79	24d	2	0.90mi
10910 22nd Avenue Ct E Unit Jkt Tacoma, WA	3.0	2.0	1452	$2,200	$1.52	24d	1	0.98mi
7015 S D St Tacoma, WA	1.0–2.0	1.0–1.5	760	$1,894	$2.49	2d	9	1.02mi
1111 99th Street Ct E Tacoma, WA	1.0–2.0	1.0	775	$1,450	$1.87	43d	4	1.15mi
137 99th Street Ct E Tacoma, WA	3.0	2.0	1200	$2,397	$2.00	43d	1	1.20mi
2621 80th St E Tacoma, WA	2.0	1.0	978	$2,100	$2.15	5d	1	1.25mi
834 S 72nd St Tacoma, WA	4.0	1.5	1450	$2,900	$2.00	7d	1	1.33mi
605 98th St S Tacoma, WA	3.0	1.5	1320	$2,800	$2.12	43d	1	1.35mi
319 104th St E Tacoma, WA	3.0	1.0	990	$2,285	$2.31	4d	1	1.44mi

Listing history 23 events

1. 2026-06-18
   days on market $190,000 Active 84 DOM
2. 2026-06-17
   days on market $190,000 Active 83 DOM
3. 2026-06-16
   days on market $190,000 Active 82 DOM
4. 2026-06-15
   days on market $190,000 Active 81 DOM
5. 2026-06-13
   days on market $190,000 Active 79 DOM
6. 2026-06-13
   days on market $190,000 Active 78 DOM
7. 2026-06-09
   days on market $190,000 Active 75 DOM
8. 2026-06-08
   days on market $190,000 Active 74 DOM
9. 2026-06-07
   days on market $190,000 Active 73 DOM
10. 2026-06-04
    days on market $190,000 Active 70 DOM
11. 2026-06-03
    days on market $190,000 Active 69 DOM
12. 2026-06-02
    days on market $190,000 Active 68 DOM
13. 2026-06-01
    days on market $190,000 Active 67 DOM
14. 2026-05-31
    days on market $190,000 Active 66 DOM
15. 2026-04-27
    price $190,000
16. 2026-03-25
    listed $195,000 Active
17. 2025-08-04
    soldstatus $180,000
18. 2023-07-20
    soldstatus $107,500 Closed
19. 2023-07-11
    status Pending
20. 2023-06-09
    status Active
21. 2023-06-02
    status Pending
22. 2023-05-31
    price $114,500
23. 2023-04-27
    listed $124,500 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: $1,379 · $115/mo
• Projected year-2 tax: $1,862 · $155/mo
• Expected delta: +$483/yr (+$40/mo · 35.1%)

ⓘ 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 3/10 Moderate 7 d/yr ≥87°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,939
• − Mortgage interest: −$10,643
• − Property taxes: −$1,379
• − Insurance: −$950
• − Repairs & maintenance: −$1,915
• − Management: −$1,915
• − Depreciation: −$5,527
• Taxable income: $1,610
• Est. tax owed @ 24.0%: −$386
• After-tax cash flow: $4,240/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: Franklin Pierce School District
• NCES district ID: 5302940
• Math proficiency: 35% ▬ 0.00%
• Reading proficiency: 51% ▲ 2.00%
• Median HH income: $49,240
• Composite: 39.18/100
• National rank: #8227
• State rank: #197 of 291 in WA

Livability — Midland

• Score: 72/100
• State rank: #208
• US rank: #5731

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midland, WA
• County: Pierce County · 788,257 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 35,961
• Household income: $82,191
• Rent vs Own: 31.4% rent · 68.6% own
• Severe rent burden: 989.0

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: Highly diverse neighborhood (Simpson 0.77)
• Race & ethnicity: White 38% Hispanic / Latino 20% Asian 17% Two or more races 16% Black 11% Native American 3% Pacific Islander 1%
• Hispanic origin (detail): Mexican 16% Puerto Rican 1%
• Common ancestry: Italian 3% Portuguese 2% Slovak 1%
• Foreign-born: 20% · Canada, Vietnam, South Korea
• Languages at home: 68% English-only · Spanish 13% Other Asian/Pacific 7% Vietnamese 4%

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: ▼ -462.09%
• Current HPI: 360.0843
• Rent YoY: ▲ 1.64%
• 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

+52.6% since first listed

9 events — show timeline

• 2026-04-27 Price Changed $190,000 NWMLS as Distributed by MLS Grid
• 2026-03-25 Listed $195,000 NWMLS as Distributed by MLS Grid
• 2025-08-04 Sold (Public Records) $180,000 Public Records
• 2023-07-20 Sold (MLS) $107,500 NWMLS as Distributed by MLS Grid
• 2023-07-11 Pending — NWMLS as Distributed by MLS Grid
• 2023-06-09 Relisted — NWMLS as Distributed by MLS Grid
• 2023-06-02 Pending — NWMLS as Distributed by MLS Grid
• 2023-05-31 Price Changed $114,500 NWMLS as Distributed by MLS Grid
• 2023-04-27 Listed $124,500 NWMLS as Distributed by MLS Grid

Property tax history

+23.4%/yr

Latest (2026): $1,379 · +7.2% YoY. Source: county tax records.