818 82nd St E #6

Midland, WA 98404

$190,000C-

3 bd · 2.0 ba · 1,182 sqft · Built 1989 · Manufactured · Active · 84 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,995/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$194
• HOA: −$0
• Vac / Maint / Mgmt: −$419
• Net cashflow: $386/mo
• Annual: $4,627/yr
• Cap rate: 8.73%
• Cash-on-cash: 8.70%
• DSCR: 1.39
• 1% rule: 1.05%
• Cash to close: $53,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $190k.
• 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).
• It's been on market 84 days — a 6% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $179k (6.0% below list) — sets the bar for market timing.
• 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.
• 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).
• Pierce County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.

Questions for listing agent

• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.
• 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.