836 Harman Way S #76 · Orting, WA 98360

$218,499

3 bd · 2.0 ba · 1,775 sqft · Manufactured public records · 85 Days on market

Built 1990 $123/sqft · 57% above 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 +29.4/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• Schools +4.5/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to easy, low-maintenance living in the sought-after Mountain View 55+ community! This beautifully updated 3-bedroom, 2-bath home offers 1,775 SF of bright, open living space designed for comfort and functionality. Step inside to find fresh interior paint, stylish flooring, and abundant natural light pouring in through multiple skylights. The spacious kitchen features generous cabinetry, granite countertops, and a convenient breakfast bar—perfect for everyday living or entertaining. The open-concept layout flows seamlessly into inviting living and dining areas, highlighted by large windows and a warm, welcoming feel. The primary suite offers a walk-in closet and private bath, w

Key facts

• Multiple skylights
• Updated home
• Fresh interior paint

Tags

• UPDATED HOME
• BRIGHT OPEN LIVING SPACE
• FRESH INTERIOR PAINT
• STYLISH FLOORING
• ABUNDANT NATURAL LIGHT
• MULTIPLE SKYLIGHTS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $218k.

Deal economics

• At list price, monthly cash flow is $775 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $218k).
• Recommended offer: $205k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.5% vs local median 2.8% in Orting — 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 74/100 on livability (#185 in WA, #4,905 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, employment A; Watch: commute F, cost of living F.
• Orting School District (suburban): math 40% / reading 56% proficiency, ranked #142 of 291 in WA (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 133 active listings in the ZIP; 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 $2k of loan paydown is wiped out by about $7k 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 + 3.0% rent growth), your $61k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($205k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 12y ago; this cycle's ask has dropped $12k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $76k; list at $218k implies a 186% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $205,389 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 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. 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: 1.24% ✓
• Cap rate: 10.55%
• Cash-on-cash: 15.20%
• DSCR: 1.68
• GRM: 6.7

CMA / ARV

• ARV (median comp): $139,500
• List price: $218,499
• Delta: 56.63%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
836 Harman Way S #28	0.00mi	3/2.0	1,762 (-1%)	24mo	$135,000	$77	79
836 Harman Way S #6	0.00mi	3/2.0	1,848 (+4%)	17mo	$115,000	$62	79
836 Harman Way S #45	0.00mi	3/2.0	1,709 (-4%)	20mo	$125,000	$73	78
836 Harman Way S #26	0.00mi	3/2.0	1,560 (-12%)	7mo	$137,000	$88	74
836 Harman Way S #94	0.00mi	3/2.0	1,560 (-12%)	14mo	$108,000	$69	68
310 Oak St SW	0.28mi	3/2.0	1,737 (-2%)	18mo	$484,950	$279	68
314 Willow St SW	0.30mi	3/2.0	1,752 (-1%)	21mo	$460,000	$263	66
836 S Harman Way #93	0.00mi	2/2.0 (-1)	1,590 (-10%)	16mo	$169,500	$107	64
816 Maple Ln SW	0.29mi	2/2.0 (-1)	1,668 (-6%)	20mo	$439,950	$264	55
307 Willow St SW #2	0.27mi	3/2.0	1,625 (-8%)	24mo	$490,000	$302	53

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.8%
• Equity multiple: 1.23×
• Total profit: $13,903
• Equity at exit: $32,579

10-year hold

• IRR: 15.2%
• Equity multiple: 2.23×
• Total profit: $75,462
• Equity at exit: $18,892

Cash invested: $61,180 (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 98360

• Home prices YoY: -34.8%
• Active inventory: 133
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $2,706 medium
• Mortgage (P&I): −$1,146
• Tax from tax record: −$126 /mo · $1,508/yr
• Insurance: −$91
• HOA: −$0
• Vacancy / Maint / Mgmt: −$568
• Net cashflow: $775

Break-even live

Break-even rent $1,725

Max offer price $218,499

Occupancy floor 66%

Sensitivity live

Price	-10% $899	-5% $837	+0% $775	+5% $713	+10% $651
Rent	-10% $561	-5% $668	+0% $775	+5% $882	+10% $989
Rate	-1.0pp $885	-0.5pp $831	base $775	+0.5pp $718	+1.0pp $661

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: $54,625
• Closing costs: $6,555
• Reserves months: —
• Total cash needed: —

Listing history 34 events

1. 2026-06-18
   days on market $218,499 Active 85 DOM
2. 2026-06-17
   days on market $218,499 Active 84 DOM
3. 2026-06-16
   days on market $218,499 Active 83 DOM
4. 2026-06-15
   days on market $218,499 Active 82 DOM
5. 2026-06-13
   days on market $218,499 Active 80 DOM
6. 2026-06-13
   days on market $218,499 Active 79 DOM
7. 2026-06-09
   days on market $218,499 Active 76 DOM
8. 2026-06-08
   days on market $218,499 Active 75 DOM
9. 2026-06-07
   days on market $218,499 Active 74 DOM
10. 2026-06-04
    days on market $218,499 Active 71 DOM
11. 2026-06-03
    days on market $218,499 Active 70 DOM
12. 2026-06-02
    days on market $218,499 Active 69 DOM
13. 2026-06-01
    days on market $218,499 Active 68 DOM
14. 2026-05-31
    days on market $218,499 Active 67 DOM
15. 2026-05-19
    price $218,499
16. 2026-03-25
    listed $229,999 Active
17. 2019-06-13
    status Pending
18. 2019-06-13
    status Active
19. 2019-03-20
    historical
20. 2019-03-19
    soldstatus $76,500 Sold
21. 2019-03-18
    listed $76,500
22. 2017-09-25
    soldstatus $57,500 Sold
23. 2017-08-29
    status Pending
24. 2017-08-18
    status Pending Inspection
25. 2017-07-27
    price $59,500
26. 2017-07-13
    listed $62,000 Active
27. 2015-06-03
    soldstatus $52,800 Sold
28. 2015-03-30
    status Pending
29. 2015-02-27
    status Active
30. 2015-02-27
    historical Expired
31. 2015-02-18
    price $52,500
32. 2014-08-27
    status Active
33. 2014-08-27
    historical Expired
34. 2014-02-28
    listed $67,500 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: $1,508 · $126/mo
• Projected year-2 tax: $2,141 · $178/mo
• Expected delta: +$633/yr (+$53/mo · 42.0%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (shaded) · 24% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥87°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,469
• − Mortgage interest: −$12,239
• − Property taxes: −$1,508
• − Insurance: −$1,092
• − Repairs & maintenance: −$2,598
• − Management: −$2,598
• − Depreciation: −$6,356
• Taxable income: $6,078
• Est. tax owed @ 24.0%: −$1,459
• After-tax cash flow: $7,841/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: Orting School District
• NCES district ID: 5306450
• Math proficiency: 40% ▬ 0.00%
• Reading proficiency: 56% ▬ 0.00%
• Median HH income: $72,768
• Composite: 45.37/100
• National rank: #5719
• State rank: #142 of 291 in WA

Livability — Orting

• Score: 74/100
• State rank: #185
• US rank: #4905

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Orting, WA
• Population (ZIP): 14,986

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 (81%)
• Race & ethnicity: White 81% Hispanic / Latino 9% Two or more races 9% Asian 1% Native American 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 6% Italian 4% Slovak 3%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% German/W. Germanic 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: ▼ -155.26%
• Current HPI: 290.3575
• Rent YoY: —
• Metro: —
• 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

+223.7% since first listed

20 events — show timeline

• 2026-05-19 Price Changed $218,499 NWMLS as Distributed by MLS Grid
• 2026-03-25 Listed $229,999 NWMLS as Distributed by MLS Grid
• 2019-06-13 Pending — NWMLS as Distributed by MLS Grid
• 2019-06-13 Relisted — NWMLS as Distributed by MLS Grid
• 2019-03-20 Delisted — NWMLS as Distributed by MLS Grid
• 2019-03-19 Sold (MLS) $76,500 NWMLS as Distributed by MLS Grid
• 2019-03-18 Listed $76,500 NWMLS as Distributed by MLS Grid
• 2017-09-25 Sold (MLS) $57,500 NWMLS as Distributed by MLS Grid
• 2017-08-29 Pending — NWMLS as Distributed by MLS Grid
• 2017-08-18 Pending — NWMLS as Distributed by MLS Grid
• 2017-07-27 Price Changed $59,500 NWMLS as Distributed by MLS Grid
• 2017-07-13 Listed $62,000 NWMLS as Distributed by MLS Grid
• 2015-06-03 Sold (MLS) $52,800 NWMLS as Distributed by MLS Grid
• 2015-03-30 Pending — NWMLS as Distributed by MLS Grid
• 2015-02-27 Relisted — NWMLS as Distributed by MLS Grid
• 2015-02-27 Delisted — NWMLS as Distributed by MLS Grid
• 2015-02-18 Price Changed $52,500 NWMLS as Distributed by MLS Grid
• 2014-08-27 Relisted — NWMLS as Distributed by MLS Grid
• 2014-08-27 Delisted — NWMLS as Distributed by MLS Grid
• 2014-02-28 Listed $67,500 NWMLS as Distributed by MLS Grid

Property tax history

+5.8%/yr

Latest (2026): $1,508 · +4.5% YoY. Source: county tax records.