8220 37th Street Ct E #30 · Edgewood, WA 98371

$109,950

2 bd · 1.0 ba · 944 sqft · Manufactured public records · 119 Days on market

Built 1987 $116/sqft · 12% above area Est $140k · 21% under ↓ 21% 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 +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

Beautifully updated 3 bedroom 2 bath home in 55+ Cherrywood Manor! This move in ready home has a new roof, windows, siding, appliances and much more! High vaulted ceilings in the main living areas. 3 spacious bedrooms including a primary suite with walk in closet. Granite counter tops and stainless appliances make this kitchen a chefs dream. Mini split for efficient heating and cooling! Separate utility room with washer and dryer included! Private driveway with yard space and a reasonable space rent makes this home a great deal!

Key facts

• New siding
• New appliances
• Walk in closet

Tags

• NEW ROOF
• NEW WINDOWS
• NEW SIDING
• NEW APPLIANCES
• HIGH VAULTED CEILINGS
• WALK IN CLOSET

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $110k.

Deal economics

• At list price, monthly cash flow is $376 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $100k (9.0% below list) — sets the bar for market timing.
• Cap rate 15.0% vs local median 1.9% in Edgewood — 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 (#95 in WA, #1,861 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, commute A; Watch: amenities F, 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 (+1.4%/yr); 227 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 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 $760 of loan paydown is wiped out by about $3k 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 119 days — a 9% lower offer ($100k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $100,054 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.80% ✓
• Cap rate: 15.05%
• Cash-on-cash: 31.27%
• DSCR: 2.39
• GRM: 4.6

CMA / ARV

• ARV (median comp): $139,950
• List price: $109,950
• Delta: -21.44%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8314 38th St E #4	0.05mi	1/1.0 (-1)	850 (-10%)	1mo	$27,000	$32	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 · 1.41% rent growth · sell at horizon

5-year hold

• IRR: 2.8%
• Equity multiple: 1.11×
• Total profit: $3,289
• Equity at exit: $16,394

10-year hold

• IRR: 10.4%
• Equity multiple: 1.73×
• Total profit: $22,485
• Equity at exit: $9,506

Cash invested: $30,786 (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 98371

• Rents YoY: 1.4%
• Active inventory: 227
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,977 high
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$137 /mo · $1,649/yr
• Insurance: −$46
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $376

Break-even live

Break-even rent $1,502

Max offer price $109,950

Occupancy floor 76%

Sensitivity live

Price	-10% $452	-5% $414	+0% $376	+5% $338	+10% $300
Rent	-10% $219	-5% $298	+0% $376	+5% $454	+10% $532
Rate	-1.0pp $431	-0.5pp $404	base $376	+0.5pp $347	+1.0pp $318

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: $27,488
• Closing costs: $3,298
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8009 50th St E Fife, WA	2.0	1.0	1100	$2,150	$1.95	18d	1	0.79mi
3351 70th Ave E Fife, WA	1.0–3.0	1.0–2.0	950	$2,199	$2.31	2d	12	0.80mi
200 Milton Way Milton, WA	2.0	1.0	975	$1,895	$1.94	24d	1	1.24mi
1503 18th St NW Unit C301 Puyallup, WA	1.0	1.0	740	$1,630	$2.20	44d	1	1.26mi
1503 18th St NW Puyallup, WA	1.0–2.0	1.0	840	$1,730	$2.06	10d	4	1.28mi
2211 6th Ave Milton, WA	1.0–2.0	1.0–1.5	836	$1,985	$2.37	2d	5	1.34mi
2629 Meridian Ave E Edgewood, WA	1.0–2.0	1.0–2.0	801	$2,165	$2.70	5d	8	1.37mi
2715 62nd Ave E Fife, WA	1.0–2.0	1.0–2.0	951	$2,175	$2.29	3d	6	1.44mi
10416 29th St E Unit 10416 Edgewood, WA	2.0	1.0	900	$1,675	$1.86	44d	1	1.46mi
10426 29th St E Unit 10426 Edgewood, WA	2.0	1.0	900	$1,675	$1.86	15d	1	1.47mi
2506 103rd Ave E Edgewood, WA	2.0–3.0	1.0–1.5	1100	$1,999	$1.82	44d	3	1.48mi

Listing history 19 events

1. 2026-06-18
   days on market $109,950 Active 119 DOM
2. 2026-06-17
   days on market $109,950 Active 118 DOM
3. 2026-06-16
   days on market $109,950 Active 117 DOM
4. 2026-06-15
   days on market $109,950 Active 116 DOM
5. 2026-06-13
   days on market $109,950 Active 114 DOM
6. 2026-06-13
   days on market $109,950 Active 113 DOM
7. 2026-06-09
   days on market $109,950 Active 110 DOM
8. 2026-06-08
   days on market $109,950 Active 109 DOM
9. 2026-06-07
   days on market $109,950 Active 108 DOM
10. 2026-06-04
    pricedays on market $109,950 Active 105 DOM
11. 2026-06-03
    days on market $119,950 Active 104 DOM
12. 2026-06-02
    days on market $119,950 Active 103 DOM
13. 2026-06-01
    days on market $119,950 Active 102 DOM
14. 2026-05-31
    days on market $119,950 Active 101 DOM
15. 2026-05-15
    price $119,950
16. 2026-04-29
    price $124,950
17. 2026-04-06
    price $137,500
18. 2026-03-02
    price $142,500
19. 2026-02-18
    listed $152,500 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone AE · 64% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥89°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,728
• − Mortgage interest: −$6,159
• − Property taxes: −$1,649
• − Insurance: −$5,668
• − Repairs & maintenance: −$1,898
• − Management: −$1,898
• − Depreciation: −$3,199
• Taxable income: $3,256
• Est. tax owed @ 24.0%: −$782
• After-tax cash flow: $3,727/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 — Edgewood

• Score: 80/100
• State rank: #95
• US rank: #1861

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Edgewood, WA
• County: Pierce County · 788,257 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 24,682
• Household income: $97,242
• Rent vs Own: 28.1% rent · 71.9% own
• Severe rent burden: 507.0

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 (70%)
• Race & ethnicity: White 70% Two or more races 12% Hispanic / Latino 11% Asian 6% Black 4%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 5% Slovak 3% Italian 2%
• Foreign-born: 10% · Canada, South Korea, Vietnam
• Languages at home: 85% English-only · Spanish 5% Korean 2% Vietnamese 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: ▼ -580.45%
• Current HPI: 295.2143
• Rent YoY: ▲ 1.41%
• 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

-21.3% since first listed

5 events — show timeline

• 2026-05-15 Price Changed $119,950 NWMLS as Distributed by MLS Grid
• 2026-04-29 Price Changed $124,950 NWMLS as Distributed by MLS Grid
• 2026-04-06 Price Changed $137,500 NWMLS as Distributed by MLS Grid
• 2026-03-02 Price Changed $142,500 NWMLS as Distributed by MLS Grid
• 2026-02-18 Listed $152,500 NWMLS as Distributed by MLS Grid

Property tax history

+6.9%/yr

Latest (2024): $192 · +134.6% YoY. Source: county tax records.