1905 138th St E #122 · Parkland, WA 98445

$189,000

2 bd · 2.0 ba · 1,374 sqft · Manufactured public records · 72 Days on market

Built 1992 $138/sqft · 11% above area Est $171k · 11% over

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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 +25.5/30.0
• DSCR +8.4/10.0
• 1% rule +6.4/10.0
• Schools +3.9/10.0
• Livability +3.9/5.0
• Rent growth +3.0/5.0
• ARV discount +2.7/15.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Brookdale Greens 55+ gated community in Tacoma. With two bedrooms and two full bathrooms this home has a great flow with tons of space throughout. Step into this 1374 sq ft of thoughtfully planned space. Large laundry room with storage that enters out into your own garage. New deck to sit out and enjoy the fully fenced yard. The open and flowing floorplan make for ease of living. The community provides a clubhouse for gatherings and bbq's, room to park your RV on site. Come and join this great community today!

Key facts

• Gated community
• Room to park rv
• Large laundry room

Tags

• GATED COMMUNITY
• LARGE LAUNDRY ROOM
• NEW DECK
• FULLY FENCED YARD
• CLUBHOUSE FOR GATHERINGS
• ROOM TO PARK RV

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $189k.

Deal economics

• At list price, monthly cash flow is $439 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $189k).
• Recommended offer: $178k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 2.3% in Parkland — 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 77/100 on livability (#148 in WA, #3,068 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities D+, crime 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 (+2.0%/yr); 234 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 5d 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 72 days — a 6% lower offer ($178k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $177,660 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 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 B-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?
5. Crime grade is F 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: 1.14% ✓
• Cap rate: 9.08%
• Cash-on-cash: 9.96%
• DSCR: 1.44
• GRM: 7.3

CMA / ARV

• ARV (median comp): $170,642
• List price: $189,000
• Delta: 10.76%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1810 138th St E	0.07mi	2/2.0	1,444 (+5%)	8mo	$160,000	$111	81
1915 140th St E #193	0.13mi	3/2.0 (+1)	1,431 (+4%)	6mo	$169,950	$119	78
1818 138th Street Ct E #146	0.07mi	2/2.0	1,482 (+8%)	9mo	$199,950	$135	76
1826 137th St E #118	0.01mi	2/2.0	1,572 (+14%)	13mo	$225,000	$143	64
1911 140th St E #191	0.12mi	3/2.0 (+1)	1,512 (+10%)	21mo	$200,000	$132	55
1905 138th Street Ct E #147	0.06mi	3/2.0 (+1)	1,558 (+13%)	20mo	$138,000	$89	53
2010 140th E	0.16mi	3/2.0 (+1)	1,564 (+14%)	16mo	$250,000	$160	51

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 · 2.05% rent growth · sell at horizon

5-year hold

• IRR: -2.4%
• Equity multiple: 0.91×
• Total profit: $-4,682
• Equity at exit: $28,181

10-year hold

• IRR: 6.3%
• Equity multiple: 1.45×
• Total profit: $23,767
• Equity at exit: $16,341

Cash invested: $52,920 (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 98445

• Rents YoY: 2.0%
• Active inventory: 234
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,150 high
• Mortgage (P&I): −$991
• Tax from tax record: −$189 /mo · $2,270/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$451
• Net cashflow: $439

Break-even live

Break-even rent $1,594

Max offer price $189,000

Occupancy floor 75%

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1009 Brookdale Rd E Tacoma, WA	2.0	1.0	1050	$1,998	$1.90	15d	1	0.63mi
15417 25th Ave E Tacoma, WA	3.0	1.0	960	$2,150	$2.24	5d	1	1.15mi
1009 153rd St Ct E Tacoma, WA	2.0	1.0	900	$2,150	$2.39	15d	1	1.17mi
14818 36th Ave Ct E #2 Tacoma, WA	3.0	2.5	1625	$2,545	$1.57	1d	1	1.24mi
14007 A St S Parkland, WA	1.0–3.0	1.0–2.0	1006	$1,945	$1.93	1d	4	1.25mi
15909 18th Avenue Ct E Tacoma, WA	2.0	1.5	1050	$2,050	$1.95	24d	1	1.35mi
15326 4th Avenue Ct E Tacoma, WA	3.0	2.5	1840	$2,750	$1.49	1d	1	1.42mi
14601 1st Ave S Parkland, WA	3.0	2.5	1493	$2,595	$1.74	1d	1	1.44mi

Listing history 26 events

1. 2026-06-18
   days on market $189,000 Active 72 DOM
2. 2026-06-17
   days on market $189,000 Active 71 DOM
3. 2026-06-16
   days on market $189,000 Active 70 DOM
4. 2026-06-15
   days on market $189,000 Active 69 DOM
5. 2026-06-13
   days on market $189,000 Active 67 DOM
6. 2026-06-13
   days on market $189,000 Active 66 DOM
7. 2026-06-09
   days on market $189,000 Active 63 DOM
8. 2026-06-08
   days on market $189,000 Active 62 DOM
9. 2026-06-07
   days on market $189,000 Active 61 DOM
10. 2026-06-04
    days on market $189,000 Active 58 DOM
11. 2026-06-03
    days on market $189,000 Active 57 DOM
12. 2026-06-02
    days on market $189,000 Active 56 DOM
13. 2026-06-01
    days on market $189,000 Active 55 DOM
14. 2026-05-31
    days on market $189,000 Active 54 DOM
15. 2026-04-07
    listed $199,000 Active
16. 2023-09-27
    soldstatus $185,250 Closed
17. 2023-08-21
    status Pending
18. 2023-08-10
    listed $185,250 Active
19. 2018-03-05
    soldstatus $93,500 Sold
20. 2018-02-15
    status Pending
21. 2018-02-09
    listed $87,500 Active
22. 2015-12-08
    historical
23. 2015-12-01
    soldstatus $57,000 Sold
24. 2015-11-10
    status Pending Inspection
25. 2015-10-20
    price $62,950
26. 2015-10-03
    listed $64,950 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: $2,270 · $189/mo
• Projected year-2 tax: $2,270 · $189/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 (unshaded) · 67% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 15 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: $25,797
• − Mortgage interest: −$10,587
• − Property taxes: −$2,270
• − Insurance: −$945
• − Repairs & maintenance: −$2,064
• − Management: −$2,064
• − Depreciation: −$5,498
• Taxable income: $2,369
• Est. tax owed @ 24.0%: −$569
• After-tax cash flow: $4,702/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 — Parkland

• Score: 77/100
• State rank: #148
• US rank: #3068

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Parkland, WA
• County: Pierce County · 788,257 people
• City population: 36,624
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 33,684
• Household income: $92,520
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 1085.0

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 0.69)
• Race & ethnicity: White 53% Two or more races 17% Hispanic / Latino 14% Black 10% Asian 6% Native American 4% Pacific Islander 3%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Portuguese 3% Lithuanian 2% Italian 2%
• Foreign-born: 12% · Canada, South Korea, Vietnam
• Languages at home: 81% English-only · Spanish 8% Other Asian/Pacific 3% Russian/Polish/Slavic 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: ▼ -471.23%
• Current HPI: 316.202
• Rent YoY: ▲ 2.05%
• 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

+206.4% since first listed

12 events — show timeline

• 2026-04-07 Listed $199,000 NWMLS as Distributed by MLS Grid
• 2023-09-27 Sold (MLS) $185,250 NWMLS as Distributed by MLS Grid
• 2023-08-21 Pending — NWMLS as Distributed by MLS Grid
• 2023-08-10 Listed $185,250 NWMLS as Distributed by MLS Grid
• 2018-03-05 Sold (MLS) $93,500 NWMLS as Distributed by MLS Grid
• 2018-02-15 Pending — NWMLS as Distributed by MLS Grid
• 2018-02-09 Listed $87,500 NWMLS as Distributed by MLS Grid
• 2015-12-08 Delisted — NWMLS as Distributed by MLS Grid
• 2015-12-01 Sold (MLS) $57,000 NWMLS as Distributed by MLS Grid
• 2015-11-10 Pending — NWMLS as Distributed by MLS Grid
• 2015-10-20 Price Changed $62,950 NWMLS as Distributed by MLS Grid
• 2015-10-03 Listed $64,950 NWMLS as Distributed by MLS Grid

Property tax history

+21.3%/yr

Latest (2026): $2,270 · +2.5% YoY. Source: county tax records.