19522 5th Street Ct E #9 · Lake Tapps, WA 98391

$199,900

2 bd · 2.0 ba · 1,436 sqft · Manufactured public records · 35 Days on market

Built 1991 Good condition $139/sqft · 5% above area Est $191k · at est.

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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
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• Schools +7.1/10.0
• ARV discount +5.3/15.0
• Condition / age +4.0/5.0
• Rent growth +3.4/5.0
• Livability +3.4/5.0
• Appreciation +0.0/10.0

Listing remarks

Move-in ready and completely remodeled, this beautifully updated 1991 Marlette manufactured home offers comfort, space, and a true turnkey opportunity in the desirable Lake Tapps area. Tucked inside a small, private, all-ages community, this home delivers the peaceful setting buyers are looking for while still being conveniently located near everyday amenities. Inside, you’ll find a bright and inviting kitchen featuring brand-new cabinets, granite countertops, updated appliances, and modern LED lighting throughout. Vinyl plank flooring flows seamlessly through the home, leading into the oversized living and dining areas that offer plenty of room for everyday living and entertaining. T

Key facts

• Bright kitchen
• Updated appliances
• Remodeled

Tags

• REMODELED
• PRIVATE COMMUNITY
• BRIGHT KITCHEN
• GRANITE COUNTERTOPS
• UPDATED APPLIANCES
• LED LIGHTING

Property features AI

Finance

• Other: Buyer to verify schools
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Park approved for sale; Beau View park; 26 homes in park; Land lease $900

Exterior

• Utilities: Shared well water; Space rent water service; PSE power; Space rent sewer service
• Home design: Manufactured home (double wide); Marlette make; One level; Manufactured after 06/15/1976; Mobile home remains
• Construction: Wood construction; Composition roof; Pillar/post/pier foundation with tie downs; Manufactured house structure
• Exterior features: Wood exterior; Corner lot; Has view; Landscaped

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Ceramic tile; Vinyl plank
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Interior features: Dining room; Entry; Living room; Kitchen with eating space; Utility room; Double pane windows; Walk-in closet; Bath off primary; Landscaped
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $200k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $990 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.2% vs local median 2.7% in Lake Tapps — 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 68/100 on livability (#289 in WA) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, cost of living F.
• Dieringer School District (suburban): math 74% / reading 81% proficiency, ranked #6 of 291 in WA (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical; only 9% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+3.5%/yr); 736 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 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.
• At projected returns (-3.0% appreciation + 3.5% rent growth), your $56k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.

Recommended offer $193,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 1.40% ✓
• Cap rate: 12.24%
• Cash-on-cash: 21.22%
• DSCR: 1.94
• GRM: 6.0

CMA / ARV

• ARV (median comp): $190,749
• List price: $199,900
• Delta: 4.80%
• Verdict: FAIR
• Comps: 4 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
612 197th St. Ct. Avenue Ct E #8	0.11mi	3/2.0 (+1)	1,344 (-6%)	10mo	$179,000	$133	71
5501 Bridget Ave SE	0.39mi	3/2.0 (+1)	1,440 (+0%)	20mo	$602,000	$418	60
19007 2nd Street Ct E	0.34mi	3/2.0 (+1)	1,568 (+9%)	8mo	$199,950	$128	57
20308 3rd St E	0.46mi	3/2.0 (+1)	1,296 (-10%)	20mo	$550,000	$424	40

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 · 3.47% rent growth · sell at horizon

5-year hold

• IRR: 14.2%
• Equity multiple: 1.57×
• Total profit: $31,933
• Equity at exit: $29,806

10-year hold

• IRR: 23.3%
• Equity multiple: 3.04×
• Total profit: $114,273
• Equity at exit: $17,284

Cash invested: $55,972 (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 98391

• Rents YoY: 3.5%
• Active inventory: 736
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $2,798 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$89 /mo · $1,064/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$588
• Net cashflow: $990

Break-even live

Break-even rent $1,545

Max offer price $199,900

Occupancy floor 60%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2705 67th Ct SE Auburn, WA	3.0	3.0	1458	$2,995	$2.05	10d	1	1.25mi
6821 Udall Pl SE Auburn, WA	1.0–3.0	1.0–2.0	923	$2,260	$2.45	1d	27	1.48mi

Listing history 15 events

1. 2026-06-18
   days on market $199,900 Active 35 DOM
2. 2026-06-17
   days on market $199,900 Active 34 DOM
3. 2026-06-16
   days on market $199,900 Active 33 DOM
4. 2026-06-15
   days on market $199,900 Active 32 DOM
5. 2026-06-13
   days on market $199,900 Active 30 DOM
6. 2026-06-13
   days on market $199,900 Active 29 DOM
7. 2026-06-09
   days on market $199,900 Active 26 DOM
8. 2026-06-08
   days on market $199,900 Active 25 DOM
9. 2026-06-07
   days on market $199,900 Active 24 DOM
10. 2026-06-04
    days on market $199,900 Active 21 DOM
11. 2026-06-03
    days on market $199,900 Active 20 DOM
12. 2026-06-02
    days on market $199,900 Active 19 DOM
13. 2026-06-01
    days on market $199,900 Active 18 DOM
14. 2026-05-31
    days on market $199,900 Active 17 DOM
15. 2026-05-13
    listed $199,900 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: $1,064 · $89/mo
• Projected year-2 tax: $1,959 · $163/mo
• Expected delta: +$895/yr (+$75/mo · 84.1%)

ⓘ 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 2/10 Low 7 d/yr ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,574
• − Mortgage interest: −$11,198
• − Property taxes: −$1,064
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,686
• − Management: −$2,686
• − Depreciation: −$5,815
• Taxable income: $9,125
• Est. tax owed @ 24.0%: −$2,190
• After-tax cash flow: $9,690/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This move-in ready and completely remodeled 1991 Marlette manufactured home offers comfort, space, and a true turnkey opportunity in the desirable Lake Tapps area.

Value-add opportunities

• Both Painting exterior — Enhances curb appeal and resale value
• Both Landscaping — Improves curb appeal and rental value
• Both Add a small garden — Enhances curb appeal and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior — Enhances curb appeal and resale value ↑
• Both Landscaping — Improves curb appeal and rental value ↑
• Both Add a small garden — Enhances curb appeal and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Dieringer School District
• NCES district ID: 5302130
• Math proficiency: 74% ▬ 0.00%
• Reading proficiency: 81% ▲ 3.00%
• Median HH income: $94,738
• Composite: 70.73/100
• National rank: #511
• State rank: #6 of 291 in WA

Livability — Lake Tapps

• Score: 68/100
• State rank: #289
• US rank: #10068

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Tapps, WA
• County: Pierce County · 788,257 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 59,240
• Household income: $135,037
• Rent vs Own: 14.3% rent · 85.7% own
• Severe rent burden: 528.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 11% Hispanic / Latino 9% Asian 4%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Portuguese 6% Italian 4% Lithuanian 4%
• Foreign-born: 6% · Canada, China, South Korea
• Languages at home: 92% English-only · Spanish 3% Russian/Polish/Slavic 2% Other Asian/Pacific 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: ▼ -565.91%
• Current HPI: 294.2062
• Rent YoY: ▲ 3.47%
• 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

1 event — show timeline

• 2026-05-13 Listed $199,900 NWMLS as Distributed by MLS Grid