10428 137th Street Ct E #47 · South Hill, WA 98374

$169,000

3 bd · 2.0 ba · 1,188 sqft · Manufactured public records · 15 Days on market

Built 1999 $142/sqft · 150% 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +7.5/15.0
• 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

Updated 3 bed, 2 bath manufactured home in Puyallup featuring brand new windows and move-in ready condition. Bright open kitchen with wood cabinets, large pantry, and newer range/oven. Newer vinyl plank flooring, cathedral ceilings, and spacious living and dining areas. Large primary suite with walk-in closet and a big bathroom. Two additional bedrooms, updated second bath, separate laundry with storage, backyard shed, and two-car covered carport. Located in a well-maintained, all-ages community near Meridian Ave. Access to main Hwy arteries.

Key facts

• 3 parking spots
• Built 1999
• Listed 15 days

Property features AI

Finance

• Other: Approximately 1,188 total square feet (per public records); Manufactured after 6/15/1976; Make: GOLD
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Land lease: $895/month; Manufactured home park approved for sale

Exterior

• Parking: Carport
• Utilities: Electric power; Public water; Public sewer (managed by Palisade Park Estates LLC); Xfinity internet
• Home design: Manufactured double-wide home; Single level
• Construction: Wood construction; Composition roof; Tie-down foundation
• Exterior features: Wood exterior; Composition roof; Has a view; Located in a manufactured home park (Palisade Park Estates LLC, ~55 homes)

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Laminate; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; Primary bathroom has a bath off the primary
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Water heater (electric, located exterior); Ceiling fan(s); Vaulted ceilings; Double pane windows; Drapes
• Laundry & utility: Washer/dryer hookup (tie down foundation indicates manufactured home utilities configuration)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $169k.

Deal economics

• At list price, monthly cash flow is $880 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $169k).
• Recommended offer: $166k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.5% vs local median 3.0% in South Hill — 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 (#84 in WA, #1,620 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: crime C-, schools D+, 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 (+1.7%/yr); 451 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $5k 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 + 1.7% rent growth), your $47k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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.

Recommended offer $166,465 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
3. 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.
4. 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.
5. 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: 1.48% ✓
• Cap rate: 12.54%
• Cash-on-cash: 22.33%
• DSCR: 1.99
• GRM: 5.6

CMA / ARV

• ARV (median comp): $67,500
• List price: $169,000
• Delta: 150.37%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10428 137th Street Ct E #47	0.00mi	3/2.0	1,188 (0%)	0mo	$166,500	$140	100
13713 105th Avenue Ct E	0.05mi	3/2.0	1,144 (-4%)	23mo	$89,950	$79	73
10015 129th Street Ct E	0.62mi	3/2.0	1,188 (0%)	15mo	$458,000	$386	59
11118 127th Street Ct E #8	0.75mi	2/2.0 (-1)	1,185 (-0%)	17mo	$57,000	$48	46

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 · 1.72% rent growth · sell at horizon

5-year hold

• IRR: 13.7%
• Equity multiple: 1.54×
• Total profit: $25,501
• Equity at exit: $25,198

10-year hold

• IRR: 21.5%
• Equity multiple: 2.73×
• Total profit: $81,650
• Equity at exit: $14,612

Cash invested: $47,320 (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 98374

• Rents YoY: 1.7%
• Active inventory: 451
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $2,507 high
• Mortgage (P&I): −$886
• Tax from tax record: −$143 /mo · $1,717/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$526
• Net cashflow: $880

Break-even live

Break-even rent $1,392

Max offer price $169,000

Occupancy floor 60%

Sensitivity live

Price	-10% $976	-5% $928	+0% $880	+5% $833	+10% $785
Rent	-10% $682	-5% $781	+0% $880	+5% $979	+10% $1,078
Rate	-1.0pp $966	-0.5pp $923	base $880	+0.5pp $837	+1.0pp $792

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: $42,250
• Closing costs: $5,070
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10511 140th Street Ct E #27 Puyallup, WA	3.0	3.0	1311	$2,650	$2.02	25d	1	0.14mi
10414 140th Street Ct E #55 Puyallup, WA	4.0	2.5	1407	$2,595	$1.84	0d	1	0.16mi
13523 106th Ave E Puyallup, WA	3.0	2.0	1404	$2,650	$1.89	25d	1	0.16mi
10414 140th St Ct E Puyallup, WA	4.0	2.5	1407	$2,595	$1.84	3d	1	0.16mi
13404 106th Ave E Puyallup, WA	3.0	2.0	1404	$2,650	$1.89	25d	1	0.26mi
14209 103rd Avenue Ct E Puyallup, WA	1.0–2.0	1.0	847	$1,875	$2.21	0d	2	0.30mi
13507 99th Ave E Puyallup, WA	1.0–2.0	1.0–2.5	994	$2,237	$2.25	0d	14	0.40mi
13011 Meridian E Puyallup, WA	1.0–3.0	1.0–2.0	942	$2,350	$2.49	3d	19	0.44mi
9910 132nd Street Ct E Unit 9911-C Puyallup, WA	2.0	1.0	940	$1,375	$1.46	25d	1	0.46mi
9911 132nd Street Ct E Puyallup, WA	2.0	1.0	940	$1,745	$1.86	44d	2	0.49mi
11013 144th Street Ct E Unit O24-6-B Puyallup, WA	3.0	1.5	1400	$2,450	$1.75	44d	1	0.53mi
13405 97th Ave E #308 Puyallup, WA	3.0	2.0	1085	$2,095	$1.93	44d	1	0.55mi
13404 97th Ave E South Hill, WA	1.0–3.0	1.0–2.0	958	$2,155	$2.25	44d	3	0.59mi
9710 131st Street Ct E Unit A Puyallup, WA	2.0	2.0	1045	$2,150	$2.06	19d	1	0.63mi
12724 104th Avenue Ct E Puyallup, WA	1.0–3.0	1.0–2.0	910	$2,345	$2.58	6d	8	0.71mi
97th Ave E Puyallup, WA	3.0	2.5	1452	$2,495	$1.72	25d	1	0.99mi
12202 107th Avenue Ct E Puyallup, WA	4.0	1.5	1248	$2,850	$2.28	4d	1	1.02mi
12202 107th Avenue Ct E Puyallup, WA	4.0	1.5	1248	$3,000	$2.40	44d	1	1.02mi
12311 112th Avenue Ct E Apt 3 Puyallup, WA	2.0	1.0	700	$1,800	$2.57	25d	1	1.03mi
11020 122nd St E Puyallup, WA	2.0	1.0	850	$1,650	$1.94	44d	1	1.05mi
12111 104th Ave E Puyallup, WA	1.0–3.0	1.0–2.0	902	$1,867	$2.07	6d	1	1.09mi
12006 108th Avenue Ct E Puyallup, WA	3.0	1.0	1000	$2,000	$2.00	4d	1	1.13mi
9021 128th St E Puyallup, WA	2.0	1.0	952	$2,175	$2.28	44d	1	1.14mi
13314 86th Ave E Unit A South Hill, WA	2.0	1.0	864	$1,750	$2.03	16d	1	1.26mi
502 43rd Ave SE Puyallup, WA	2.0	2.0	1100	$2,810	$2.55	4d	1	1.26mi
9921 158th St E Puyallup, WA	2.0	1.0	1100	$2,400	$2.18	13d	1	1.31mi
13104 86 Ave E #13100 Puyallup, WA	2.0	1.0	800	$1,725	$2.16	25d	1	1.31mi
13104 86th Ave E Puyallup, WA	2.0	1.0	800	$1,725	$2.16	44d	1	1.31mi
12317 121st Avenue Ct E Puyallup, WA	2.0	2.0	1034	$2,400	$2.32	0d	1	1.39mi
12317 121st Avenue Ct E Puyallup, WA	2.0	2.0	1034	$2,400	$2.32	18d	1	1.39mi
15623 90th Avenue Ct E Puyallup, WA	3.0	2.0	1286	$3,065	$2.38	12d	1	1.48mi
15623 90th Avenue Ct E Puyallup, WA	4.0	2.0	1286	$3,065	$2.38	13d	1	1.48mi

Listing history 4 events

1. 2026-05-07
   listed $169,000 Active
2. 2023-01-10
   soldstatus $149,950 Closed
3. 2022-12-11
   status Pending
4. 2022-11-09
   listed $149,950 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: $1,717 · $143/mo
• Projected year-2 tax: $1,717 · $143/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,079
• − Mortgage interest: −$9,467
• − Property taxes: −$1,717
• − Insurance: −$845
• − Repairs & maintenance: −$2,406
• − Management: −$2,406
• − Depreciation: −$4,916
• Taxable income: $8,322
• Est. tax owed @ 24.0%: −$1,997
• After-tax cash flow: $8,568/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 — South Hill

• Score: 80/100
• State rank: #84
• US rank: #1620

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Hill, WA
• County: Pierce County · 788,257 people
• City population: 76,707
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 49,007
• Household income: $112,662
• Rent vs Own: 29.5% rent · 70.5% own
• Severe rent burden: 1171.0

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 0.56)
• Race & ethnicity: White 64% Two or more races 16% Hispanic / Latino 13% Asian 7% Black 4% Native American 1% Pacific Islander 1%
• Hispanic origin (detail): Mexican 9% Puerto Rican 2%
• Common ancestry: Portuguese 6% Italian 3% Slovak 2%
• Foreign-born: 11% · Canada, South Korea, Vietnam
• Languages at home: 86% English-only · Spanish 7% Other Asian/Pacific 2% Other Indo-European 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: ▼ -431.48%
• Current HPI: 286.6617
• Rent YoY: ▲ 1.72%
• 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

+11.0% since first listed

6 events — show timeline

• 2026-06-15 Sold (MLS) $166,500 NWMLS as Distributed by MLS Grid
• 2026-05-23 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-07 Listed $169,000 NWMLS as Distributed by MLS Grid
• 2023-01-10 Sold (MLS) $149,950 NWMLS as Distributed by MLS Grid
• 2022-12-11 Pending — NWMLS as Distributed by MLS Grid
• 2022-11-09 Listed $149,950 NWMLS as Distributed by MLS Grid

Property tax history

+6.3%/yr

Latest (2026): $1,717 · +4.2% YoY. Source: county tax records.