506 195th Ave E unit 2 E #2 · Lake Tapps, WA 98391

$95,000

2 bd · 1.0 ba · 940 sqft · Manufactured public records · 6 Days on market

Built 1984 Est $94k · at est.

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +7.1/10.0
• ARV discount +7.0/15.0
• Rent growth +3.4/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

ALL AGES PARK with 2 BEDS 1 BATH PLUS A BONUS ROOM GREAT LOCATION WATER AND SEWER ARE INCLUED IN THE RENT SPACE $945.Nice and big porch big back yard 2 STORAGES ready to move in. 3 parking space the house offers a great open floorplan with spacious living room large kitchen close to stores gas stations groceries store and much more

Key facts

• Big porch
• Big back yard
• Open floorplan

Tags

• BIG PORCH
• BIG BACK YARD
• OPEN FLOORPLAN
• SPACIOUS LIVING ROOM
• LARGE KITCHEN
• 2 STORAGES

Property features AI

Finance

• Other: Bus line nearby
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Located in Beau View Mobile Park; Park approved for sale; Pets allowed — see remarks; Land lease: $945

Exterior

• Parking: Uncovered parking; 3 open parking spaces; RV parking available in park
• Utilities: Electric power; Share well water; Concast cable; Concast internet
• Home design: Manufactured single-wide home; Single level; Faces east; Model 16/14
• Construction: Metal/Vinyl construction materials; Torch down roof; Tie-down foundation; Manufactured house structure; Built as a single-wide model
• Exterior features: Metal/Vinyl exterior; Cul-de-sac lot; Has a view

Interior

• Kitchen: Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Laminate flooring; Vinyl flooring
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Forced air cooling
• Interior features: Dining room; Kitchen with eating space; Living room; Utility room; Refrigerator; Stove/Range
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $95k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $95k).
• Cap rate 21.9% 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 $657 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.
• At projected returns (-3.0% appreciation + 3.5% rent growth), your $27k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $95,000

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 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?
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: 2.42% ✓
• Cap rate: 21.87%
• Cash-on-cash: 55.62%
• DSCR: 3.47
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $94,000
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
407 195 Ave E #13	0.10mi	2/1.0	924 (-2%)	12mo	$92,200	$100	82

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: 54.4%
• Equity multiple: 3.41×
• Total profit: $64,208
• Equity at exit: $14,165

10-year hold

• IRR: 59.7%
• Equity multiple: 7.07×
• Total profit: $161,493
• Equity at exit: $8,214

Cash invested: $26,600 (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: 3.4×

Monthly cashflow live

• Estimated rent: $2,296 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$43 /mo · $517/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$482
• Net cashflow: $1,233

Break-even live

Break-even rent $735

Max offer price $95,000

Occupancy floor 41%

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18601 4th St E Unit 15 Lake Tapps, WA	2.0	1.0	800	$1,500	$1.88	21d	1	0.54mi
6821 Udall Pl SE Auburn, WA	1.0–3.0	1.0–2.0	923	$2,260	$2.45	1d	27	1.44mi

Listing history 7 events

1. 2026-06-19
   remarks 333-char remark
2. 2026-06-18
   days on market $95,000 Active 6 DOM
3. 2026-06-17
   pricedays on market $95,000 Active 5 DOM
4. 2026-06-16
   days on market $85,000 Active 4 DOM
5. 2026-06-15
   days on market $85,000 Active 3 DOM
6. 2026-06-13
   remarks 328-char remark
7. 2026-06-13
   listed $85,000 Active 1 DOM

ⓘ 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: $517 · $43/mo
• Projected year-2 tax: $931 · $78/mo
• Expected delta: +$414/yr (+$34/mo · 80.1%)

ⓘ 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: $27,551
• − Mortgage interest: −$5,321
• − Property taxes: −$517
• − Insurance: −$475
• − Repairs & maintenance: −$2,204
• − Management: −$2,204
• − Depreciation: −$2,764
• Taxable income: $14,065
• Est. tax owed @ 24.0%: −$3,376
• After-tax cash flow: $11,419/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: 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

• 2026-06-12 Listed $85,000 NWMLS as Distributed by MLS Grid

Property tax history

+5.6%/yr

Latest (2026): $517 · +10.5% YoY. Source: county tax records.