7311 Chambers Creek Rd W #9

University Place, WA 98467

$68,000B

2 bd · 1.0 ba · 672 sqft · Built 1982 · Manufactured · Pending · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,538/mo
• Mortgage (P&I): −$357
• Tax + insurance: −$72
• HOA: −$0
• Vac / Maint / Mgmt: −$323
• Net cashflow: $787/mo
• Annual: $9,442/yr
• Cap rate: 20.18%
• Cash-on-cash: 49.59%
• DSCR: 3.21
• 1% rule: 2.26%
• Cash to close: $19,040

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $68k.
• At list price, monthly cash flow is $787 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $68k).
• It's been on market 38 days — a 3% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $66k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $470 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 87/100 on livability (#17 in WA, #320 nationally) — a professional / high-income tenant draw. Strengths: schools A+, commute A+, employment A+; Watch: cost of living F.
• University Place School District (suburban): math 70% / reading 77% proficiency, ranked #14 of 291 in WA (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 69 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• Pierce County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 26y 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.
• Current owner paid $50k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 20.2% vs local median 2.2% in University Place — 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.

Questions for listing agent

• It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.