10106 192nd St Ct E #65 · South Hill, WA 98338

$149,999

3 bd · 2.0 ba · 1,512 sqft · Manufactured public records · 154 Days on market

Built 1988

---

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
• ARV discount +7.5/15.0
• Schools +4.9/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

55+ community • 1,512 sq ft • Heat pump • 2 decks • Near Meridian Ave E. Well-maintained 3-bedroom, 2 full bath manufactured home in Meridian Terrace, a 55+ community in Graham. 1,512 sq ft single-level layout with a spacious primary suite featuring an en suite bath with walk-in tub and a large walk-in closet. Living areas connect to two exterior covered decks for added outdoor space. Kitchen includes all appliances for move-in ready convenience. Equipped with a modern heat pump for efficient heating and cooling. Covered 2-car carport plus storage shed for additional utility. Low-maintenance yard. Located approx. .5 mile to Meridian Ave E (WA-161) with access to shopping

Key facts

• Built 1988
• Listed 154 days

Property features AI

Finance

• Other: Land lease amount applies
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Meridian Terrace park (approximately 74 homes); Land lease required

Exterior

• Parking: Carport; RV parking (park amenity)
• Utilities: Community water; Community septic; Electric power (TPU); Comcast cable connected; Xfinity internet
• Home design: Manufactured double-wide (Modul Ardmore); One story; Has view; Manufactured after 06/15/1976; Mobile home remains in place
• Construction: Wood construction; Composition roof; Double wide manufactured home
• Exterior features: Wood exterior products; Paved lot

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Vinyl; Carpet
• Bathrooms: 2 full bathrooms; 2 bathtubs; 2 showers
• Heating & cooling: Forced air heating; Heat pump cooling; Electric energy source
• Interior features: Water heater; Skylights; Walk-in closet; Bath off primary; Landscaped; Patio/porch/deck
• Laundry & utility: Washer; Dryer; Water heater located in laundry room; Shed storage attached to carport

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.6% 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.
• Bethel School District (suburban): math 47% / reading 59% proficiency, ranked #103 of 291 in WA (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.3%/yr); 232 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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).
• This rent runs 30% of the median local income ($115k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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 + 3.3% rent growth), your $42k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 154 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $9k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $128k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $131,999 (12.0% below list)

Questions for the listing agent

1. It's been on market 154 days. Have you received any prior offers? Is the seller open to a 12% 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 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?
5. 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.
6. 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.
7. 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: 1.94% ✓
• Cap rate: 17.64%
• Cash-on-cash: 40.53%
• DSCR: 2.80
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $322,056
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
18903 99th Avenue Ct E	0.23mi	3/2.0	1,496 (-1%)	6mo	$400,000	$267	83
9812 191st St E	0.19mi	3/2.0	1,500 (-1%)	12mo	$429,000	$286	80
19110 101st Ave E	0.07mi	3/2.0	1,344 (-11%)	3mo	$295,000	$219	76
10412 197th St E	0.35mi	3/2.0	1,508 (-0%)	16mo	$390,000	$259	70
9908 196th St E #50	0.26mi	3/2.0	1,592 (+5%)	12mo	$280,000	$176	69
10103 191st St E	0.12mi	2/2.0 (-1)	1,432 (-5%)	15mo	$305,000	$213	68
9905 196th St E #38	0.24mi	2/2.0 (-1)	1,452 (-4%)	16mo	$280,000	$193	64
19601 100th Avenue Ct E #27	0.23mi	2/2.0 (-1)	1,452 (-4%)	20mo	$260,000	$179	61
9911 196th Street Ct E	0.27mi	3/2.0	1,737 (+15%)	2mo	$359,000	$207	61
9813 196th St E #41	0.26mi	2/2.0 (-1)	1,452 (-4%)	21mo	$285,000	$196	59
9903 E 195th Street Ct E	0.22mi	3/2.0	1,731 (+14%)	9mo	$250,000	$144	58
19603 105th Avenue Ct E	0.37mi	3/2.0	1,300 (-14%)	21mo	$398,000	$306	42

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 · 3.32% rent growth · sell at horizon

5-year hold

• IRR: 37.3%
• Equity multiple: 2.59×
• Total profit: $66,929
• Equity at exit: $22,365

10-year hold

• IRR: 44.0%
• Equity multiple: 5.24×
• Total profit: $178,279
• Equity at exit: $12,969

Cash invested: $42,000 (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 98338

• Rents YoY: 3.3%
• Active inventory: 232
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $2,906 high
• Mortgage (P&I): −$787
• Tax from tax record: −$28 /mo · $341/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$610
• Net cashflow: $1,419

Break-even live

Break-even rent $1,111

Max offer price $149,999

Occupancy floor 46%

Sensitivity live

Price	-10% $1,503	-5% $1,461	+0% $1,419	+5% $1,376	+10% $1,334
Rent	-10% $1,189	-5% $1,304	+0% $1,419	+5% $1,533	+10% $1,648
Rate	-1.0pp $1,494	-0.5pp $1,457	base $1,419	+0.5pp $1,380	+1.0pp $1,340

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10234 194th St E Graham, WA	2.0	1.0–2.5	1231	$2,252	$1.83	0d	17	0.17mi
19906 100th Avenue Ct E Graham, WA	3.0	2.0	1322	$2,749	$2.08	17d	1	0.39mi
10110 184th St E Puyallup, WA	3.0	2.5	1582	$2,595	$1.64	44d	1	0.53mi
18511 97th Ave E Puyallup, WA	3.0	2.5	2104	$2,895	$1.38	18d	1	0.54mi
10423 Rainier Ridge Blvd E Puyallup, WA	1.0–3.0	1.0–2.0	1035	$3,330	$3.22	0d	27	0.57mi
18317 96th Ave E Puyallup, WA	4.0	2.5	2150	$5,500	$2.56	44d	1	0.63mi
18702 108th Ave E Puyallup, WA	4.0	2.5	1833	$3,100	$1.69	0d	1	0.72mi
18747 108th Ave E Puyallup, WA	4.0	2.0	1900	$3,200	$1.68	0d	1	0.73mi
18744 110th Ave E Unit NA Puyallup, WA	4.0	2.5	1824	$3,189	$1.75	24d	1	0.77mi
18225 113th Ave E Puyallup, WA	3.0	2.5	1770	$2,675	$1.51	15d	1	0.98mi
11420 184th Street Ct E Puyallup, WA	3.0	2.0	1554	$1,700	$1.09	17d	1	1.03mi
19605 84th Ave E Spanaway, WA	3.0	2.5	1916	$3,050	$1.59	25d	1	1.05mi
11621 189th St E Puyallup, WA	3.0	2.5	1861	$2,595	$1.39	17d	1	1.11mi
18606 116th Ave E Puyallup, WA	3.0	3.0	2049	$2,250	$1.10	15d	1	1.11mi

Listing history 21 events

1. 2026-06-18
   days on market $149,999 Active 154 DOM
2. 2026-06-17
   days on market $149,999 Active 153 DOM
3. 2026-06-16
   days on market $149,999 Active 152 DOM
4. 2026-06-15
   days on market $149,999 Active 151 DOM
5. 2026-06-13
   days on market $149,999 Active 149 DOM
6. 2026-06-13
   days on market $149,999 Active 148 DOM
7. 2026-06-09
   days on market $149,999 Active 145 DOM
8. 2026-06-08
   days on market $149,999 Active 144 DOM
9. 2026-06-07
   days on market $149,999 Active 143 DOM
10. 2026-06-04
    days on market $149,999 Active 140 DOM
11. 2026-06-03
    days on market $149,999 Active 139 DOM
12. 2026-06-02
    days on market $149,999 Active 138 DOM
13. 2026-06-01
    days on market $149,999 Active 137 DOM
14. 2026-05-31
    days on market $149,999 Active 136 DOM
15. 2026-04-23
    price $149,999
16. 2026-02-24
    price $157,500
17. 2026-01-15
    listed $159,000 Active
18. 2023-04-10
    soldstatus $127,950 Closed
19. 2023-03-13
    status Pending
20. 2023-03-03
    price $129,950
21. 2023-02-15
    listed $142,450 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: $341 · $28/mo
• Projected year-2 tax: $1,470 · $122/mo
• Expected delta: +$1,129/yr (+$94/mo · 331.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $34,878
• − Mortgage interest: −$8,402
• − Property taxes: −$341
• − Insurance: −$750
• − Repairs & maintenance: −$2,790
• − Management: −$2,790
• − Depreciation: −$4,364
• Taxable income: $15,440
• Est. tax owed @ 24.0%: −$3,706
• After-tax cash flow: $13,317/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: Bethel School District
• NCES district ID: 5300480
• Math proficiency: 47% ▬ 0.00%
• Reading proficiency: 59% ▲ 2.00%
• Median HH income: $65,872
• Composite: 48.66/100
• National rank: #4568
• State rank: #103 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): 32,687
• Household income: $114,819
• Rent vs Own: 15.5% rent · 84.5% own
• Severe rent burden: 236.0

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 (71%)
• Race & ethnicity: White 71% Two or more races 15% Hispanic / Latino 12% Asian 3% Black 3% Pacific Islander 2% Native American 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 4% Portuguese 4% Iranian 3%
• Foreign-born: 7% · Canada, South Korea, China
• Languages at home: 88% English-only · Spanish 5% 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: ▼ -501.28%
• Current HPI: 304.4241
• Rent YoY: ▲ 3.32%
• 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

+5.3% since first listed

7 events — show timeline

• 2026-04-23 Price Changed $149,999 NWMLS as Distributed by MLS Grid
• 2026-02-24 Price Changed $157,500 NWMLS as Distributed by MLS Grid
• 2026-01-15 Listed $159,000 NWMLS as Distributed by MLS Grid
• 2023-04-10 Sold (MLS) $127,950 NWMLS as Distributed by MLS Grid
• 2023-03-13 Pending — NWMLS as Distributed by MLS Grid
• 2023-03-03 Price Changed $129,950 NWMLS as Distributed by MLS Grid
• 2023-02-15 Listed $142,450 NWMLS as Distributed by MLS Grid

Property tax history

-1.0%/yr

Latest (2026): $341 · -77.5% YoY. Source: county tax records.