11224 124th Street Ct E #60 · South Hill, WA 98374

$179,900

3 bd · 2.0 ba · 1,605 sqft · Manufactured public records · 47 Days on market

Built 1984 $112/sqft · 54% above area ↓ 10% since listing

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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

Like new! This 3 bedroom home has a list of updates and improvements! Kitchen is less than 2 years old with quartz counter tops, new flooring, soft close drawers, new hood, and a new Kohler farm sink! Plenty of places to eat and entertain here with an eating bar and a formal dining room open to the kitchen. Large living room plus a rec/room or den. The primary bedroom is expansive and features a private bath with quartz counters and a large walk in closet! The additional 2 bedrooms are big and the guest bath features a walk in shower! Enjoy the charming look of chair rails, new carpet and floors throughout this home. The utility room comes complete with the washer and dryer. There is more!

Key facts

• Soft close drawers
• Kohler farm sink
• Kitchen updates

Tags

• KITCHEN UPDATES
• QUARTZ COUNTER TOPS
• NEW FLOORING
• SOFT CLOSE DRAWERS
• NEW HOOD
• KOHLER FARM SINK

Property features AI

Finance

• Other: Buyer brokerage compensation: 2.5%; On market date: May 2, 2026
• Financial info: Listing terms: Cash or Conventional; Land lease: $1,261
• HOA & community: Located in Sans Souci park; Park amenities include clubhouse, common area, laundry, pool, recreational area, RV parking, sauna, spa/hot tub; Senior community (senior exemption applies); Pets: see remarks; Approximately 263 homes in park; Park approved for sale

Exterior

• Parking: Carport
• Utilities: Electric energy source; Public water (park metered); Septic sewer; Electric water heater; Power by PSE
• Home design: Manufactured double-wide home (Fleetwood); Updated/remodeled condition; One level; Has a view; Manufactured after 6/15/1976; Mobile home remains
• Construction: Wood construction; Composition roof; Tie-down foundation
• Exterior features: Wood exterior products; Patio/porch/deck; Paved lot

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Vinyl plank; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Water heater; Ceiling fan(s); Double-pane windows; Vaulted ceilings; Walk-in closet; Bath off primary
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $180k.

Deal economics

• At list price, monthly cash flow is $867 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Recommended offer: $175k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.1% 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); 440 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $50k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.

Recommended offer $174,503 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 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 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?
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: 1.48% ✓
• Cap rate: 12.08%
• Cash-on-cash: 20.65%
• DSCR: 1.92
• GRM: 5.6

CMA / ARV

• ARV (median comp): $116,447
• List price: $179,900
• Delta: 54.49%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11418 127th St E #189	0.19mi	3/2.0	1,542 (-4%)	4mo	$150,000	$97	81
11303 127th Street Ct E #164	0.20mi	2/2.0 (-1)	1,560 (-3%)	2mo	$144,950	$93	79
12615 113th St E #249	0.14mi	3/2.0	1,464 (-9%)	8mo	$116,950	$80	72
11301 126th St E #241	0.10mi	2/2.0 (-1)	1,425 (-11%)	1mo	$60,000	$42	71
11325 126th St E #229	0.10mi	2/2.0 (-1)	1,456 (-9%)	5mo	$139,900	$96	71
12606 113th Ave E #243	0.11mi	2/2.0 (-1)	1,715 (+7%)	10mo	$80,000	$47	70
12619 113th Ave E	0.15mi	3/2.0	1,449 (-10%)	10mo	$77,000	$53	68
11401 125th Street Ct E #218	0.12mi	3/2.0	1,404 (-12%)	8mo	$139,950	$100	67
12301 125th St E #103	0.65mi	2/2.0 (-1)	1,564 (-3%)	9mo	$164,000	$105	52
12223 125th St E #101	0.63mi	2/2.0 (-1)	1,729 (+8%)	1mo	$164,000	$95	52
12314 124th St E #17	0.71mi	2/2.0 (-1)	1,507 (-6%)	1mo	$150,000	$100	51
12227 123rd St Ct E #45	0.66mi	2/2.0 (-1)	1,500 (-6%)	9mo	$100,000	$67	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: 11.5%
• Equity multiple: 1.45×
• Total profit: $22,708
• Equity at exit: $26,824

10-year hold

• IRR: 19.5%
• Equity multiple: 2.54×
• Total profit: $77,452
• Equity at exit: $15,554

Cash invested: $50,372 (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: 440
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $2,671 high
• Mortgage (P&I): −$943
• Tax est. 1.5%: −$225 /mo · $2,698/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$561
• Net cashflow: $867

Break-even live

Break-even rent $1,574

Max offer price $179,900

Occupancy floor 63%

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12202 107th Avenue Ct E Puyallup, WA	4.0	1.5	1248	$2,850	$2.28	3d	1	0.37mi
12202 107th Avenue Ct E Puyallup, WA	4.0	1.5	1248	$3,000	$2.40	44d	1	0.37mi
10614 123rd Street Ct E Puyallup, WA	3.0	1.5	1584	$2,500	$1.58	44d	1	0.39mi
12724 104th Avenue Ct E Puyallup, WA	1.0–3.0	1.0–2.0	910	$2,345	$2.58	5d	8	0.52mi
12111 104th Ave E Puyallup, WA	1.0–3.0	1.0–2.0	902	$1,867	$2.07	5d	1	0.58mi
502 43rd Ave SE Puyallup, WA	2.0	2.0	1100	$2,810	$2.55	3d	1	0.59mi
12117 122nd Ave E Puyallup, WA	3.0	2.5	1549	$2,975	$1.92	2d	1	0.63mi
13011 Meridian E Puyallup, WA	1.0–3.0	1.0–2.0	942	$2,350	$2.49	2d	19	0.68mi
13404 106th Ave E Puyallup, WA	3.0	2.0	1404	$2,650	$1.89	24d	1	0.69mi
13011 122nd Avenue Ct E Puyallup, WA	3.0	2.5	2176	$3,100	$1.42	44d	1	0.72mi
13523 106th Ave E Puyallup, WA	3.0	2.0	1404	$2,650	$1.89	24d	1	0.79mi
12123 125th Avenue Ct E Puyallup, WA	2.0	2.0	1110	$2,100	$1.89	44d	1	0.85mi
12437 129th Ave E Puyallup, WA	2.0	1.5	1818	$2,400	$1.32	10d	1	1.01mi
13507 99th Ave E Puyallup, WA	1.0–2.0	1.0–2.5	994	$2,237	$2.25	2d	15	1.03mi
10511 140th Street Ct E #27 Puyallup, WA	3.0	3.0	1311	$2,650	$2.02	24d	1	1.07mi
13405 97th Ave E #308 Puyallup, WA	3.0	2.0	1085	$2,095	$1.93	44d	1	1.08mi
10414 140th St Ct E Puyallup, WA	4.0	2.5	1407	$2,595	$1.84	2d	1	1.11mi
13404 97th Ave E South Hill, WA	1.0–3.0	1.0–2.0	958	$2,155	$2.25	44d	3	1.12mi
11013 144th Street Ct E Unit O24-6-B Puyallup, WA	3.0	1.5	1400	$2,450	$1.75	44d	1	1.23mi

Listing history 16 events

1. 2026-06-18
   days on market $179,900 Active 47 DOM
2. 2026-06-17
   days on market $179,900 Active 46 DOM
3. 2026-06-16
   days on market $179,900 Active 45 DOM
4. 2026-06-15
   days on market $179,900 Active 44 DOM
5. 2026-06-13
   days on market $179,900 Active 42 DOM
6. 2026-06-13
   days on market $179,900 Active 41 DOM
7. 2026-06-09
   days on market $179,900 Active 38 DOM
8. 2026-06-08
   days on market $179,900 Active 37 DOM
9. 2026-06-07
   days on market $179,900 Active 36 DOM
10. 2026-06-04
    days on market $179,900 Active 33 DOM
11. 2026-06-03
    days on market $179,900 Active 32 DOM
12. 2026-06-02
    days on market $179,900 Active 31 DOM
13. 2026-06-01
    days on market $179,900 Active 30 DOM
14. 2026-05-31
    days on market $179,900 Active 29 DOM
15. 2026-05-11
    price $179,900
16. 2026-05-02
    listed $199,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 15 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: $32,054
• − Mortgage interest: −$10,077
• − Property taxes: −$2,698
• − Insurance: −$900
• − Repairs & maintenance: −$2,564
• − Management: −$2,564
• − Depreciation: −$5,233
• Taxable income: $8,016
• Est. tax owed @ 24.0%: −$1,924
• After-tax cash flow: $8,479/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

-9.6% since first listed

2 events — show timeline

• 2026-05-11 Price Changed $179,900 NWMLS as Distributed by MLS Grid
• 2026-05-02 Listed $199,000 NWMLS as Distributed by MLS Grid

Property tax history

-7.7%/yr

Latest (2026): $73 · +22.5% YoY. Source: county tax records.