22711 91st Avenue Ct E · Graham, WA 98338

$164,950

3 bd · 2.0 ba · 1,296 sqft · Manufactured · 31 Days on market

Built 1995 Good condition Est $130k · 27% over

---

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 +4.9/10.0
• Condition / age +3.8/5.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Fresh and move-in ready, this beautiful 1,296 sq. ft. home is located in a quiet all-ages community and feels just like home as soon as you enter. The spacious kitchen featuring a huge walk-in pantry opens to a bright great room and casual dining area, creating an inviting space for everyday living and entertaining. The private primary suite features a full adjoining bath with soaking tub and walk-in closet, while two additional bedrooms and a full bath are located on the opposite side of the home for added privacy and functionality. Enjoy relaxing mornings or evenings on the covered front deck and step outside to a peaceful and spacious backyard with a greenbelt setting for added privacy.

Key facts

• Greenbelt setting
• Spacious backyard
• Covered front deck

Tags

• WALK-IN PANTRY
• COVERED FRONT DECK
• SPACIOUS BACKYARD
• GREENBELT SETTING
• GARDENING BEDS

Property features AI

Finance

• Other: Buyer to verify schools
• Financial info: Listing terms: Cash or Conventional; Land lease amount applies
• HOA & community: Located in The Ridge manufactured home park; Park has approximately 40 homes; Park amenities include common area, high-speed internet availability, recreational area, and RV parking; Land lease applies

Exterior

• Parking: RV parking available in the park
• Utilities: Electric energy; Public water; Septic sewer; TPU power company; Xfinity internet available
• Home design: Manufactured home (double wide); One level; Entry level information not specified; Mobile home remains
• Construction: Wood construction; Composition roof; Tie down foundation (see remarks)
• Exterior features: Wood exterior; Wood 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; No cooling
• Interior features: Dining room; Family room; Living room; Kitchen with eating space; Utility room; Walk-in pantry; Jetted/soaking tub; Double pane windows; Landscaped; Patio/porch/deck
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $165k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $165k).
• Recommended offer: $160k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.8% vs local median 3.6% in Graham — 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 64/100 on livability (#373 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: crime C-, health & safety C-, amenities 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.
• Zoned schools: Elk Plain School of Choice (570 students, 39% FRL); Frontier Middle School (647 students, 44% FRL); Graham Kapowsin High School (2,011 students, 49% FRL).
• Market conditions: Rents rising (+3.3%/yr); 236 active listings in the ZIP; 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 + 3.3% rent growth), your $46k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($160k) is reasonable based on typical stale-listing flexibility.

Recommended offer $160,001 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 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. 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: 1.67% ✓
• Cap rate: 13.79%
• Cash-on-cash: 26.77%
• DSCR: 2.19
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $129,600
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22505 91st Ave E	0.06mi	3/2.0	1,344 (+4%)	6mo	$113,300	$84	86
22607 91st Avenue Ct E #10	0.02mi	3/2.0	1,344 (+4%)	15mo	$150,000	$112	80
9016 220th Street Ct E	0.40mi	3/2.0	1,288 (-1%)	3mo	$405,000	$314	78
22716 91st Avenue Ct E #40	0.04mi	3/2.0	1,232 (-5%)	20mo	$120,000	$97	73
22210 92nd Avenue Ct E #6	0.27mi	3/2.0	1,294 (-0%)	18mo	$130,000	$100	72
9005 219th Street Ct E	0.49mi	3/2.0	1,340 (+3%)	1mo	$380,000	$284	70
8911 226th St E #18	0.16mi	3/2.0	1,188 (-8%)	18mo	$105,000	$88	64

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: 21.0%
• Equity multiple: 1.86×
• Total profit: $39,820
• Equity at exit: $24,595

10-year hold

• IRR: 29.4%
• Equity multiple: 3.66×
• Total profit: $123,005
• Equity at exit: $14,262

Cash invested: $46,186 (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: 236
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $2,747 medium
• Mortgage (P&I): −$865
• Tax est. 1.5%: −$206 /mo · $2,474/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$577
• Net cashflow: $1,030

Break-even live

Break-even rent $1,443

Max offer price $164,950

Occupancy floor 57%

Sensitivity live

Price	-10% $1,144	-5% $1,087	+0% $1,030	+5% $973	+10% $916
Rent	-10% $813	-5% $922	+0% $1,030	+5% $1,139	+10% $1,247
Rate	-1.0pp $1,113	-0.5pp $1,072	base $1,030	+0.5pp $988	+1.0pp $944

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: $41,238
• Closing costs: $4,948
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $164,950 Active 31 DOM
2. 2026-06-18
   days on market $164,950 Active 28 DOM
3. 2026-06-17
   days on market $164,950 Active 27 DOM
4. 2026-06-16
   days on market $164,950 Active 26 DOM
5. 2026-06-15
   days on market $164,950 Active 25 DOM
6. 2026-06-13
   days on market $164,950 Active 23 DOM
7. 2026-06-13
   days on market $164,950 Active 22 DOM
8. 2026-06-09
   days on market $164,950 Active 19 DOM
9. 2026-06-08
   days on market $164,950 Active 18 DOM
10. 2026-06-07
    days on market $164,950 Active 17 DOM
11. 2026-06-04
    days on market $164,950 Active 14 DOM
12. 2026-06-03
    days on market $164,950 Active 13 DOM
13. 2026-06-02
    days on market $164,950 Active 12 DOM
14. 2026-06-01
    days on market $164,950 Active 11 DOM
15. 2026-05-31
    days on market $164,950 Active 10 DOM
16. 2026-05-21
    listed $164,950 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 3/10 Moderate FEMA zone X (unshaded) · 20% 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 9 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,966
• − Mortgage interest: −$9,240
• − Property taxes: −$2,474
• − Insurance: −$825
• − Repairs & maintenance: −$2,637
• − Management: −$2,637
• − Depreciation: −$4,799
• Taxable income: $10,354
• Est. tax owed @ 24.0%: −$2,485
• After-tax cash flow: $9,879/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.

Condition & rehab AI · 30 photos

Good 75/100 Cosmetic rehab

This move-in ready home offers a good condition with minor updates needed for a fresh look and increased value.

Repairs flagged

• Minor Kitchen cabinets — Worn appearance
• Minor Kitchen countertops — Need cleaning

Value-add opportunities

• Both Paint freshening — Fresh paint enhances curb appeal and interior
• Both Kitchen cabinet refinishing — Refinishing worn cabinets improves aesthetics and functionality
• Both Landscaping enhancement — Enhanced landscaping improves curb appeal and adds value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Worn appearance	Minor	$500–3,000
Kitchen countertops · Need cleaning	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint freshening — Fresh paint enhances curb appeal and interior ↑
• Both Kitchen cabinet refinishing — Refinishing worn cabinets improves aesthetics and functionality ↑
• Both Landscaping enhancement — Enhanced landscaping improves curb appeal and adds value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Graham

• Score: 64/100
• State rank: #373
• US rank: #14219

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Graham, WA
• County: Pierce County · 788,257 people
• City population: 32,687
• 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

1 event — show timeline

• 2026-05-21 Listed $164,950 NWMLS as Distributed by MLS Grid