8304 192nd Street Ct E #24 · Graham, WA 98387

$100,000

3 bd · 3.0 ba · 1,728 sqft · Manufactured public records · 129 Days on market

Built 1984 Est $181k · 45% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.9/10.0
• Rent growth +3.6/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor opportunity! Priced well below market value, this home is perfect for adding to your rental portfolio or customizing as a personal residence. Featuring a large living and dining area, the layout offers plenty of space for entertaining or relaxing. The spacious kitchen provides ample storage and prep space, while the generously sized bedrooms ensure comfort for all. Enjoy a large backyard—ideal for gardening, pets, or outdoor gatherings. Additional highlights include a 2-car carport and a brand-new tankless water heater. Don’t miss this value-packed opportunity in Spanaway!

Key facts

• 2-car carport
• Large backyard
• Spacious kitchen

Tags

• LARGE BACKYARD
• SPACIOUS KITCHEN
• 2-CAR CARPORT

Property features AI

Finance

• Other: Property condition: Fair
• Financial info: Listing terms: Cash; Land lease amount; Tax information
• HOA & community: Located in Crystal Pointe mobile home park; Park amenities include RV parking and security gate; Park approved for sale; Land lease

Exterior

• Parking: Carport
• Security: Security gate
• Utilities: Public water; Septic sewer; Electric power; Electric water heater (located in hallway)
• Home design: Manufactured double-wide home; One level; Mobile home remains
• Construction: Wood construction; Composition roof; Pillar/post/pier foundation with tie downs; Manufactured after 6/15/1976 (Champion)
• Exterior features: Wood products siding; Paved lot

Interior

• Bedrooms: 3 bedrooms
• Flooring: Carpet
• Bathrooms: 2 full baths; 1 half bath; 2 bathtubs
• Heating & cooling: Forced air heating; No cooling
• Interior features: Water heater; Security gate

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath manufactured listed at $100k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 27.8% 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); Liberty Middle School (936 students, 55% FRL); Graham Kapowsin High School (2,011 students, 49% FRL).
• Market conditions: Rents rising fast (+4.2%/yr); 388 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• This rent runs 35% of the median local income ($107k/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 $691 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 + 4.2% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 129 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.

Recommended offer $88,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 129 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. 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: 3.11% ✓
• Cap rate: 27.79%
• Cash-on-cash: 76.79%
• DSCR: 4.42
• GRM: 2.7

CMA / ARV

• ARV (on-the-fly): $181,440
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8215 192nd Street Ct E #34	0.05mi	4/2.0 (+1)	1,782 (+3%)	4mo	$190,000	$107	80
8102 195th St E #95	0.17mi	3/2.0	1,778 (+3%)	5mo	$180,000	$101	79
8009 195th St E #89	0.21mi	3/2.0	1,772 (+2%)	5mo	$125,000	$71	78
8004 195th St E #91	0.25mi	3/2.0	1,726 (-0%)	18mo	$149,900	$87	69
8004 192nd Street Ct E #10	0.20mi	4/2.0 (+1)	1,782 (+3%)	11mo	$230,000	$129	67
8104 194th St E #51	0.15mi	4/2.0 (+1)	1,778 (+3%)	15mo	$145,000	$82	66
8417 195th St E #121	0.14mi	4/2.0 (+1)	1,782 (+3%)	16mo	$175,000	$98	66
8216 195th St E #103	0.14mi	3/2.0	1,613 (-7%)	22mo	$173,950	$108	60
20306 77th Ave E	0.74mi	3/2.5	1,716 (-1%)	18mo	$180,000	$105	48
7725 203rd Street Ct E #27	0.72mi	4/2.0 (+1)	1,782 (+3%)	10mo	$198,000	$111	44
20315 77th Ave E #31	0.70mi	3/2.0	1,847 (+7%)	17mo	$184,000	$100	38
7218 191st Street Ct E	0.67mi	4/2.0 (+1)	1,848 (+7%)	14mo	$480,000	$260	37

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 · 4.24% rent growth · sell at horizon

5-year hold

• IRR: 78.2%
• Equity multiple: 4.64×
• Total profit: $101,871
• Equity at exit: $14,910

10-year hold

• IRR: 82.0%
• Equity multiple: 10.01×
• Total profit: $252,302
• Equity at exit: $8,646

Cash invested: $28,000 (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 98387

• Rents YoY: 4.2%
• Active inventory: 388
• Price-to-rent: 2.7×

Monthly cashflow live

• Estimated rent: $3,109 high
• Mortgage (P&I): −$524
• Tax from tax record: −$98 /mo · $1,178/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$653
• Net cashflow: $1,792

Break-even live

Break-even rent $841

Max offer price $100,000

Occupancy floor 37%

Sensitivity live

Price	-10% $1,848	-5% $1,820	+0% $1,792	+5% $1,763	+10% $1,735
Rent	-10% $1,546	-5% $1,669	+0% $1,792	+5% $1,915	+10% $2,037
Rate	-1.0pp $1,842	-0.5pp $1,817	base $1,792	+0.5pp $1,766	+1.0pp $1,739

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19605 84th Ave E Spanaway, WA	3.0	2.5	1916	$3,050	$1.59	25d	1	0.20mi
20519 80th Ave E Spanaway, WA	4.0	2.5	2031	$2,925	$1.44	6d	1	0.80mi
20121 70th Ave E Spanaway, WA	4.0	3.0	1680	$2,950	$1.76	0d	1	0.96mi
18317 96th Ave E Puyallup, WA	4.0	2.5	2150	$5,500	$2.56	45d	1	1.00mi
18511 97th Ave E Puyallup, WA	3.0	2.5	2104	$2,895	$1.38	19d	1	1.01mi
17814 75th Ave E Puyallup, WA	2.0	1.5	1064	$2,295	$2.16	22d	1	1.02mi
20624 74th Ave E Spanaway, WA	4.0	2.5	2197	$1,400	$0.64	0d	1	1.07mi
19906 100th Avenue Ct E Graham, WA	3.0	2.0	1322	$2,749	$2.08	18d	1	1.11mi
8345 175th Street Ct E Puyallup, WA	2.0	2.5	1588	$2,300	$1.45	14d	1	1.11mi
17908 72nd Ave E Puyallup, WA	3.0	2.5	1719	$1,400	$0.81	25d	1	1.11mi
7513 177th Street Ct E Puyallup, WA	1.0–4.0	1.0–2.5	1243	$2,940	$2.37	11d	7	1.13mi
7343 177th St E Puyallup, WA	3.0	3.0	1962	$2,795	$1.42	23d	1	1.17mi
10234 194th St E Graham, WA	2.0	1.0–2.5	1231	$2,252	$1.83	0d	17	1.26mi
10110 184th St E Puyallup, WA	3.0	2.5	1582	$2,595	$1.64	45d	1	1.28mi

Listing history 16 events

1. 2026-06-21
   days on market $100,000 Active 129 DOM
2. 2026-06-18
   days on market $100,000 Active 126 DOM
3. 2026-06-17
   days on market $100,000 Active 125 DOM
4. 2026-06-16
   days on market $100,000 Active 124 DOM
5. 2026-06-15
   days on market $100,000 Active 123 DOM
6. 2026-06-13
   days on market $100,000 Active 121 DOM
7. 2026-06-13
   days on market $100,000 Active 120 DOM
8. 2026-06-09
   days on market $100,000 Active 117 DOM
9. 2026-06-08
   days on market $100,000 Active 116 DOM
10. 2026-06-07
    days on market $100,000 Active 115 DOM
11. 2026-06-04
    days on market $100,000 Active 112 DOM
12. 2026-06-03
    days on market $100,000 Active 111 DOM
13. 2026-06-02
    days on market $100,000 Active 110 DOM
14. 2026-06-01
    days on market $100,000 Active 109 DOM
15. 2026-05-31
    days on market $100,000 Active 108 DOM
16. 2026-02-12
    listed $100,000 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: $1,178 · $98/mo
• Projected year-2 tax: $1,178 · $98/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate 7 d/yr ≥87°F today · 14 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: $37,307
• − Mortgage interest: −$5,602
• − Property taxes: −$1,178
• − Insurance: −$500
• − Repairs & maintenance: −$2,985
• − Management: −$2,985
• − Depreciation: −$2,909
• Taxable income: $21,149
• Est. tax owed @ 24.0%: −$5,076
• After-tax cash flow: $16,425/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 — 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): 50,774
• Household income: $106,872
• Rent vs Own: 22.6% rent · 77.4% own
• Severe rent burden: 807.0

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 0.68)
• Race & ethnicity: White 53% Two or more races 18% Hispanic / Latino 16% Black 10% Asian 6% Pacific Islander 4%
• Hispanic origin (detail): Mexican 10% Puerto Rican 2%
• Common ancestry: Portuguese 3% Italian 3% Slovak 2%
• Foreign-born: 11% · Canada, South Korea
• Languages at home: 82% English-only · Spanish 7% Russian/Polish/Slavic 2% Other Asian/Pacific 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: ▼ -208.94%
• Current HPI: 308.0462
• Rent YoY: ▲ 4.24%
• 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

• 2026-02-12 Listed $100,000 NWMLS as Distributed by MLS Grid

Property tax history

+10.3%/yr

Latest (2026): $1,178 · +7.8% YoY. Source: county tax records.