22118 128th St E · Prairie Ridge, WA 98391

$275,000

3 bd · 1.0 ba · 1,314 sqft · Manufactured public records · 16 Days on market

Built 1973 8,800 sqft lot Est $432k · 36% under $17/mo HOA · 1% of rent

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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 +23.5/30.0
• ARV discount +15.0/15.0
• DSCR +7.6/10.0
• Schools +5.7/10.0
• 1% rule +5.6/10.0
• Rent growth +3.4/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investment Opportunity! Large, fully fenced lot with 3-bedroom, 2-bath manufactured home in the Prairie Ridge community. Keep the home and renovate, or remove it and build something new! Newer appliances (fridge, dishwasher, w/ d - negotiable) and heat pump. Lot includes a paved driveway, an outbuilding/shop and RV parking with 50 amp hookup. Prairie Ridge residents enjoy access to two parks and a community hall. As-is, cash only.

Key facts

• Rv parking
• Access to two parks
• Paved driveway

Tags

• FULLY FENCED LOT
• PAVED DRIVEWAY
• OUTBUILDING SHOP
• RV PARKING
• 50 AMP HOOKUP
• ACCESS TO TWO PARKS

Property features AI

Finance

• Other: Living area reported as 1,314 square feet; Lot size approximately 0.202 acres; Tax and assessor details available but excluded
• Financial info: Listing terms: Cash
• HOA & community: HOA with an annual fee of $200 (covers common area maintenance; see remarks); Community features include a club house and park

Exterior

• Parking: Driveway; Uncovered parking for 2; RV parking
• Security: Security system; Fully fenced
• Utilities: Electric energy source; Public water (Tacoma); Septic sewer (septic tank); Puget Sound Energy power; Cable: Xfinity; Internet: Xfinity (other options may be available)
• Home design: Manufactured home (double wide) on land; One story; Main entry; Facing direction not specified; Model: Parkway; Make: FUQUA; Property condition: Fixer
• Construction: Metal/vinyl construction materials; Composition roof; Pillar/post/pier foundation; Built as a manufactured house (style: Manuf-Double Wide)
• Exterior features: Metal/vinyl exterior; Deck; Fully fenced yard; Outbuildings; RV parking; Cable TV available; Accessible approach with ramp; Level lot

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: Three bedrooms (all on the main level)
• Flooring: Vinyl; Carpet
• Bathrooms: One full bathroom; One three-quarter bathroom; Two showers; One bathtub
• Heating & cooling: Heat pump for heating and cooling
• Interior features: Ceiling fan(s); Dining room; Fireplace (pellet stove); Security system; Walk-in closet(s); Water heater (electric, located in utility room)
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $275k.

Deal economics

• At list price, monthly cash flow is $513 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $271k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 3.3% in Prairie Ridge — 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 63/100 on livability (#401 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: amenities F, commute F, cost of living D-.
• White River School District (suburban): math 57% / reading 68% proficiency, ranked #35 of 291 in WA (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: White River High School (1,263 students, 32% FRL).
• Market conditions: Rents rising (+3.5%/yr); 736 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($271k) is reasonable based on typical stale-listing flexibility.

Recommended offer $270,875 (1.5% below list)

Questions for the listing agent

1. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-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: 1.06% ✓
• Cap rate: 8.53%
• Cash-on-cash: 8.00%
• DSCR: 1.36
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $432,306
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12818 Prairie Ridge Dr E	0.10mi	3/2.0	1,188 (-10%)	3mo	$420,000	$354	73
12816 Ridge Cir E	0.40mi	3/2.0	1,344 (+2%)	3mo	$442,000	$329	71
22110 Cedarview Dr E	0.28mi	3/2.0	1,152 (-12%)	0mo	$401,000	$348	62
21204 128th Street Ct E	0.63mi	3/2.0	1,296 (-1%)	3mo	$454,950	$351	62
22019 127th St E	0.18mi	3/2.0	1,478 (+12%)	6mo	$450,000	$304	62
12319 223rd Ave E	0.25mi	3/2.0	1,188 (-10%)	8mo	$385,000	$324	62
21221 129th Street Ct E	0.60mi	3/2.0	1,239 (-6%)	4mo	$425,000	$343	55
12017 prairie ridge Dr E	0.54mi	3/2.0	1,387 (+6%)	8mo	$449,450	$324	55
21409 132nd St E	0.54mi	2/3.0 (-1)	1,340 (+2%)	6mo	$203,000	$151	53
13501 Ridgewood Dr E	0.61mi	2/2.0 (-1)	1,238 (-6%)	5mo	$354,950	$287	49
22006 134th St E	0.42mi	2/1.5 (-1)	1,152 (-12%)	7mo	$175,000	$152	47
13013 210th Avenue Ct E	0.74mi	3/2.0	1,188 (-10%)	4mo	$439,950	$370	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 · 3.47% rent growth · sell at horizon

5-year hold

• IRR: -3.6%
• Equity multiple: 0.86×
• Total profit: $-10,515
• Equity at exit: $41,003

10-year hold

• IRR: 6.6%
• Equity multiple: 1.50×
• Total profit: $38,565
• Equity at exit: $23,777

Cash invested: $77,000 (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 98391

• Rents YoY: 3.5%
• Active inventory: 736
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,912 medium
• Mortgage (P&I): −$1,442
• Tax from tax record: −$214 /mo · $2,564/yr
• Insurance: −$115
• HOA: −$17
• Vacancy / Maint / Mgmt: −$612
• Net cashflow: $513

Break-even live

Break-even rent $2,263

Max offer price $275,000

Occupancy floor 77%

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20021 117th St E Bonney Lake, WA	3.0	2.0	1344	$2,550	$1.90	1d	1	1.43mi

HOA detail

• Monthly dues: $17 · $204/yr

Listing history 13 events

1. 2026-06-18
   days on market $275,000 Active 16 DOM
2. 2026-06-17
   days on market $275,000 Active 15 DOM
3. 2026-06-16
   days on market $275,000 Active 14 DOM
4. 2026-06-15
   days on market $275,000 Active 13 DOM
5. 2026-06-13
   days on market $275,000 Active 11 DOM
6. 2026-06-13
   days on market $275,000 Active 10 DOM
7. 2026-06-09
   days on market $275,000 Active 7 DOM
8. 2026-06-08
   days on market $275,000 Active 6 DOM
9. 2026-06-07
   days on market $275,000 Active 5 DOM
10. 2026-06-04
    days on market $275,000 Active 2 DOM
11. 2026-06-03
    remarks 434-char remark
12. 2026-06-02
    remarks 421-char remark
13. 2026-06-02
    listed $275,000 Active 1 DOM

ⓘ 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: $2,564 · $214/mo
• Projected year-2 tax: $2,695 · $225/mo
• Expected delta: +$131/yr (+$11/mo · 5.1%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥87°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 11 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,947
• − Mortgage interest: −$15,404
• − Property taxes: −$2,564
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,796
• − Management: −$2,796
• − HOA: −$204
• − Depreciation: −$8,000
• Taxable income: $1,808
• Est. tax owed @ 24.0%: −$434
• After-tax cash flow: $5,725/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: White River School District
• NCES district ID: 5309780
• Math proficiency: 57% ▲ 3.00%
• Reading proficiency: 68% ▲ 6.00%
• Median HH income: $71,369
• Composite: 56.68/100
• National rank: #2423
• State rank: #35 of 291 in WA

Livability — Prairie Ridge

• Score: 63/100
• State rank: #401
• US rank: #16033

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Prairie Ridge, WA
• County: Pierce County · 788,257 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 59,240
• Household income: $135,037
• Rent vs Own: 14.3% rent · 85.7% own
• Severe rent burden: 528.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 11% Hispanic / Latino 9% Asian 4%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Portuguese 6% Italian 4% Lithuanian 4%
• Foreign-born: 6% · Canada, China, South Korea
• Languages at home: 92% English-only · Spanish 3% 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: ▼ -565.91%
• Current HPI: 294.2062
• Rent YoY: ▲ 3.47%
• 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

• 2026-06-01 Listed $275,000 NWMLS as Distributed by MLS Grid

Property tax history

+5.7%/yr

Latest (2026): $2,564 · +1283.7% YoY. Source: county tax records.