312 2nd St W · Roy, WA 98580

$189,500

2 bd · 1.0 ba · 800 sqft · Manufactured · 372 Days on market

Built 1987 7,200 sqft lot

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Why this score? — see what drove the C+ 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 +25.7/30.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• Schools +4.9/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor alert! Prime corner lot with septic installed and city water on property—ready for your next project. Mature trees offer privacy and curb appeal, and the location provides easy access for future tenants or buyers. Minimal upfront costs with utilities in place make this a smart, low-risk addition to your portfolio. Ideal for building a rental, resale home, or placing a manufactured unit. Owner financing available, offering flexible terms to maximize ROI. Rare opportunity to secure a development-ready lot with high potential and low barrier to entry. Don’t miss this one!

Key facts

• Septic installed
• Easy access
• City water

Tags

• CORNER LOT
• SEPTIC INSTALLED
• CITY WATER
• MATURE TREES
• EASY ACCESS
• DEVELOPMENT READY LOT

Property features AI

Finance

• Other: Property considered value in land
• Financial info: Listing terms include cash-out and owner financing

Exterior

• Parking: Off-street parking
• Utilities: Community water; Septic tank sewer
• Home design: Single-wide manufactured home; One story; Manufactured on owned land
• Construction: Built in 1987 (effective year); Construction materials: see remarks; Roof: see remarks; Foundation details: see remarks
• Exterior features: Corner lot with garden space; Exterior details: see remarks

Interior

• Bedrooms: Two bedrooms on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Has heating (details: see remarks); No cooling
• Interior features: No basement; Level interior topography

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $190k.

Deal economics

• At list price, monthly cash flow is $386 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 3.0% in Roy — 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 61/100 on livability (#443 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A-; Watch: schools C-, crime C-, health & safety C-.
• 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: 106 active listings in the ZIP; 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 $6k 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 372 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $166,760 (12.0% below list)

Questions for the listing agent

1. It's been on market 372 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.08% ✓
• Cap rate: 9.16%
• Cash-on-cash: 10.24%
• DSCR: 1.46
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -3.1%
• Equity multiple: 0.88×
• Total profit: $-6,131
• Equity at exit: $28,255

10-year hold

• IRR: 6.6%
• Equity multiple: 1.49×
• Total profit: $26,252
• Equity at exit: $16,384

Cash invested: $53,060 (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 98580

• Home prices YoY: -17.1%
• Active inventory: 106
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,043 medium
• Mortgage (P&I): −$994
• Tax from tax record: −$89 /mo · $1,063/yr
• Insurance: −$79
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$429
• Net cashflow: $386

Break-even live

Break-even rent $1,554

Max offer price $189,500

Occupancy floor 76%

Sensitivity live

Price	-10% $493	-5% $440	+0% $386	+5% $333	+10% $279
Rent	-10% $225	-5% $305	+0% $386	+5% $467	+10% $548
Rate	-1.0pp $482	-0.5pp $434	base $386	+0.5pp $337	+1.0pp $287

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: $47,375
• Closing costs: $5,685
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $189,500 Active 372 DOM
2. 2026-06-18
   days on market $189,500 Active 369 DOM
3. 2026-06-17
   days on market $189,500 Active 368 DOM
4. 2026-06-16
   days on market $189,500 Active 367 DOM
5. 2026-06-15
   days on market $189,500 Active 366 DOM
6. 2026-06-13
   days on market $189,500 Active 364 DOM
7. 2026-06-13
   days on market $189,500 Active 363 DOM
8. 2026-06-09
   days on market $189,500 Active 360 DOM
9. 2026-06-08
   days on market $189,500 Active 359 DOM
10. 2026-06-07
    days on market $189,500 Active 358 DOM
11. 2026-06-04
    days on market $189,500 Active 355 DOM
12. 2026-06-03
    days on market $189,500 Active 354 DOM
13. 2026-06-02
    days on market $189,500 Active 353 DOM
14. 2026-06-01
    days on market $189,500 Active 352 DOM
15. 2026-05-31
    days on market $189,500 Active 351 DOM
16. 2026-01-02
    status Active
17. 2026-01-02
    status Active
18. 2025-06-12
    listed $189,500 Active
19. 2025-06-12
    listed $189,500 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: $1,063 · $89/mo
• Projected year-2 tax: $1,857 · $155/mo
• Expected delta: +$795/yr (+$66/mo · 74.8%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 7 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,515
• − Mortgage interest: −$10,615
• − Property taxes: −$1,063
• − Insurance: −$1,745
• − Repairs & maintenance: −$1,961
• − Management: −$1,961
• − Depreciation: −$5,513
• Taxable income: $1,657
• Est. tax owed @ 24.0%: −$398
• After-tax cash flow: $4,236/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 — Roy

• Score: 61/100
• State rank: #443
• US rank: #18100

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Roy, WA
• Population (ZIP): 11,472

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 (77%)
• Race & ethnicity: White 77% Two or more races 12% Hispanic / Latino 11% Black 3%
• Hispanic origin (detail): Mexican 8% Puerto Rican 2%
• Common ancestry: Portuguese 5% Italian 4% Romanian 4%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% German/W. Germanic 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: ▼ -70.93%
• Current HPI: 344.1901
• Rent YoY: —
• Metro: —
• 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

+0.0% since first listed

4 events — show timeline

• 2026-01-02 Relisted — NWMLS as Distributed by MLS Grid
• 2026-01-02 Relisted — NWMLS as Distributed by MLS Grid
• 2025-06-12 Listed $189,500 NWMLS as Distributed by MLS Grid
• 2025-06-12 Listed $189,500 NWMLS as Distributed by MLS Grid

Property tax history

+3.5%/yr

Latest (2026): $1,063 · +7.9% YoY. Source: county tax records.