5714 118th Avenue Ct #15 · North Puyallup, WA 98372

$149,000

3 bd · 2.0 ba · 1,334 sqft · Manufactured public records · 75 Days on market

Built 1980 $112/sqft · 32% above area Est $113k · 32% over

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.4/10.0
• Livability +4.2/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Move in ready! ALL NEW Fresh paint, new floors, kitchen counters, stainless sink with Kohler faucets, refrigerator, range & hood , new over sink lighting, New washer & dryer. Huge living room , new dishwasher, big liv rm, lrg primary bed rm with primary bath. Walk in shower with built in seat, new tub surround in both baths. Beamed ceiling in living room, built in hutch with lighting. Ceiling fan in family room. Carport with a lot of storage. New skirting, large open space behind this home that is maintained by the park. Nice size deck to sit and relax and enjoy the large rhododendron's that give shade, privacy & their beauty to enjoy sitting on the large deck. Electricit

Key facts

• New floors
• Fresh paint
• Kitchen counters

Tags

• FRESH PAINT
• NEW FLOORS
• KITCHEN COUNTERS
• NEW WASHER
• NEW DRYER
• BEAMED CEILING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $149k.

Deal economics

• At list price, monthly cash flow is $927 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Recommended offer: $140k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 85/100 on livability (#25 in WA, #468 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, housing A+; Watch: employment C-.
• 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 fast (+4.5%/yr); 167 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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 + 4.5% rent growth), your $42k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($140k) is reasonable based on typical stale-listing flexibility.

Recommended offer $140,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% 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: 1.58% ✓
• Cap rate: 13.76%
• Cash-on-cash: 26.65%
• DSCR: 2.19
• GRM: 5.3

CMA / ARV

• ARV (median comp): $113,010
• List price: $149,000
• Delta: 31.85%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5707 118th Avenue Ct E #5	0.03mi	2/2.0 (-1)	1,152 (-14%)	1mo	$106,500	$92	70
5718 120th Avenue Ct E	0.14mi	2/2.0 (-1)	1,244 (-7%)	20mo	$65,000	$52	61
5716 120th Avenue Ct E Unit D	0.14mi	2/2.0 (-1)	1,224 (-8%)	20mo	$105,000	$86	58
10703 62nd St E #82	0.72mi	3/2.0	1,296 (-3%)	6mo	$120,000	$93	57
5621 112th Avenue Ct E #20	0.37mi	2/2.0 (-1)	1,248 (-6%)	16mo	$148,000	$119	54
11120 Morning Side Dr E	0.48mi	3/2.0	1,512 (+13%)	4mo	$400,000	$265	52
5317 Monta Vista Dr E	0.50mi	4/2.0 (+1)	1,404 (+5%)	14mo	$460,000	$328	52
10702 61st St E #105	0.72mi	3/2.0	1,344 (+1%)	21mo	$129,950	$97	48
10707 60th Street Ct E #151	0.68mi	2/2.0 (-1)	1,243 (-7%)	21mo	$125,000	$101	34
10626 61st St E #104	0.75mi	3/2.0	1,531 (+15%)	15mo	$195,570	$128	28

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 · 4.46% rent growth · sell at horizon

5-year hold

• IRR: 22.1%
• Equity multiple: 1.92×
• Total profit: $38,344
• Equity at exit: $22,216

10-year hold

• IRR: 31.0%
• Equity multiple: 3.97×
• Total profit: $124,074
• Equity at exit: $12,883

Cash invested: $41,720 (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 98372

• Rents YoY: 4.5%
• Active inventory: 167
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $2,349 high
• Mortgage (P&I): −$781
• Tax from tax record: −$86 /mo · $1,030/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$493
• Net cashflow: $927

Break-even live

Break-even rent $1,176

Max offer price $149,000

Occupancy floor 56%

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5406 122nd Ave E Unit B Edgewood, WA	2.0	1.0	1400	$2,425	$1.73	5d	1	0.32mi
4908 110th Ave Ct E Edgewood, WA	3.0	2.0	1100	$2,395	$2.18	18d	1	0.72mi
4908 110th Avenue Ct E #3 Edgewood, WA	3.0	2.0	1058	$2,395	$2.26	12d	1	0.72mi
4824 110th Avenue Ct E Edgewood, WA	1.0–2.0	1.0	775	$2,050	$2.65	5d	3	0.74mi
1617 E Main Puyallup, WA	1.0–2.0	1.0–2.0	930	$2,151	$2.31	2d	30	0.80mi
6808 112th Ave E Unit B Puyallup, WA	3.0	1.5	1400	$2,300	$1.64	44d	1	0.83mi
407 Valley Ave NE Puyallup, WA	1.0–3.0	1.0–2.0	923	$2,499	$2.71	44d	1	0.87mi
10710 48th St E Unit A Edgewood, WA	2.0	1.0	898	$2,295	$2.56	44d	1	0.89mi
513 5th St NE Puyallup, WA	3.0	1.0	1140	$2,575	$2.26	44d	1	0.95mi
721 2nd Ave NE Puyallup, WA	2.0	1.5	1000	$1,895	$1.90	24d	1	1.00mi
719 2nd Ave NE Apt 2 Puyallup, WA	2.0	1.5	1000	$1,895	$1.90	5d	1	1.00mi
501 2nd Ave NE Puyallup, WA	1.0–2.0	1.0–2.0	1506	$2,299	$1.53	44d	17	1.13mi
501 2nd St NE Puyallup, WA	1.0–2.0	1.0–2.0	850	$2,299	$2.70	5d	11	1.13mi
3107 E Main Ave Puyallup, WA	1.0–3.0	1.0–2.0	963	$2,622	$2.72	2d	30	1.15mi
507 15th St SE Puyallup, WA	3.0	2.5	1737	$2,750	$1.58	5d	1	1.20mi
516 16th St SE Puyallup, WA	2.0	1.0	950	$1,895	$1.99	24d	1	1.22mi
1228 Fryar Ave Sumner, WA	1.0–3.0	1.0–2.0	906	$3,005	$3.31	2d	23	1.32mi
1402 7th Ave SE Unit B Puyallup, WA	3.0	2.5	1351	$2,300	$1.70	44d	1	1.34mi
1218 7th Ave SE Unit 1208 Puyallup, WA	2.0	1.0	885	$2,145	$2.42	24d	1	1.38mi

Listing history 15 events

1. 2026-06-18
   days on market $149,000 Active 75 DOM
2. 2026-06-17
   days on market $149,000 Active 74 DOM
3. 2026-06-16
   days on market $149,000 Active 73 DOM
4. 2026-06-15
   days on market $149,000 Active 72 DOM
5. 2026-06-13
   days on market $149,000 Active 70 DOM
6. 2026-06-13
   days on market $149,000 Active 69 DOM
7. 2026-06-09
   days on market $149,000 Active 66 DOM
8. 2026-06-08
   days on market $149,000 Active 65 DOM
9. 2026-06-07
   days on market $149,000 Active 64 DOM
10. 2026-06-04
    days on market $149,000 Active 61 DOM
11. 2026-06-03
    days on market $149,000 Active 60 DOM
12. 2026-06-02
    days on market $149,000 Active 59 DOM
13. 2026-06-01
    days on market $149,000 Active 58 DOM
14. 2026-05-31
    days on market $149,000 Active 57 DOM
15. 2026-04-04
    listed $149,000 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: $1,030 · $86/mo
• Projected year-2 tax: $1,460 · $122/mo
• Expected delta: +$430/yr (+$36/mo · 41.8%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 21% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥89°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,190
• − Mortgage interest: −$8,346
• − Property taxes: −$1,030
• − Insurance: −$745
• − Repairs & maintenance: −$2,255
• − Management: −$2,255
• − Depreciation: −$4,335
• Taxable income: $9,224
• Est. tax owed @ 24.0%: −$2,214
• After-tax cash flow: $8,905/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 — North Puyallup

• Score: 85/100
• State rank: #25
• US rank: #468

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Puyallup, WA
• County: Pierce County · 788,257 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 26,012
• Household income: $98,152
• Rent vs Own: 47.5% rent · 52.5% own
• Severe rent burden: 871.0

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 (73%)
• Race & ethnicity: White 73% Two or more races 10% Hispanic / Latino 8% Asian 6% Black 3% Pacific Islander 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Lithuanian 4% Romanian 4% Subsaharan African 3%
• Foreign-born: 13% · Canada, South Korea, China
• Languages at home: 81% English-only · Russian/Polish/Slavic 5% Spanish 4% Other Asian/Pacific 3%

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: ▼ -283.81%
• Current HPI: 309.7871
• Rent YoY: ▲ 4.46%
• 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

• 2026-04-04 Listed $149,000 NWMLS as Distributed by MLS Grid

Property tax history

+29.8%/yr

Latest (2026): $1,030 · +15.0% YoY. Source: county tax records.