2024 99th St E · Midland, WA 98445

$150,000

3 bd · 2.0 ba · 896 sqft · Manufactured public records · 58 Days on market

Built 1977 7,250 sqft lot $167/sqft · 48% above area Est $102k · 48% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Value is in the land. Rare opportunity to acquire a 7,250 sq ft lot with an existing 1977 manufactured home in place. Property is suited for buyers, investors, or builders looking at replacement-home potential, redevelopment upside, or a future new construction project. Existing home is approximately 896 sq ft and public records reflect 3 bedrooms. Convenient Tacoma location with access to major commuter routes, nearby services, shopping, and daily amenities. Property is being sold for land value and future potential. Buyer to verify all information to their own satisfaction, including use, permits, utilities, development feasibility, manufactured home removal, and replacement options. Brin

Key facts

• 7
• 250 sq ft lot
• Shopping

Tags

• 7
• 250 SQ FT LOT
• NEARBY SERVICES
• SHOPPING
• DAILY AMENITIES
• REPLACEMENT-HOME POTENTIAL

Property features AI

Finance

• Other: Property condition: Fixer
• Financial info: Cash listing terms

Exterior

• Parking: Off-street parking; 2 uncovered parking spaces
• Utilities: Electric service; Public water (TPU); Septic tank sewer; Power: TPU; Cable: Xfinity; Internet: Xfinity
• Home design: Manufactured home (single wide) on land; One story; Faces west; Entry level: Main
• Construction: Metal/vinyl construction materials; Composition roof; Tie-down foundation; Manufactured house structure
• Exterior features: Metal/vinyl exterior; Paved lot; Cable TV available

Interior

• Bedrooms: 2 bedrooms on the main level; Possible 3rd bedroom
• Flooring: Vinyl; Carpet
• Bathrooms: 1 full bathroom; 2 half bathrooms; 1 bathtub; 2 showers
• Heating & cooling: Baseboard heating; No central air conditioning
• Interior features: Vinyl and carpet flooring; Level interior

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $727 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $146k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.6% vs local median 3.2% in Midland — 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 72/100 on livability (#208 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+; Watch: crime D, amenities F.
• Franklin Pierce School District (suburban): math 35% / reading 51% proficiency, ranked #197 of 291 in WA (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Midland Elementary (469 students, 76% FRL); Franklin Pierce High School (1,141 students, 59% FRL).
• Market conditions: Rents rising (+2.0%/yr); 237 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 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 + 2.0% rent growth), your $42k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 2 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: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 1.42% ✓
• Cap rate: 12.64%
• Cash-on-cash: 22.68%
• DSCR: 2.01
• GRM: 5.9

CMA / ARV

• ARV (median comp): $101,500
• List price: $150,000
• Delta: 47.78%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9526 20th Avenue Ct E	0.23mi	3/2.0	1,026 (+14%)	22mo	$345,000	$336	46

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 · 2.05% rent growth · sell at horizon

5-year hold

• IRR: 12.1%
• Equity multiple: 1.48×
• Total profit: $19,983
• Equity at exit: $22,365

10-year hold

• IRR: 20.3%
• Equity multiple: 2.64×
• Total profit: $68,866
• Equity at exit: $12,969

Cash invested: $42,000 (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 98445

• Rents YoY: 2.0%
• Active inventory: 237
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $2,124 high
• Mortgage (P&I): −$787
• Tax from tax record: −$35 /mo · $423/yr
• Insurance: −$62
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$446
• Net cashflow: $727

Break-even live

Break-even rent $1,204

Max offer price $150,000

Occupancy floor 61%

Sensitivity live

Price	-10% $812	-5% $770	+0% $727	+5% $685	+10% $642
Rent	-10% $559	-5% $643	+0% $727	+5% $811	+10% $895
Rate	-1.0pp $803	-0.5pp $765	base $727	+0.5pp $688	+1.0pp $649

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1111 99th Street Ct E Tacoma, WA	1.0–2.0	1.0	775	$1,450	$1.87	45d	4	0.63mi
11012 Portland Ave E Tacoma, WA	1.0–2.0	1.0–2.0	1260	$2,408	$1.91	0d	11	0.72mi
1106 106th St E Tacoma, WA	2.0	1.0	1100	$2,175	$1.98	45d	1	0.82mi
1017 110th Street Ct E Tacoma, WA	2.0	2.0	902	$1,762	$1.95	5d	3	1.03mi
1015 112th St E Tacoma, WA	3.0	1.0–2.0	833	$2,210	$2.65	3d	15	1.07mi
806 112th St E Parkland, WA	1.0–2.0	1.0–2.0	800	$1,500	$1.88	45d	1	1.23mi
11302 10th Avenue Ct E Tacoma, WA	3.0	1.0–2.0	869	$2,350	$2.70	5d	16	1.27mi
319 104th St E Tacoma, WA	3.0	1.0	990	$2,285	$2.31	5d	1	1.28mi
2621 80th St E Tacoma, WA	2.0	1.0	978	$2,100	$2.15	6d	1	1.28mi
416 111th St Ct E Tacoma, WA	1.0–3.0	1.0–2.0	925	$2,525	$2.73	0d	50	1.36mi

Listing history 17 events

1. 2026-06-21
   days on market $150,000 Active 58 DOM
2. 2026-06-18
   days on market $150,000 Active 55 DOM
3. 2026-06-17
   days on market $150,000 Active 54 DOM
4. 2026-06-16
   days on market $150,000 Active 53 DOM
5. 2026-06-15
   days on market $150,000 Active 52 DOM
6. 2026-06-13
   days on market $150,000 Active 50 DOM
7. 2026-06-13
   days on market $150,000 Active 49 DOM
8. 2026-06-09
   days on market $150,000 Active 46 DOM
9. 2026-06-08
   days on market $150,000 Active 45 DOM
10. 2026-06-07
    days on market $150,000 Active 44 DOM
11. 2026-06-04
    days on market $150,000 Active 41 DOM
12. 2026-06-03
    days on market $150,000 Active 40 DOM
13. 2026-06-02
    days on market $150,000 Active 39 DOM
14. 2026-06-01
    days on market $150,000 Active 38 DOM
15. 2026-05-31
    days on market $150,000 Active 37 DOM
16. 2026-04-24
    listed $150,000 Active
17. 2026-04-24
    listed $150,000 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: $423 · $35/mo
• Projected year-2 tax: $1,470 · $122/mo
• Expected delta: +$1,047/yr (+$87/mo · 247.6%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (shaded) · 76% 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 · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,490
• − Mortgage interest: −$8,402
• − Property taxes: −$423
• − Insurance: −$1,547
• − Repairs & maintenance: −$2,039
• − Management: −$2,039
• − Depreciation: −$4,364
• Taxable income: $6,676
• Est. tax owed @ 24.0%: −$1,602
• After-tax cash flow: $7,125/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: Franklin Pierce School District
• NCES district ID: 5302940
• Math proficiency: 35% ▬ 0.00%
• Reading proficiency: 51% ▲ 2.00%
• Median HH income: $49,240
• Composite: 39.18/100
• National rank: #8227
• State rank: #197 of 291 in WA

Livability — Midland

• Score: 72/100
• State rank: #208
• US rank: #5731

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midland, WA
• County: Pierce County · 788,257 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 33,684
• Household income: $92,520
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 1085.0

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 0.69)
• Race & ethnicity: White 53% Two or more races 17% Hispanic / Latino 14% Black 10% Asian 6% Native American 4% Pacific Islander 3%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Portuguese 3% Lithuanian 2% Italian 2%
• Foreign-born: 12% · Canada, South Korea, Vietnam
• Languages at home: 81% English-only · Spanish 8% Other Asian/Pacific 3% Russian/Polish/Slavic 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: ▼ -471.23%
• Current HPI: 316.202
• Rent YoY: ▲ 2.05%
• 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

+0.0% since first listed

2 events — show timeline

• 2026-04-24 Listed $150,000 NWMLS as Distributed by MLS Grid
• 2026-04-24 Listed $150,000 NWMLS as Distributed by MLS Grid

Property tax history

+5.4%/yr

Latest (2026): $423 · +17.8% YoY. Source: county tax records.