23805 67th St E #6 · Lake Tapps, WA 98321

$280,000

3 bd · 2.0 ba · 1,512 sqft · Manufactured public records · 30 Days on market

Built 1998 Est $249k · 12% 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 +27.5/30.0
• DSCR +9.6/10.0
• 1% rule +6.7/10.0
• Schools +5.7/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +2.0/15.0
• Appreciation +0.0/10.0

Listing remarks

This home has too many updates to list!! This lovingly updated home in the sought after 55+ Golden Valley Estates gated community in Buckley is completely finished and ready for your enjoyment. Tucked back in a quiet cul-de-sac this home is the peace and quiet you have been searching for. Enjoy the new raised garden beds and additional storage out back with the 3 brand new sheds. Inside you will find a well maintained freshly painted interior in this 3 bedroom, 2 bath home with a den! The kitchen has plenty of space for entertaining and the recently updated primary bath keeps all your things separate when having guests over. This home has many more amazing updates you'll just have to see to

Key facts

• Quiet cul-de-sac
• Updated primary bath
• Raised garden beds

Tags

• RAISED GARDEN BEDS
• ADDITIONAL STORAGE
• NEW SHEDS
• FRESHLY PAINTED INTERIOR
• UPDATED PRIMARY BATH
• QUIET CUL-DE-SAC

Property features AI

Finance

• Other: Buyer to verify schools; Directions: GPS friendly
• Financial info: Land lease: $1,249/month; Listing terms: Cash or conventional
• HOA & community: Golden Valley park with 88 homes; Park approved for sale; Pets allowed: Cats and dogs; Senior community

Exterior

• Parking: Individual garage; Has garage; RV parking available in park
• Security: Security gate
• Utilities: Public water; Electric water heater (electric); Power: PSE; Energy sources: Electric and propane
• Home design: Manufactured home (double wide); One level; Entry level: One; Facing direction: Not specified; Model: 1057; Make: Palm Harbor Homes; Property condition: Good; Mobile home remains
• Construction: Wood construction; Composition roof; Concrete skirt; Concrete ribbon foundation; Manufactured after 6/15/1976
• Exterior features: Wood products siding; Patio/porch/deck; Landscaped; Cul-de-sac lot; Dead-end street; Paved access; Has view; Wood exterior

Interior

• Kitchen: Dishwasher; Double oven; Microwave; Refrigerator; Stove/Range; Garbage disposal
• Bedrooms: 3 bedrooms
• Flooring: Laminate
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Heating & cooling: Forced air heating; Heat pump; Central air conditioning; Has heating; Has cooling
• Interior features: Water heater (tankless); Skylights; Walk-in closet; Den/office; Dining room; Entry; Living room; Utility room; Bath off primary; Landscaped; Patio/porch/deck
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $280k.

Deal economics

• At list price, monthly cash flow is $827 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $280k).
• Recommended offer: $276k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 2.7% in Lake Tapps — 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 68/100 on livability (#289 in WA) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, cost of living F.
• 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.
• Market conditions: 235 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 $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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $78k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago 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.
• Current owner paid $230k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $275,800 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
3. 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.
4. 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.
5. 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: 1.17% ✓
• Cap rate: 9.84%
• Cash-on-cash: 12.66%
• DSCR: 1.56
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $249,480
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6610 243rd Ave E #98	0.23mi	3/2.0	1,566 (+4%)	15mo	$250,000	$160	71
6704 243rd Ave E #96	0.23mi	3/2.0	1,404 (-7%)	10mo	$195,000	$139	69
6707 243rd Ave E #78	0.26mi	3/2.0	1,620 (+7%)	22mo	$295,000	$182	58
24218 66th St E #100	0.23mi	3/2.0	1,728 (+14%)	12mo	$285,000	$165	55
24223 66th St E #69	0.25mi	2/2.0 (-1)	1,664 (+10%)	22mo	$265,000	$159	48
7507 242nd Avenue Ct E	0.60mi	3/2.0	1,395 (-8%)	17mo	$450,000	$323	45

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 2.4%
• Equity multiple: 1.09×
• Total profit: $7,247
• Equity at exit: $41,749

10-year hold

• IRR: 12.0%
• Equity multiple: 1.94×
• Total profit: $73,927
• Equity at exit: $24,209

Cash invested: $78,400 (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 98321

• Active inventory: 235
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $3,290 medium
• Mortgage (P&I): −$1,468
• Tax from tax record: −$187 /mo · $2,243/yr
• Insurance: −$117
• HOA: −$0
• Vacancy / Maint / Mgmt: −$691
• Net cashflow: $827

Break-even live

Break-even rent $2,243

Max offer price $280,000

Occupancy floor 70%

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $280,000 Active 30 DOM
2. 2026-06-17
   days on market $280,000 Active 29 DOM
3. 2026-06-16
   days on market $280,000 Active 28 DOM
4. 2026-06-15
   days on market $280,000 Active 27 DOM
5. 2026-06-13
   days on market $280,000 Active 25 DOM
6. 2026-06-13
   days on market $280,000 Active 24 DOM
7. 2026-06-09
   days on market $280,000 Active 21 DOM
8. 2026-06-08
   days on market $280,000 Active 20 DOM
9. 2026-06-07
   days on market $280,000 Active 19 DOM
10. 2026-06-04
    days on market $280,000 Active 16 DOM
11. 2026-06-03
    days on market $280,000 Active 15 DOM
12. 2026-06-02
    days on market $280,000 Active 14 DOM
13. 2026-06-01
    days on market $280,000 Active 13 DOM
14. 2026-05-31
    days on market $280,000 Active 12 DOM
15. 2026-05-19
    listed $280,000 Active
16. 2022-06-22
    soldstatus $230,000 Closed
17. 2022-05-18
    status Pending
18. 2022-04-13
    listed $230,000 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: $2,243 · $187/mo
• Projected year-2 tax: $2,744 · $229/mo
• Expected delta: +$501/yr (+$42/mo · 22.3%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥88°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 10 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,478
• − Mortgage interest: −$15,684
• − Property taxes: −$2,243
• − Insurance: −$1,400
• − Repairs & maintenance: −$3,158
• − Management: −$3,158
• − Depreciation: −$8,145
• Taxable income: $5,688
• Est. tax owed @ 24.0%: −$1,365
• After-tax cash flow: $8,559/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 — Lake Tapps

• Score: 68/100
• State rank: #289
• US rank: #10068

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 17,601

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 (87%)
• Race & ethnicity: White 87% Hispanic / Latino 6% Two or more races 5% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Portuguese 7% Italian 4% Lithuanian 3%
• Foreign-born: 2% · China, Canada
• Languages at home: 97% English-only · Spanish 1% 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: ▼ -206.67%
• Current HPI: 310.6568
• 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

+21.7% since first listed

4 events — show timeline

• 2026-05-19 Listed $280,000 NWMLS as Distributed by MLS Grid
• 2022-06-22 Sold (MLS) $230,000 NWMLS as Distributed by MLS Grid
• 2022-05-18 Pending — NWMLS as Distributed by MLS Grid
• 2022-04-13 Listed $230,000 NWMLS as Distributed by MLS Grid

Property tax history

+4.4%/yr

Latest (2026): $2,243 · +7.5% YoY. Source: county tax records.