19307 100th Ave E #70 · South Hill, WA 98338

$120,000

3 bd · 2.0 ba · 1,568 sqft · Manufactured · 70 Days on market

Built 1990 Average condition ↓ 24% since listing

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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
• ARV discount +7.5/15.0
• Schools +4.9/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.8/5.0
• Appreciation +0.0/10.0

Listing remarks

Tucked inside the welcoming 55+ community of Meridian Terrace, this charming 1990 Dartmouth home invites you to slow down and truly enjoy the space around you. Step inside and you’re greeted by an open, airy floor plan where updated floors shine and natural light pour in through generous windows. The spacious living room flows seamlessly into a formal dining area, perfect for gathering, celebrating, or simply enjoying everyday moments. Just beyond, the kitchen is ready for your next cooking adventure, while the sunny front nook offers the perfect spot for morning coffee, a cozy reading corner, or a bright home office. With 3 bedrooms and 2 baths, there’s room for comfort, guests

Key facts

• Open floor plan
• Sunny front nook
• Updated floors

Tags

• OPEN FLOOR PLAN
• UPDATED FLOORS
• NATURAL LIGHT
• FORMAL DINING AREA
• SUNNY FRONT NOOK
• COVERED PATIO

Property features AI

Finance

• Financial info: Accepts Cash and Conventional offers
• HOA & community: Land lease community (Meridian Terrace); Approximately 70 homes in the park; Senior community; Land lease amount $989/month; Park approved for sale

Exterior

• Parking: Carport; RV parking available in park
• Utilities: Electric energy source; Electric water heater; Community water provided by park; Sewer provided by park; Power provided by PSE; Internet available (Xfinity)
• Home design: Manufactured double-wide home; One level; Dartmouth make; Good condition; Manufactured after 6/15/1976; Mobile home remains on site
• Construction: Wood construction; Composition roof; Tie-down foundation
• Exterior features: Wood exterior products; Patio/porch/deck

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Vinyl; Vinyl plank
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Water heater; Skylights; Vaulted ceilings; Ceiling fan(s); Patio/porch/deck access; Bath off primary
• Laundry & utility: Washer; Dryer; Water heater located in laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $120k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $120k).
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• Cap rate 21.2% vs local median 3.0% in South Hill — 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 80/100 on livability (#84 in WA, #1,620 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: crime C-, schools D+, cost of living F.
• 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: Rents rising (+3.3%/yr); 232 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• This rent runs 31% of the median local income ($115k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $830 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 + 3.3% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y ago; this cycle's ask has dropped $30k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $112,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 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. Schools are D-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: 2.45% ✓
• Cap rate: 21.19%
• Cash-on-cash: 53.22%
• DSCR: 3.37
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $333,984
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9908 196th St E #50	0.18mi	3/2.0	1,592 (+2%)	12mo	$280,000	$176	79
18903 99th Avenue Ct E	0.24mi	3/2.0	1,496 (-5%)	6mo	$400,000	$267	76
9812 191st St E	0.15mi	3/2.0	1,500 (-4%)	12mo	$429,000	$286	76
9911 196th Street Ct E	0.19mi	3/2.0	1,737 (+11%)	2mo	$359,000	$207	71
9903 E 195th Street Ct E	0.14mi	3/2.0	1,731 (+10%)	9mo	$250,000	$144	69
19110 101st Ave E	0.13mi	3/2.0	1,344 (-14%)	3mo	$295,000	$219	68
10412 197th St E	0.36mi	3/2.0	1,508 (-4%)	16mo	$390,000	$259	64
9905 196th St E #38	0.16mi	2/2.0 (-1)	1,452 (-7%)	16mo	$280,000	$193	62
10103 191st St E	0.18mi	2/2.0 (-1)	1,432 (-9%)	15mo	$305,000	$213	60
19126 98th Avenue Ct E	0.16mi	2/2.0 (-1)	1,761 (+12%)	9mo	$340,000	$193	60
9903 197th St E	0.22mi	3/2.0	1,774 (+13%)	14mo	$295,000	$166	56
10511 196th Street Ct E	0.36mi	3/2.0	1,782 (+14%)	8mo	$387,000	$217	54

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 · 3.32% rent growth · sell at horizon

5-year hold

• IRR: 51.7%
• Equity multiple: 3.28×
• Total profit: $76,451
• Equity at exit: $17,892

10-year hold

• IRR: 57.1%
• Equity multiple: 6.74×
• Total profit: $192,871
• Equity at exit: $10,375

Cash invested: $33,600 (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 98338

• Rents YoY: 3.3%
• Active inventory: 232
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $2,936 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$617
• Net cashflow: $1,490

Break-even live

Break-even rent $1,050

Max offer price $120,000

Occupancy floor 44%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10234 194th St E Graham, WA	2.0	1.0–2.5	1231	$2,252	$1.83	2d	17	0.21mi
19906 100th Avenue Ct E Graham, WA	3.0	2.0	1322	$2,749	$2.08	17d	1	0.38mi
18511 97th Ave E Puyallup, WA	3.0	2.5	2104	$2,895	$1.38	18d	1	0.52mi
10110 184th St E Puyallup, WA	3.0	2.5	1582	$2,595	$1.64	44d	1	0.54mi
10423 Rainier Ridge Blvd E Puyallup, WA	1.0–3.0	1.0–2.0	1035	$3,268	$3.16	2d	27	0.59mi
18317 96th Ave E Puyallup, WA	4.0	2.5	2150	$5,500	$2.56	44d	1	0.61mi
18702 108th Ave E Puyallup, WA	4.0	2.5	1833	$3,100	$1.69	2d	1	0.76mi
18747 108th Ave E Puyallup, WA	4.0	2.0	1900	$3,200	$1.68	2d	1	0.77mi
18744 110th Ave E Unit NA Puyallup, WA	4.0	2.5	1824	$3,189	$1.75	24d	1	0.81mi
19605 84th Ave E Spanaway, WA	3.0	2.5	1916	$3,050	$1.59	24d	1	1.01mi
18225 113th Ave E Puyallup, WA	3.0	2.5	1770	$2,675	$1.51	15d	1	1.02mi
11420 184th Street Ct E Puyallup, WA	3.0	2.0	1554	$1,700	$1.09	17d	1	1.07mi
11621 189th St E Puyallup, WA	3.0	2.5	1861	$2,595	$1.39	17d	1	1.15mi
18606 116th Ave E Puyallup, WA	3.0	3.0	2049	$2,250	$1.10	15d	1	1.15mi
20519 80th Ave E Spanaway, WA	4.0	2.5	2031	$2,925	$1.44	5d	1	1.49mi

Listing history 20 events

1. 2026-06-18
   days on market $120,000 Active 70 DOM
2. 2026-06-17
   days on market $120,000 Active 69 DOM
3. 2026-06-16
   days on market $120,000 Active 68 DOM
4. 2026-06-15
   days on market $120,000 Active 67 DOM
5. 2026-06-13
   days on market $120,000 Active 65 DOM
6. 2026-06-13
   pricedays on market $120,000 Active 64 DOM
7. 2026-06-09
   days on market $130,000 Active 61 DOM
8. 2026-06-08
   days on market $130,000 Active 60 DOM
9. 2026-06-07
   days on market $130,000 Active 59 DOM
10. 2026-06-04
    days on market $130,000 Active 56 DOM
11. 2026-06-03
    days on market $130,000 Active 55 DOM
12. 2026-06-02
    days on market $130,000 Active 54 DOM
13. 2026-06-01
    days on market $130,000 Active 53 DOM
14. 2026-05-31
    days on market $130,000 Active 52 DOM
15. 2026-05-11
    price $130,000
16. 2026-04-23
    price $135,000
17. 2026-04-09
    listed $150,000 Active
18. 2023-08-31
    soldstatus $170,000 Closed
19. 2023-08-09
    status Pending
20. 2023-06-26
    listed $170,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $35,231
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$600
• − Repairs & maintenance: −$2,818
• − Management: −$2,818
• − Depreciation: −$3,491
• Taxable income: $16,981
• Est. tax owed @ 24.0%: −$4,075
• After-tax cash flow: $13,805/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.

Condition & rehab AI · 12 photos

Average 55/100 Cosmetic rehab

This charming 1990 Dartmouth home in Meridian Terrace needs some cosmetic updates to its kitchen and interior paint to improve its resale and rental value.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of updating
• Moderate kitchen countertops — dated and in need of updating
• Moderate kitchen appliances — dated and in need of updating
• Minor bathroom fixtures — standard fixtures

Value-add opportunities

• Both update kitchen cabinets, countertops, and appliances — modernizing the kitchen will improve both resale and rental value
• Both paint interior walls — fresh paint will improve the home's curb appeal and interior aesthetics
• Both landscaping and curb appeal — improved landscaping will enhance the home's curb appeal and attract more potential buyers

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of updating	Moderate	$3,000–15,000
kitchen countertops · dated and in need of updating	Moderate	$3,000–15,000
kitchen appliances · dated and in need of updating	Moderate	$3,000–15,000
bathroom fixtures · standard fixtures	Minor	$500–3,000
Total estimated repair cost · 4 items		$9,500–48,000

Value-add ROI direction

• Both update kitchen cabinets, countertops, and appliances — modernizing the kitchen will improve both resale and rental value ↑
• Both paint interior walls — fresh paint will improve the home's curb appeal and interior aesthetics ↑
• Both landscaping and curb appeal — improved landscaping will enhance the home's curb appeal and attract more potential buyers ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — South Hill

• Score: 80/100
• State rank: #84
• US rank: #1620

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Hill, WA
• County: Pierce County · 788,257 people
• City population: 76,707
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 32,687
• Household income: $114,819
• Rent vs Own: 15.5% rent · 84.5% own
• Severe rent burden: 236.0

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 (71%)
• Race & ethnicity: White 71% Two or more races 15% Hispanic / Latino 12% Asian 3% Black 3% Pacific Islander 2% Native American 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 4% Portuguese 4% Iranian 3%
• Foreign-born: 7% · Canada, South Korea, China
• Languages at home: 88% English-only · Spanish 5% 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: ▼ -501.28%
• Current HPI: 304.4241
• Rent YoY: ▲ 3.32%
• 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

-23.5% since first listed

6 events — show timeline

• 2026-05-11 Price Changed $130,000 NWMLS as Distributed by MLS Grid
• 2026-04-23 Price Changed $135,000 NWMLS as Distributed by MLS Grid
• 2026-04-09 Listed $150,000 NWMLS as Distributed by MLS Grid
• 2023-08-31 Sold (MLS) $170,000 NWMLS as Distributed by MLS Grid
• 2023-08-09 Pending — NWMLS as Distributed by MLS Grid
• 2023-06-26 Listed $170,000 NWMLS as Distributed by MLS Grid