22715 91st Avenue Ct E #14 · Graham, WA 98338

$135,000

3 bd · 2.0 ba · 1,080 sqft · Manufactured public records · 17 Days on market

Built 1985 Est $110k · 23% over

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.9/10.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

RECENTLY REMODELED MODERN STYLE! READY TO MOVE IN. This cozy 1985 property has 1,120sf, it counts with new luxury vinyl flooring, updated modern kitchen with new stove, dishwasher and range hood, quartz countertop, fixtures adjustable light. Plenty natural light. This property has three bedrooms, main bedroom has a shower and jacuzzi. Another full bathroom, new tile showers and vanities, fresh interior and exterior paint. Partially fenced with good size storage in the backyard with a pool table included, a nice covered carport in front of the main door with space for three cars plus a street space for two more cars. Relax on your covered porch in the backside perfect to gather with fri

Key facts

• Covered porch
• Quartz countertop
• Rv parking

Tags

• NEW LUXURY VINYL FLOORING
• UPDATED MODERN KITCHEN
• QUARTZ COUNTERTOP
• COVERED PORCH
• RV PARKING

Property features AI

Finance

• Other: Taxes and specific financial amounts excluded
• Financial info: Listing terms: Cash, Conventional
• HOA & community: Located in The Ridge park; Park has about 40 homes; Park amenities include common area and recreational area; Pets allowed — see remarks; Land lease: $975

Exterior

• Parking: Carport; RV parking available in the park
• Utilities: Public water (Washington Water); TPU power company; Electric water heater located inside the bedroom closet
• Home design: Manufactured single wide (Model 40/28); Updated/remodeled condition; One story; North facing; Has a view; Mobile home remains
• Construction: Metal/Vinyl construction materials; Composition roof; Pillar/Post/Pier foundation with tie downs; Manufactured house structure type; Manufactured after 06/15/1976
• Exterior features: Metal/vinyl exterior; Patio/porch/deck; Landscaped; Paved lot; Storage in back yard

Interior

• Kitchen: Dishwasher; Stove/Range; Walk-in pantry
• Bedrooms: 3 bedrooms
• Flooring: Vinyl flooring
• Bathrooms: 2 full bathrooms; 2 bathtubs; 2 showers; Jetted/soaking tub
• Heating & cooling: Baseboard heating; Forced air cooling; Electric energy source
• Interior features: Water heater; Electric fireplace
• Laundry & utility: Utility room; Washer/dryer location not specified

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $135k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $135k).
• Recommended offer: $133k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.8% vs local median 3.6% in Graham — 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 64/100 on livability (#373 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: crime C-, health & safety C-, amenities 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; high-income renter base; 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 $933 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 $38k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($133k) is reasonable based on typical stale-listing flexibility.

Recommended offer $132,975 (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. 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.
3. 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.
4. 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: 2.00% ✓
• Cap rate: 17.84%
• Cash-on-cash: 41.23%
• DSCR: 2.83
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $110,160
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8805 226th Street Ct E #32	0.22mi	2/2.0 (-1)	1,080 (0%)	7mo	$110,000	$102	79
9117 232nd St E	0.25mi	2/1.0 (-1)	1,070 (-1%)	1mo	$280,000	$262	77
8911 226th St E #18	0.17mi	3/2.0	1,188 (+10%)	18mo	$105,000	$88	61
22716 91st Avenue Ct E #40	0.02mi	3/2.0	1,232 (+14%)	20mo	$120,000	$97	59
8106 224th St E	0.68mi	3/2.0	1,056 (-2%)	21mo	$605,000	$573	47

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: 38.1%
• Equity multiple: 2.63×
• Total profit: $61,689
• Equity at exit: $20,129

10-year hold

• IRR: 44.8%
• Equity multiple: 5.33×
• Total profit: $163,740
• Equity at exit: $11,672

Cash invested: $37,800 (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: 4.2×

Monthly cashflow live

• Estimated rent: $2,698 medium
• Mortgage (P&I): −$708
• Tax from tax record: −$68 /mo · $818/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$566
• Net cashflow: $1,299

Break-even live

Break-even rent $1,054

Max offer price $135,000

Occupancy floor 47%

Sensitivity live

Price	-10% $1,375	-5% $1,337	+0% $1,299	+5% $1,260	+10% $1,222
Rent	-10% $1,086	-5% $1,192	+0% $1,299	+5% $1,405	+10% $1,512
Rate	-1.0pp $1,367	-0.5pp $1,333	base $1,299	+0.5pp $1,264	+1.0pp $1,228

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-18
   days on market $135,000 Active 17 DOM
2. 2026-06-17
   days on market $135,000 Active 16 DOM
3. 2026-06-16
   days on market $135,000 Active 15 DOM
4. 2026-06-15
   days on market $135,000 Active 14 DOM
5. 2026-06-13
   days on market $135,000 Active 12 DOM
6. 2026-06-13
   days on market $135,000 Active 11 DOM
7. 2026-06-09
   days on market $135,000 Active 8 DOM
8. 2026-06-08
   days on market $135,000 Active 7 DOM
9. 2026-06-07
   days on market $135,000 Active 6 DOM
10. 2026-06-04
    days on market $135,000 Active 3 DOM
11. 2026-06-03
    days on market $135,000 Active 2 DOM
12. 2026-06-02
    remarks 699-char remark
13. 2026-06-02
    listed $135,000 Active 1 DOM

ⓘ 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: $818 · $68/mo
• Projected year-2 tax: $1,323 · $110/mo
• Expected delta: +$505/yr (+$42/mo · 61.7%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 9 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,371
• − Mortgage interest: −$7,562
• − Property taxes: −$818
• − Insurance: −$675
• − Repairs & maintenance: −$2,590
• − Management: −$2,590
• − Depreciation: −$3,927
• Taxable income: $14,209
• Est. tax owed @ 24.0%: −$3,410
• After-tax cash flow: $12,174/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 — Graham

• Score: 64/100
• State rank: #373
• US rank: #14219

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Graham, WA
• County: Pierce County · 788,257 people
• City population: 32,687
• 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

1 event — show timeline

• 2026-06-01 Listed $135,000 NWMLS as Distributed by MLS Grid

Property tax history

+10.9%/yr

Latest (2026): $818 · +4.2% YoY. Source: county tax records.