6111 79th St E #56 · Waller, WA 98371

$35,000

2 bd · 2.0 ba · 672 sqft · Manufactured public records · 66 Days on market

Built 1965 $52/sqft · at area comps Est $34k · at est. ↓ 12% since listing

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +6.3/15.0
• Schools +5.4/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.5/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming home with numerous upgrades throughout! Drywall has been installed over original wood paneling for a clean, modern feel. Enjoy the beautifully remodeled bathroom featuring a tub/shower combo and extensive tile work. Enjoy cooking in the updated kitchen, complete with appliances. Newer carpet and luxury vinyl plank flooring add comfort and style. Relax in the afternoon sun on the spacious composition deck. Includes a 1-car carport and additional storage area. Located in a quiet 55+ community in a desirable Puyallup location, conveniently nestled between Canyon and Woodland. Park approval required for land lease. Being sold As Is!

Key facts

• Parking
• Built 1965
• Listed 66 days

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $35k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $35k).
• Recommended offer: $33k (6.0% below list) — sets the bar for market timing.
• Cap rate 45.7% vs local median 2.2% in Waller — 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 69/100 on livability (#254 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B; Watch: health & safety C-, commute D+, schools D-.
• 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 (+1.4%/yr); 227 active listings in the ZIP; 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 $242 of loan paydown is wiped out by about $1k 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 + 1.4% rent growth), your $10k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($33k) is reasonable based on typical stale-listing flexibility.

Recommended offer $32,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 5.03% ✓
• Cap rate: 45.67%
• Cash-on-cash: 140.62%
• DSCR: 7.26
• GRM: 1.7

CMA / ARV

• ARV (median comp): $34,061
• List price: $35,000
• Delta: 2.76%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6016 79th Street Ct E #11	0.06mi	2/1.0	672 (0%)	3mo	$38,000	$57	90
5911 79th Street Ct E #24	0.10mi	2/1.0	720 (+7%)	9mo	$30,000	$42	72

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 · 1.41% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.60×
• Total profit: $64,723
• Equity at exit: $5,219

10-year hold

• IRR: —
• Equity multiple: 15.25×
• Total profit: $139,631
• Equity at exit: $3,026

Cash invested: $9,800 (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 98371

• Rents YoY: 1.4%
• Active inventory: 227
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $1,760 medium
• Mortgage (P&I): −$184
• Tax est. 1.5%: −$44 /mo · $525/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$370
• Net cashflow: $1,148

Break-even live

Break-even rent $306

Max offer price $35,000

Occupancy floor 30%

Sensitivity live

Price	-10% $1,173	-5% $1,160	+0% $1,148	+5% $1,136	+10% $1,124
Rent	-10% $1,009	-5% $1,079	+0% $1,148	+5% $1,218	+10% $1,287
Rate	-1.0pp $1,166	-0.5pp $1,157	base $1,148	+0.5pp $1,139	+1.0pp $1,130

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-16
   status $35,000 Pending 66 DOM
2. 2026-06-15
   days on market $35,000 Active 66 DOM
3. 2026-06-13
   days on market $35,000 Active 64 DOM
4. 2026-06-13
   days on market $35,000 Active 63 DOM
5. 2026-06-09
   days on market $35,000 Active 60 DOM
6. 2026-06-08
   days on market $35,000 Active 59 DOM
7. 2026-06-07
   days on market $35,000 Active 58 DOM
8. 2026-06-04
   days on market $35,000 Active 55 DOM
9. 2026-06-03
   days on market $35,000 Active 54 DOM
10. 2026-06-02
    days on market $35,000 Active 53 DOM
11. 2026-06-01
    days on market $35,000 Active 52 DOM
12. 2026-05-31
    days on market $35,000 Active 51 DOM
13. 2026-05-03
    price $35,000
14. 2026-04-10
    listed $39,900 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% 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 11 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,117
• − Mortgage interest: −$1,961
• − Property taxes: −$525
• − Insurance: −$175
• − Repairs & maintenance: −$1,689
• − Management: −$1,689
• − Depreciation: −$1,018
• Taxable income: $14,060
• Est. tax owed @ 24.0%: −$3,374
• After-tax cash flow: $10,406/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 — Waller

• Score: 69/100
• State rank: #254
• US rank: #8174

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waller, WA
• County: Pierce County · 788,257 people
• City population: 5,787
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 24,682
• Household income: $97,242
• Rent vs Own: 28.1% rent · 71.9% own
• Severe rent burden: 507.0

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 (70%)
• Race & ethnicity: White 70% Two or more races 12% Hispanic / Latino 11% Asian 6% Black 4%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 5% Slovak 3% Italian 2%
• Foreign-born: 10% · Canada, South Korea, Vietnam
• Languages at home: 85% English-only · Spanish 5% Korean 2% Vietnamese 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: ▼ -580.45%
• Current HPI: 295.2143
• Rent YoY: ▲ 1.41%
• 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

-12.3% since first listed

2 events — show timeline

• 2026-05-03 Price Changed $35,000 NWMLS as Distributed by MLS Grid
• 2026-04-10 Listed $39,900 NWMLS as Distributed by MLS Grid

Property tax history

-3.9%/yr

Latest (2026): $48 · +22.5% YoY. Source: county tax records.