20517 10th Ave E #42 · Spanaway, WA 98387

$239,000

3 bd · 2.0 ba · 1,458 sqft · Manufactured public records · 74 Days on market

Built 2012

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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 +26.9/30.0
• DSCR +9.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Schools +4.9/10.0
• Livability +3.7/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming 3-bed, 1.75-bath double-wide in all-ages Twin Firs Park! Tucked on a cul-de-sac near shopping and JBLM. Features laminate flooring, skylights, A/C heat pump, and newer stainless steel appliances that stay. Energy-efficient with paid-off solar panels for low utility costs. Enjoy a large deck, garden space, private shed, covered carport, and backup generator. Lot dues include water, electricity, and septic - easy, low-maintenance living!

Key facts

• Large deck
• Laminate flooring
• Cul-de-sac

Tags

• CUL-DE-SAC
• LAMINATE FLOORING
• SKYLIGHTS
• PAID-OFF SOLAR PANELS
• LARGE DECK
• GARDEN SPACE

Property features AI

Finance

• Other: Calculated living area approximately 1,458 square feet; Structure type: Manufactured house; Located in a manufactured home park
• Financial info: Listing terms: Cash or Conventional; Land lease amount applies
• HOA & community: Land lease (park) approved for sale; Park name: Twin Firs; Approximately 81 homes in the park; Pets allowed — see remarks

Exterior

• Parking: Carport
• Utilities: Electric energy source; Public water (Twin Firs Park); Sewer (Twin Firs); Power (Tacoma City)
• Home design: Manufactured double-wide home; One level; Sky Westridge make; Good condition; Manufactured after 6/15/1976
• Construction: Wood construction; Composition roof; Mobile home remains
• Exterior features: Wood exterior; Wood products; Cul-de-sac; Dead-end street; Paved; Common area (manufactured home park)

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Laminate; Vinyl
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Heating & cooling: Heat pump for heating; Heat pump for cooling
• Interior features: Water heater; Den/office; Entry; Family room; Kitchen with eating space; Utility room; Bath off primary; Walk-in closet; Awnings; Double pane windows; Patio/porch/deck
• Laundry & utility: Washer; Dryer; Laundry room with electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $239k.

Deal economics

• At list price, monthly cash flow is $595 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $239k).
• Recommended offer: $225k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 3.6% in Spanaway — 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 74/100 on livability (#184 in WA, #4,891 nationally) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A, commute A-; Watch: cost of living C-, health & safety C-, crime D-.
• 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.
• Zoned schools: Shining Mountain Elementary (608 students, 61% FRL); Bethel Middle School (697 students, 68% FRL); Bethel High School (1,739 students, 53% FRL) — zoned schools average 60% FRL vs 36% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.2%/yr); 388 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• This rent runs 31% of the median local income ($107k/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 $2k of loan paydown is wiped out by about $7k 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 + 4.2% rent growth), your $67k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($225k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $224,660 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 B-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?
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: 1.16% ✓
• Cap rate: 9.61%
• Cash-on-cash: 11.86%
• DSCR: 1.53
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $123,930
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
505 203rd Street Ct E	0.29mi	3/2.0	1,440 (-1%)	5mo	$267,500	$186	80
20724 10th Ave E #41	0.14mi	2/2.0 (-1)	1,480 (+2%)	13mo	$125,950	$85	75
20515 8th Avenue Ct E #55	0.08mi	3/2.0	1,478 (+1%)	24mo	$99,000	$67	74

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 · 4.24% rent growth · sell at horizon

5-year hold

• IRR: 1.0%
• Equity multiple: 1.04×
• Total profit: $2,688
• Equity at exit: $35,636

10-year hold

• IRR: 11.8%
• Equity multiple: 1.99×
• Total profit: $65,929
• Equity at exit: $20,664

Cash invested: $66,920 (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 98387

• Rents YoY: 4.2%
• Active inventory: 388
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,774 high
• Mortgage (P&I): −$1,253
• Tax from tax record: −$177 /mo · $2,126/yr
• Insurance: −$100
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$583
• Net cashflow: $595

Break-even live

Break-even rent $2,021

Max offer price $239,000

Occupancy floor 74%

Sensitivity live

Price	-10% $730	-5% $663	+0% $595	+5% $527	+10% $460
Rent	-10% $376	-5% $486	+0% $595	+5% $705	+10% $814
Rate	-1.0pp $715	-0.5pp $656	base $595	+0.5pp $533	+1.0pp $470

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: $59,750
• Closing costs: $7,170
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20002 Mountain Hwy E Spanaway, WA	2.0–3.0	1.0–2.0	933	$1,891	$2.03	6d	1	0.30mi
20122 15th Ave E Spanaway, WA	3.0	2.0	1321	$3,500	$2.65	13d	1	0.54mi
814 196th St E Spanaway, WA	2.0	1.5	1026	$2,095	$2.04	26d	1	0.59mi
19606 9th Avenue Ct E Spanaway, WA	2.0	1.5	1026	$2,000	$1.95	6d	1	0.59mi
19316 Twinkle Dr E Spanaway, WA	3.0	1.0	975	$1,975	$2.03	26d	1	0.77mi
19906 18th Avenue Ct E Spanaway, WA	3.0	2.5	1393	$2,800	$2.01	19d	1	0.81mi
619 187th St E Spanaway, WA	3.0	2.0	1430	$2,779	$1.94	25d	1	1.21mi
19128 23rd Avenue Ct E Tacoma, WA	3.0	2.5	1702	$1,500	$0.88	1d	1	1.31mi

Listing history 16 events

1. 2026-06-21
   days on market $239,000 Active 74 DOM
2. 2026-06-18
   days on market $239,000 Active 71 DOM
3. 2026-06-17
   days on market $239,000 Active 70 DOM
4. 2026-06-16
   days on market $239,000 Active 69 DOM
5. 2026-06-15
   days on market $239,000 Active 68 DOM
6. 2026-06-13
   days on market $239,000 Active 66 DOM
7. 2026-06-13
   pricedays on market $239,000 Active 65 DOM
8. 2026-06-09
   days on market $239,950 Active 62 DOM
9. 2026-06-08
   days on market $239,950 Active 61 DOM
10. 2026-06-07
    days on market $239,950 Active 60 DOM
11. 2026-06-04
    days on market $239,950 Active 57 DOM
12. 2026-06-03
    days on market $239,950 Active 56 DOM
13. 2026-06-02
    days on market $239,950 Active 55 DOM
14. 2026-06-01
    days on market $239,950 Active 54 DOM
15. 2026-05-31
    days on market $239,950 Active 53 DOM
16. 2026-04-08
    listed $239,950 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: $2,126 · $177/mo
• Projected year-2 tax: $2,342 · $195/mo
• Expected delta: +$216/yr (+$18/mo · 10.2%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% 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 · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,292
• − Mortgage interest: −$13,388
• − Property taxes: −$2,126
• − Insurance: −$1,992
• − Repairs & maintenance: −$2,663
• − Management: −$2,663
• − Depreciation: −$6,953
• Taxable income: $3,506
• Est. tax owed @ 24.0%: −$841
• After-tax cash flow: $6,300/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 — Spanaway

• Score: 74/100
• State rank: #184
• US rank: #4891

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Spanaway, WA
• County: Pierce County · 788,257 people
• City population: 50,774
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 50,774
• Household income: $106,872
• Rent vs Own: 22.6% rent · 77.4% own
• Severe rent burden: 807.0

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 0.68)
• Race & ethnicity: White 53% Two or more races 18% Hispanic / Latino 16% Black 10% Asian 6% Pacific Islander 4%
• Hispanic origin (detail): Mexican 10% Puerto Rican 2%
• Common ancestry: Portuguese 3% Italian 3% Slovak 2%
• Foreign-born: 11% · Canada, South Korea
• Languages at home: 82% English-only · Spanish 7% Russian/Polish/Slavic 2% Other Asian/Pacific 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: ▼ -208.94%
• Current HPI: 308.0462
• Rent YoY: ▲ 4.24%
• 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

• 2026-04-08 Listed $239,950 NWMLS as Distributed by MLS Grid

Property tax history

+2.1%/yr

Latest (2026): $2,126 · +5.4% YoY. Source: county tax records.