20512 10th Ave E #44 · Spanaway, WA 98387

$89,990

2 bd · 1.0 ba · 784 sqft · Manufactured public records · 17 Days on market

Built 1975 Est $65k · 38% over ↓ 11% since listing

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

Listing remarks

Beauty meets COMFORT & convenience in this budget-friendly, tastefully updated 2-bedroom, 1-bath mobile home in a safe and friendly ALL AGES park! Inviting landscaping & private yard in a quiet corner of the park - complete with carport, storage shed, and patio to set up your BBQ and enjoy the outdoors. BRIGHT, welcoming atmosphere with fresh paint inside & out, new flooring, new vinyl windows, & energy efficient heat pump for AC. Spacious eat-in kitchen with NEW stainless appliances, quartz counters, quality soft close cabinets. Large primary bedroom, NEW washer/dryer. SUPER location, just off Hwy 7, close to shopping (Walmart, Starbucks), & new transit center.

Key facts

• Quartz counters
• Carport
• Private yard

Tags

• PRIVATE YARD
• CARPORT
• STORAGE SHED
• PATIO
• NEW STAINLESS APPLIANCES
• QUARTZ COUNTERS

Property features AI

Finance

• Other: Land lease amount applies
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Mobile home park amenities: clubhouse, RV parking; Approximately 82 homes in the park; Pets allowed per park rules (see remarks); Monthly land lease

Exterior

• Parking: Carport; Uncovered parking
• Utilities: Electric energy source; Shared well (water) serving the mobile home park; Septic sewer; Power by Tacoma Public Utilities
• Home design: Manufactured single-wide home; One level; Flat roof; Tie-down foundation; Manufactured home model NEW MOON (make REDMN); Located in Twin Firs mobile home park (park approved for sale)
• Construction: Wood construction
• Exterior features: Wood exterior products; Cul-de-sac location at the end of a dead-end street; Paved access

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Vinyl plank flooring; Carpet
• Bathrooms: 1 full bath with bathtub
• Heating & cooling: Forced air heating; Heat pump (heating and cooling)
• Interior features: Interior water heater (tank) located in an interior closet; Updated/remodeled interior; Kitchen with eating space; Living room
• Laundry & utility: Washer; Dryer; Storage next to carport

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $90k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $89k (1.5% below list) — sets the bar for market timing.
• Cap rate 21.0% vs local median 3.5% 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.
• Market conditions: Rents rising fast (+4.2%/yr); 383 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k 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 $25k 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 ($89k) 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 $88,640 (1.5% below list)

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 2.33% ✓
• Cap rate: 20.97%
• Cash-on-cash: 52.42%
• DSCR: 3.33
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $65,072
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20403 9th Ave E #23	0.11mi	2/1.0	784 (0%)	11mo	$65,000	$83	85
911 205th St E #26	0.07mi	2/1.0	840 (+7%)	17mo	$110,000	$131	71
20718 9th Ave E #18	0.11mi	2/1.0	728 (-7%)	19mo	$28,000	$38	67
823 204th Street Ct E #21	0.13mi	3/1.5 (+1)	896 (+14%)	7mo	$80,000	$89	57
819 E 204th St E #20	0.12mi	2/1.0	672 (-14%)	17mo	$39,950	$59	56
20709 9th Ave E #10	0.07mi	2/1.0	672 (-14%)	21mo	$45,000	$67	55

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: 48.3%
• Equity multiple: 3.14×
• Total profit: $53,963
• Equity at exit: $13,418

10-year hold

• IRR: 54.4%
• Equity multiple: 6.68×
• Total profit: $143,066
• Equity at exit: $7,781

Cash invested: $25,197 (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: 383
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $2,095 high
• Mortgage (P&I): −$472
• Tax from tax record: −$45 /mo · $538/yr
• Insurance: −$37
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$440
• Net cashflow: $1,034

Break-even live

Break-even rent $786

Max offer price $89,990

Occupancy floor 46%

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: $22,498
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 5 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	$1,630	$1.75	5d	1	0.30mi
814 196th St E Spanaway, WA	2.0	1.5	1026	$2,095	$2.04	24d	1	0.59mi
19606 9th Avenue Ct E Spanaway, WA	2.0	1.5	1026	$2,000	$1.95	5d	1	0.59mi
19316 Twinkle Dr E Spanaway, WA	3.0	1.0	975	$1,975	$2.03	24d	1	0.77mi
19012 B St E Spanaway, WA	2.0	1.0	850	$1,400	$1.65	24d	1	1.06mi

Listing history 18 events

1. 2026-06-19
   status $89,990 Pending 17 DOM
2. 2026-06-18
   days on market $89,990 Active Under Contract 17 DOM
3. 2026-06-17
   days on market $89,990 Active Under Contract 16 DOM
4. 2026-06-16
   days on market $89,990 Active Under Contract 15 DOM
5. 2026-06-15
   days on market $89,990 Active Under Contract 14 DOM
6. 2026-06-13
   days on market $89,990 Active Under Contract 12 DOM
7. 2026-06-13
   statusdays on market $89,990 Active Under Contract 11 DOM
8. 2026-06-09
   days on market $89,990 Active 8 DOM
9. 2026-06-08
   days on market $89,990 Active 7 DOM
10. 2026-06-07
    days on market $89,990 Active 6 DOM
11. 2026-06-04
    days on market $89,990 Active 3 DOM
12. 2026-06-03
    days on market $89,990 Active 2 DOM
13. 2026-06-02
    pricedays on marketlisting id $89,990 Active 1 DOM
14. 2026-05-31
    days on market $93,000 Active 64 DOM
15. 2026-05-24
    price $93,000
16. 2026-05-18
    price $96,990
17. 2026-04-28
    price $99,499
18. 2026-03-28
    listed $104,450 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: $538 · $45/mo
• Projected year-2 tax: $882 · $73/mo
• Expected delta: +$344/yr (+$29/mo · 63.9%)

ⓘ 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: $25,138
• − Mortgage interest: −$5,041
• − Property taxes: −$538
• − Insurance: −$1,247
• − Repairs & maintenance: −$2,011
• − Management: −$2,011
• − Depreciation: −$2,618
• Taxable income: $11,671
• Est. tax owed @ 24.0%: −$2,801
• After-tax cash flow: $9,609/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

-11.0% since first listed

4 events — show timeline

• 2026-05-24 Price Changed $93,000 NWMLS as Distributed by MLS Grid
• 2026-05-18 Price Changed $96,990 NWMLS as Distributed by MLS Grid
• 2026-04-28 Price Changed $99,499 NWMLS as Distributed by MLS Grid
• 2026-03-28 Listed $104,450 NWMLS as Distributed by MLS Grid

Property tax history

+9.5%/yr

Latest (2026): $538 · +47.5% YoY. Source: county tax records.