20727 8th Avenue Ct E #1 · Spanaway, WA 98387

$139,900

3 bd · 2.0 ba · 1,188 sqft · Manufactured public records · 31 Days on market

Built 1984

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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 +3.7/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Enchanted Firs, a highly sought-after 55+ community featuring this beautifully remodeled 3-bedroom, 2-bath double-wide home with 1,188 SF of comfortable living space. This move-in ready home offers all new LVP flooring and a spacious open layout perfect for everyday living and entertaining. The kitchen features a breakfast bar, ample cabinet space, and flows into the dining area and large living room with a cozy wood-burning fireplace. Stay comfortable year-round with the efficient heat pump and A/C. Exterior upgrades include newer exterior paint, a newer metal roof for low maintenance living, covered front porch, storage shed, and a brand-new garage with new door and opener. All

Key facts

• Remodeled
• Efficient heat pump
• Ample cabinet space

Tags

• REMODELED
• NEW LVP FLOORING
• BREAKFAST BAR
• AMPLE CABINET SPACE
• WOOD-BURNING FIREPLACE
• EFFICIENT HEAT PUMP

Property features AI

Finance

• Other: Storage on property (yard) with 1 storage unit
• Financial info: Land lease: $1,100; Listing terms: Cash or Conventional
• HOA & community: Located in a senior community (senior exemption); Enchanted Firs park with about 50 homes; Park approved for sale

Exterior

• Parking: Individual garage; Park allows RV parking
• Utilities: Electric service; Park-provided water; Park-provided sewer; Electric water heater (located in house)
• Home design: Manufactured double-wide home; One story; Bath off primary; Vaulted ceilings; Walk-in closet; Ceiling fan(s); First home in the park (GPS friendly)
• Construction: Wood construction; Metal roof; Tie-down foundation; Manufactured after 6/15/1976 (Guerd Belmont model)
• Exterior features: Wood exterior; Patio/porch/deck; Skylights; Landscaped; Vinyl skirt

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Vinyl plank
• Bathrooms: 2 full bathrooms; 2 bathtubs; 2 showers
• Heating & cooling: Forced air heating; Heat pump; Forced air cooling
• Interior features: Wood-burning fireplace; Water heater
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $140k.

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 ($3k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.2% 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.
• Zoned schools: Centennial Elementary (548 students, 62% FRL); Bethel High School (1,739 students, 53% FRL) — zoned schools average 57% FRL vs 36% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.2%/yr); 383 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 30% 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 $967 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 + 4.2% rent growth), your $39k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $65k; list at $140k implies a 115% gain — meaningful room to come down on a strong offer.

Recommended offer $135,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 1.92% ✓
• Cap rate: 16.24%
• Cash-on-cash: 35.54%
• DSCR: 2.58
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $62,964
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1605 210th Street Ct E #74	0.63mi	3/1.5	1,182 (-0%)	23mo	$20,000	$17	49
20506 14th Avenue Ct E #43	0.47mi	2/2.0 (-1)	1,078 (-9%)	23mo	$57,000	$53	39

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: 32.6%
• Equity multiple: 2.40×
• Total profit: $54,659
• Equity at exit: $20,860

10-year hold

• IRR: 40.3%
• Equity multiple: 5.01×
• Total profit: $157,213
• Equity at exit: $12,096

Cash invested: $39,172 (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: 4.3×

Monthly cashflow live

• Estimated rent: $2,692 high
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,098/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$565
• Net cashflow: $1,160

Break-even live

Break-even rent $1,224

Max offer price $139,900

Occupancy floor 52%

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: $34,975
• Closing costs: $4,197
• 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	5d	1	0.39mi
20122 15th Ave E Spanaway, WA	3.0	2.0	1321	$3,500	$2.65	11d	1	0.65mi
814 196th St E Spanaway, WA	2.0	1.5	1026	$2,095	$2.04	24d	1	0.72mi
19606 9th Avenue Ct E Spanaway, WA	2.0	1.5	1026	$2,000	$1.95	5d	1	0.73mi
19316 Twinkle Dr E Spanaway, WA	3.0	1.0	975	$1,975	$2.03	24d	1	0.91mi
19906 18th Avenue Ct E Spanaway, WA	3.0	2.5	1393	$2,800	$2.01	18d	1	0.93mi
19012 B St E Spanaway, WA	2.0	1.0	850	$1,400	$1.65	24d	1	1.16mi
619 187th St E Spanaway, WA	3.0	2.0	1430	$2,779	$1.94	23d	1	1.34mi

Listing history 18 events

1. 2026-06-18
   days on market $139,900 Active 31 DOM
2. 2026-06-17
   days on market $139,900 Active 30 DOM
3. 2026-06-16
   days on market $139,900 Active 29 DOM
4. 2026-06-15
   days on market $139,900 Active 28 DOM
5. 2026-06-13
   days on market $139,900 Active 26 DOM
6. 2026-06-13
   days on market $139,900 Active 25 DOM
7. 2026-06-09
   days on market $139,900 Active 22 DOM
8. 2026-06-08
   days on market $139,900 Active 21 DOM
9. 2026-06-07
   days on market $139,900 Active 20 DOM
10. 2026-06-04
    days on market $139,900 Active 17 DOM
11. 2026-06-03
    days on market $139,900 Active 16 DOM
12. 2026-06-02
    days on market $139,900 Active 15 DOM
13. 2026-06-01
    days on market $139,900 Active 14 DOM
14. 2026-05-31
    pricedays on market $139,900 Active 13 DOM
15. 2026-05-18
    listed $150,000 Active
16. 2019-02-28
    soldstatus $65,000 Sold
17. 2019-02-03
    status Pending Inspection
18. 2018-12-12
    listed $69,900 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 4/10 Moderate FEMA zone X (unshaded) · 22% 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: $32,308
• − Mortgage interest: −$7,837
• − Property taxes: −$2,098
• − Insurance: −$700
• − Repairs & maintenance: −$2,585
• − Management: −$2,585
• − Depreciation: −$4,070
• Taxable income: $12,434
• Est. tax owed @ 24.0%: −$2,984
• After-tax cash flow: $10,937/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

+114.6% since first listed

4 events — show timeline

• 2026-05-18 Listed $150,000 NWMLS as Distributed by MLS Grid
• 2019-02-28 Sold (MLS) $65,000 NWMLS as Distributed by MLS Grid
• 2019-02-03 Pending — NWMLS as Distributed by MLS Grid
• 2018-12-12 Listed $69,900 NWMLS as Distributed by MLS Grid

Property tax history

-7.4%/yr

Latest (2026): $63 · +22.5% YoY. Source: county tax records.