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3803 17th St SW #216 🏢 Co-op
D+ Composite 47.99
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).

  • ARV discount +15.0/15.0
  • Cash flow +7.5/30.0
  • Schools +5.4/10.0
  • Condition / age +5.0/5.0
  • 1% rule +4.8/10.0
  • Livability +4.1/5.0
  • Rent growth +3.7/5.0
  • DSCR +2.5/10.0
  • Appreciation +0.0/10.0

$239,950

3803 17th St SW #216 · Puyallup, WA 98373
2 bd · 2.0 ba · 1,390 sqft · Condo · 115 Days on market
55+ age-restricted Built 2024 Excellent condition Garage $2702/mo HOA ↓ 7% since listing

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks

Don't miss this brand new never lived in unit in the Village Cooperative Of Puyallup. A 62+ senior co-op community offering easy, low-maintenance living with a wide range of amenities. This 2nd floor unit features 2 bedrooms, 2 baths, a spacious open layout, large walk-in closets & pantry, plenty of storage, and a private balcony. This unit includes approximately $30K in upgrades, including granite countertops, updated cabinetry, and other quality finishes. Community amenities are extensive and include a wood shop, hobby room, fitness center, raised garden beds, storage units, reservable guest suite, and a heated garage with EV charging, car wash, and bike storage.

Key facts

  • Fitness center
  • Private balcony
  • Raised garden beds

Tags

PRIVATE BALCONYGRANITE COUNTERTOPSUPDATED CABINETRYFITNESS CENTERRAISED GARDEN BEDSRESERVABLE GUEST SUITE

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…
🏢 Co-op / cooperative unit. The $239,950 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

  • This is a 2-bed/2.0-bath condo listed at $240k. Condition is rated excellent.

Deal economics

  • At list price, monthly cash flow is $-3k ($-31k/yr) — negative.
  • Rent doesn't cover operating costs at any purchase price — skip.
  • To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $229k (4.5% below list).
  • Recommended offer: $218k (9.0% below list) — sets the bar for market timing.
  • Cap rate -6.5% vs local median 2.7% in Puyallup — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

  • Location reads 82/100 on livability (#70 in WA, #1,234 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
  • 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.
  • Zoned schools: Woodland Elementary (571 students, 48% FRL); Ballou Jr High (890 students, 49% FRL); Gov John Rogers High School (1,730 students, 42% FRL) — zoned schools average 47% FRL vs 27% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
  • Market conditions: Rents rising fast (+4.9%/yr); 245 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals lingering (median 48d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $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.

Negotiation context

  • It's been on market 115 days — a 9% lower offer ($218k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

  • Watch-outs: HOA is 118% of rent.
Recommended offer $218,354 (9.0% below list)

Questions for the listing agent

  1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
  2. It's been on market 115 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
  3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
  4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
  5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
  6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
  7. 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?
  8. Crime grade is F 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?
  9. 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?
  10. 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.
  11. 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.
  12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

1% rule
0.95%
Cap rate
-6.46%
Cash-on-cash
-45.56%
DSCR
-1.03
GRM
8.7

CMA / ARV

ARV (median comp)
$325,405
List price
$239,950
Delta
-26.26%
Verdict
UNDERPRICED
Comps
20 within 1.0 mi
Show comp detail 12 sales within ~0.75 mi
Address Dist Beds/Ba Sqft Sold Price $/sf Match
1403 33rd Avenue Ct SW 0.41mi 3/2.0 (+1) 1,357 (-2%) 1mo $525,000 $387 71
11503 88th Ave E 0.27mi 2/2.0 1,680 (+21%) 1mo $530,000 $315 61
3315 18th Street Pl SW 0.36mi 2/2.0 1,182 (-15%) 1mo $420,000 $355 57
515 19th Ave SW 1.45mi 3/2.0 (+1) 1,341 (-4%) 0mo $520,000 $388 54
7109 106th St E 1.00mi 3/2.0 (+1) 1,456 (+5%) 1mo $450,000 $309 51
7510 110th St E 0.71mi 2/2.0 1,260 (-9%) 0mo $435,000 $345 51
4309 7th Street Pl SE 1.46mi 2/2.0 1,520 (+9%) 1mo $420,000 $276 49
1809 5th St SW 1.50mi 3/1.5 (+1) 1,542 (+11%) 0mo $575,000 $373 40
7911 119th Street Ct E 0.65mi 3/2.5 (+1) 1,626 (+17%) 0mo $615,000 $378 37
7002 106th St E 1.06mi 3/1.5 (+1) 1,568 (+13%) 0mo $545,000 $348 36
13203 97th Ave E #301 1.49mi 3/2.0 (+1) 1,155 (-17%) 0mo $319,950 $277 35
1922 10th Street Pl SW 1.28mi 3/2.5 (+1) 1,670 (+20%) 0mo $630,000 $377 33

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 · 4.88% rent growth · sell at horizon

5-year hold
IRR
Equity multiple
-1.91×
Total profit
$-195,223
Equity at exit
$35,777
10-year hold
IRR
Equity multiple
-4.26×
Total profit
$-353,469
Equity at exit
$20,746

Cash invested: $67,186 (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.

Active competition Active MLS

For sale now
0 active · 1 under contract

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 98373

Rents YoY
4.9%
Active inventory
245
Price-to-rent
8.7×

Monthly cashflow live

Estimated rent
$2,291 high interval (Pro) →
Mortgage (P&I)
$1,258
Tax est. 1.5%
$300 /mo · $3,599/yr
Insurance
$100
HOA
$2,702
Vacancy / Maint / Mgmt
$481
Net cashflow
$-2,551

Break-even live

Break-even rent $5,519
Max offer price
Occupancy floor

Sensitivity live

Price -10% $-2,385 -5% $-2,468 +0% $-2,551 +5% $-2,634 +10% $-2,716
Rent -10% $-2,732 -5% $-2,641 +0% $-2,551 +5% $-2,460 +10% $-2,370
Rate -1.0pp $-2,430 -0.5pp $-2,490 base $-2,551 +0.5pp $-2,613 +1.0pp $-2,676

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
$59,988
Closing costs
$7,198
Reserves months
Total cash needed

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Short-term bridge; refi at stabilization.

Rent comps 34 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
8120 110th St E Puyallup, WA 2.0 1.5 1152 $2,500 $2.17 73d 1 0.31mi
8123 110th St E Puyallup, WA 2.0 1.5 1152 $2,200 $1.91 93d 1 0.33mi
11607 89th Avenue Ct E Unit 11607 Puyallup, WA 3.0 2.5 1500 $2,300 $1.53 93d 1 0.34mi
1427 33rd Avenue Ct SW Puyallup, WA 3.0 3.5 1372 $3,000 $2.19 10d 1 0.41mi
8131 116th St E Puyallup, WA 2.0 1.0 1105 $2,050 $1.86 48d 1 0.42mi
8011 116 St E Puyallup, WA 3.0 2.0 1300 $2,900 $2.23 59d 1 0.46mi
11102 79th Ave E Puyallup, WA 3.0 2.0 1390 $2,800 $2.01 93d 1 0.49mi
11403 78th Ave E Puyallup, WA 2.0 1.0 888 $2,095 $2.36 29d 1 0.54mi
4114 7th St SW Puyallup, WA 1.0–2.0 1.0 900 $1,600 $1.78 52d 4 0.59mi
7604 109th Street Ct E Unit 7604 Puyallup, WA 3.0 2.5 1300 $2,695 $2.07 29d 1 0.66mi
Various Addresses Puyallup, WA 1.0–3.0 1.0–2.5 1078 $2,072 $1.92 9d 8 0.70mi
8418 123rd Street Ct E Puyallup, WA 3.0 1.5 1300 $2,500 $1.92 66d 1 0.73mi
8512 123rd Street Ct E Unit 8512 Puyallup, WA 2.0 1.5 1092 $2,225 $2.04 13d 1 0.76mi
8512 123rd Street Ct E Unit 8514 Puyallup, WA 2.0 1.5 1092 $2,225 $2.04 23d 1 0.76mi
8723 125th Street Ct E Puyallup, WA 3.0 2.0 1556 $2,600 $1.67 93d 1 0.85mi
9021 128th St E Puyallup, WA 2.0 1.0 952 $2,175 $2.28 93d 1 1.00mi
2514 Chateau Dr Puyallup, WA 3.0 2.5 1760 $2,829 $1.61 71d 1 1.03mi
2923 S Meridian Puyallup, WA 1.0–3.0 1.0–2.0 942 $1,932 $2.05 7d 6 1.17mi
9604 S Fruitland Unit 7502 Puyallup, WA 2.0 2.0 1492 $2,500 $1.68 23d 1 1.22mi
12111 104th Ave E Puyallup, WA 1.0–3.0 1.0–2.0 902 $1,610 $1.78 54d 1 1.27mi
2580 S Meridian Puyallup, WA 1.0–2.0 1.0 775 $1,792 $2.31 7d 5 1.27mi
2580 S Meridian Puyallup, WA 1.0–2.0 1.0 775 $1,800 $2.32 38d 11 1.27mi
502 43rd Ave SE Puyallup, WA 2.0 2.0 1100 $2,810 $2.55 52d 1 1.31mi
2519 S Meridian Puyallup, WA 1.0–3.0 1.0–2.0 884 $1,874 $2.12 7d 25 1.35mi
12204 105th Avenue Ct E Puyallup, WA 3.0 2.0 1571 $2,295 $1.46 12d 1 1.36mi
701 43rd Ave SE Apt D306 Puyallup, WA 3.0 2.0 1144 $1,867 $1.63 21d 1 1.42mi
2204 S Meridian Puyallup, WA 1.0–2.0 1.0–2.0 800 $1,825 $2.28 9d 9 1.42mi
9710 131st Street Ct E Unit A Puyallup, WA 2.0 2.0 1045 $2,150 $2.06 67d 1 1.43mi
9710 131st Street Ct E Unit B Puyallup, WA 2.0 2.0 1045 $2,150 $2.06 38d 1 1.43mi
10614 123rd Street Ct E Puyallup, WA 3.0 1.5 1584 $2,500 $1.58 93d 1 1.46mi
6406 104th St E Unit 6402 Puyallup, WA 2.0 1.0 900 $1,600 $1.78 93d 1 1.47mi
12006 108th Avenue Ct E Puyallup, WA 3.0 1.0 1000 $2,000 $2.00 52d 1 1.48mi
12724 104th Avenue Ct E Puyallup, WA 1.0–2.0 1.0 795 $1,770 $2.23 7d 9 1.49mi
12724 104th Avenue Ct E Puyallup, WA 1.0–3.0 1.0–2.0 910 $1,972 $2.17 13d 13 1.49mi

Property features AI

Finance

Other
Building name: Village Cooperative of Puyallup57 units in buildingBus line nearbyDirections available
Financial info
Listing terms: Cash
HOA & community
Community of 57 unitsHas HOA with monthly feeMonthly association fee covers cable TV, central hot water, common area maintenance, gas, internet, lawn service, road maintenance, sewer, snow removal, trash, water (see remarks for details)Common property features include clubhouse, elevator, exercise room, game/rec room, garden space, electric car charging station, high-speed internet availability, and lobby entranceAge-restricted / senior community

Exterior

Parking
Common garageUncovered parking availableHas garage (57 covered spaces in building)
Security
Lobby entrance
Utilities
Electric energy sourcePower provided by PSEXfinity internet availableCentral hot water (included in association fees)Sewer and water (included in association fees)
Home design
Attached condominiumCo-op communityMain entry3 total storiesUnit located on 2nd floorCompleted new construction (effective year built 2024)
Construction
Brick, cement plank, and wood constructionComposition roofEffective year built 2024
Exterior features
Brick, cement plank, and wood exteriorPaved lotBalcony/Deck/Patio

Interior

Kitchen
DishwasherMicrowaveRefrigeratorStove/RangeKitchen with eating space
Bedrooms
2 bedrooms (both on main level)
Flooring
Vinyl plank flooring
Bathrooms
2 full bathrooms (both on main level)2 bathtubs2 showers
Heating & cooling
Heat pump for heatingHeat pump for cooling
Interior features
Insulated windowsFire sprinkler systemEntry hallDining roomFamily roomUtility roomPrimary bath
Laundry & utility
Utility room

HOA detail $2,702/mo · $32,424/yr condo

Likely covers
gym
Assessments
None detected in remarks — confirm with the listing agent.

Listing history 50 events

  1. 2026-08-08
    days on market $239,950 Active 115 DOM
  2. 2026-08-06
    days on market $239,950 Active 113 DOM
  3. 2026-08-05
    days on market $239,950 Active 112 DOM
  4. 2026-08-04
    days on market $239,950 Active 111 DOM
  5. 2026-08-03
    days on market $239,950 Active 110 DOM
  6. 2026-07-31
    days on market $239,950 Active 107 DOM
  7. 2026-07-30
    days on market $239,950 Active 106 DOM
  8. 2026-07-30
    days on market $239,950 Active 105 DOM
  9. 2026-07-28
    days on market $239,950 Active 104 DOM
  10. 2026-07-26
    days on market $239,950 Active 102 DOM
  11. 2026-07-24
    days on market $239,950 Active 100 DOM
  12. 2026-07-23
    days on market $239,950 Active 99 DOM
  13. 2026-07-22
    days on market $239,950 Active 98 DOM
  14. 2026-07-21
    days on market $239,950 Active 97 DOM
  15. 2026-07-20
    days on market $239,950 Active 96 DOM
  16. 2026-07-18
    days on market $239,950 Active 94 DOM
  17. 2026-07-18
    days on market $239,950 Active 93 DOM
  18. 2026-07-16
    days on market $239,950 Active 92 DOM
  19. 2026-07-15
    days on market $239,950 Active 91 DOM
  20. 2026-07-14
    days on market $239,950 Active 90 DOM
  21. 2026-07-13
    days on market $239,950 Active 89 DOM
  22. 2026-07-13
    days on market $239,950 Active 88 DOM
  23. 2026-07-11
    days on market $239,950 Active 87 DOM
  24. 2026-07-10
    days on market $239,950 Active 86 DOM
  25. 2026-07-09
    days on market $239,950 Active 85 DOM
  26. 2026-07-07
    days on market $239,950 Active 83 DOM
  27. 2026-07-06
    days on market $239,950 Active 82 DOM
  28. 2026-07-06
    days on market $239,950 Active 81 DOM
  29. 2026-07-05
    days on market $239,950 Active 80 DOM
  30. 2026-07-03
    days on market $239,950 Active 79 DOM
  31. 2026-07-02
    days on market $239,950 Active 78 DOM
  32. 2026-07-01
    days on market $239,950 Active 77 DOM
  33. 2026-06-30
    days on market $239,950 Active 76 DOM
  34. 2026-06-29
    days on market $239,950 Active 75 DOM
  35. 2026-06-28
    days on market $239,950 Active 74 DOM
  36. 2026-06-27
    days on market $239,950 Active 73 DOM
  37. 2026-06-26
    days on market $239,950 Active 72 DOM
  38. 2026-06-24
    pricedays on market $239,950 Active 70 DOM
  39. 2026-06-22
    days on market $258,999 Active 68 DOM
  40. 2026-06-21
    days on market $258,999 Active 67 DOM
  41. 2026-06-18
    days on market $258,999 Active 64 DOM
  42. 2026-06-17
    days on market $258,999 Active 63 DOM
  43. 2026-06-16
    days on market $258,999 Active 62 DOM
  44. 2026-06-15
    days on market $258,999 Active 61 DOM
  45. 2026-06-13
    days on market $258,999 Active 59 DOM
  46. 2026-06-13
    days on market $258,999 Active 58 DOM
  47. 2026-06-09
    days on market $258,999 Active 55 DOM
  48. 2026-06-08
    days on market $258,999 Active 54 DOM
  49. 2026-06-07
    days on market $258,999 Active 53 DOM
  50. 2026-06-04
    days on market $258,999 Active 50 DOM

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

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income
$27,488
− Mortgage interest
−$13,441
− Property taxes
−$3,599
− Insurance
−$1,200
− Repairs & maintenance
−$2,199
− Management
−$2,199
− HOA
−$32,424
− Depreciation
−$6,980
Taxable loss
−$34,554
combined federal + state — saved on this device
Est. tax savings @ 24.0%
+$8,293
After-tax cash flow
$-22,314/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.

Condition & rehab AI · 6 photos

Excellent 100/100 None rehab

This brand new, never lived-in unit in the Village Cooperative of Puyallup is move-in ready with high-end finishes and extensive community amenities. The property's excellent condition and location make it an ideal investment.

Value-add opportunities

  • Both Landscaping improvements — Enhances curb appeal and adds value.
  • Both Painting exterior walls — Fresh paint can make a property more appealing and increase its value.
  • Both Upgrading window treatments — New window treatments can improve energy efficiency and add aesthetic appeal.

Zoned Schools

Elementary Woodland Elementary Middle Ballou Jr High High Gov John Rogers High School

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
A Composite livability gradescore 82/100

Livability — Puyallup

Score
82/100
State rank
#70
US rank
#1234

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

Census place
Puyallup, WA
County
Pierce County · 956,648 people
City population
159,771
Metro
Seattle-Tacoma-Bellevue, WA
Population (ZIP)
28,883
Household income
$103,796
Rent vs Own
45.2% rent · 54.8% own
Severe rent burden
13% of renters

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 (66%)
Race & ethnicity
White 66% Two or more races 15% Hispanic / Latino 11% Black 6% Asian 6% Pacific Islander 1%
Hispanic origin (detail)
Mexican 8%
Common ancestry
Portuguese 5% Subsaharan African 3% Slovak 3%
Foreign-born
10% · Canada, South Korea, China
Languages at home
86% English-only · Spanish 4% Russian/Polish/Slavic 4% Korean 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

Price history

-7.4% since first listed
2 events — show timeline
  • 2026-06-23 Price Changed $239,950 NWMLS as Distributed by MLS Grid
  • 2026-04-15 Listed $258,999 NWMLS as Distributed by MLS Grid

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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