8516 32nd Ct S #103 · Lakewood, WA 98499

$75,000

2 bd · 1.0 ba · 924 sqft · Manufactured public records · 7 Days on market

Built 1977 Est $97k · 23% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to affordable and low-maintenance 55+ living in the desirable Village Green community! This beautifully remodeled single-wide home has been thoughtfully updated from top to bottom, offering a move-in-ready opportunity for its next owner. Recent improvements include a brand-new roof, fresh interior finishes, and stylish modern updates throughout. The bright, open-concept floor plan creates a warm and inviting atmosphere, maximizing both comfort and functionality. A detached one car garage with workshop offers additional storage, and protection from the elements. Situated on a spacious lot, the property has room to relax outdoors, enjoy gardening, or personalize the space to fit your

Key facts

• Brand new roof
• Near shopping
• Near restaurants

Tags

• REMODELED HOME
• BRAND NEW ROOF
• DETACHED ONE CAR GARAGE
• SPACIOUS LOT
• NEAR SHOPPING
• NEAR RESTAURANTS

Property features AI

Finance

• Financial info: Listing terms: Cash or Conventional
• HOA & community: Located in Village Green senior community; Community amenities: clubhouse, common area, pool, RV parking; Manufactured home park approved for sale; Land lease: $900

Exterior

• Parking: Individual garage; Uncovered parking available; Has garage
• Utilities: Electric energy source; Public water (managed by HOA); Sewer managed by HOA; Electric water heater
• Home design: Manufactured single-wide home (FTWD Broadmoor model); Updated/remodeled; One story; Flat roof
• Construction: Wood construction
• Exterior features: Wood products exterior; Patio/porch/deck; Paved lot

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Vinyl plank; Updated/remodeled interior
• Bathrooms: 1 full bath with tub and shower
• Heating & cooling: Forced air heating; No cooling
• Interior features: Water heater; Dining room; Kitchen with eating space; Living room
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $75k.

Deal economics

• At list price, monthly cash flow is $828 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Cap rate 19.5% vs local median 2.6% in Lakewood — 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 (#182 in WA, #4,754 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, housing A-; Watch: schools C-, cost of living D, crime F.
• Clover Park School District (urban): math 39% / reading 51% proficiency, ranked #190 of 291 in WA (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.0%/yr); 129 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $519 of loan paydown is wiped out by about $2k 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 + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $75,000

Questions for the listing agent

1. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 2.17% ✓
• Cap rate: 19.54%
• Cash-on-cash: 47.31%
• DSCR: 3.10
• GRM: 3.8

CMA / ARV

• ARV (on-the-fly): $97,020
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3121 S 86th street Ct #87	0.08mi	3/2.0 (+1)	950 (+3%)	14mo	$120,000	$126	71
8607 32nd Avenue Ct S #118	0.06mi	2/1.5	1,056 (+14%)	2mo	$69,000	$65	70
8527 31st Ave S	0.14mi	2/1.0	840 (-9%)	11mo	$40,000	$48	70
3250 S 77th St #18	0.51mi	2/2.0	960 (+4%)	7mo	$35,000	$36	60
3213 83rd St S #22	0.27mi	2/2.0	1,061 (+15%)	8mo	$125,000	$118	52
3314 96th St S #67	0.66mi	3/2.0 (+1)	1,001 (+8%)	14mo	$105,000	$105	34

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 44.7%
• Equity multiple: 2.93×
• Total profit: $40,563
• Equity at exit: $11,183

10-year hold

• IRR: 50.6%
• Equity multiple: 5.91×
• Total profit: $103,172
• Equity at exit: $6,485

Cash invested: $21,000 (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 98499

• Rents YoY: 3.0%
• Active inventory: 129
• Price-to-rent: 3.8×

Monthly cashflow live

• Estimated rent: $1,631 high
• Mortgage (P&I): −$393
• Tax from tax record: −$36 /mo · $430/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$342
• Net cashflow: $828

Break-even live

Break-even rent $583

Max offer price $75,000

Occupancy floor 44%

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8333 32nd Ave S Lakewood, WA	2.0	1.0	850	$1,695	$1.99	2d	5	0.16mi
3422 86th St S Lakewood, WA	1.0	1.0	672	$1,295	$1.93	10d	2	0.18mi
2611 84th Street Ct S Tacoma, WA	1.0–2.0	1.0	850	$1,895	$2.23	22d	6	0.23mi
8420 S Tacoma Way Unit 1/2 Lakewood, WA	2.0	1.0	800	$1,995	$2.49	18d	1	0.32mi
3418 90th St S Lakewood, WA	2.0	1.0	800	$1,495	$1.87	44d	1	0.37mi
3407-3411 92nd St S Unit 17 Lakewood, WA	2.0	1.0	700	$1,395	$1.99	24d	1	0.42mi
3411 92nd St S Unit 15 Lakewood, WA	2.0	1.0	700	$1,595	$2.28	24d	1	0.43mi
3415 92nd St S Apt 2 Tacoma, WA	1.0	1.0	650	$1,200	$1.85	17d	1	0.45mi
3415 92nd St S Lakewood, WA	1.0	1.0	650	$1,200	$1.85	18d	1	0.45mi
3102 92nd St S Unit 3104 Lakewood, WA	2.0	1.0	708	$1,497	$2.11	22d	1	0.46mi
2604 92nd St S Unit B Lakewood, WA	3.0	2.0	1120	$1,995	$1.78	44d	1	0.56mi
2604 92nd St S Unit B Lakewood, WA	3.0	2.0	1120	$1,995	$1.78	24d	1	0.56mi
3232 94th St S Unit 15 Lakewood, WA	1.0	1.0	632	$1,150	$1.82	24d	1	0.58mi
9324 S Tacoma Way Lakewood, WA	2.0	1.0	800	$1,995	$2.49	15d	1	0.61mi
8740 S Hosmer St #155 Tacoma, WA	1.0	1.0	750	$1,100	$1.47	24d	1	0.66mi
2425 S 96th St Tacoma, WA	1.0–2.0	1.0	850	$1,225	$1.44	2d	15	0.74mi
8801 S Hosmer St Tacoma, WA	2.0	1.0–2.0	443	$1,795	$4.05	2d	26	0.76mi
9210 S Hosmer St Tacoma, WA	1.0–2.0	1.0–2.0	787	$1,685	$2.14	2d	12	0.78mi
9318 S Steele St Unit Q367 Tacoma, WA	2.0	1.0	960	$1,650	$1.72	44d	1	0.83mi
9318 S Steele St Unit D61 Tacoma, WA	2.0	2.0	1000	$1,695	$1.70	15d	1	0.83mi
9318 S Steele St Unit DD520 Tacoma, WA	2.0	2.0	1000	$1,695	$1.70	44d	1	0.83mi
1801 S 84th St Tacoma, WA	1.0	1.0	725	$1,295	$1.79	24d	1	0.83mi
1819 S 93rd St Unit A Tacoma, WA	2.0	1.0	912	$1,575	$1.73	11d	1	0.89mi
1819 S 93rd St Tacoma, WA	2.0	1.0	912	$1,588	$1.74	18d	2	0.89mi
1718 S 84th St Tacoma, WA	1.0–2.0	1.0	730	$1,445	$1.98	11d	2	0.90mi
1721 S 82nd St Unit 1807-02 Tacoma, WA	2.0	1.0	897	$1,500	$1.67	3d	1	0.92mi
1721 S 82nd St Unit 1813-10 Tacoma, WA	1.0	1.0	609	$1,300	$2.13	3d	1	0.92mi
2205 S 74th St Tacoma, WA	2.0	1.0	880	$1,720	$1.95	3d	1	0.92mi
9314 S Ash St Tacoma, WA	1.0–2.0	1.0	800	$1,683	$2.10	2d	21	0.92mi
1721 S 82nd St Tacoma, WA	1.0–2.0	1.0	753	$1,500	$1.99	5d	4	0.95mi
1721 S 82nd St Tacoma, WA	1.0–2.0	1.0	753	$1,400	$1.86	24d	3	0.95mi
9315 S Ash St Tacoma, WA	2.0	1.5	828	$1,550	$1.87	17d	1	0.96mi
2415 100th Street Ct S Tacoma, WA	2.0–3.0	1.0–2.0	912	$1,600	$1.75	5d	2	1.00mi
6815 S Warner St Tacoma, WA	3.0	1.0	1034	$2,400	$2.32	3d	1	1.05mi
10102 Sales Rd S Lakewood, WA	2.0	1.0–1.5	596	$1,550	$2.60	44d	26	1.05mi
10102 Sales Rd S Lakewood, WA	1.0	1.0	480	$1,495	$3.11	3d	22	1.05mi
6830 Tacoma Mall Blvd Tacoma, WA	2.0	1.0	980	$1,560	$1.59	8d	1	1.22mi
5101 88th Street Ct SW Lakewood, WA	3.0	1.0–2.0	832	$2,258	$2.71	2d	16	1.29mi
2201 104th St S Tacoma, WA	1.0–3.0	1.0–2.0	929	$1,998	$2.15	2d	16	1.30mi
6601 S Tyler St Unit 13 Tacoma, WA	2.0	1.0	880	$1,300	$1.48	24d	1	1.37mi

Listing history 6 events

1. 2026-06-18
   days on market $75,000 Active 7 DOM
2. 2026-06-17
   days on market $75,000 Active 6 DOM
3. 2026-06-16
   days on market $75,000 Active 5 DOM
4. 2026-06-15
   days on market $75,000 Active 4 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $75,000 Active 2 DOM

ⓘ 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: $430 · $36/mo
• Projected year-2 tax: $735 · $61/mo
• Expected delta: +$305/yr (+$25/mo · 70.9%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥86°F today · 14 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: $19,569
• − Mortgage interest: −$4,201
• − Property taxes: −$430
• − Insurance: −$375
• − Repairs & maintenance: −$1,566
• − Management: −$1,566
• − Depreciation: −$2,182
• Taxable income: $9,250
• Est. tax owed @ 24.0%: −$2,220
• After-tax cash flow: $7,715/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: Clover Park School District
• NCES district ID: 5301410
• Math proficiency: 39% ▼ -2.00%
• Reading proficiency: 51% ▲ 2.00%
• Median HH income: $42,344
• Composite: 40.11/100
• National rank: #7858
• State rank: #190 of 291 in WA

Livability — Lakewood

• Score: 74/100
• State rank: #182
• US rank: #4754

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lakewood, WA
• County: Pierce County · 788,257 people
• City population: 61,673
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 32,464
• Household income: $67,292
• Rent vs Own: 62.1% rent · 37.9% own
• Severe rent burden: 2313.0

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: Highly diverse neighborhood (Simpson 0.76)
• Race & ethnicity: White 39% Hispanic / Latino 25% Two or more races 17% Black 15% Asian 8% Pacific Islander 6%
• Hispanic origin (detail): Mexican 17% Puerto Rican 2% Cuban 1%
• Common ancestry: Portuguese 3% Slovak 2% Lithuanian 2%
• Foreign-born: 18% · Canada, South Korea, Vietnam
• Languages at home: 74% English-only · Spanish 16% Korean 3% Tagalog/Filipino 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: ▼ -536.54%
• Current HPI: 288.2797
• Rent YoY: ▲ 3.00%
• 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

• 2026-06-11 Listed $75,000 NWMLS as Distributed by MLS Grid

Property tax history

+9.7%/yr

Latest (2026): $430 · +5.5% YoY. Source: county tax records.