17103 Spanaway Loop Rd S #36 · Spanaway, WA 98387

$89,900

2 bd · 2.0 ba · 924 sqft · Manufactured public records · 63 Days on market

Built 1978

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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 this charming 2 bed/1 bath home in the desirable 55+ community of Lakeside Terrace! The open kitchen flows seamlessly into the living room, creating a comfortable and connected space that’s perfect for everyday living. Enjoy a low-maintenance lifestyle with access to the lake, plus convenient boat and water equipment storage available. Community approval required. Great location! Close to shopping, dining, and quick, easy access to I-5. Come see today!

Key facts

• Living room
• Easy access to i-5
• Boat storage

Tags

• OPEN KITCHEN
• LIVING ROOM
• LAKE ACCESS
• BOAT STORAGE
• WATER EQUIPMENT STORAGE
• EASY ACCESS TO I-5

Property features AI

Finance

• Other: Listing terms: Cash or Conventional
• Financial info: Land lease: $1,040 (monthly)
• HOA & community: Senior community (senior exemption applicable); Lakeside Terrace MHP; Manufactured home park amenities: clubhouse, common area, community waterfront, high-speed internet available, recreational area; Park approved for sale

Exterior

• Parking: Carport
• Utilities: Electric energy source; Electric water heater (located on exterior wall); Community water; Community sewer; PSE power; Internet: Xfinity
• Home design: Manufactured single-wide home; Updated / remodeled condition; One level; Faces south; Has a view
• Construction: Metal/vinyl construction; Metal roof; Slab foundation; Manufactured after 06/15/1976; Make: Guer, Model: 66/14
• Exterior features: Metal/vinyl exterior; Paved lot; On waterfront (lake); Community waterfront / private beach access

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Laminate
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Heating & cooling: Forced air heating; No central air
• Interior features: Water heater; Entry; Kitchen with eating space; Living room; Utility room; Bath off primary; Double-pane windows; Patio/porch/deck
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $90k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/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: $85k (6.0% below list) — sets the bar for market timing.
• Cap rate 21.1% 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; 8 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 63 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $78k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $84,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 2.39% ✓
• Cap rate: 21.10%
• Cash-on-cash: 52.89%
• DSCR: 3.35
• GRM: 3.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.24% rent growth · sell at horizon

5-year hold

• IRR: 52.3%
• Equity multiple: 3.34×
• Total profit: $58,817
• Equity at exit: $13,404

10-year hold

• IRR: 58.1%
• Equity multiple: 7.10×
• Total profit: $153,657
• Equity at exit: $7,773

Cash invested: $25,172 (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: 3.5×

Monthly cashflow live

• Estimated rent: $2,146 high
• Mortgage (P&I): −$471
• Tax from tax record: −$77 /mo · $920/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$451
• Net cashflow: $1,110

Break-even live

Break-even rent $741

Max offer price $89,900

Occupancy floor 43%

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
402 166th St S Spanaway, WA	2.0	1.0	815	$2,275	$2.79	18d	1	0.66mi
402 166th St S Unit NA Spanaway, WA	2.0	1.0	815	$2,275	$2.79	24d	1	0.66mi
126 161st St S Unit HAGEN **126-2 Spanaway, WA	1.0	1.0	700	$1,295	$1.85	24d	1	0.98mi
16912 B St E Spanaway, WA	2.0	1.0	750	$1,795	$2.39	20d	1	1.01mi
16110 A St S #5 Spanaway, WA	1.0	1.0	550	$1,095	$1.99	24d	1	1.01mi
124 160th St S Unit 3 Spanaway, WA	1.0	1.0	700	$1,500	$2.14	24d	1	1.03mi
17121 B St E Spanaway, WA	2.0	1.0	1000	$2,400	$2.40	24d	1	1.05mi
302 163 St Ct E Unit 6 Tacoma, WA	2.0	1.0	793	$1,450	$1.83	22d	1	1.19mi

Listing history 18 events

1. 2026-06-18
   days on market $89,900 Active 63 DOM
2. 2026-06-17
   days on market $89,900 Active 62 DOM
3. 2026-06-16
   days on market $89,900 Active 61 DOM
4. 2026-06-15
   days on market $89,900 Active 60 DOM
5. 2026-06-13
   days on market $89,900 Active 58 DOM
6. 2026-06-13
   days on market $89,900 Active 57 DOM
7. 2026-06-09
   days on market $89,900 Active 54 DOM
8. 2026-06-08
   days on market $89,900 Active 53 DOM
9. 2026-06-07
   days on market $89,900 Active 52 DOM
10. 2026-06-04
    days on market $89,900 Active 49 DOM
11. 2026-06-03
    days on market $89,900 Active 48 DOM
12. 2026-06-02
    days on market $89,900 Active 47 DOM
13. 2026-06-01
    days on market $89,900 Active 46 DOM
14. 2026-05-31
    days on market $89,900 Active 45 DOM
15. 2026-04-16
    listed $89,900 Active
16. 2024-02-16
    soldstatus $78,000 Closed
17. 2024-01-07
    status Pending
18. 2024-01-03
    listed $80,499 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: $920 · $77/mo
• Projected year-2 tax: $920 · $77/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% 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 6/10 Major 9 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,748
• − Mortgage interest: −$5,036
• − Property taxes: −$920
• − Insurance: −$450
• − Repairs & maintenance: −$2,060
• − Management: −$2,060
• − Depreciation: −$2,615
• Taxable income: $12,608
• Est. tax owed @ 24.0%: −$3,026
• After-tax cash flow: $10,288/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

+11.7% since first listed

4 events — show timeline

• 2026-04-16 Listed $89,900 NWMLS as Distributed by MLS Grid
• 2024-02-16 Sold (MLS) $78,000 NWMLS as Distributed by MLS Grid
• 2024-01-07 Pending — NWMLS as Distributed by MLS Grid
• 2024-01-03 Listed $80,499 NWMLS as Distributed by MLS Grid

Property tax history

+11.4%/yr

Latest (2026): $920 · +7.2% YoY. Source: county tax records.