20718 9th Avenue Ct E #38 · Spanaway, WA 98387

$67,400

3 bd · 2.0 ba · 1,084 sqft · Manufactured public records · 199 Days on market

Built 1986 Est $46k · 48% over

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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

Enjoy peaceful living in this welcoming 55+ community, where this fully furnished home offers comfort and convenience from day one. Relax on the covered front porch or in the spacious living and dining areas with new carpet and LVP flooring. The kitchen features an island with overhead storage and a convenient pantry. The primary suite is privately located on one side of the home with a soaking tub, double sinks, separate shower, and ample closet space. On the opposite side, two bedrooms share a connecting half bath—perfect for guests or hobbies. Outside, enjoy a fenced side yard, double carport, and extra storage. A comfortable and well-designed place to call home.

Key facts

• Covered front porch
• Double sinks
• Soaking tub

Tags

• COVERED FRONT PORCH
• ISLAND WITH OVERHEAD STORAGE
• CONVENIENT PANTRY
• SOAKING TUB
• DOUBLE SINKS
• SEPARATE SHOWER

Property features AI

Finance

• Other: Buyer to verify schools
• Financial info: Land lease: $975 per month; Listing terms: Cash or Conventional
• HOA & community: Located in a senior community (Enchanted Firs); Park approved for sale; Approximately 35 homes in the park; Sidewalks in park

Exterior

• Parking: Carport; RV parking available in the park; Storage at back of carport
• Utilities: Electric power; Individual well water (water included in space rent); Sewer included in space rent; Electric water heater (located in closet); Power provided by Tacoma City Light
• Home design: Manufactured single-wide home; One story; Good condition; Make: Zimme, Model: Nashua; Metal skirting
• Construction: Wood construction; Composition roof; Tie-down foundation; Manufactured after 6/15/1976
• Exterior features: Wood products siding; Patio/porch/deck

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Laminate flooring; Carpet
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Forced air heating; Forced air cooling
• Interior features: Water heater; Jetted/soaking tub; Vaulted ceilings; Ceiling fan(s)
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $67k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $67k).
• Recommended offer: $59k (12.0% below list) — sets the bar for market timing.
• Cap rate 35.5% 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 $466 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 + 4.2% rent growth), your $19k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 199 days — a 12% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $33k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $47k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $59,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 199 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 3.95% ✓
• Cap rate: 35.46%
• Cash-on-cash: 104.15%
• DSCR: 5.63
• GRM: 2.1

CMA / ARV

• ARV (on-the-fly): $45,528
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20725 9th Ave E #6	0.03mi	2/2.0 (-1)	960 (-11%)	5mo	$14,500	$15	70
909 205th Street Ct E #81	0.14mi	2/2.0 (-1)	924 (-15%)	5mo	$73,000	$79	60
20410 9th Ave E #62	0.18mi	3/1.5	960 (-11%)	14mo	$40,000	$42	59
20506 14th Avenue Ct E #43	0.41mi	2/2.0 (-1)	1,078 (-1%)	23mo	$57,000	$53	56
1605 210th Street Ct E #74	0.59mi	3/1.5	1,182 (+9%)	23mo	$20,000	$17	36

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: —
• Equity multiple: 6.13×
• Total profit: $96,805
• Equity at exit: $10,050

10-year hold

• IRR: —
• Equity multiple: 13.34×
• Total profit: $232,946
• Equity at exit: $5,828

Cash invested: $18,872 (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: 2.1×

Monthly cashflow live

• Estimated rent: $2,663 high
• Mortgage (P&I): −$353
• Tax est. 1.5%: −$84 /mo · $1,011/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$559
• Net cashflow: $1,638

Break-even live

Break-even rent $590

Max offer price $67,400

Occupancy floor 33%

Sensitivity live

Price	-10% $1,685	-5% $1,661	+0% $1,638	+5% $1,615	+10% $1,591
Rent	-10% $1,428	-5% $1,533	+0% $1,638	+5% $1,743	+10% $1,848
Rate	-1.0pp $1,672	-0.5pp $1,655	base $1,638	+0.5pp $1,621	+1.0pp $1,603

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: $16,850
• Closing costs: $2,022
• 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	0.35mi
20122 15th Ave E Spanaway, WA	3.0	2.0	1321	$3,500	$2.65	12d	1	0.57mi
814 196th St E Spanaway, WA	2.0	1.5	1026	$2,095	$2.04	25d	1	0.65mi
19606 9th Avenue Ct E Spanaway, WA	2.0	1.5	1026	$2,000	$1.95	5d	1	0.66mi
19316 Twinkle Dr E Spanaway, WA	3.0	1.0	975	$1,975	$2.03	25d	1	0.84mi
19906 18th Avenue Ct E Spanaway, WA	3.0	2.5	1393	$2,800	$2.01	18d	1	0.85mi
19012 B St E Spanaway, WA	2.0	1.0	850	$1,400	$1.65	25d	1	1.12mi
619 187th St E Spanaway, WA	3.0	2.0	1430	$2,779	$1.94	24d	1	1.28mi

Listing history 10 events

1. 2026-02-28
   price $67,400
2. 2026-02-11
   price $79,000
3. 2026-01-09
   price $85,000
4. 2025-12-04
   price $89,900
5. 2025-11-12
   listed $100,000 Active
6. 2018-08-20
   soldstatus $46,900 Sold
7. 2018-08-02
   status Pending
8. 2018-07-20
   status Pending Inspection
9. 2018-06-29
   price $55,000
10. 2018-06-09
    listed $62,500 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: $31,956
• − Mortgage interest: −$3,775
• − Property taxes: −$1,011
• − Insurance: −$337
• − Repairs & maintenance: −$2,556
• − Management: −$2,556
• − Depreciation: −$1,961
• Taxable income: $19,759
• Est. tax owed @ 24.0%: −$4,742
• After-tax cash flow: $14,914/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

+7.8% since first listed

10 events — show timeline

• 2026-02-28 Price Changed $67,400 NWMLS as Distributed by MLS Grid
• 2026-02-11 Price Changed $79,000 NWMLS as Distributed by MLS Grid
• 2026-01-09 Price Changed $85,000 NWMLS as Distributed by MLS Grid
• 2025-12-04 Price Changed $89,900 NWMLS as Distributed by MLS Grid
• 2025-11-12 Listed $100,000 NWMLS as Distributed by MLS Grid
• 2018-08-20 Sold (MLS) $46,900 NWMLS as Distributed by MLS Grid
• 2018-08-02 Pending — NWMLS as Distributed by MLS Grid
• 2018-07-20 Pending — NWMLS as Distributed by MLS Grid
• 2018-06-29 Price Changed $55,000 NWMLS as Distributed by MLS Grid
• 2018-06-09 Listed $62,500 NWMLS as Distributed by MLS Grid

Property tax history

-7.6%/yr

Latest (2026): $60 · +22.5% YoY. Source: county tax records.