17629 21st Ave E #1 · Spanaway, WA 98387

$239,000

2 bd · 2.0 ba · 1,774 sqft · Manufactured public records · 16 Days on market

Built 2004 Est $268k · 11% 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 +25.4/30.0
• ARV discount +12.4/15.0
• DSCR +8.4/10.0
• 1% rule +6.4/10.0
• 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 home to easy living in one of the area's most beautifully maintained 55+ communities! Situated on a corner lot, this immaculate home offers an inviting open layout filled with natural light from large windows and vaulted ceilings throughout. The spacious living areas and generously sized rooms create a comfortable, airy feel, while abundant storage ensures there's a place for everything. The oversized kitchen is a standout feature, offering extensive counter space, plentiful cabinetry, and room to gather. The impressive primary suite provides a peaceful retreat with a large walk-in closet and attached 3/4 bath featuring a walk-in shower. Additional spacious rooms offer flexibility f

Key facts

• Community amenities
• Oversized kitchen
• Large covered patio

Tags

• CORNER LOT
• OVERSIZED KITCHEN
• LARGE COVERED PATIO
• COMMUNITY AMENITIES
• FRIENDLY NEIGHBORHOOD

Property features AI

Finance

• Other: Buyer brokerage compensation: 2.5%
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Land lease: $799; Senior community; Clubhouse; Common area; Exercise room; RV parking; Security gate in park; 94 homes in the park; Park name: Parklane Court

Exterior

• Parking: Individual garage (has garage)
• Security: Security gate
• Utilities: Public water; Spanaway Water as water company; Tacoma PUD for power; Parklane Court sewer; Gas water heater (located in closet); Energy sources: Electric and Natural Gas
• Home design: Manufactured home (triple wide); One level; Has view; Vaulted ceilings; Bath off primary; Walk-in closet; Ceiling fan(s); Double pane windows
• Construction: Wood construction; Composition roof; Slab foundation; Manufactured after 6/15/1976
• Exterior features: Wood exterior; Wood products; Patio/porch/deck; Awnings; Skylights; Landscaped; Corner lot; Paved

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Vinyl; Vinyl plank; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Heating & cooling: Heat pump for heating; Heat pump for cooling
• Interior features: Fireplace (gas); Water heater
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $239k.

Deal economics

• At list price, monthly cash flow is $547 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $239k).
• Recommended offer: $235k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 3.6% 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).
• This rent runs 31% 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 $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.
• At projected returns (-3.0% appreciation + 4.2% rent growth), your $67k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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 $150k; list at $239k implies a 59% gain — meaningful room to come down on a strong offer.

Recommended offer $235,415 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
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: 1.14% ✓
• Cap rate: 9.04%
• Cash-on-cash: 9.81%
• DSCR: 1.44
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $267,874
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
17722 19th Avenue Ct E #76	0.12mi	3/2.0 (+1)	1,773 (-0%)	1mo	$220,000	$124	88
17626 19th Avenue Ct E	0.10mi	3/2.0 (+1)	1,774 (0%)	15mo	$247,000	$139	78
17612 19th Ave E #83	0.14mi	3/2.0 (+1)	1,697 (-4%)	11mo	$269,350	$159	72
17606 18th Avenue Ct E	0.18mi	3/2.0 (+1)	1,774 (0%)	18mo	$205,000	$116	72
2020 177th Street Ct E #42	0.07mi	3/2.0 (+1)	1,592 (-10%)	14mo	$240,000	$151	63
17715 18th Avenue Ct E	0.16mi	3/2.0 (+1)	1,599 (-10%)	20mo	$245,000	$153	54

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: -0.2%
• Equity multiple: 0.99×
• Total profit: $-431
• Equity at exit: $35,636

10-year hold

• IRR: 10.7%
• Equity multiple: 1.88×
• Total profit: $59,023
• Equity at exit: $20,664

Cash invested: $66,920 (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: 7.3×

Monthly cashflow live

• Estimated rent: $2,724 high
• Mortgage (P&I): −$1,253
• Tax from tax record: −$252 /mo · $3,023/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$572
• Net cashflow: $547

Break-even live

Break-even rent $2,031

Max offer price $239,000

Occupancy floor 75%

Sensitivity live

Price	-10% $682	-5% $615	+0% $547	+5% $479	+10% $412
Rent	-10% $332	-5% $439	+0% $547	+5% $655	+10% $762
Rate	-1.0pp $667	-0.5pp $608	base $547	+0.5pp $485	+1.0pp $422

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: $59,750
• Closing costs: $7,170
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17813 22nd Ave E Tacoma, WA	3.0–4.0	2.5	1800	$2,895	$1.61	25d	1	0.13mi
17724 17th Ave E Spanaway, WA	3.0	2.5	1761	$2,550	$1.45	25d	1	0.31mi
18610 29th Ave E Tacoma, WA	3.0	2.5	1384	$2,750	$1.99	18d	1	0.75mi
2304 190th St E Tacoma, WA	3.0	2.5	2154	$2,850	$1.32	3d	1	0.85mi
19128 23rd Avenue Ct E Tacoma, WA	3.0	2.5	1702	$1,500	$0.88	0d	1	0.94mi
16007 29th Avenue Ct E Unit 16007 Tacoma, WA	3.0	2.5	1510	$2,550	$1.69	25d	1	1.16mi
619 187th St E Spanaway, WA	3.0	2.0	1430	$2,779	$1.94	24d	1	1.21mi
19906 18th Avenue Ct E Spanaway, WA	3.0	2.5	1393	$2,800	$2.01	18d	1	1.39mi

Listing history 12 events

1. 2026-06-18
   days on market $239,000 Active 16 DOM
2. 2026-06-17
   days on market $239,000 Active 15 DOM
3. 2026-06-16
   days on market $239,000 Active 14 DOM
4. 2026-06-15
   days on market $239,000 Active 13 DOM
5. 2026-06-13
   days on market $239,000 Active 11 DOM
6. 2026-06-13
   days on market $239,000 Active 10 DOM
7. 2026-06-09
   days on market $239,000 Active 7 DOM
8. 2026-06-08
   days on market $239,000 Active 6 DOM
9. 2026-06-07
   days on market $239,000 Active 5 DOM
10. 2026-06-04
    days on market $239,000 Active 2 DOM
11. 2026-06-03
    remarks 699-char remark
12. 2026-06-03
    listed $239,000 Active 1 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: $3,023 · $252/mo
• Projected year-2 tax: $3,023 · $252/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 2/10 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: $32,688
• − Mortgage interest: −$13,388
• − Property taxes: −$3,023
• − Insurance: −$1,195
• − Repairs & maintenance: −$2,615
• − Management: −$2,615
• − Depreciation: −$6,953
• Taxable income: $2,899
• Est. tax owed @ 24.0%: −$696
• After-tax cash flow: $5,869/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

+59.5% since first listed

5 events — show timeline

• 2026-06-02 Listed $239,000 NWMLS as Distributed by MLS Grid
• 2020-02-28 Sold (MLS) $149,880 NWMLS as Distributed by MLS Grid
• 2020-02-04 Pending — NWMLS as Distributed by MLS Grid
• 2020-01-29 Pending — NWMLS as Distributed by MLS Grid
• 2020-01-28 Listed $149,880 NWMLS as Distributed by MLS Grid

Property tax history

+2.1%/yr

Latest (2026): $3,023 · -3.7% YoY. Source: county tax records.