3803 17th St SW #217 · Puyallup, WA 98373

$175,000

2 bd · 2.0 ba · 1,360 sqft · Condo · 52 Days on market

Built 2022 Good condition $129/sqft · 47% below area Est $329k · 47% under $2400/mo HOA · 103% of rent

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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
• 1% rule +8.3/10.0
• Schools +5.4/10.0
• Livability +4.1/5.0
• Condition / age +4.0/5.0
• Rent growth +3.7/5.0
• Cash flow +0.0/30.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Bright, cheerful, end unit condo in the newest senior living community in Puyallup! Become a member of this 62+ Co-op in a two bedroom, two bath, second floor unit. Open floor plan with a balcony and many additional upgrades including stainless steal appliances w/ upgraded fridge, cabinet pullouts, large laundry room with plenty of shelving for storage, primary bedroom has walk in closet. Amenities include (exercise room, craft room, raised plant beds, wood shop, in-house maintenance, library, car wash bay, electric car charging station, outdoor grill, underground parking, and scheduled calendar events)!! Monthly dues include master mortgage , property tax, insurance, in-unit repairs, commo

Key facts

• Open floor plan
• Balcony
• Two bedroom

Tags

• END UNIT CONDO
• TWO BEDROOM
• OPEN FLOOR PLAN
• BALCONY
• STAINLESS STEEL APPLIANCES
• UPGRADED FRIDGE

Property features AI

Finance

• Other: 57 units in the building/community; Building name: Village Cooperative of Puyallup
• Financial info: Listing terms: Cash
• HOA & community: Has HOA; monthly fee; HOA fee covers cable TV, central hot water, common area maintenance, gas, lawn service, sewer, trash and water; Community amenities include clubhouse, exercise room, game/rec room, electric car charging station, elevator, laundry room and more; Age-restricted / senior community

Exterior

• Parking: Common garage; Garage storage available
• Security: Security gate; Fire sprinklers; Lobby entrance
• Utilities: Electric and natural gas service; Electric water heater; Water and sewer provided through HOA; PSE power; Xfinity cable and internet available
• Home design: Attached condominium (co-op unit); Unit located on the 1st floor; Building has 3 stories; Unit entry at main level; Unit offers views
• Construction: Cement plank, stone and wood construction; Composition roof
• Exterior features: Cement planked exterior; Stone accents; Wood elements; Paved areas; Sidewalks; Balcony/Deck/Patio (unit); Gated community; Garden space; Trails

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range; Kitchen with eating space
• Bedrooms: 2 bedrooms (both on the main level); Primary bedroom on the main level
• Flooring: Vinyl plank; Carpet
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom; 1 bathtub; 2 showers
• Heating & cooling: Heat pump for heating and cooling
• Interior features: Electric cooking; Walk-in closets; Water heater; Blinds on windows; Insulated windows; Primary bath; Balcony/Deck/Patio; Sprinkler system
• Laundry & utility: Washer; Dryer; Utility room (main level); Laundry room in building

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $175k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-2k ($-21k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $170k (3.0% below list) — sets the bar for market timing.
• Cap rate -5.8% vs local median 2.6% 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.
• Market conditions: Rents rising fast (+4.9%/yr); 170 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 $1k of loan paydown is wiped out by about $5k 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 52 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 103% of rent.

Recommended offer $169,750 (3.0% 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 52 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.33% ✓
• Cap rate: -5.81%
• Cash-on-cash: -43.21%
• DSCR: -0.92
• GRM: 6.2

CMA / ARV

• ARV (median comp): $329,020
• List price: $175,000
• Delta: -46.81%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.88% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: -1.75×
• Total profit: $-134,735
• Equity at exit: $26,093

10-year hold

• IRR: —
• Equity multiple: -3.83×
• Total profit: $-236,718
• Equity at exit: $15,131

Cash invested: $49,000 (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 98373

• Rents YoY: 4.9%
• Active inventory: 170
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $2,335 high
• Mortgage (P&I): −$918
• Tax est. 1.5%: −$219 /mo · $2,625/yr
• Insurance: −$73
• HOA: −$2,400
• Vacancy / Maint / Mgmt: −$490
• Net cashflow: $-1,765

Break-even live

Break-even rent $4,569

Max offer price —

Occupancy floor —

Sensitivity live

Price	-10% $-1,644	-5% $-1,704	+0% $-1,765	+5% $-1,825	+10% $-1,886
Rent	-10% $-1,949	-5% $-1,857	+0% $-1,765	+5% $-1,672	+10% $-1,580
Rate	-1.0pp $-1,676	-0.5pp $-1,720	base $-1,765	+0.5pp $-1,810	+1.0pp $-1,856

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8120 110th St E Puyallup, WA	2.0	1.5	1152	$2,500	$2.17	25d	1	0.31mi
8123 110th St E Puyallup, WA	2.0	1.5	1152	$2,200	$1.91	44d	1	0.33mi
11607 89th Avenue Ct E Unit 11607 Puyallup, WA	3.0	2.5	1500	$2,300	$1.53	44d	1	0.34mi
1427 33rd Avenue Ct SW Puyallup, WA	3.0	3.5	1372	$3,200	$2.33	5d	1	0.41mi
8011 116 St E Puyallup, WA	3.0	2.0	1300	$2,900	$2.23	10d	1	0.46mi
11102 79th Ave E Puyallup, WA	3.0	2.0	1390	$2,800	$2.01	44d	1	0.49mi
4114 7th St SW Puyallup, WA	1.0–2.0	1.0	900	$1,600	$1.78	3d	4	0.59mi
608 39th Ave SW Puyallup, WA	1.0–2.0	1.0	891	$1,890	$2.12	3d	6	0.68mi
Various Addresses Puyallup, WA	1.0–3.0	1.0–2.0	958	$2,045	$2.13	2d	7	0.70mi
8418 123rd Street Ct E Puyallup, WA	3.0	1.5	1300	$2,500	$1.92	17d	1	0.73mi
8512 123rd Street Ct E Unit 8512 Puyallup, WA	2.0	1.5	1092	$2,300	$2.11	44d	1	0.76mi
8723 125th Street Ct E Puyallup, WA	3.0	2.0	1556	$2,600	$1.67	44d	1	0.85mi
9021 128th St E Puyallup, WA	2.0	1.0	952	$2,175	$2.28	44d	1	1.00mi
2514 Chateau Dr Puyallup, WA	3.0	2.5	1760	$2,829	$1.61	22d	1	1.03mi
2923 S Meridian Puyallup, WA	1.0–3.0	1.0–2.0	942	$1,925	$2.04	22d	1	1.17mi
9604 S Fruitland Unit 7502 Puyallup, WA	2.0	2.0	1492	$2,500	$1.68	2d	1	1.22mi
12111 104th Ave E Puyallup, WA	1.0–3.0	1.0–2.0	902	$1,610	$1.78	5d	1	1.27mi
2580 S Meridian Puyallup, WA	1.0–2.0	1.0	775	$1,800	$2.32	25d	11	1.27mi
502 43rd Ave SE Puyallup, WA	2.0	2.0	1100	$2,810	$2.55	4d	1	1.31mi
2519 S Meridian Puyallup, WA	1.0–3.0	1.0–2.0	884	$2,003	$2.26	3d	18	1.35mi
2204 S Meridian Puyallup, WA	1.0–2.0	1.0–2.0	800	$2,005	$2.51	3d	1	1.42mi
9710 131st Street Ct E Unit A Puyallup, WA	2.0	2.0	1045	$2,150	$2.06	18d	1	1.43mi
10614 123rd Street Ct E Puyallup, WA	3.0	1.5	1584	$2,500	$1.58	44d	1	1.46mi
6406 104th St E Unit 6402 Puyallup, WA	2.0	1.0	900	$1,600	$1.78	44d	1	1.47mi
12006 108th Avenue Ct E Puyallup, WA	3.0	1.0	1000	$2,000	$2.00	3d	1	1.48mi
12724 104th Avenue Ct E Puyallup, WA	1.0–3.0	1.0–2.0	910	$1,995	$2.19	5d	8	1.49mi

HOA detail condo

• Monthly dues: $2,400 · $28,800/yr
• Likely covers: electric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-18
   days on market $175,000 Active 52 DOM
2. 2026-06-17
   days on market $175,000 Active 51 DOM
3. 2026-06-16
   days on market $175,000 Active 50 DOM
4. 2026-06-15
   days on market $175,000 Active 49 DOM
5. 2026-06-13
   days on market $175,000 Active 47 DOM
6. 2026-06-13
   days on market $175,000 Active 46 DOM
7. 2026-06-09
   days on market $175,000 Active 43 DOM
8. 2026-06-08
   days on market $175,000 Active 42 DOM
9. 2026-06-07
   days on market $175,000 Active 41 DOM
10. 2026-06-04
    days on market $175,000 Active 38 DOM
11. 2026-06-03
    days on market $175,000 Active 37 DOM
12. 2026-06-02
    days on market $175,000 Active 36 DOM
13. 2026-06-01
    days on market $175,000 Active 35 DOM
14. 2026-05-31
    days on market $175,000 Active 34 DOM
15. 2026-04-27
    listed $175,000 Active

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

Taxation est. · year 1

• Rental income: $28,022
• − Mortgage interest: −$9,803
• − Property taxes: −$2,625
• − Insurance: −$875
• − Repairs & maintenance: −$2,242
• − Management: −$2,242
• − HOA: −$28,800
• − Depreciation: −$5,091
• Taxable loss: −$23,655
• Est. tax savings @ 24.0%: +$5,677
• After-tax cash flow: $-15,498/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 · 12 photos

Good 80/100 None rehab

This end-unit condo in a senior living community is in excellent condition with modern amenities and a good location.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value
• Both interior paint — fresh paint can make a home more appealing
• Both kitchen backsplash — adds a modern touch and can increase value

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and adds value ↑
• Both interior paint — fresh paint can make a home more appealing ↑
• Both kitchen backsplash — adds a modern touch and can increase value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

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 · 788,257 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: 723.0

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: 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: —

Market trends

• HPI YoY: ▼ -460.98%
• Current HPI: 292.1858
• Rent YoY: ▲ 4.88%
• 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

• 2026-04-27 Listed $175,000 NWMLS as Distributed by MLS Grid