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3803 17th St SW #217
D+ Composite 48.76
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
  • Cash flow +7.5/30.0
  • 1% rule +6.5/10.0
  • Schools +5.4/10.0
  • Livability +4.1/5.0
  • Condition / age +4.0/5.0
  • Rent growth +3.7/5.0
  • DSCR +2.5/10.0
  • Appreciation +0.0/10.0

$175,000

3803 17th St SW #217 · Puyallup, WA 98373
2 bd · 2.0 ba · 1,360 sqft · Condo · 103 Days on market
55+ age-restricted Built 2022 Good condition Garage $129/sqft · 46% below area Est $325k · 46% under $2400/mo HOA · 105% of rent

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

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)!!

Key facts

  • Open floor plan
  • Balcony
  • Two bedroom

Tags

END UNIT CONDOTWO BEDROOMOPEN FLOOR PLANBALCONYSTAINLESS STEEL APPLIANCESUPGRADED FRIDGE

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…

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 $-2k ($-22k/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: $159k (9.0% below list) — sets the bar for market timing.
  • Cap rate -6.1% vs local median 2.7% 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.
  • Zoned schools: Woodland Elementary (571 students, 48% FRL); Ballou Jr High (890 students, 49% FRL); Gov John Rogers High School (1,730 students, 42% FRL) — zoned schools average 47% FRL vs 27% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
  • Market conditions: Rents rising fast (+4.9%/yr); 245 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals lingering (median 48d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 103 days — a 9% lower offer ($159k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

  • Watch-outs: HOA is 105% of rent.
Recommended offer $159,250 (9.0% 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 103 days. Have you received any prior offers? Is the seller open to a 9% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
  6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
  7. 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?
  8. 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?
  9. 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?
  10. 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.
  11. 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.
  12. 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
1.31%
Cap rate
-6.06%
Cash-on-cash
-44.12%
DSCR
-0.96
GRM
6.4

CMA / ARV

ARV (median comp)
$325,036
List price
$175,000
Delta
-46.16%
Verdict
UNDERPRICED
Comps
20 within 1.0 mi
Show comp detail 12 sales within ~0.75 mi
Address Dist Beds/Ba Sqft Sold Price $/sf Match
1403 33rd Avenue Ct SW 0.41mi 3/2.0 (+1) 1,357 (-0%) 1mo $525,000 $387 75
11303 86th Ave E 0.13mi 2/1.0 1,020 (-25%) 0mo $480,000 $471 65
11503 88th Ave E 0.27mi 2/2.0 1,680 (+24%) 1mo $530,000 $315 61
515 19th Ave SW 1.45mi 3/2.0 (+1) 1,341 (-1%) 0mo $520,000 $388 58
7510 110th St E 0.71mi 2/2.0 1,260 (-7%) 0mo $435,000 $345 54
7109 106th St E 1.00mi 3/2.0 (+1) 1,456 (+7%) 1mo $450,000 $309 48
4309 7th Street Pl SE 1.46mi 2/2.0 1,520 (+12%) 1mo $420,000 $276 45
7911 119th Street Ct E 0.65mi 3/2.5 (+1) 1,626 (+20%) 0mo $615,000 $378 37
1809 5th St SW 1.50mi 3/1.5 (+1) 1,542 (+13%) 0mo $575,000 $373 36
13203 97th Ave E #301 1.49mi 3/2.0 (+1) 1,155 (-15%) 0mo $319,950 $277 35
1922 10th Street Pl SW 1.28mi 3/2.5 (+1) 1,670 (+23%) 0mo $630,000 $377 33
7002 106th St E 1.06mi 3/1.5 (+1) 1,568 (+15%) 0mo $545,000 $348 33

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 · 4.88% rent growth · sell at horizon

5-year hold
IRR
Equity multiple
-1.80×
Total profit
$-137,174
Equity at exit
$26,093
10-year hold
IRR
Equity multiple
-3.94×
Total profit
$-242,253
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.

Active competition Active MLS

For sale now
0 active · 1 under contract

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 98373

Rents YoY
4.9%
Active inventory
245
Price-to-rent
6.4×

Monthly cashflow live

Estimated rent
$2,289 high interval (Pro) →
Mortgage (P&I)
$918
Tax est. 1.5%
$219 /mo · $2,625/yr
Insurance
$73
HOA
$2,400
Vacancy / Maint / Mgmt
$481
Net cashflow
$-1,801

Break-even live

Break-even rent $4,569
Max offer price
Occupancy floor

Sensitivity live

Price -10% $-1,681 -5% $-1,741 +0% $-1,801 +5% $-1,862 +10% $-1,922
Rent -10% $-1,982 -5% $-1,892 +0% $-1,801 +5% $-1,711 +10% $-1,621
Rate -1.0pp $-1,713 -0.5pp $-1,757 base $-1,801 +0.5pp $-1,847 +1.0pp $-1,893

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

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Short-term bridge; refi at stabilization.

Rent comps 34 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
8120 110th St E Puyallup, WA 2.0 1.5 1152 $2,500 $2.17 73d 1 0.31mi
8123 110th St E Puyallup, WA 2.0 1.5 1152 $2,200 $1.91 93d 1 0.33mi
11607 89th Avenue Ct E Unit 11607 Puyallup, WA 3.0 2.5 1500 $2,300 $1.53 93d 1 0.34mi
1427 33rd Avenue Ct SW Puyallup, WA 3.0 3.5 1372 $3,000 $2.19 10d 1 0.41mi
8131 116th St E Puyallup, WA 2.0 1.0 1105 $2,050 $1.86 48d 1 0.42mi
8011 116 St E Puyallup, WA 3.0 2.0 1300 $2,900 $2.23 59d 1 0.46mi
11102 79th Ave E Puyallup, WA 3.0 2.0 1390 $2,800 $2.01 93d 1 0.49mi
11403 78th Ave E Puyallup, WA 2.0 1.0 888 $2,095 $2.36 29d 1 0.54mi
4114 7th St SW Puyallup, WA 1.0–2.0 1.0 900 $1,600 $1.78 52d 4 0.59mi
7604 109th Street Ct E Unit 7604 Puyallup, WA 3.0 2.5 1300 $2,695 $2.07 29d 1 0.66mi
Various Addresses Puyallup, WA 1.0–3.0 1.0–2.5 1078 $2,072 $1.92 9d 8 0.70mi
8418 123rd Street Ct E Puyallup, WA 3.0 1.5 1300 $2,500 $1.92 66d 1 0.73mi
8512 123rd Street Ct E Unit 8512 Puyallup, WA 2.0 1.5 1092 $2,225 $2.04 13d 1 0.76mi
8512 123rd Street Ct E Unit 8514 Puyallup, WA 2.0 1.5 1092 $2,225 $2.04 23d 1 0.76mi
8723 125th Street Ct E Puyallup, WA 3.0 2.0 1556 $2,600 $1.67 93d 1 0.85mi
9021 128th St E Puyallup, WA 2.0 1.0 952 $2,175 $2.28 93d 1 1.00mi
2514 Chateau Dr Puyallup, WA 3.0 2.5 1760 $2,829 $1.61 71d 1 1.03mi
2923 S Meridian Puyallup, WA 1.0–3.0 1.0–2.0 942 $1,932 $2.05 7d 6 1.17mi
9604 S Fruitland Unit 7502 Puyallup, WA 2.0 2.0 1492 $2,500 $1.68 23d 1 1.22mi
12111 104th Ave E Puyallup, WA 1.0–3.0 1.0–2.0 902 $1,610 $1.78 54d 1 1.27mi
2580 S Meridian Puyallup, WA 1.0–2.0 1.0 775 $1,792 $2.31 7d 5 1.27mi
2580 S Meridian Puyallup, WA 1.0–2.0 1.0 775 $1,800 $2.32 38d 11 1.27mi
502 43rd Ave SE Puyallup, WA 2.0 2.0 1100 $2,810 $2.55 52d 1 1.31mi
2519 S Meridian Puyallup, WA 1.0–3.0 1.0–2.0 884 $1,874 $2.12 7d 25 1.35mi
12204 105th Avenue Ct E Puyallup, WA 3.0 2.0 1571 $2,295 $1.46 12d 1 1.36mi
701 43rd Ave SE Apt D306 Puyallup, WA 3.0 2.0 1144 $1,867 $1.63 21d 1 1.42mi
2204 S Meridian Puyallup, WA 1.0–2.0 1.0–2.0 800 $1,825 $2.28 9d 9 1.42mi
9710 131st Street Ct E Unit A Puyallup, WA 2.0 2.0 1045 $2,150 $2.06 67d 1 1.43mi
9710 131st Street Ct E Unit B Puyallup, WA 2.0 2.0 1045 $2,150 $2.06 38d 1 1.43mi
10614 123rd Street Ct E Puyallup, WA 3.0 1.5 1584 $2,500 $1.58 93d 1 1.46mi
6406 104th St E Unit 6402 Puyallup, WA 2.0 1.0 900 $1,600 $1.78 93d 1 1.47mi
12006 108th Avenue Ct E Puyallup, WA 3.0 1.0 1000 $2,000 $2.00 52d 1 1.48mi
12724 104th Avenue Ct E Puyallup, WA 1.0–2.0 1.0 795 $1,770 $2.23 7d 9 1.49mi
12724 104th Avenue Ct E Puyallup, WA 1.0–3.0 1.0–2.0 910 $1,972 $2.17 13d 13 1.49mi

Property features AI

Finance

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

Exterior

Parking
Common garageGarage storage available
Security
Security gateFire sprinklersLobby entrance
Utilities
Electric and natural gas serviceElectric water heaterWater and sewer provided through HOAPSE powerXfinity cable and internet available
Home design
Attached condominium (co-op unit)Unit located on the 1st floorBuilding has 3 storiesUnit entry at main levelUnit offers views
Construction
Cement plank, stone and wood constructionComposition roof
Exterior features
Cement planked exteriorStone accentsWood elementsPaved areasSidewalksBalcony/Deck/Patio (unit)Gated communityGarden spaceTrails

Interior

Kitchen
DishwasherMicrowaveRefrigeratorStove/RangeKitchen with eating space
Bedrooms
2 bedrooms (both on the main level)Primary bedroom on the main level
Flooring
Vinyl plankCarpet
Bathrooms
1 full bathroom1 three-quarter bathroom1 bathtub2 showers
Heating & cooling
Heat pump for heating and cooling
Interior features
Electric cookingWalk-in closetsWater heaterBlinds on windowsInsulated windowsPrimary bathBalcony/Deck/PatioSprinkler system
Laundry & utility
WasherDryerUtility room (main level)Laundry room in building

HOA detail $2,400/mo · $28,800/yr condo

Likely covers
electric
Assessments
None detected in remarks — confirm with the listing agent.

Listing history 50 events

  1. 2026-08-08
    days on market $175,000 Active 103 DOM
  2. 2026-08-06
    days on market $175,000 Active 101 DOM
  3. 2026-08-05
    days on market $175,000 Active 100 DOM
  4. 2026-08-04
    days on market $175,000 Active 99 DOM
  5. 2026-08-03
    days on market $175,000 Active 98 DOM
  6. 2026-07-31
    days on market $175,000 Active 95 DOM
  7. 2026-07-30
    days on market $175,000 Active 94 DOM
  8. 2026-07-30
    days on market $175,000 Active 93 DOM
  9. 2026-07-28
    days on market $175,000 Active 92 DOM
  10. 2026-07-26
    days on market $175,000 Active 90 DOM
  11. 2026-07-24
    days on market $175,000 Active 88 DOM
  12. 2026-07-23
    days on market $175,000 Active 87 DOM
  13. 2026-07-22
    days on market $175,000 Active 86 DOM
  14. 2026-07-21
    days on market $175,000 Active 85 DOM
  15. 2026-07-20
    days on market $175,000 Active 84 DOM
  16. 2026-07-18
    days on market $175,000 Active 82 DOM
  17. 2026-07-18
    days on market $175,000 Active 81 DOM
  18. 2026-07-16
    days on market $175,000 Active 80 DOM
  19. 2026-07-15
    days on market $175,000 Active 79 DOM
  20. 2026-07-14
    days on market $175,000 Active 78 DOM
  21. 2026-07-13
    days on market $175,000 Active 77 DOM
  22. 2026-07-13
    days on market $175,000 Active 76 DOM
  23. 2026-07-11
    days on market $175,000 Active 75 DOM
  24. 2026-07-10
    days on market $175,000 Active 74 DOM
  25. 2026-07-09
    days on market $175,000 Active 73 DOM
  26. 2026-07-07
    days on market $175,000 Active 71 DOM
  27. 2026-07-06
    days on market $175,000 Active 70 DOM
  28. 2026-07-06
    days on market $175,000 Active 69 DOM
  29. 2026-07-05
    days on market $175,000 Active 68 DOM
  30. 2026-07-03
    days on market $175,000 Active 67 DOM
  31. 2026-07-02
    days on market $175,000 Active 66 DOM
  32. 2026-07-01
    days on market $175,000 Active 65 DOM
  33. 2026-06-30
    days on market $175,000 Active 64 DOM
  34. 2026-06-29
    days on market $175,000 Active 63 DOM
  35. 2026-06-28
    days on market $175,000 Active 62 DOM
  36. 2026-06-27
    days on market $175,000 Active 61 DOM
  37. 2026-06-26
    days on market $175,000 Active 60 DOM
  38. 2026-06-24
    days on market $175,000 Active 58 DOM
  39. 2026-06-22
    days on market $175,000 Active 56 DOM
  40. 2026-06-21
    days on market $175,000 Active 55 DOM
  41. 2026-06-18
    days on market $175,000 Active 52 DOM
  42. 2026-06-17
    days on market $175,000 Active 51 DOM
  43. 2026-06-16
    days on market $175,000 Active 50 DOM
  44. 2026-06-15
    days on market $175,000 Active 49 DOM
  45. 2026-06-13
    days on market $175,000 Active 47 DOM
  46. 2026-06-13
    days on market $175,000 Active 46 DOM
  47. 2026-06-09
    days on market $175,000 Active 43 DOM
  48. 2026-06-08
    days on market $175,000 Active 42 DOM
  49. 2026-06-07
    days on market $175,000 Active 41 DOM
  50. 2026-06-04
    days on market $175,000 Active 38 DOM

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

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income
$27,462
− Mortgage interest
−$9,803
− Property taxes
−$2,625
− Insurance
−$875
− Repairs & maintenance
−$2,197
− Management
−$2,197
− HOA
−$28,800
− Depreciation
−$5,091
Taxable loss
−$24,125
combined federal + state — saved on this device
Est. tax savings @ 24.0%
+$5,790
After-tax cash flow
$-15,827/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

Zoned Schools

Elementary Woodland Elementary Middle Ballou Jr High High Gov John Rogers High School

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
A Composite livability gradescore 82/100

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 · 956,648 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
13% of renters

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

Price history

1 event — show timeline
  • 2026-04-27 Listed $175,000 NWMLS as Distributed by MLS Grid

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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