1416 200th Street Ct E · Spanaway, WA 98387

$470,000

5 bd · 3.0 ba · 2,161 sqft · SingleFamily public records · 8 Days on market

Built 2002 4,100 sqft lot Est $510k · 8% under

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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).

• Cash flow +11.0/30.0
• ARV discount +11.0/15.0
• Schools +4.9/10.0
• Livability +3.7/5.0
• Rent growth +3.6/5.0
• DSCR +3.2/10.0
• 1% rule +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to space, comfort, and flexibility in the heart of Spanaway. Spacious 5-bedroom, 3-bath mid-entry home offers the room everyone’s been searching for with a layout designed for both connection and privacy. The open-concept main floor is filled with natural light and soaring vaulted ceilings, creating an inviting atmosphere perfect for entertaining, cozy movie nights, holiday gatherings, or simply enjoying everyday life. The kitchen, dining, and living spaces flow effortlessly together while the deck invites you to relax with your morning coffee or unwind at sunset. Main level also features 3 bedrooms, including a generously sized primary suite, making everyday living easy

Key facts

• New carpet
• Oversized bonus room
• Daylight basement

Tags

• OPEN CONCEPT MAIN FLOOR
• DAYLIGHT BASEMENT
• OVERSIZED BONUS ROOM
• NEW ROOF
• NEW CARPET
• NEWER HEAT PUMP

Property features AI

Finance

• Financial info: Financing available: Cash, Conventional, FHA, VA

Exterior

• Parking: Attached garage; Driveway; 2 uncovered parking spaces; 2 covered parking spaces
• Security: Fully fenced
• Utilities: Public water; Rainier water service; Sewer connected (Pierce County); Tacoma Public Utilities power; Energy sources: Electric and natural gas
• Home design: Single-family residence; Split-entry / multi-level; Split entry entry location; Has a view; Property in good condition
• Construction: Built in 2002 (effective year); Wood construction; Composition roof; Poured concrete foundation
• Exterior features: Wood exterior; Wood products; Deck; Fully fenced yard; Cable TV available; High-speed internet available; Garden space; Curbs, paved, and sidewalks

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 5 bedrooms total; 3 main level bedrooms; 2 lower level bedrooms
• Flooring: Ceramic tile; Vinyl; Carpet
• Bathrooms: 3 full bathrooms; 2 main level full bathrooms; 1 lower level full bathroom; 3 bathtubs; 3 showers
• Heating & cooling: Forced air heating; Heat pump; Forced air cooling; Heat pump cooling
• Interior features: Ceiling fans; Dining room; Fireplace (gas); Vaulted ceilings; Walk-in closets

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath single-family listed at $470k.

Deal economics

• At list price, monthly cash flow is $-195 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $436k (7.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $367k (22.0% below list).
• Recommended offer: $367k (22.0% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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; 5 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 41% 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 $3k of loan paydown is wiped out by about $14k 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

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 24y 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 $265k; list at $470k implies a 77% gain — meaningful room to come down on a strong offer.

Recommended offer $366,718 (22.0% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
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: 0.78% ✗
• Cap rate: 5.80%
• Cash-on-cash: -1.77%
• DSCR: 0.92
• GRM: 10.7

CMA / ARV

• ARV (on-the-fly): $509,996
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1609 200th Street Ct E	0.10mi	4/2.5 (-1)	2,175 (+1%)	1mo	$499,999	$230	86
20101 17th Avenue Ct E	0.19mi	4/2.5 (-1)	2,070 (-4%)	2mo	$507,500	$245	75
1708 201st Street Ct E	0.16mi	4/2.5 (-1)	2,070 (-4%)	5mo	$405,000	$196	74
20024 19th Ave E	0.26mi	4/2.5 (-1)	2,284 (+6%)	4mo	$520,000	$228	69
19813 17th Avenue Ct E	0.22mi	5/2.5	2,380 (+10%)	8mo	$515,000	$216	64
1524 199th St E	0.10mi	4/2.5 (-1)	2,466 (+14%)	2mo	$520,000	$211	63
20511 12th Avenue Ct E	0.34mi	4/2.5 (-1)	2,013 (-7%)	4mo	$510,000	$253	62
20007 17th Ave E	0.16mi	4/3.0 (-1)	1,921 (-11%)	9mo	$469,900	$245	61
19122 19th Avenue Ct E	0.61mi	4/2.5 (-1)	2,036 (-6%)	0mo	$495,000	$243	55
19518 19th Avenue Ct E	0.43mi	4/2.5 (-1)	2,376 (+10%)	5mo	$560,000	$236	52
20130 20th Ave E	0.31mi	4/2.5 (-1)	2,482 (+15%)	7mo	$549,950	$222	48
2510 201st Street Ct E	0.65mi	5/2.5	2,417 (+12%)	5mo	$599,999	$248	44

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: -17.9%
• Equity multiple: 0.36×
• Total profit: $-83,958
• Equity at exit: $70,079

10-year hold

• IRR: -8.0%
• Equity multiple: 0.47×
• Total profit: $-69,736
• Equity at exit: $40,637

Cash invested: $131,600 (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: 10.7×

Monthly cashflow live

• Estimated rent: $3,667 high
• Mortgage (P&I): −$2,465
• Tax from tax record: −$431 /mo · $5,172/yr
• Insurance: −$196
• HOA: −$0
• Vacancy / Maint / Mgmt: −$770
• Net cashflow: $-195

Break-even live

Break-even rent $3,913

Max offer price $435,637

Occupancy floor —

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: $117,500
• Closing costs: $14,100
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19911 20th Avenue Ct E Spanaway, WA	4.0	2.5	2385	$3,399	$1.43	24d	1	0.39mi
19411 21st Avenue Ct E Spanaway, WA	4.0	2.5	1880	$2,900	$1.54	24d	1	0.57mi
19524 26th Avenue Ct E Spanaway, WA	5.0	2.5	2351	$3,349	$1.42	24d	1	0.77mi
501 185th Street Ct E Spanaway, WA	4.0	2.5	2330	$3,200	$1.37	3d	1	1.15mi
17813 22nd Ave E Tacoma, WA	3.0–4.0	2.5	1800	$2,995	$1.66	24d	1	1.42mi

Listing history 31 events

1. 2026-06-01
   status $470,000 Pending 8 DOM
2. 2026-05-31
   days on market $470,000 Active 8 DOM
3. 2026-05-23
   listed $470,000 Active
4. 2017-09-28
   soldstatus $265,000 Sold
5. 2017-09-28
   soldstatus $265,000
6. 2017-08-18
   status Pending
7. 2017-08-01
   status Active
8. 2017-08-01
   price $274,900
9. 2017-07-27
   historical Cancelled
10. 2017-07-14
    price $279,900
11. 2017-07-07
    price $284,900
12. 2017-06-29
    listed $289,500 Active
13. 2016-02-26
    soldstatus $222,000 Sold
14. 2016-02-26
    soldstatus $222,000
15. 2015-12-30
    status Pending
16. 2015-12-19
    status Pending Inspection
17. 2015-12-15
    historical Contingent
18. 2015-12-05
    price $219,900
19. 2015-11-18
    status Active
20. 2015-11-11
    status Pending Inspection
21. 2015-10-29
    listed $225,000 Active
22. 2011-11-22
    soldstatus $194,000
23. 2011-11-18
    soldstatus $194,000 Sold
24. 2011-10-18
    status Pending
25. 2011-09-18
    listed $194,950 Active
26. 2006-04-24
    soldstatus $240,000
27. 2006-04-21
    soldstatus $240,000
28. 2006-03-17
    listed $249,950
29. 2003-03-24
    soldstatus $166,450
30. 2002-08-05
    listed $164,950
31. 2002-03-27
    soldstatus $420,000

ⓘ 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: $5,172 · $431/mo
• Projected year-2 tax: $5,172 · $431/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 7/10 Severe 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,006
• − Mortgage interest: −$26,327
• − Property taxes: −$5,172
• − Insurance: −$2,350
• − Repairs & maintenance: −$3,520
• − Management: −$3,520
• − Depreciation: −$13,673
• Taxable loss: −$10,557
• Est. tax savings @ 24.0%: +$2,534
• After-tax cash flow: $199/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

+11.9% since first listed

29 events — show timeline

• 2026-05-23 Listed $470,000 NWMLS as Distributed by MLS Grid
• 2017-09-28 Sold (Public Records) $265,000 Public Records
• 2017-09-28 Sold (MLS) $265,000 NWMLS as Distributed by MLS Grid
• 2017-08-18 Pending — NWMLS as Distributed by MLS Grid
• 2017-08-01 Relisted — NWMLS as Distributed by MLS Grid
• 2017-08-01 Price Changed $274,900 NWMLS as Distributed by MLS Grid
• 2017-07-27 Delisted — NWMLS as Distributed by MLS Grid
• 2017-07-14 Price Changed $279,900 NWMLS as Distributed by MLS Grid
• 2017-07-07 Price Changed $284,900 NWMLS as Distributed by MLS Grid
• 2017-06-29 Listed $289,500 NWMLS as Distributed by MLS Grid
• 2016-02-26 Sold (Public Records) $222,000 Public Records
• 2016-02-26 Sold (MLS) $222,000 NWMLS as Distributed by MLS Grid
• 2015-12-30 Pending — NWMLS as Distributed by MLS Grid
• 2015-12-19 Pending — NWMLS as Distributed by MLS Grid
• 2015-12-15 Contingent — NWMLS as Distributed by MLS Grid
• 2015-12-05 Price Changed $219,900 NWMLS as Distributed by MLS Grid
• 2015-11-18 Relisted — NWMLS as Distributed by MLS Grid
• 2015-11-11 Pending — NWMLS as Distributed by MLS Grid
• 2015-10-29 Listed $225,000 NWMLS as Distributed by MLS Grid
• 2011-11-22 Sold (Public Records) $194,000 Public Records
• 2011-11-18 Sold (MLS) $194,000 NWMLS as Distributed by MLS Grid
• 2011-10-18 Pending — NWMLS as Distributed by MLS Grid
• 2011-09-18 Listed $194,950 NWMLS as Distributed by MLS Grid
• 2006-04-24 Sold (Public Records) $240,000 Public Records
• 2006-04-21 Sold (MLS) $240,000 NWMLS as Distributed by MLS Grid
• 2006-03-17 Listed $249,950 NWMLS as Distributed by MLS Grid
• 2003-03-24 Sold (MLS) $166,450 NWMLS as Distributed by MLS Grid
• 2002-08-05 Listed $164,950 NWMLS as Distributed by MLS Grid
• 2002-03-27 Sold (Public Records) $420,000 Public Records

Property tax history

+3.7%/yr

Latest (2026): $5,172 · +1.1% YoY. Source: county tax records.