10302 Lakeview Ave SW #42 · Lakewood, WA 98499

$80,000

2 bd · 1.0 ba · 784 sqft · Manufactured public records · 205 Days on market

Built 1989 $102/sqft · 43% above area Est $62k · 30% 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 +4.0/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this beautifully refreshed 3-bedroom, 1-bath. Step inside to enjoy high vaulted ceilings, new flooring, and fresh interior and exterior paint. The home also features new siding, a new water heater (Sept 2025), a well-maintained furnace, and a 2-year-old roof for added peace of mind. Outside, you’ll appreciate the improved landscaping, a spacious driveway with a carport, and a charming gazebo that conveys. Convenient to Lakewood Towne Center for shopping, dining, and entertainment, with quick access to I-5 and an easy commute to Tacoma. This home offers comfort and a great location all in one.

Key facts

• 2 year old roof
• New siding
• New flooring

Tags

• HIGH VAULTED CEILINGS
• NEW FLOORING
• NEW SIDING
• NEW WATER HEATER
• WELL MAINTAINED FURNACE
• 2 YEAR OLD ROOF

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $80k.

Deal economics

• At list price, monthly cash flow is $775 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.9% vs local median 2.6% in Lakewood — 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 (#182 in WA, #4,754 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, housing A-; Watch: schools C-, cost of living D, crime F.
• Clover Park School District (urban): math 39% / reading 51% proficiency, ranked #190 of 291 in WA (top 65%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.0%/yr); 129 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $553 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 + 3.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 205 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $70,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 205 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. 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?
5. 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.
6. 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.
7. 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: 2.00% ✓
• Cap rate: 17.91%
• Cash-on-cash: 41.50%
• DSCR: 2.85
• GRM: 4.2

CMA / ARV

• ARV (median comp): $61,500
• List price: $80,000
• Delta: 30.08%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10302 Lakeview Ave SW #35	0.00mi	2/1.0	672 (-14%)	9mo	$40,000	$60	69

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 38.1%
• Equity multiple: 2.62×
• Total profit: $36,362
• Equity at exit: $11,928

10-year hold

• IRR: 44.6%
• Equity multiple: 5.25×
• Total profit: $95,137
• Equity at exit: $6,917

Cash invested: $22,400 (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 98499

• Rents YoY: 3.0%
• Active inventory: 129
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,600 high
• Mortgage (P&I): −$420
• Tax from tax record: −$37 /mo · $442/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $775

Break-even live

Break-even rent $620

Max offer price $80,000

Occupancy floor 47%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10214 Lakeview Ave SW Lakewood, WA	1.0	1.0	525	$1,299	$2.47	2d	7	0.03mi
4910 108th St SW Tacoma, WA	1.0–2.0	1.0	700	$1,125	$1.61	2d	2	0.48mi
10240 Bridgeport Way SW Unit 316 Lakewood, WA	2.0	2.0	1102	$1,895	$1.72	18d	1	0.52mi
10240 Bridgeport Way SW Unit 315 Lakewood, WA	2.0	2.0	951	$1,895	$1.99	5d	1	0.52mi
10240 Bridgeport Way SW Unit 309 Lakewood, WA	1.0	1.0	732	$1,535	$2.10	43d	1	0.52mi
11007 Freiday St SW Lakewood, WA	2.0	1.5	1036	$1,650	$1.59	5d	1	0.52mi
11204 Kendrick St SW Lakewood, WA	1.0–4.0	1.0–2.0	1051	$1,697	$1.61	1d	24	0.59mi
11419 Kendrick St SW Lakewood, WA	3.0	1.0–2.0	688	$2,000	$2.91	1d	4	0.66mi
5419 110th St SW Lakewood, WA	1.0–3.0	1.0–2.0	852	$1,694	$1.99	43d	1	0.74mi
9324 S Tacoma Way Lakewood, WA	2.0	1.0	800	$1,995	$2.49	15d	1	0.80mi
4914 115th Street Ct SW Lakewood, WA	2.0	1.0	800	$1,450	$1.81	5d	2	0.87mi
3415 92nd St S Lakewood, WA	1.0	1.0	650	$1,200	$1.85	18d	1	0.96mi
3415 92nd St S Apt 2 Tacoma, WA	1.0	1.0	650	$1,200	$1.85	16d	1	0.96mi
3411 92nd St S Unit 15 Lakewood, WA	2.0	1.0	700	$1,595	$2.28	24d	1	0.97mi
3407-3411 92nd St S Unit 17 Lakewood, WA	2.0	1.0	700	$1,395	$1.99	24d	1	0.98mi
9730 59th Ave SW Lakewood, WA	1.0	1.0	887	$1,600	$1.80	43d	1	0.99mi
3232 94th St S Unit 15 Lakewood, WA	1.0	1.0	632	$1,150	$1.82	24d	1	0.99mi
5915 99th St SW Lakewood, WA	1.0	1.0	750	$1,250	$1.67	43d	1	0.99mi
5915 99th St SW Apt 13 Lakewood, WA	1.0	1.0	750	$1,250	$1.67	24d	1	0.99mi
5915 99th St SW Lakewood, WA	1.0	1.0	750	$1,200	$1.60	24d	1	0.99mi
5915 99th St SW Unit 14 Lakewood, WA	2.0	1.0	1000	$1,395	$1.40	24d	1	0.99mi
9100 Lakewood Dr SW Lakewood, WA	1.0–3.0	1.0–2.0	865	$1,800	$2.08	43d	1	0.99mi
5915 Lake Grove St SW Unit B1-102 Lakewood, WA	1.0	1.0	887	$1,600	$1.80	43d	1	1.02mi
3418 90th St S Lakewood, WA	2.0	1.0	800	$1,495	$1.87	43d	1	1.02mi
5925 99th St SW Unit 6 Tacoma, WA	1.0	1.0	560	$1,011	$1.81	18d	1	1.02mi
5925 99th St SW Apt 2 Tacoma, WA	1.0	1.0	560	$1,367	$2.44	43d	1	1.02mi
5101 88th Street Ct SW Lakewood, WA	3.0	1.0–2.0	832	$2,258	$2.71	2d	16	1.02mi
9501 59th Ave SW Lakewood, WA	1.0–3.0	1.0–2.0	917	$1,992	$2.17	1d	42	1.03mi
8933 Gravelly Lake Dr SW Unit 306 Tacoma, WA	2.0	2.0	807	$2,095	$2.60	43d	1	1.06mi
8931 Gravelly Lake Dr SW Lakewood, WA	1.0–2.0	1.0–2.0	635	$2,095	$3.30	3d	4	1.06mi
8920 Gravelly Lake Dr SW Lakewood, WA	3.0	1.0–2.0	688	$1,999	$2.91	1d	15	1.08mi
9615 Bristol Ave SW Unit 303 Lakewood, WA	1.0	1.0	550	$1,350	$2.45	3d	1	1.10mi
6102 Lake Grove St SW Lakewood, WA	2.0	1.0	569	$1,870	$3.29	1d	4	1.12mi
4801 121st St SW Unit 6 Lakewood, WA	2.0	1.0	800	$1,700	$2.12	24d	1	1.12mi
12040 Bridgeport Way SW Unit 302 Lakewood, WA	2.0	1.0	950	$1,899	$2.00	44d	1	1.14mi
5453 Steilacoom Blvd SW Lakewood, WA	1.0	1.0	576	$1,435	$2.49	1d	1	1.18mi
3102 92nd St S Unit 3104 Lakewood, WA	2.0	1.0	708	$1,497	$2.11	21d	1	1.18mi
10102 Sales Rd S Lakewood, WA	1.0	1.0	480	$1,495	$3.11	2d	22	1.22mi
10102 Sales Rd S Lakewood, WA	2.0	1.0–1.5	596	$1,550	$2.60	43d	26	1.22mi
8420 S Tacoma Way Unit 1/2 Lakewood, WA	2.0	1.0	800	$1,995	$2.49	18d	1	1.24mi

Listing history 14 events

1. 2026-06-18
   days on market $80,000 Active 205 DOM
2. 2026-06-17
   days on market $80,000 Active 204 DOM
3. 2026-06-16
   days on market $80,000 Active 203 DOM
4. 2026-06-15
   days on market $80,000 Active 202 DOM
5. 2026-06-13
   days on market $80,000 Active 200 DOM
6. 2026-06-09
   days on market $80,000 Active 196 DOM
7. 2026-06-08
   days on market $80,000 Active 195 DOM
8. 2026-06-07
   days on market $80,000 Active 194 DOM
9. 2026-06-04
   days on market $80,000 Active 191 DOM
10. 2026-06-03
    days on market $80,000 Active 190 DOM
11. 2026-06-02
    days on market $80,000 Active 189 DOM
12. 2026-05-31
    days on market $80,000 Active 188 DOM
13. 2026-02-25
    status Active
14. 2025-11-19
    listed $90,000 Active

ⓘ 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: $442 · $37/mo
• Projected year-2 tax: $784 · $65/mo
• Expected delta: +$342/yr (+$29/mo · 77.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 64% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥86°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,205
• − Mortgage interest: −$4,481
• − Property taxes: −$442
• − Insurance: −$400
• − Repairs & maintenance: −$1,536
• − Management: −$1,536
• − Depreciation: −$2,327
• Taxable income: $8,482
• Est. tax owed @ 24.0%: −$2,036
• After-tax cash flow: $7,260/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: Clover Park School District
• NCES district ID: 5301410
• Math proficiency: 39% ▼ -2.00%
• Reading proficiency: 51% ▲ 2.00%
• Median HH income: $42,344
• Composite: 40.11/100
• National rank: #7858
• State rank: #190 of 291 in WA

Livability — Lakewood

• Score: 74/100
• State rank: #182
• US rank: #4754

Category grades

Amenities B+ Commute A+ Cost of living D Crime F Employment B- Housing A- Health & safety A+ User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lakewood, WA
• County: Pierce County · 788,257 people
• City population: 61,673
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 32,464
• Household income: $67,292
• Rent vs Own: 62.1% rent · 37.9% own
• Severe rent burden: 2313.0

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: Highly diverse neighborhood (Simpson 0.76)
• Race & ethnicity: White 39% Hispanic / Latino 25% Two or more races 17% Black 15% Asian 8% Pacific Islander 6%
• Hispanic origin (detail): Mexican 17% Puerto Rican 2% Cuban 1%
• Common ancestry: Portuguese 3% Slovak 2% Lithuanian 2%
• Foreign-born: 18% · Canada, South Korea, Vietnam
• Languages at home: 74% English-only · Spanish 16% Korean 3% Tagalog/Filipino 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: ▼ -536.54%
• Current HPI: 288.2797
• Rent YoY: ▲ 3.00%
• 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

2 events — show timeline

• 2026-02-25 Relisted — NWMLS as Distributed by MLS Grid
• 2025-11-19 Listed $90,000 NWMLS as Distributed by MLS Grid

Property tax history

+4.9%/yr

Latest (2026): $442 · +1.7% YoY. Source: county tax records.