10302 Lakeview Ave SW #25 · Lakewood, WA 98499

$147,000

3 bd · 2.0 ba · 1,120 sqft · Manufactured public records · 38 Days on market

Built 2022 Fair condition $131/sqft · 94% above area

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Manufactured Home came with many upgrades at the time of sale and features just to name of few, front porch & decking, electric furnace, range, hot water heater, dual pane vinyl windows, upgraded insulation for additional cost savings, all new black appliances, Refer, DW, sink, kitchen island, wood cabinets, new fixtures & lighting, new interior & exterior paint, new tub/sh combs, new steel front door, utility/laundry Room with washer & dryer included. 2 x 6 walls.

Key facts

• Front porch
• Utility laundry room
• Kitchen island

Tags

• FRONT PORCH
• KITCHEN ISLAND
• UTILITY LAUNDRY ROOM
• DUAL PANE VINYL WINDOWS
• UPGRADED INSULATION
• NEW FIXTURES

Property features AI

Finance

• Other: Near bus line; Directions: Short distance from I-5 to Lakeview Ave SW; enter Lakeview MHP and look for home #25
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Located in Lakeview MHP (approximately 55 homes in the park); Park approved for sale; Pets allowed—see remarks; Land lease: $1,000

Exterior

• Parking: Uncovered parking
• Utilities: Public water; Electric water heater; Public sewer (Pierce County); Power provided by Lakview Light and Power
• Home design: Manufactured double wide home (Fleetwood Homes, Weston Super model); One-level; Manufactured after 06/15/1976; Mobile home remains on site; Skirted with wood
• Construction: Cement plank construction materials; Composition roof
• Exterior features: Cement planked exterior; Paved lot

Interior

• Kitchen: Dishwasher; Garbage disposal; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Laminate
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Water heater; Family room; Kitchen with eating space; Utility room; Double pane windows
• Laundry & utility: Utility room (laundry/utility space)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $147k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $647 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $147k).
• Recommended offer: $143k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.6% 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); 130 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• This rent runs 36% of the median local income ($67k/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 $1k of loan paydown is wiped out by about $4k 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 $41k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

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

Recommended offer $142,590 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 1.36% ✓
• Cap rate: 11.57%
• Cash-on-cash: 18.85%
• DSCR: 1.84
• GRM: 6.1

CMA / ARV

• ARV (median comp): $75,000
• List price: $147,000
• Delta: 96.00%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10302 LAKEVIEW Ave SW #25	0.00mi	3/2.0	1,109 (-1%)	22mo	$145,900	$132	80
10302 Lakeview Ave SW #21	0.04mi	3/2.0	960 (-14%)	4mo	$75,000	$78	71
10302 Lakeview Ave SW #50	0.04mi	3/2.0	1,284 (+15%)	7mo	$130,000	$101	68
10404 South Tacoma Way #19	0.50mi	2/1.0 (-1)	960 (-14%)	2mo	$61,500	$64	42
10116 47th Ave SW	0.24mi	2/1.0 (-1)	972 (-13%)	22mo	$335,000	$345	40

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: 10.7%
• Equity multiple: 1.42×
• Total profit: $17,337
• Equity at exit: $21,918

10-year hold

• IRR: 19.7%
• Equity multiple: 2.65×
• Total profit: $68,028
• Equity at exit: $12,710

Cash invested: $41,160 (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: 130
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,994 high
• Mortgage (P&I): −$771
• Tax from tax record: −$96 /mo · $1,156/yr
• Insurance: −$61
• HOA: −$0
• Vacancy / Maint / Mgmt: −$419
• Net cashflow: $647

Break-even live

Break-even rent $1,175

Max offer price $147,000

Occupancy floor 63%

Sensitivity live

Price	-10% $730	-5% $688	+0% $647	+5% $605	+10% $563
Rent	-10% $489	-5% $568	+0% $647	+5% $725	+10% $804
Rate	-1.0pp $721	-0.5pp $684	base $647	+0.5pp $608	+1.0pp $570

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: $36,750
• Closing costs: $4,410
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5110 Diamond Blvd SW Lakewood, WA	3.0	1.0	1008	$2,595	$2.57	0d	1	0.49mi
4910 108th St SW Tacoma, WA	1.0–2.0	1.0	700	$1,275	$1.82	0d	4	0.51mi
11007 Freiday St SW Lakewood, WA	2.0	1.5	1036	$1,650	$1.59	6d	1	0.54mi
10240 Bridgeport Way SW Unit 315 Lakewood, WA	2.0	2.0	951	$1,895	$1.99	6d	1	0.57mi
10240 Bridgeport Way SW Unit 316 Lakewood, WA	2.0	2.0	1102	$1,895	$1.72	19d	1	0.57mi
11204 Kendrick St SW Lakewood, WA	1.0–4.0	1.0–2.0	1051	$2,072	$1.97	0d	21	0.60mi
11419 Kendrick St SW Lakewood, WA	3.0	1.0–2.0	688	$2,325	$3.38	0d	4	0.66mi
9324 S Tacoma Way Lakewood, WA	2.0	1.0	800	$1,995	$2.49	16d	1	0.77mi
5419 110th St SW Lakewood, WA	1.0–3.0	1.0–2.0	852	$2,053	$2.41	44d	1	0.78mi
4914 115th Street Ct SW Lakewood, WA	2.0	1.0	800	$1,450	$1.81	6d	2	0.88mi
3411 92nd St S Unit 15 Lakewood, WA	2.0	1.0	700	$1,595	$2.28	25d	1	0.94mi
3407-3411 92nd St S Unit 17 Lakewood, WA	2.0	1.0	700	$1,395	$1.99	0d	1	0.95mi
3407-3411 92nd St S Unit 17 Lakewood, WA	2.0	1.0	700	$1,395	$1.99	25d	1	0.95mi
3418 90th St S Lakewood, WA	2.0	1.0	800	$1,495	$1.87	44d	1	0.99mi
9100 Lakewood Dr SW Lakewood, WA	1.0–3.0	1.0–2.0	865	$2,300	$2.66	44d	1	1.03mi
9730 59th Ave SW Lakewood, WA	2.0	2.0	1157	$1,950	$1.69	19d	1	1.03mi
9730 59th Ave SW Lakewood, WA	2.0	1.5	1207	$1,950	$1.62	25d	1	1.03mi
5915 99th St SW Unit 14 Lakewood, WA	2.0	1.0	1000	$1,395	$1.40	25d	1	1.04mi
5101 88th Street Ct SW Lakewood, WA	3.0	1.0–2.0	832	$2,600	$3.12	3d	16	1.04mi
5915 Lake Grove St SW Unit B1-105 Lakewood, WA	2.0	1.5	1207	$1,950	$1.62	25d	1	1.06mi
9501 59th Ave SW Lakewood, WA	1.0–3.0	1.0–2.0	917	$2,585	$2.82	0d	39	1.07mi
8911 Gravelly Lake Dr SW Lakewood, WA	3.0	2.0	1450	$2,495	$1.72	4d	1	1.08mi
8933 Gravelly Lake Dr SW Unit 306 Tacoma, WA	2.0	2.0	807	$2,095	$2.60	44d	1	1.09mi
8931 Gravelly Lake Dr SW Lakewood, WA	1.0–2.0	1.0–2.0	635	$2,095	$3.30	4d	4	1.09mi
8920 Gravelly Lake Dr SW Lakewood, WA	3.0	1.0–2.0	688	$2,349	$3.41	2d	15	1.11mi
4801 121st St SW Unit 6 Lakewood, WA	2.0	1.0	800	$1,700	$2.12	25d	1	1.13mi
3102 92nd St S Unit 3104 Lakewood, WA	2.0	1.0	708	$1,497	$2.11	22d	1	1.14mi
12040 Bridgeport Way SW Unit 302 Lakewood, WA	2.0	1.0	950	$1,899	$2.00	45d	1	1.16mi
6102 Lake Grove St SW Lakewood, WA	2.0	1.0	569	$1,870	$3.29	2d	4	1.17mi
10102 Sales Rd S Lakewood, WA	2.0	1.0–1.5	596	$1,550	$2.60	44d	26	1.18mi
2415 100th Street Ct S Tacoma, WA	2.0–3.0	1.0–2.0	912	$2,050	$2.25	6d	2	1.22mi
8420 S Tacoma Way Unit 1/2 Lakewood, WA	2.0	1.0	800	$1,995	$2.49	19d	1	1.22mi
2604 92nd St S Unit B Lakewood, WA	3.0	2.0	1120	$1,995	$1.78	44d	1	1.29mi
2604 92nd St S Unit B Lakewood, WA	3.0	2.0	1120	$1,995	$1.78	25d	1	1.29mi
2425 S 96th St Tacoma, WA	1.0–2.0	1.0	850	$1,225	$1.44	0d	14	1.32mi
8720 58th Ave SW Lakewood, WA	1.0–3.0	1.0–2.0	897	$2,275	$2.53	6d	1	1.35mi
2201 104th St S Tacoma, WA	1.0–3.0	1.0–2.0	929	$2,500	$2.69	0d	19	1.36mi
4828 123rd St SW Lakewood, WA	1.0–2.0	1.0–2.0	848	$1,995	$2.35	4d	4	1.37mi
8511 Woodlawn Ave SW Lakewood, WA	2.0	1.0	1000	$2,150	$2.15	25d	1	1.42mi
12502 Addison St SW Unit 11 Lakewood, WA	2.0	1.0	825	$1,197	$1.45	0d	1	1.43mi

Listing history 18 events

1. 2026-06-21
   days on market $147,000 Active 38 DOM
2. 2026-06-18
   days on market $147,000 Active 35 DOM
3. 2026-06-17
   days on market $147,000 Active 34 DOM
4. 2026-06-16
   days on market $147,000 Active 33 DOM
5. 2026-06-15
   days on market $147,000 Active 32 DOM
6. 2026-06-13
   days on market $147,000 Active 30 DOM
7. 2026-06-09
   days on market $147,000 Active 26 DOM
8. 2026-06-08
   days on market $147,000 Active 25 DOM
9. 2026-06-07
   days on market $147,000 Active 24 DOM
10. 2026-06-04
    days on market $147,000 Active 21 DOM
11. 2026-06-03
    days on market $147,000 Active 20 DOM
12. 2026-06-02
    days on market $147,000 Active 19 DOM
13. 2026-06-01
    days on market $147,000 Active 18 DOM
14. 2026-05-31
    days on market $147,000 Active 17 DOM
15. 2026-05-14
    listed $147,000 Active
16. 2024-08-23
    soldstatus $145,900 Closed
17. 2024-08-11
    status Pending
18. 2024-07-12
    listed $145,900 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: $1,156 · $96/mo
• Projected year-2 tax: $1,441 · $120/mo
• Expected delta: +$285/yr (+$24/mo · 24.6%)

ⓘ 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: $23,924
• − Mortgage interest: −$8,234
• − Property taxes: −$1,156
• − Insurance: −$735
• − Repairs & maintenance: −$1,914
• − Management: −$1,914
• − Depreciation: −$4,276
• Taxable income: $5,695
• Est. tax owed @ 24.0%: −$1,367
• After-tax cash flow: $6,392/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 · 2 photos

Fair 45/100 Cosmetic rehab

The home is in fair condition with cosmetic updates needed. Landscaping and fencing maintenance, along with interior and exterior updates, can significantly increase its value.

Repairs flagged

• Major Landscaping — The landscaping and fencing are overgrown and in need of maintenance.
• Major Fencing — The fencing is overgrown and in need of maintenance.

Value-add opportunities

• Both Landscaping and fencing maintenance — Maintaining the landscaping and fencing will improve the curb appeal and overall appearance of the home, which can increase its resale and rental value.
• Both Interior updates — Updating the interior, such as painting and minor repairs, can improve the home's condition and make it more attractive to potential buyers or renters.
• Both Exterior updates — Updating the exterior, such as painting and minor repairs, can improve the home's condition and make it more attractive to potential buyers or renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Landscaping · The landscaping and fencing are overgrown and in need of maintenance.	Major	$15,000–50,000
Fencing · The fencing is overgrown and in need of maintenance.	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both Landscaping and fencing maintenance — Maintaining the landscaping and fencing will improve the curb appeal and overall appearance of the home, which can increase its resale and rental value. ↑
• Both Interior updates — Updating the interior, such as painting and minor repairs, can improve the home's condition and make it more attractive to potential buyers or renters. ↑
• Both Exterior updates — Updating the exterior, such as painting and minor repairs, can improve the home's condition and make it more attractive to potential buyers or renters. ↑

ⓘ 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: 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

+0.8% since first listed

4 events — show timeline

• 2026-05-14 Listed $147,000 NWMLS as Distributed by MLS Grid
• 2024-08-23 Sold (MLS) $145,900 NWMLS as Distributed by MLS Grid
• 2024-08-11 Pending — NWMLS as Distributed by MLS Grid
• 2024-07-12 Listed $145,900 NWMLS as Distributed by MLS Grid

Property tax history

+1.9%/yr

Latest (2026): $1,156 · +1.9% YoY. Source: county tax records.