15405 Washington Ave SW #5 · Lakewood, WA 98499

$30,000

2 bd · 1.0 ba · 840 sqft · Manufactured · 295 Days on market

Built 1975 $36/sqft · 81% below area ↓ 15% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Huge Price Reduced !!! Welcome to this single wide home features 2 bedrooms, 1 full bath with washer /dryer area. New Laminate hardwood flooring, a kitchen with white quartz countertops and dark kitchen cabinets. Bonus shed space as play area, plenty of parking space, space rent $850 include sewer/garbage, a small additional fee for water. Close to local schools, parks, American Lake, Camp Murry, shopping, access to I-5 and much more.

Key facts

• Close to parks
• Bonus shed space
• 2 parking spots

Tags

• LAMINATE HARDWOOD FLOORING
• WHITE QUARTZ COUNTERTOPS
• DARK KITCHEN CABINETS
• BONUS SHED SPACE
• CLOSE TO LOCAL SCHOOLS
• CLOSE TO PARKS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $30k.

Deal economics

• At list price, monthly cash flow is $984 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $30k).
• Recommended offer: $26k (12.0% below list) — sets the bar for market timing.
• Cap rate 45.7% 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; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $207 of loan paydown is wiped out by about $900 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 $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 295 days — a 12% lower offer ($26k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $35k (54%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $26,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 295 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 5.03% ✓
• Cap rate: 45.66%
• Cash-on-cash: 140.58%
• DSCR: 7.26
• GRM: 1.7

CMA / ARV

• ARV (median comp): $159,988
• List price: $30,000
• Delta: -81.25%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14408 Portland Ave SW	0.67mi	2/1.0	800 (-5%)	0mo	$249,995	$312	60

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: —
• Equity multiple: 7.89×
• Total profit: $57,838
• Equity at exit: $4,473

10-year hold

• IRR: —
• Equity multiple: 16.61×
• Total profit: $131,163
• Equity at exit: $2,594

Cash invested: $8,400 (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: 130
• Price-to-rent: 1.7×

Monthly cashflow live

• Estimated rent: $1,508 high
• Mortgage (P&I): −$157
• Tax est. 1.5%: −$38 /mo · $450/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $984

Break-even live

Break-even rent $262

Max offer price $30,000

Occupancy floor 30%

Sensitivity live

Price	-10% $1,005	-5% $994	+0% $984	+5% $974	+10% $963
Rent	-10% $865	-5% $925	+0% $984	+5% $1,044	+10% $1,103
Rate	-1.0pp $999	-0.5pp $992	base $984	+0.5pp $976	+1.0pp $968

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: $7,500
• Closing costs: $900
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15308 Washington Ave SW Unit 7 Lakewood, WA	1.0	1.0	600	$998	$1.66	3d	1	0.11mi
15301 Portland Ave SW Unit A Lakewood, WA	3.0	1.0	896	$1,895	$2.11	25d	1	0.20mi
15108 Washington Ave SW Apt 2 Lakewood, WA	1.0	1.0	600	$1,350	$2.25	44d	1	0.21mi
14510 Washington Ave SW Unit 12 Lakewood, WA	1.0	1.0	650	$1,295	$1.99	6d	1	0.59mi
14521 Woodlawn St SW Lakewood, WA	2.0	1.0	748	$2,400	$3.21	6d	1	0.61mi
7317 150th St SW Unit 1 Lakewood, WA	1.0	1.0	800	$1,095	$1.37	0d	1	1.13mi
7317 150th St SW Apt 7 Lakewood, WA	1.0	1.0	800	$1,195	$1.49	44d	1	1.13mi
7320 146th St SW Lakewood, WA	1.0–2.0	1.0	617	$1,300	$2.11	44d	1	1.14mi
6824 150th St SW Lakewood, WA	3.0	1.0	1100	$1,795	$1.63	44d	1	1.40mi
6824 150th St SW Lakewood, WA	2.0	1.0	850	$1,695	$1.99	2d	2	1.40mi
6824 150th St SW Lakewood, WA	2.0	1.0	750	$1,595	$2.13	6d	1	1.40mi
6805 150th St SW Lakewood, WA	2.0	1.0	744	$1,800	$2.42	25d	1	1.45mi

Listing history 18 events

1. 2026-06-18
   days on market $30,000 Active 295 DOM
2. 2026-06-17
   days on market $30,000 Active 294 DOM
3. 2026-06-16
   days on market $30,000 Active 293 DOM
4. 2026-06-15
   days on market $30,000 Active 292 DOM
5. 2026-06-13
   days on market $30,000 Active 290 DOM
6. 2026-06-09
   days on market $30,000 Active 286 DOM
7. 2026-06-08
   days on market $30,000 Active 285 DOM
8. 2026-06-07
   days on market $30,000 Active 284 DOM
9. 2026-06-04
   days on market $30,000 Active 281 DOM
10. 2026-06-03
    days on market $30,000 Active 280 DOM
11. 2026-06-02
    days on market $30,000 Active 279 DOM
12. 2026-06-01
    days on market $30,000 Active 278 DOM
13. 2026-05-31
    days on market $30,000 Active 277 DOM
14. 2026-03-08
    status Active
15. 2026-03-01
    historical
16. 2025-11-20
    price $55,000
17. 2025-09-22
    price $60,000
18. 2025-08-20
    listed $65,000 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 7 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,097
• − Mortgage interest: −$1,680
• − Property taxes: −$450
• − Insurance: −$150
• − Repairs & maintenance: −$1,448
• − Management: −$1,448
• − Depreciation: −$873
• Taxable income: $12,049
• Est. tax owed @ 24.0%: −$2,892
• After-tax cash flow: $8,917/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

-15.4% since first listed

5 events — show timeline

• 2026-03-08 Relisted — NWMLS as Distributed by MLS Grid
• 2026-03-01 Delisted — NWMLS as Distributed by MLS Grid
• 2025-11-20 Price Changed $55,000 NWMLS as Distributed by MLS Grid
• 2025-09-22 Price Changed $60,000 NWMLS as Distributed by MLS Grid
• 2025-08-20 Listed $65,000 NWMLS as Distributed by MLS Grid