10302 LAKEVIEW Ave SW #26 · Lakewood, WA 98499

$147,950

3 bd · 1.0 ba · 672 sqft · Manufactured public records · 248 Days on market

Built 2024 $220/sqft · 258% 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 +29.5/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Livability +3.7/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This beautiful NEW 3 bedroom & 1.75 bath Manufactured Home that sports many upgrades and features just to name of few of them: A beautiful front porch & decking, engineered laminate flooring t/o, new electric furnace, refer, & range, Washer & Dryer, new hot water heater, dual paned vinyl windows t/o, exterior siding, upgraded insulations for additional cost savings, all new appliances, DW, farm sink, tape-n-texture t/o, kitchen island, wood cabinets, new fixtures & lighting, new interior & exterior paint, new tub/shower comb, 60" shower, new steel front & back door, utility/laundry Room with w & d included. 2 x 6 walls - Great neighborhood

Key facts

• Upgraded insulations
• Front porch
• Electric furnace

Tags

• FRONT PORCH
• ENGINEERED LAMINATE FLOORING
• ELECTRIC FURNACE
• DUAL PANED VINYL WINDOWS
• UPGRADED INSULATIONS
• NEW APPLIANCES

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $148k.

Deal economics

• At list price, monthly cash flow is $529 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $148k).
• Recommended offer: $130k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.6% 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: 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.
• Zoned schools: Lakeview Hope Academy (534 students, 84% FRL); Lochburn Middle School (510 students, 85% FRL); Clover Park High School (1,315 students, 84% FRL) — zoned schools average 84% FRL vs 52% district-wide (32 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.0%/yr); 130 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• This rent runs 35% 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 ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 248 days — a 12% lower offer ($130k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 23y ago; this cycle's ask has dropped $17k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $5k; list at $148k implies a 2859% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $130,196 (12.0% below list)

Questions for the listing agent

1. It's been on market 248 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: 1.33% ✓
• Cap rate: 10.59%
• Cash-on-cash: 15.33%
• DSCR: 1.68
• GRM: 6.3

CMA / ARV

• ARV (median comp): $75,000
• List price: $147,950
• Delta: 97.27%
• 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	0.04mi	2/1.0 (-1)	672 (0%)	9mo	$40,000	$60	86

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: 6.1%
• Equity multiple: 1.24×
• Total profit: $9,769
• Equity at exit: $22,060

10-year hold

• IRR: 15.5%
• Equity multiple: 2.26×
• Total profit: $52,038
• Equity at exit: $12,792

Cash invested: $41,426 (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: 6.3×

Monthly cashflow live

• Estimated rent: $1,964 high
• Mortgage (P&I): −$776
• Tax est. 1.5%: −$185 /mo · $2,219/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$412
• Net cashflow: $529

Break-even live

Break-even rent $1,294

Max offer price $147,950

Occupancy floor 68%

Sensitivity live

Price	-10% $632	-5% $580	+0% $529	+5% $478	+10% $427
Rent	-10% $374	-5% $452	+0% $529	+5% $607	+10% $685
Rate	-1.0pp $604	-0.5pp $567	base $529	+0.5pp $491	+1.0pp $452

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: $36,988
• Closing costs: $4,438
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4910 108th St SW Tacoma, WA	1.0–2.0	1.0	700	$1,275	$1.82	0d	4	0.47mi
11204 Kendrick St SW Lakewood, WA	1.0–4.0	1.0–2.0	1051	$2,072	$1.97	0d	21	0.54mi
11419 Kendrick St SW Lakewood, WA	3.0	1.0–2.0	688	$2,325	$3.38	0d	4	0.59mi
5419 110th St SW Lakewood, WA	1.0–3.0	1.0–2.0	852	$2,053	$2.41	45d	1	0.75mi
3411 92nd St S Unit 15 Lakewood, WA	2.0	1.0	700	$1,595	$2.28	25d	1	1.00mi
3407-3411 92nd St S Unit 17 Lakewood, WA	2.0	1.0	700	$1,395	$1.99	25d	1	1.01mi
3407-3411 92nd St S Unit 17 Lakewood, WA	2.0	1.0	700	$1,395	$1.99	0d	1	1.01mi
9100 Lakewood Dr SW Lakewood, WA	1.0–3.0	1.0–2.0	865	$2,300	$2.66	45d	1	1.08mi
9501 59th Ave SW Lakewood, WA	1.0–3.0	1.0–2.0	917	$2,585	$2.82	0d	39	1.10mi
5101 88th Street Ct SW Lakewood, WA	3.0	1.0–2.0	832	$2,600	$3.12	3d	16	1.10mi
8931 Gravelly Lake Dr SW Lakewood, WA	1.0–2.0	1.0–2.0	635	$2,095	$3.30	4d	4	1.14mi
8920 Gravelly Lake Dr SW Lakewood, WA	3.0	1.0–2.0	688	$2,349	$3.41	3d	15	1.17mi
3102 92nd St S Unit 3104 Lakewood, WA	2.0	1.0	708	$1,497	$2.11	23d	1	1.18mi
6102 Lake Grove St SW Lakewood, WA	2.0	1.0	569	$1,870	$3.29	0d	6	1.18mi
10102 Sales Rd S Lakewood, WA	2.0	1.0–1.5	596	$1,550	$2.60	45d	26	1.19mi
4828 123rd St SW Lakewood, WA	1.0–2.0	1.0–2.0	848	$1,995	$2.35	4d	4	1.30mi
2425 S 96th St Tacoma, WA	1.0–2.0	1.0	850	$1,225	$1.44	0d	14	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
8720 58th Ave SW Lakewood, WA	1.0–3.0	1.0–2.0	897	$2,275	$2.53	6d	1	1.40mi
12535 Bridgeport Way SW Lakewood, WA	2.0	1.0–2.0	850	$2,437	$2.87	0d	25	1.41mi
2100 112th St S Tacoma, WA	1.0–2.0	1.0	660	$1,600	$2.42	6d	4	1.45mi

Listing history 20 events

1. 2026-06-21
   days on market $147,950 Active 248 DOM
2. 2026-06-18
   days on market $147,950 Active 245 DOM
3. 2026-06-17
   days on market $147,950 Active 244 DOM
4. 2026-06-16
   days on market $147,950 Active 243 DOM
5. 2026-06-15
   days on market $147,950 Active 242 DOM
6. 2026-06-13
   days on market $147,950 Active 240 DOM
7. 2026-06-09
   days on market $147,950 Active 236 DOM
8. 2026-06-08
   days on market $147,950 Active 235 DOM
9. 2026-06-07
   days on market $147,950 Active 234 DOM
10. 2026-06-04
    days on market $147,950 Active 231 DOM
11. 2026-06-03
    days on market $147,950 Active 230 DOM
12. 2026-06-02
    days on market $147,950 Active 229 DOM
13. 2026-06-01
    days on market $147,950 Active 228 DOM
14. 2026-05-31
    days on market $147,950 Active 227 DOM
15. 2026-04-08
    price $147,950
16. 2025-12-09
    price $149,950
17. 2025-11-20
    price $159,950
18. 2025-10-16
    listed $164,950 Active
19. 2003-09-04
    soldstatus $5,000
20. 2003-07-08
    listed $5,500

ⓘ 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 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: $23,571
• − Mortgage interest: −$8,288
• − Property taxes: −$2,219
• − Insurance: −$740
• − Repairs & maintenance: −$1,886
• − Management: −$1,886
• − Depreciation: −$4,304
• Taxable income: $4,249
• Est. tax owed @ 24.0%: −$1,020
• After-tax cash flow: $5,332/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

+2590.0% since first listed

6 events — show timeline

• 2026-04-08 Price Changed $147,950 NWMLS as Distributed by MLS Grid
• 2025-12-09 Price Changed $149,950 NWMLS as Distributed by MLS Grid
• 2025-11-20 Price Changed $159,950 NWMLS as Distributed by MLS Grid
• 2025-10-16 Listed $164,950 NWMLS as Distributed by MLS Grid
• 2003-09-04 Sold (MLS) $5,000 NWMLS as Distributed by MLS Grid
• 2003-07-08 Listed $5,500 NWMLS as Distributed by MLS Grid

Property tax history

+5.3%/yr

Latest (2024): $81 · +16.5% YoY. Source: county tax records.