601 166th Street Ct E · Spanaway, WA 98387

$200,000

3 bd · 2.0 ba · 1,844 sqft · Manufactured · 6 Days on market

Built 1983 Good condition Est $234k · 15% under

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Why this score? — see what drove the A- 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
• ARV discount +14.1/15.0
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• Schools +4.9/10.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Rent growth +3.6/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this beautifully fully fenced remodeled 3-bedroom, 2-bath residence in the desirable Winchester Village community. Offering modern updates throughout and a low maintenance yard, this move-in-ready home is perfect for you! Enjoy spacious living areas, refreshed finishes, huge kitchen with plenty of cabinet space and the convenience of both heating and cooling for year-round comfort. Ideally located near shopping, dining, parks, schools, and major commuter routes, this home provides the perfect blend of community living and everyday convenience. The added benefit of a community park and playground offer space for outdoor recreation, family gatherings, and children's play just

Key facts

• Remodeled
• Fully fenced
• Low maintenance yard

Tags

• FULLY FENCED
• REMODELED
• LOW MAINTENANCE YARD
• HUGE KITCHEN
• HEATING AND COOLING
• COMMUNITY PARK

Property features AI

Finance

• Other: Calculated building area: 1,844 (per MLS source); Structure type: Manufactured house
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Winchester Village park (park approved for sale); Park amenities include clubhouse, common area, playground, recreational area, RV parking; Land lease: $975

Exterior

• Parking: Carport
• Utilities: Electric energy source; Community water (HOA pays); HOA-maintained septic system; Power supplied by Elmhurst
• Home design: Manufactured double-wide home; One level; Manufactured after 6/15/1976; Mobile home remains
• Construction: Composition roof
• Exterior features: Corner lot; Patio/Porch/Deck

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms (includes 2 bathtubs)
• Heating & cooling: Forced air heating; Heat pump; Has cooling
• Interior features: Wood-burning fireplace; Dining room, entry, family room, living room, utility room
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $200k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $971 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Cap rate 12.1% vs local median 3.6% 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; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 6d on market — plan ~1-2 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 33% 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 $1k of loan paydown is wiped out by about $6k 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 + 4.2% rent growth), your $56k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $200,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 1.49% ✓
• Cap rate: 12.12%
• Cash-on-cash: 20.80%
• DSCR: 1.93
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $234,188
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16614 4th Avenue Ct E #124	0.14mi	3/2.0	1,782 (-3%)	9mo	$170,000	$95	80
16308 B St E #16	0.35mi	3/2.0	1,782 (-3%)	9mo	$55,000	$31	70
418 165th Street Ct E #103	0.14mi	4/2.0 (+1)	1,774 (-4%)	17mo	$205,000	$116	68
241 167th St E	0.17mi	2/2.0 (-1)	1,769 (-4%)	19mo	$490,000	$277	64
16307 7th Avenue Ct E #63	0.18mi	4/2.0 (+1)	1,620 (-12%)	12mo	$205,000	$127	57
17419 11th Avenue Ct E	0.68mi	3/3.0	2,100 (+14%)	12mo	$490,000	$233	31

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: 14.6%
• Equity multiple: 1.59×
• Total profit: $33,210
• Equity at exit: $29,821

10-year hold

• IRR: 24.2%
• Equity multiple: 3.22×
• Total profit: $124,523
• Equity at exit: $17,292

Cash invested: $56,000 (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: 5.6×

Monthly cashflow live

• Estimated rent: $2,978 high
• Mortgage (P&I): −$1,049
• Tax est. 1.5%: −$250 /mo · $3,000/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$625
• Net cashflow: $971

Break-even live

Break-even rent $1,750

Max offer price $200,000

Occupancy floor 62%

Sensitivity live

Price	-10% $1,109	-5% $1,040	+0% $971	+5% $901	+10% $832
Rent	-10% $735	-5% $853	+0% $971	+5% $1,088	+10% $1,206
Rate	-1.0pp $1,071	-0.5pp $1,021	base $971	+0.5pp $919	+1.0pp $866

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15326 4th Avenue Ct E Tacoma, WA	3.0	2.5	1840	$2,750	$1.49	0d	1	0.81mi
628 175th St S Spanaway, WA	3.0	1.0	1472	$2,395	$1.63	5d	1	1.03mi
17724 17th Ave E Spanaway, WA	3.0	2.5	1761	$2,550	$1.45	25d	1	1.05mi
501 185th Street Ct E Spanaway, WA	4.0	2.5	2330	$3,200	$1.37	4d	1	1.18mi
619 187th St E Spanaway, WA	3.0	2.0	1430	$2,779	$1.94	24d	1	1.29mi
14601 1st Ave S Parkland, WA	3.0	2.5	1493	$2,595	$1.74	0d	2	1.33mi
17813 22nd Ave E Tacoma, WA	3.0–4.0	2.5	1800	$2,895	$1.61	25d	1	1.36mi

Listing history 6 events

1. 2026-06-18
   days on market $200,000 Active 6 DOM
2. 2026-06-17
   days on market $200,000 Active 5 DOM
3. 2026-06-16
   days on market $200,000 Active 4 DOM
4. 2026-06-15
   days on market $200,000 Active 3 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $200,000 Active 1 DOM

ⓘ 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 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: $35,737
• − Mortgage interest: −$11,203
• − Property taxes: −$3,000
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,859
• − Management: −$2,859
• − Depreciation: −$5,818
• Taxable income: $8,997
• Est. tax owed @ 24.0%: −$2,159
• After-tax cash flow: $9,487/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 · 12 photos

Good 80/100 Cosmetic rehab

This move-in-ready home offers modern updates and a low maintenance yard, making it an ideal choice for both resale and rental.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value
• Both fence repair — improves property value and safety
• Both landscaping — enhances curb appeal and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and adds value ↑
• Both fence repair — improves property value and safety ↑
• Both landscaping — enhances curb appeal and adds value ↑

ⓘ 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: 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

1 event — show timeline

• 2026-06-12 Listed $200,000 NWMLS as Distributed by MLS Grid