3202 85th St S #57 · Lakewood, WA 98499

$44,950

3 bd · 2.0 ba · 1,406 sqft · Manufactured public records · 115 Days on market

Built 1979 $32/sqft · 37% below area Est $78k · 42% under ↓ 35% since listing

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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 +15.0/30.0
• ARV discount +15.0/15.0
• 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

Conveniently located near the freeway in a larger quiet park setting. This large doublewide features a separate living and dining room with 2 beds and 2 baths. The primary bathroom has a walk in jetted tub. Clean, Tidy and ready to move in or, Either some new carpeting or new flooring and it will feel like new.

Key facts

• Quiet park setting
• Walk in jetted tub
• Built 1979

Tags

• WALK IN JETTED TUB
• QUIET PARK SETTING

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $45k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• Recommended offer: $41k (9.0% below list) — sets the bar for market timing.
• Cap rate 40.3% 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; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 $310 of loan paydown is wiped out by about $1k 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 $13k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 115 days — a 9% lower offer ($41k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $33k (42%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $40,904 (9.0% below list)

Questions for the listing agent

1. It's been on market 115 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — 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. 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.
7. 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.
8. 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: 4.48% ✓
• Cap rate: 40.26%
• Cash-on-cash: 121.29%
• DSCR: 6.40
• GRM: 1.9

CMA / ARV

• ARV (median comp): $77,529
• List price: $44,950
• Delta: -35.51%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3229 85th St S	0.07mi	2/2.0 (-1)	1,428 (+2%)	10mo	$88,500	$62	80
3110 86th Street Ct S	0.12mi	2/2.0 (-1)	1,440 (+2%)	6mo	$74,950	$52	80
3209 85th St S #47	0.03mi	2/2.0 (-1)	1,339 (-5%)	10mo	$110,000	$82	78
8620 32ND Avenue Ct SW #111	0.14mi	2/2.0 (-1)	1,360 (-3%)	7mo	$42,000	$31	77
3111 82nd Street Ct S #11	0.20mi	4/2.0 (+1)	1,456 (+4%)	4mo	$159,995	$110	76
3206 85th St S #56	0.01mi	2/2.0 (-1)	1,243 (-12%)	11mo	$69,000	$56	66
3250 S 77th St	0.48mi	2/2.0 (-1)	1,336 (-5%)	2mo	$80,000	$60	62
3011 80th St Ct S #50	0.27mi	4/2.0 (+1)	1,568 (+12%)	15mo	$143	—	51

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: 6.86×
• Total profit: $73,777
• Equity at exit: $6,702

10-year hold

• IRR: —
• Equity multiple: 14.41×
• Total profit: $168,720
• Equity at exit: $3,886

Cash invested: $12,586 (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: 1.9×

Monthly cashflow live

• Estimated rent: $2,014 high
• Mortgage (P&I): −$236
• Tax from tax record: −$64 /mo · $771/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$423
• Net cashflow: $1,272

Break-even live

Break-even rent $403

Max offer price $44,950

Occupancy floor 32%

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: $11,238
• Closing costs: $1,348
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2611 84th Street Ct S Tacoma, WA	1.0–2.0	1.0	850	$1,895	$2.23	21d	6	0.18mi
2604 92nd St S Unit B Lakewood, WA	3.0	2.0	1120	$1,995	$1.78	43d	1	0.53mi
2604 92nd St S Unit B Lakewood, WA	3.0	2.0	1120	$1,995	$1.78	24d	1	0.53mi
2425 S 96th St Tacoma, WA	1.0–2.0	1.0	850	$1,225	$1.44	1d	15	0.72mi
9210 S Hosmer St Tacoma, WA	1.0–2.0	1.0–2.0	787	$1,685	$2.14	1d	12	0.74mi
9009 S Hosmer St Tacoma, WA	2.0	1.5	1177	$1,650	$1.40	7d	5	0.75mi
7245 S Prospect St Tacoma, WA	3.0	1.5	1488	$3,150	$2.12	24d	1	0.79mi
9318 S Steele St Unit DD520 Tacoma, WA	2.0	2.0	1000	$1,695	$1.70	43d	1	0.79mi
9318 S Steele St Unit D61 Tacoma, WA	2.0	2.0	1000	$1,695	$1.70	14d	1	0.79mi
9318 S Steele St Unit Q367 Tacoma, WA	2.0	1.0	960	$1,650	$1.72	43d	1	0.79mi
1819 S 93rd St Unit A Tacoma, WA	2.0	1.0	912	$1,575	$1.73	10d	1	0.85mi
1819 S 93rd St Tacoma, WA	2.0	1.0	912	$1,588	$1.74	17d	2	0.85mi
1721 S 82nd St Unit 1807-02 Tacoma, WA	2.0	1.0	897	$1,500	$1.67	2d	1	0.87mi
9314 S Ash St Tacoma, WA	1.0–2.0	1.0	800	$1,683	$2.10	1d	21	0.88mi
2205 S 74th St Tacoma, WA	2.0	1.0	880	$1,720	$1.95	2d	1	0.89mi
1721 S 82nd St Tacoma, WA	1.0–2.0	1.0	753	$1,500	$1.99	4d	4	0.90mi
1721 S 82nd St Tacoma, WA	1.0–2.0	1.0	753	$1,400	$1.86	23d	3	0.90mi
7025 S Puget Sound Ave Tacoma, WA	3.0	1.5	1200	$2,600	$2.17	24d	1	0.93mi
2415 100th Street Ct S Tacoma, WA	2.0–3.0	1.0–2.0	912	$2,050	$2.25	4d	2	0.99mi
10102 Sales Rd S Lakewood, WA	2.0	1.0–1.5	596	$1,550	$2.60	43d	26	1.04mi
6815 S Warner St Tacoma, WA	3.0	1.0	1034	$2,400	$2.32	2d	1	1.05mi
6841 S Wapato St Tacoma, WA	3.0	2.0	1190	$2,550	$2.14	19d	1	1.06mi
6830 Tacoma Mall Blvd Tacoma, WA	2.0	1.0	980	$1,560	$1.59	7d	1	1.20mi
9616 16th Avenue Ct S Unit 9614 Tacoma, WA	3.0	2.5	1534	$2,297	$1.50	24d	1	1.22mi
2201 104th St S Tacoma, WA	1.0–3.0	1.0–2.0	929	$2,500	$2.69	1d	16	1.28mi
5101 88th Street Ct SW Lakewood, WA	3.0	1.0–2.0	832	$2,600	$3.12	2d	16	1.34mi
6601 S Tyler St Unit 13 Tacoma, WA	2.0	1.0	880	$1,300	$1.48	23d	1	1.39mi
4031 S 66th St Tacoma, WA	3.0	2.0	1550	$3,000	$1.94	24d	1	1.41mi
1809 105th Street Ct S Tacoma, WA	2.0–3.0	1.0–2.0	1050	$2,509	$2.39	1d	7	1.41mi

Listing history 21 events

1. 2026-06-18
   days on market $44,950 Active 115 DOM
2. 2026-06-18
   price $44,950 Active 114 DOM
3. 2026-06-17
   days on market $49,995 Active 114 DOM
4. 2026-06-16
   days on market $49,995 Active 113 DOM
5. 2026-06-15
   days on market $49,995 Active 112 DOM
6. 2026-06-13
   days on market $49,995 Active 110 DOM
7. 2026-06-09
   days on market $49,995 Active 106 DOM
8. 2026-06-08
   days on market $49,995 Active 105 DOM
9. 2026-06-07
   days on market $49,995 Active 104 DOM
10. 2026-06-04
    days on market $49,995 Active 101 DOM
11. 2026-06-03
    days on market $49,995 Active 100 DOM
12. 2026-06-02
    days on market $49,995 Active 99 DOM
13. 2026-06-01
    days on market $49,995 Active 98 DOM
14. 2026-05-31
    days on market $49,995 Active 97 DOM
15. 2026-05-20
    price $49,995
16. 2026-04-22
    status Active
17. 2026-03-29
    status Pending
18. 2026-03-21
    price $59,995
19. 2026-03-01
    price $67,450
20. 2026-02-15
    price $69,950
21. 2026-01-30
    listed $77,500 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: $771 · $64/mo
• Projected year-2 tax: $771 · $64/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% 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: $24,165
• − Mortgage interest: −$2,518
• − Property taxes: −$771
• − Insurance: −$225
• − Repairs & maintenance: −$1,933
• − Management: −$1,933
• − Depreciation: −$1,308
• Taxable income: $15,477
• Est. tax owed @ 24.0%: −$3,715
• After-tax cash flow: $11,551/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

-35.5% since first listed

7 events — show timeline

• 2026-05-20 Price Changed $49,995 NWMLS as Distributed by MLS Grid
• 2026-04-22 Relisted — NWMLS as Distributed by MLS Grid
• 2026-03-29 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-21 Price Changed $59,995 NWMLS as Distributed by MLS Grid
• 2026-03-01 Price Changed $67,450 NWMLS as Distributed by MLS Grid
• 2026-02-15 Price Changed $69,950 NWMLS as Distributed by MLS Grid
• 2026-01-30 Listed $77,500 NWMLS as Distributed by MLS Grid

Property tax history

+6.2%/yr

Latest (2026): $771 · -0.7% YoY. Source: county tax records.