17626 21st Ave E #48 · Spanaway, WA 98387

$225,000

2 bd · 2.0 ba · 1,264 sqft · Manufactured public records · 18 Days on market

Built 2000 Est $226k · at est.

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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 +25.1/30.0
• DSCR +8.2/10.0
• ARV discount +7.7/15.0
• 1% rule +6.5/10.0
• Schools +4.9/10.0
• Livability +3.7/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Single Story Home in the Gated 55+ Park Lane Community in Spanaway. This charming property features 2 bedrooms & 2 baths, in a spacious 1,264-square-foot layout. This well-maintained home offers air conditioning, a tankless water heater, Ring door bell, vaulted ceilings, skylights & solar tubs, a newer roof (approx 4 years old), painted in 2025, a welcoming front porch, a covered patio with hot tub with an ADA handle for easy entry/exit & mounted TV, plus enjoy beautiful landscaping front and back, a fenced backyard with shed & sprinklers. Inside, you will find the large living room and a formal dining room, along with an additional dining or entertaining area off th

Key facts

• Newer roof
• Solar tubs
• Vaulted ceilings

Tags

• TANKLESS WATER HEATER
• RING DOOR BELL
• VAULTED CEILINGS
• SKYLIGHTS
• SOLAR TUBS
• NEWER ROOF

Property features AI

Finance

• Other: Property type: Residential — Manufactured Home; Style: Double Wide manufactured; Model: NORTHWEST LTD; Make: GOLDW
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Senior community (Park Lane Court); Senior exemption applies; Park amenities include clubhouse, high-speed internet availability, and security gate; Land lease: $854

Exterior

• Parking: Individual garage; Uncovered parking available; Has garage
• Security: Security gate
• Utilities: Public water; Spanaway Water service; Community sewer (Park Lane Court); Tacoma Public Utilities power; CenturyLink internet
• Home design: Manufactured double-wide home; One level; Manufactured after 6/15/1976; Very good condition; Mobile home remains in place
• Construction: Stone and wood construction; Composition roof; Tie-down foundation
• Exterior features: Stone and wood exterior; Wood products siding; Paved lot; Has view; Patio/porch/deck; Landscaped; Spa on property

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Engineered hardwood; Vinyl; Carpet
• Bathrooms: 2 full bathrooms; Each bathroom includes a tub and a shower
• Heating & cooling: Forced air heating; Central air conditioning; Forced air cooling
• Interior features: Water heater (tankless); Vaulted ceilings; Skylights; Ceiling fan(s); Drapes; Jetted/soaking tub; Bath off primary; Hot tub/spa; Landscaped; Patio/porch/deck; Extra finished room; Entry; Dining room; Living room; Utility room
• Laundry & utility: Washer; Dryer; Utility room with tankless water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $225k.

Deal economics

• At list price, monthly cash flow is $497 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $222k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.9% 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.
• Zoned schools: Clover Creek Elementary (630 students, 51% FRL); Spanaway Lake High School (1,817 students, 64% FRL) — zoned schools average 57% FRL vs 36% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+4.2%/yr); 388 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $2k of loan paydown is wiped out by about $7k 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 $63k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.

Recommended offer $221,625 (1.5% below list)

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: 1.15% ✓
• Cap rate: 8.94%
• Cash-on-cash: 9.47%
• DSCR: 1.42
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $226,256
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2008 177th Street Ct E	0.07mi	2/2.0	1,452 (+15%)	8mo	$259,950	$179	66
17628 20th Ave E #61	0.04mi	3/2.0 (+1)	1,396 (+10%)	20mo	$235,000	$168	59
2315 172nd St E	0.37mi	3/2.0 (+1)	1,440 (+14%)	1mo	$450,000	$313	54

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: -0.6%
• Equity multiple: 0.98×
• Total profit: $-1,486
• Equity at exit: $33,548

10-year hold

• IRR: 10.3%
• Equity multiple: 1.85×
• Total profit: $53,430
• Equity at exit: $19,454

Cash invested: $63,000 (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: 388
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,597 high
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,375/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$545
• Net cashflow: $497

Break-even live

Break-even rent $1,968

Max offer price $225,000

Occupancy floor 76%

Sensitivity live

Price	-10% $652	-5% $575	+0% $497	+5% $419	+10% $341
Rent	-10% $292	-5% $394	+0% $497	+5% $600	+10% $702
Rate	-1.0pp $610	-0.5pp $554	base $497	+0.5pp $439	+1.0pp $379

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17813 22nd Ave E Tacoma, WA	3.0–4.0	2.5	1800	$2,895	$1.61	26d	1	0.16mi
2402 177th Street Ct E Tacoma, WA	3.0	2.0	1400	$2,450	$1.75	0d	1	0.20mi
17724 17th Ave E Spanaway, WA	3.0	2.5	1761	$2,550	$1.45	26d	1	0.26mi
18610 29th Ave E Tacoma, WA	3.0	2.5	1384	$2,750	$1.99	19d	1	0.77mi
19128 23rd Avenue Ct E Tacoma, WA	3.0	2.5	1702	$1,500	$0.88	1d	1	0.94mi
15909 18th Avenue Ct E Tacoma, WA	2.0	1.5	1050	$2,050	$1.95	26d	1	1.14mi
619 187th St E Spanaway, WA	3.0	2.0	1430	$2,779	$1.94	25d	1	1.17mi
16007 29th Avenue Ct E Unit 16007 Tacoma, WA	3.0	2.5	1510	$2,550	$1.69	26d	1	1.18mi
19316 Twinkle Dr E Spanaway, WA	3.0	1.0	975	$1,975	$2.03	26d	1	1.27mi
17121 B St E Spanaway, WA	2.0	1.0	1000	$2,400	$2.40	26d	1	1.31mi
17412 44th Ave E Tacoma, WA	1.0–3.0	1.0–2.0	928	$2,016	$2.17	0d	17	1.32mi
19906 18th Avenue Ct E Spanaway, WA	3.0	2.5	1393	$2,800	$2.01	19d	1	1.38mi
15417 25th Ave E Tacoma, WA	3.0	1.0	960	$2,150	$2.24	6d	1	1.43mi
3624 159th Street Ct E #3624 Tacoma, WA	2.0	1.0	950	$2,450	$2.58	26d	1	1.45mi
19606 9th Avenue Ct E Spanaway, WA	2.0	1.5	1026	$2,000	$1.95	6d	1	1.48mi

Listing history 12 events

1. 2026-06-21
   days on market $225,000 Active 18 DOM
2. 2026-06-18
   days on market $225,000 Active 15 DOM
3. 2026-06-17
   days on market $225,000 Active 14 DOM
4. 2026-06-16
   days on market $225,000 Active 13 DOM
5. 2026-06-15
   days on market $225,000 Active 12 DOM
6. 2026-06-13
   days on market $225,000 Active 10 DOM
7. 2026-06-13
   days on market $225,000 Active 9 DOM
8. 2026-06-09
   days on market $225,000 Active 6 DOM
9. 2026-06-08
   days on market $225,000 Active 5 DOM
10. 2026-06-07
    days on market $225,000 Active 4 DOM
11. 2026-06-04
    remarks 683-char remark
12. 2026-06-04
    listed $225,000 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 2/10 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: $31,168
• − Mortgage interest: −$12,603
• − Property taxes: −$3,375
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,493
• − Management: −$2,493
• − Depreciation: −$6,545
• Taxable income: $2,532
• Est. tax owed @ 24.0%: −$608
• After-tax cash flow: $5,356/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: 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

• 2026-06-03 Listed $225,000 NWMLS as Distributed by MLS Grid

Property tax history

+1.6%/yr

Latest (2026): $76 · +22.5% YoY. Source: county tax records.