19026 2nd St E #21 · Lake Tapps, WA 98391

$200,000

3 bd · 2.0 ba · 1,188 sqft · Manufactured public records · 25 Days on market

Built 2016 $168/sqft · 11% above area Est $180k · 11% over

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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 +27.7/30.0
• DSCR +9.8/10.0
• 1% rule +7.6/10.0
• Schools +7.1/10.0
• Rent growth +3.4/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• ARV discount +2.4/15.0
• Appreciation +0.0/10.0

Listing remarks

Well-kept 2016 Fleetwood home in the desirable Lake Tapps area, just a short walk to the lake. This inviting open-concept layout features a spacious kitchen that flows seamlessly into the living area, creating a comfortable space for everyday living and entertaining. The home offers 3 bedrooms with walk-in closets and 2 baths, along with upgraded appliances, rounded corners, and crown molding that add a refined touch throughout. Enjoy morning coffee or unwind on the large front deck overlooking trees and landscaped surroundings, while a storage shed off the back porch provides added functionality. Ideally located near Lakeland Town Center, top-rated Dieringer schools, and with convenient ac

Key facts

• Spacious kitchen
• Storage shed
• Large front deck

Tags

• OPEN-CONCEPT LAYOUT
• SPACIOUS KITCHEN
• LARGE FRONT DECK
• LANDSCAPED SURROUNDINGS
• STORAGE SHED
• CONVENIENT ACCESS TO FREEWAYS

Property features AI

Finance

• Other: Calculated living area: 1188 square feet; Green/efficiency: Double pane windows
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Located in Misty Pond manufactured home park; Park approved for sale; 26 homes in park; Cats allowed; Land lease: $850/month

Exterior

• Parking: Uncovered parking; 2 open parking spaces; RV parking available in park
• Utilities: Electric energy source; Public water (paid through park); Septic (paid through park); Power service by PSE
• Home design: Manufactured home (double wide); One level; Manufactured by Fleetwood Homes, model Eagle 210EG28443S; Very good condition; Mobile home remains
• Construction: Wood construction; Composition roof; Tie down foundation (see remarks)
• Exterior features: Wood exterior; Wood products; Corner lot; Open space; Paved; Patio/Porch/Deck; Has view

Interior

• Kitchen: Dishwasher; Double oven; Microwave; Refrigerator; Garbage disposal
• Bedrooms: 3 bedrooms
• Flooring: Vinyl; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath
• Heating & cooling: Forced air heating
• Interior features: Water heater; Ceiling fan(s); Double pane windows; Drapes; Patio/Porch/Deck; Walk-in closet; Bath off primary
• Laundry & utility: Washer; Dryer; Water heater (electric, located in closet)

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $604 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $197k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 2.7% in Lake Tapps — 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 68/100 on livability (#289 in WA) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, cost of living F.
• Dieringer School District (suburban): math 74% / reading 81% proficiency, ranked #6 of 291 in WA (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical; only 9% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+3.5%/yr); 736 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 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 $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 + 3.5% rent growth), your $56k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.

Recommended offer $197,000 (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 A-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. 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.
4. 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.
5. 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: 1.26% ✓
• Cap rate: 9.92%
• Cash-on-cash: 12.94%
• DSCR: 1.58
• GRM: 6.6

CMA / ARV

• ARV (median comp): $179,729
• List price: $200,000
• Delta: 11.28%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
612 197th St. Ct. Avenue Ct E #8	0.45mi	3/2.0	1,344 (+13%)	10mo	$179,000	$133	49
20120 3rd St E	0.68mi	3/1.0	1,152 (-3%)	20mo	$405,000	$352	42

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 · 3.47% rent growth · sell at horizon

5-year hold

• IRR: 3.4%
• Equity multiple: 1.13×
• Total profit: $7,298
• Equity at exit: $29,821

10-year hold

• IRR: 13.4%
• Equity multiple: 2.09×
• Total profit: $61,000
• 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 98391

• Rents YoY: 3.5%
• Active inventory: 736
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,514 medium
• Mortgage (P&I): −$1,049
• Tax est. 1.5%: −$250 /mo · $3,000/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$528
• Net cashflow: $604

Break-even live

Break-even rent $1,750

Max offer price $200,000

Occupancy floor 71%

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 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18601 4th St E Unit 15 Lake Tapps, WA	2.0	1.0	800	$1,500	$1.88	22d	1	0.31mi
2705 67th Ct SE Auburn, WA	3.0	3.0	1458	$2,995	$2.05	10d	1	1.05mi
6821 Udall Pl SE Auburn, WA	1.0–3.0	1.0–2.0	923	$2,665	$2.89	2d	27	1.26mi

Listing history 1 events

1. 2026-04-27
   listed $200,000 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 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,171
• − Mortgage interest: −$11,203
• − Property taxes: −$3,000
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,414
• − Management: −$2,414
• − Depreciation: −$5,818
• Taxable income: $4,322
• Est. tax owed @ 24.0%: −$1,037
• After-tax cash flow: $6,212/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: Dieringer School District
• NCES district ID: 5302130
• Math proficiency: 74% ▬ 0.00%
• Reading proficiency: 81% ▲ 3.00%
• Median HH income: $94,738
• Composite: 70.73/100
• National rank: #511
• State rank: #6 of 291 in WA

Livability — Lake Tapps

• Score: 68/100
• State rank: #289
• US rank: #10068

Category grades

Amenities F Commute F Cost of living F Crime A+ Employment A+ Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lake Tapps, WA
• County: Pierce County · 788,257 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 59,240
• Household income: $135,037
• Rent vs Own: 14.3% rent · 85.7% own
• Severe rent burden: 528.0

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: Predominantly White (79%)
• Race & ethnicity: White 79% Two or more races 11% Hispanic / Latino 9% Asian 4%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Portuguese 6% Italian 4% Lithuanian 4%
• Foreign-born: 6% · Canada, China, South Korea
• Languages at home: 92% English-only · Spanish 3% Russian/Polish/Slavic 2% Other Asian/Pacific 1%

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: ▼ -565.91%
• Current HPI: 294.2062
• Rent YoY: ▲ 3.47%
• 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

2 events — show timeline

• 2026-05-22 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-27 Listed $200,000 NWMLS as Distributed by MLS Grid

Property tax history

-15.3%/yr

Latest (2026): $251 · -2.3% YoY. Source: county tax records.