17103 Spanaway Loop Rd #22 · Spanaway, WA 98387

$60,000

1 bd · 1.0 ba · 672 sqft · Manufactured public records · 37 Days on market

Built 1980 Est $50k · 21% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.9/10.0
• Livability +3.7/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Living on Spanaway lake in a 55+ community is just the ticket! A one bedroom one bath home with partial views of lake and full access to the community park and dock. Fish off the dock or tie your boat up and fish everyday out on the lake. Such a great spot! See to believe. Why live in an apartment when you can have your own 4 walls, covered parking by your front door and live on a lake? Features include carport parking, 2 sheds, easy care for landscaping, newer roof, newer plumping, newer furnace/air conditioned, all appliances stay, newer range, newer refrigerator, wired for generator, updated carpet, fuurnace updated in 2022.

Key facts

• Dock
• Carport parking
• 2 sheds

Tags

• PARTIAL VIEWS OF LAKE
• FULL ACCESS TO COMMUNITY PARK
• DOCK
• CARPORT PARKING
• 2 SHEDS
• EASY CARE LANDSCAPING

Property features AI

Finance

• Other: Buyer brokerage compensation: $1,000
• Financial info: Listing terms: Cash
• HOA & community: Lakeview Terrace park (39 homes); Senior community; Land lease: $1,200

Exterior

• Parking: Carport
• Utilities: Electric energy source; Public water (billed by park); Septic (included); Power supplied by PSE
• Home design: Manufactured home (single wide); One level; Has a view; Liberty make, LIBH model; Mobile home remains in place
• Construction: Shingle roof (see remarks)
• Exterior features: Community waterfront / private beach access; Common area; Landscaped

Interior

• Kitchen: Kitchen with eating space; Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 1 bedroom
• Bathrooms: 1 full bath; 1 bathtub; 1 shower
• Heating & cooling: Forced air heating; Central air conditioning; Forced air cooling
• Interior features: Dishwasher; Dryer; Microwave; Refrigerator; Stove/Range; Washer; Awnings; Double pane windows; Drapes; Landscaped
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $60k.

Deal economics

• At list price, monthly cash flow is $950 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• Cap rate 25.3% 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); 388 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $415 of loan paydown is wiped out by about $2k 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 $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.

Recommended offer $58,200 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 2.81% ✓
• Cap rate: 25.29%
• Cash-on-cash: 67.84%
• DSCR: 4.02
• GRM: 3.0

CMA / ARV

• ARV (on-the-fly): $49,728
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
17103 Spanaway Loop Rd S #21	0.00mi	2/1.0 (+1)	744 (+11%)	10mo	$55,000	$74	69

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: 68.6%
• Equity multiple: 4.15×
• Total profit: $52,898
• Equity at exit: $8,946

10-year hold

• IRR: 73.1%
• Equity multiple: 8.91×
• Total profit: $132,919
• Equity at exit: $5,188

Cash invested: $16,800 (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: 3.0×

Monthly cashflow live

• Estimated rent: $1,684 medium
• Mortgage (P&I): −$315
• Tax from tax record: −$41 /mo · $487/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$354
• Net cashflow: $950

Break-even live

Break-even rent $481

Max offer price $60,000

Occupancy floor 39%

Sensitivity live

Price	-10% $984	-5% $967	+0% $950	+5% $933	+10% $916
Rent	-10% $817	-5% $883	+0% $950	+5% $1,016	+10% $1,083
Rate	-1.0pp $980	-0.5pp $965	base $950	+0.5pp $934	+1.0pp $918

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
126 161st St S Unit HAGEN **126-2 Spanaway, WA	1.0	1.0	700	$1,295	$1.85	25d	1	0.98mi
16912 B St E Spanaway, WA	2.0	1.0	750	$1,795	$2.39	21d	1	1.01mi
16110 A St S #5 Spanaway, WA	1.0	1.0	550	$1,095	$1.99	25d	1	1.01mi
124 160th St S Unit 3 Spanaway, WA	1.0	1.0	700	$1,500	$2.14	25d	1	1.03mi

Listing history 16 events

1. 2026-06-21
   days on market $60,000 Active 37 DOM
2. 2026-06-18
   days on market $60,000 Active 34 DOM
3. 2026-06-17
   days on market $60,000 Active 33 DOM
4. 2026-06-16
   days on market $60,000 Active 32 DOM
5. 2026-06-15
   days on market $60,000 Active 31 DOM
6. 2026-06-13
   days on market $60,000 Active 29 DOM
7. 2026-06-13
   days on market $60,000 Active 28 DOM
8. 2026-06-09
   days on market $60,000 Active 25 DOM
9. 2026-06-08
   days on market $60,000 Active 24 DOM
10. 2026-06-07
    days on market $60,000 Active 23 DOM
11. 2026-06-04
    days on market $60,000 Active 20 DOM
12. 2026-06-03
    days on market $60,000 Active 19 DOM
13. 2026-06-02
    days on market $60,000 Active 18 DOM
14. 2026-06-01
    days on market $60,000 Active 17 DOM
15. 2026-05-31
    days on market $60,000 Active 16 DOM
16. 2026-05-15
    listed $60,000 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: $487 · $41/mo
• Projected year-2 tax: $588 · $49/mo
• Expected delta: +$101/yr (+$8/mo · 20.7%)

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

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 6/10 Major 9 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,203
• − Mortgage interest: −$3,361
• − Property taxes: −$487
• − Insurance: −$300
• − Repairs & maintenance: −$1,616
• − Management: −$1,616
• − Depreciation: −$1,745
• Taxable income: $11,076
• Est. tax owed @ 24.0%: −$2,658
• After-tax cash flow: $8,739/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

• 2026-05-15 Listed $60,000 NWMLS as Distributed by MLS Grid

Property tax history

+8.2%/yr

Latest (2026): $487 · +11.7% YoY. Source: county tax records.