108 194th St E #12 · Spanaway, WA 98387

$29,900

3 bd · 2.0 ba · 924 sqft · Manufactured public records · 5 Days on market

Built 1978

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Why this score? — see what drove the D+ 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 +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.9/10.0
• Livability +3.7/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

* * Fixer-Upper Opportunity – Build Instant Equity! * * Unlock the potential of this 1978 single-wide manufactured home, located in a rare and highly sought-after * * all-age community * * with no age restrictions. Spanning 980 sq. ft. , this 3-bedroom, 2-full bathroom home features a popular open-concept kitchen and living area—a blank canvas just waiting for your modern touch and creative vision. It has 2 primary beds and baths as well as * * * Comfort & Convenience: * * Equipped with central heat and A/C to keep you comfortable year-round. Plus, all appliances stay! * * * Outdoor Living: * * Enjoy two private decks, a 2-car carport, and a handy

Key facts

• 2-car carport
• Open-concept kitchen
• Good-sized yard

Tags

• OPEN-CONCEPT KITCHEN
• TWO PRIVATE DECKS
• 2-CAR CARPORT
• HANDY STORAGE SHED
• GOOD-SIZED YARD
• PET FRIENDLY

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $30k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $30k).
• Cap rate 71.9% 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.
• Market conditions: Rents rising fast (+4.2%/yr); 388 active listings in the ZIP; 6 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 $207 of loan paydown is wiped out by about $897 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 $8k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $29,900

Questions for the listing agent

1. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 7.77% ✓
• Cap rate: 71.87%
• Cash-on-cash: 234.20%
• DSCR: 11.42
• GRM: 1.1

CMA / ARV

• ARV (on-the-fly): $109,032
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
108 194th St E #12	0.00mi	3/2.0	980 (+6%)	0mo	$27,000	$28	90
123 195th St E #14	0.02mi	2/1.0 (-1)	930 (+1%)	24mo	$110,000	$118	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: —
• Equity multiple: 13.21×
• Total profit: $102,190
• Equity at exit: $4,458

10-year hold

• IRR: —
• Equity multiple: 29.13×
• Total profit: $235,474
• Equity at exit: $2,585

Cash invested: $8,372 (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: 1.1×

Monthly cashflow live

• Estimated rent: $2,324 high
• Mortgage (P&I): −$157
• Tax from tax record: −$33 /mo · $396/yr
• Insurance: −$12
• HOA: −$0
• Vacancy / Maint / Mgmt: −$488
• Net cashflow: $1,634

Break-even live

Break-even rent $256

Max offer price $29,900

Occupancy floor 25%

Sensitivity live

Price	-10% $1,651	-5% $1,642	+0% $1,634	+5% $1,625	+10% $1,617
Rent	-10% $1,450	-5% $1,542	+0% $1,634	+5% $1,726	+10% $1,818
Rate	-1.0pp $1,649	-0.5pp $1,642	base $1,634	+0.5pp $1,626	+1.0pp $1,618

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: $7,475
• Closing costs: $897
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19012 B St E Spanaway, WA	2.0	1.0	850	$1,400	$1.65	25d	1	0.20mi
814 196th St E Spanaway, WA	2.0	1.5	1026	$2,095	$2.04	25d	1	0.46mi
19606 9th Avenue Ct E Spanaway, WA	2.0	1.5	1026	$2,000	$1.95	6d	1	0.49mi
19316 Twinkle Dr E Spanaway, WA	3.0	1.0	975	$1,975	$2.03	25d	1	0.60mi
20002 Mountain Hwy E Spanaway, WA	2.0–3.0	1.0–2.0	933	$1,891	$2.03	6d	1	0.60mi
17121 B St E Spanaway, WA	2.0	1.0	1000	$2,400	$2.40	25d	1	1.35mi

Listing history 2 events

1. 2026-04-07
   status Pending
2. 2026-04-01
   listed $29,900 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: $396 · $33/mo
• Projected year-2 tax: $396 · $33/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥87°F today · 16 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: $27,892
• − Mortgage interest: −$1,675
• − Property taxes: −$396
• − Insurance: −$150
• − Repairs & maintenance: −$2,231
• − Management: −$2,231
• − Depreciation: −$870
• Taxable income: $20,339
• Est. tax owed @ 24.0%: −$4,881
• After-tax cash flow: $14,726/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

2 events — show timeline

• 2026-04-07 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-01 Listed $29,900 NWMLS as Distributed by MLS Grid

Property tax history

+5.3%/yr

Latest (2026): $396 · +18.2% YoY. Source: county tax records.