Lakewood/Tacoma, WA 1st deal help

[Adrian Buck]

My question is primarily directed toward those who are familiar with or who invest in the south Sound area around JBLM. I'm looking to buy my first buy and hold rental, but only have $15k to get started.

I've noticed that most of the affordable (read: cheap) property south of Seattle is in and around Tacoma. It seems like investing in Tacoma can be risky from a quality of neighborhood perspective, but I'm unfamiliar with the Tacoma/Lakewood border area. I found a FSBO SFR that seems like a decent deal and am looking for feedback.

The property is 1000 sq ft, 3 bed 1 bath asking $138k. Rents in the area for that size home look like they are $11-1300/mo. So, a couple of questions I have are: Does this look like something worth pursuing? What should I be aware of regarding that area, and more specifically the effect that a military base has on the local rental market? Which south Sound area have you found to be a better area for a rental?

Thanks BP!