10522 22nd Ave E · Midland, WA 98445

$249,900

4 bd · 1.0 ba · 2,032 sqft · SingleFamily public records · 1 Days on market

Built 1929 0.88 ac lot

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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 +18.7/30.0
• ARV discount +7.5/15.0
• 1% rule +6.2/10.0
• DSCR +5.9/10.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Take a look at this opportunity to own a property at a tremendous value. Bring your sweat equity and make this home your own.

Key facts

• 0.88 acre lot
• 2 garage spots
• Built 1929

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $245 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Cap rate 7.5% vs local median 3.2% in Midland — 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 72/100 on livability (#208 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+; Watch: crime D, schools F, amenities F.
• Franklin Pierce School District (suburban): math 35% / reading 51% proficiency, ranked #197 of 291 in WA (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.0%/yr); 234 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• This rent runs 36% of the median local income ($93k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 10y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: property tax is 2.7% of price; built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $249,900

Questions for the listing agent

1. Built in 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
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: 1.12% ✓
• Cap rate: 7.47%
• Cash-on-cash: 4.21%
• DSCR: 1.19
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $583,184
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2101 103rd St E	0.19mi	4/2.5	1,943 (-4%)	0mo	$540,000	$278	77
2525 104th St E	0.31mi	3/2.5 (-1)	2,240 (+10%)	1mo	$700,000	$313	57
9926 16th Ave E	0.53mi	4/3.0	1,988 (-2%)	13mo	$595,000	$299	53
1506 103rd St E	0.43mi	4/2.0	1,881 (-7%)	22mo	$520,000	$276	46
2602 E 106th St	0.31mi	4/3.0	2,318 (+14%)	12mo	$665,000	$287	44
9925 12th Avenue Ct E	0.68mi	3/2.5 (-1)	1,824 (-10%)	4mo	$530,000	$291	37
9720 15th Ave E	0.67mi	4/2.5	2,169 (+7%)	20mo	$478,000	$220	35
11109 26th Ave E	0.49mi	3/2.5 (-1)	1,796 (-12%)	21mo	$514,000	$286	29
9720 Waller Rd E	0.74mi	3/3.0 (-1)	1,835 (-10%)	13mo	$760,000	$414	25

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 · 2.05% rent growth · sell at horizon

5-year hold

• IRR: -10.8%
• Equity multiple: 0.61×
• Total profit: $-27,329
• Equity at exit: $37,261

10-year hold

• IRR: -3.0%
• Equity multiple: 0.81×
• Total profit: $-13,591
• Equity at exit: $21,607

Cash invested: $69,972 (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 98445

• Rents YoY: 2.0%
• Active inventory: 234
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,810 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$560 /mo · $6,723/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$590
• Net cashflow: $245

Break-even live

Break-even rent $2,500

Max offer price $249,900

Occupancy floor 86%

Sensitivity live

Price	-10% $387	-5% $316	+0% $245	+5% $175	+10% $104
Rent	-10% $23	-5% $134	+0% $245	+5% $356	+10% $467
Rate	-1.0pp $371	-0.5pp $309	base $245	+0.5pp $181	+1.0pp $115

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: $62,475
• Closing costs: $7,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11727 4th Ave E Tacoma, WA	3.0	2.0	1800	$2,725	$1.51	5d	1	1.43mi

Listing history 13 events

1. 2025-05-02
   status Pending
2. 2025-05-01
   listed $249,900 Active
3. 2017-05-09
   soldstatus $252,500 Sold
4. 2017-02-21
   status Pending
5. 2017-02-09
   status Pending Inspection
6. 2017-02-03
   status Active
7. 2017-01-25
   status Pending Inspection
8. 2017-01-19
   price $249,950
9. 2016-12-02
   status Active
10. 2016-12-02
    price $259,950
11. 2016-10-21
    status Pending
12. 2016-10-11
    status Pending Inspection
13. 2016-10-05
    listed $249,950 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: $6,723 · $560/mo
• Projected year-2 tax: $6,723 · $560/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 7 d/yr ≥87°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,726
• − Mortgage interest: −$13,998
• − Property taxes: −$6,723
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,698
• − Management: −$2,698
• − Depreciation: −$7,270
• Taxable loss: −$911
• Est. tax savings @ 24.0%: +$219
• After-tax cash flow: $3,164/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: Franklin Pierce School District
• NCES district ID: 5302940
• Math proficiency: 35% ▬ 0.00%
• Reading proficiency: 51% ▲ 2.00%
• Median HH income: $49,240
• Composite: 39.18/100
• National rank: #8227
• State rank: #197 of 291 in WA

Livability — Midland

• Score: 72/100
• State rank: #208
• US rank: #5731

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midland, WA
• County: Pierce County · 788,257 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 33,684
• Household income: $92,520
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 1085.0

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 0.69)
• Race & ethnicity: White 53% Two or more races 17% Hispanic / Latino 14% Black 10% Asian 6% Native American 4% Pacific Islander 3%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Portuguese 3% Lithuanian 2% Italian 2%
• Foreign-born: 12% · Canada, South Korea, Vietnam
• Languages at home: 81% English-only · Spanish 8% Other Asian/Pacific 3% Russian/Polish/Slavic 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: ▼ -471.23%
• Current HPI: 316.202
• Rent YoY: ▲ 2.05%
• 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

-0.0% since first listed

13 events — show timeline

• 2025-05-02 Pending — NWMLS as Distributed by MLS Grid
• 2025-05-01 Listed $249,900 NWMLS as Distributed by MLS Grid
• 2017-05-09 Sold (MLS) $252,500 NWMLS as Distributed by MLS Grid
• 2017-02-21 Pending — NWMLS as Distributed by MLS Grid
• 2017-02-09 Pending — NWMLS as Distributed by MLS Grid
• 2017-02-03 Relisted — NWMLS as Distributed by MLS Grid
• 2017-01-25 Pending — NWMLS as Distributed by MLS Grid
• 2017-01-19 Price Changed $249,950 NWMLS as Distributed by MLS Grid
• 2016-12-02 Relisted — NWMLS as Distributed by MLS Grid
• 2016-12-02 Price Changed $259,950 NWMLS as Distributed by MLS Grid
• 2016-10-21 Pending — NWMLS as Distributed by MLS Grid
• 2016-10-11 Pending — NWMLS as Distributed by MLS Grid
• 2016-10-05 Listed $249,950 NWMLS as Distributed by MLS Grid

Property tax history

+13.3%/yr

Latest (2026): $6,723 · +7.1% YoY. Source: county tax records.