1210 E 35th St · Tacoma, WA 98404

$275,000

3 bd · 2.0 ba · 1,232 sqft · SingleFamily public records · 3 Days on market

Built 1943 6,500 sqft lot Est $402k · 32% under

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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).

• ARV discount +15.0/15.0
• Cash flow +12.9/30.0
• Schools +4.2/10.0
• DSCR +3.9/10.0
• Livability +3.9/5.0
• 1% rule +3.7/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Great investment property in an up-and-coming location with lots of potential. Paved alley-access for possible DADU. As-is estate sale. Cash or rehab loan only. All existing appliances convey with property. Buyer to verify all details.

Key facts

• Paved alley-access
• Investment property
• Existing appliances

Tags

• INVESTMENT PROPERTY
• UP-AND-COMING LOCATION
• PAVED ALLEY-ACCESS
• EXISTING APPLIANCES

Property features AI

Finance

• Financial info: Listing terms: Cash or rehab loan

Exterior

• Parking: 2 uncovered parking spaces; Driveway and off-street parking
• Security: Partially fenced
• Utilities: Public water; Sewer connected; Electric power
• Home design: Single-family residence; One story; Built on lot; Main entry
• Construction: Wood construction; Composition (shingle) roof
• Exterior features: Wood exterior; Wood products; Partially fenced yard; Alley access; Paved surfaces; Sidewalk

Interior

• Bedrooms: 3 bedrooms (all on the main level)
• Flooring: Hardwood
• Bathrooms: One three-quarter bathroom; One half bathroom; Two total main-level bathrooms (one three-quarter and one half); One shower
• Heating & cooling: Baseboard heating; Forced air cooling; Electric energy source
• Interior features: Hardwood floors; Partially fenced security

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $-18 ($-215/yr) — negative.
• To cash-flow at today's rent, offer at most $272k (0.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $238k (13.3% below list).
• Recommended offer: $238k (13.3% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 2.9% in Tacoma — 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 78/100 on livability (#127 in WA, #2,535 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: cost of living D, crime F.
• Tacoma School District (urban): math 40% / reading 53% proficiency, ranked #169 of 291 in WA (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lincoln High School (1,578 students, 73% FRL) — zoned schools average 73% FRL vs 53% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.6%/yr); 176 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• This rent runs 35% of the median local income ($82k/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 $8k 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 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1943 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $238,292 (13.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1943 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is F 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. 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?
7. 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.
8. 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.
9. 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: 0.87% ✗
• Cap rate: 6.21%
• Cash-on-cash: -0.28%
• DSCR: 0.99
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $401,632
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3592 E L St	0.29mi	3/2.0	1,250 (+2%)	6mo	$469,900	$376	79
1439 E 35th St	0.21mi	3/2.0	1,300 (+6%)	6mo	$515,000	$396	76
1621 E 34th St	0.33mi	3/2.0	1,332 (+8%)	3mo	$417,000	$313	69
3595 E K St	0.30mi	3/1.0	1,092 (-11%)	3mo	$400,000	$366	60
3607 E Spokane St	0.42mi	3/1.0	1,346 (+9%)	1mo	$445,000	$331	60
1406 E 30th St	0.36mi	4/1.5 (+1)	1,332 (+8%)	3mo	$300,000	$225	60
3597 E F St	0.52mi	2/1.0 (-1)	1,308 (+6%)	1mo	$415,000	$317	56
1619 E Fairbanks St	0.35mi	3/1.0	1,056 (-14%)	2mo	$369,999	$350	54
3607 E F St	0.54mi	3/1.0	1,120 (-9%)	4mo	$365,000	$326	52
3715 E Spokane St	0.53mi	3/1.0	1,084 (-12%)	4mo	$315,000	$291	48
2034 E Fairbanks St	0.67mi	4/1.0 (+1)	1,308 (+6%)	6mo	$425,000	$325	44
3831 E I St	0.65mi	3/2.0	1,389 (+13%)	6mo	$440,000	$317	43

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 · 1.64% rent growth · sell at horizon

5-year hold

• IRR: -18.3%
• Equity multiple: 0.37×
• Total profit: $-48,887
• Equity at exit: $41,003

10-year hold

• IRR: -13.5%
• Equity multiple: 0.26×
• Total profit: $-56,742
• Equity at exit: $23,777

Cash invested: $77,000 (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 98404

• Rents YoY: 1.6%
• Active inventory: 176
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,383 high
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$500
• Net cashflow: $-18

Break-even live

Break-even rent $2,406

Max offer price $272,402

Occupancy floor 96%

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3562 E L St Tacoma, WA	3.0	2.0	1200	$2,397	$2.00	24d	1	0.21mi
3611 E Howe St Tacoma, WA	2.0	1.0	938	$2,020	$2.15	15d	1	0.35mi
522 E 32nd St Unit C Tacoma, WA	2.0	1.0	843	$1,845	$2.19	2d	1	0.53mi
1405 E 38th St Tacoma, WA	3.0	2.5	1265	$2,650	$2.09	1d	1	0.56mi
3599 E E St Tacoma, WA	2.0	1.0	950	$1,399	$1.47	24d	1	0.59mi
416 E Wright Ave Unit 2 Tacoma, WA	2.0	1.0	750	$1,450	$1.93	24d	1	0.59mi
409 E 34th St Tacoma, WA	2.0	1.5	1008	$2,000	$1.98	24d	1	0.60mi
3101 E D St Tacoma, WA	1.0–2.0	1.0	800	$1,550	$1.94	3d	3	0.63mi
2036 E Morton St Tacoma, WA	3.0	1.0	889	$3,300	$3.71	1d	1	0.64mi
3571 E B St Tacoma, WA	4.0	1.5	1276	$2,637	$2.07	11d	1	0.76mi
210 E 36th St Unit B Tacoma, WA	2.0	1.0	800	$1,700	$2.12	2d	1	0.78mi
4305 E M St Tacoma, WA	2.0	1.0	1500	$2,300	$1.53	2d	1	0.89mi
3201 Pacific Ave #1007 Tacoma, WA	2.0	2.0	1280	$2,500	$1.95	24d	1	0.92mi
4051 E F St Tacoma, WA	3.0	1.0	1168	$2,500	$2.14	24d	1	0.94mi
3202 Pacific Ave Tacoma, WA	2.0	1.0	750	$1,674	$2.23	24d	2	0.96mi
3310 S C St Unit 3302 Tacoma, WA	2.0	2.5	1008	$2,550	$2.53	24d	1	1.01mi
3310 S C St Unit 3304 Tacoma, WA	2.0	2.5	1008	$2,395	$2.38	5d	1	1.01mi
3310 S C St Unit 3310 Tacoma, WA	2.0	2.5	1008	$2,595	$2.57	24d	1	1.01mi
3310 S C St Unit 3306 Tacoma, WA	2.0	2.5	1008	$2,495	$2.48	24d	1	1.01mi
201 E 25th St Tacoma, WA	3.0	1.0–2.0	663	$3,213	$4.85	1d	8	1.01mi
619 S 35th St Unit A Tacoma, WA	2.0	2.5	1019	$2,650	$2.60	24d	1	1.25mi
2515 Jefferson Ave Tacoma, WA	2.0	1.0–2.0	744	$2,700	$3.63	2d	15	1.25mi
4609 E C St Unit C Tacoma, WA	2.0	1.0	900	$2,200	$2.44	18d	1	1.30mi
1933 Dock St Tacoma, WA	2.0	1.0–2.0	762	$2,925	$3.84	1d	12	1.30mi
2120 Commerce St Tacoma, WA	1.0–2.0	1.0–2.0	782	$2,750	$3.51	10d	6	1.35mi
217 S 45th St Tacoma, WA	3.0	2.5	1352	$2,700	$2.00	22d	1	1.37mi
409 S 23rd St Tacoma, WA	2.0	1.0	565	$1,880	$3.33	3d	30	1.39mi
4640 E B St Tacoma, WA	2.0	2.0	1100	$2,500	$2.27	24d	1	1.41mi
1705 Dock St Tacoma, WA	2.0	1.0–2.0	929	$3,750	$4.04	1d	21	1.46mi
3824 S Park Ave Tacoma, WA	2.0	1.0	1100	$1,935	$1.76	16d	1	1.46mi
3824 Park Ave S Unit A Tacoma, WA	2.0	1.0	1100	$1,835	$1.67	2d	1	1.46mi
3718 S Yakima Ave Unit 2 Tacoma, WA	2.0	1.0	850	$1,800	$2.12	3d	1	1.48mi
618 S 23rd St Unit 618 Tacoma, WA	3.0	2.5	1362	$5,400	$3.96	12d	1	1.50mi

Listing history 1 events

1. 2026-05-20
   listed $275,000 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 3/10 Moderate 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 · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,595
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,288
• − Management: −$2,288
• − Depreciation: −$8,000
• Taxable loss: −$4,884
• Est. tax savings @ 24.0%: +$1,172
• After-tax cash flow: $957/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: Tacoma School District
• NCES district ID: 5308700
• Math proficiency: 40% ▬ 0.00%
• Reading proficiency: 53% ▲ 1.00%
• Median HH income: $52,467
• Composite: 42.25/100
• National rank: #6987
• State rank: #169 of 291 in WA

Livability — Tacoma

• Score: 78/100
• State rank: #127
• US rank: #2535

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tacoma, WA
• County: Pierce County · 788,257 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 35,961
• Household income: $82,191
• Rent vs Own: 31.4% rent · 68.6% own
• Severe rent burden: 989.0

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: Highly diverse neighborhood (Simpson 0.77)
• Race & ethnicity: White 38% Hispanic / Latino 20% Asian 17% Two or more races 16% Black 11% Native American 3% Pacific Islander 1%
• Hispanic origin (detail): Mexican 16% Puerto Rican 1%
• Common ancestry: Italian 3% Portuguese 2% Slovak 1%
• Foreign-born: 20% · Canada, Vietnam, South Korea
• Languages at home: 68% English-only · Spanish 13% Other Asian/Pacific 7% Vietnamese 4%

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: ▼ -462.09%
• Current HPI: 360.0843
• Rent YoY: ▲ 1.64%
• 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

• 2026-05-20 Listed $275,000 NWMLS as Distributed by MLS Grid

Property tax history

+0.7%/yr

Latest (2026): $50 · -2.6% YoY. Source: county tax records.