7322 19th St W Unit 8A

Tacoma, WA 98466

$189,000D

2 bd · 2.0 ba · 1,068 sqft · Built 1969 · Condo · Active · 140 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,009/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$315
• HOA: −$400
• Vac / Maint / Mgmt: −$422
• Net cashflow: $-119/mo
• Annual: $-1,429/yr
• Cap rate: 5.54%
• Cash-on-cash: -2.70%
• DSCR: 0.88
• 1% rule: 1.06%
• Cash to close: $52,920

Investor read

• This is a 2-bed/2.0-bath condo listed at $189k.
• At list price, monthly cash flow is $-119 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $172k (9.1% below list).
• Meets the 1% rule at list price ($2k rent vs $189k).
• It's been on market 140 days — a 12% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $166k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• 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.
• University Place School District (suburban): math 70% / reading 77% proficiency, ranked #14 of 291 in WA (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: University Place Primary (501 students, 42% FRL); Narrows View Intermediate (712 students, 46% FRL); Curtis Senior High (1,349 students, 38% FRL).
• Market conditions: Rents rising fast (+5.3%/yr); 122 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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).
• Pierce County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 7 sale attempts since 24y ago; this cycle's ask has dropped $46k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 5.5% 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.

Questions for listing agent

• 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?
• It's been on market 140 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?