10311 219th Avenue Ct E #22 · Bonney Lake, WA 98391

$239,000

4 bd · 2.0 ba · 1,728 sqft · Manufactured public records · 82 Days on market

Built 2002 Est $387k · 38% under

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• Schools +5.7/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover this fully updated 4-bedroom home ideally located near the retail center of Bonney Lake. On the largest lot in Quiet Meadows, this charming home features a custom kitchen with quartz countertops, custom cabinets and premium appliances, a spacious primary suite with dual vanity ensuite and recent upgrades including a new furnace and hot water heater. Enjoy the park like, fully fenced back yard. This turnkey home is perfect for buyers seeking quality, location, and comfort in the charming city of Bonney Lake.

Key facts

• Custom kitchen
• Quartz countertops
• New furnace

Tags

• CUSTOM KITCHEN
• QUARTZ COUNTERTOPS
• CUSTOM CABINETS
• PREMIUM APPLIANCES
• DUAL VANITY ENSUITE
• NEW FURNACE

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $239k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $239k).
• Recommended offer: $225k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.4% vs local median 3.1% in Bonney Lake — 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 (#215 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, schools B+; Watch: amenities F, commute F, cost of living F.
• White River School District (suburban): math 57% / reading 68% proficiency, ranked #35 of 291 in WA (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.5%/yr); 736 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 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 $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.
• At projected returns (-3.0% appreciation + 3.5% rent growth), your $67k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($225k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Recommended offer $224,660 (6.0% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
6. 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.
7. 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: 1.37% ✓
• Cap rate: 11.40%
• Cash-on-cash: 18.24%
• DSCR: 1.81
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $387,072
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10311 219th Avenue Ct E #22	0.00mi	4/2.0	1,728 (0%)	0mo	$239,000	$138	100
10120 218th Ave E #21	0.15mi	4/2.0	1,512 (-12%)	11mo	$173,500	$115	63
10420 226th Ave E	0.42mi	3/2.0 (-1)	1,638 (-5%)	13mo	$575,000	$351	56
10707 209th Ave E	0.69mi	3/2.0 (-1)	1,762 (+2%)	7mo	$395,000	$224	54
20916 106th St E	0.67mi	3/2.0 (-1)	1,536 (-11%)	6mo	$370,000	$241	40

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 · 3.47% rent growth · sell at horizon

5-year hold

• IRR: 10.4%
• Equity multiple: 1.41×
• Total profit: $27,591
• Equity at exit: $35,636

10-year hold

• IRR: 19.8%
• Equity multiple: 2.70×
• Total profit: $113,848
• Equity at exit: $20,664

Cash invested: $66,920 (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 98391

• Rents YoY: 3.5%
• Active inventory: 736
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $3,270 high
• Mortgage (P&I): −$1,253
• Tax from tax record: −$213 /mo · $2,556/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$687
• Net cashflow: $1,017

Break-even live

Break-even rent $1,982

Max offer price $239,000

Occupancy floor 64%

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: $59,750
• Closing costs: $7,170
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10203 217th Ave Ct E Bonney Lake, WA	3.0	2.0	1620	$2,950	$1.82	2d	1	0.15mi
9803 221st Ave E Bonney Lake, WA	2.0–3.0	2.0	1060	$2,475	$2.33	44d	2	0.32mi
9409 202nd Ave E Bonney Lake, WA	3.0	2.0	1250	$2,700	$2.16	2d	1	1.23mi
19717 100th St E Bonney Lake, WA	3.0	2.5	1810	$2,725	$1.51	10d	1	1.36mi
20021 117th St E Bonney Lake, WA	3.0	2.0	1344	$2,550	$1.90	2d	1	1.38mi

Listing history 4 events

1. 2026-04-15
   status Pending
2. 2026-02-21
   status Active
3. 2026-02-08
   status Pending
4. 2026-01-08
   listed $239,000 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: $2,556 · $213/mo
• Projected year-2 tax: $2,556 · $213/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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 10 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,234
• − Mortgage interest: −$13,388
• − Property taxes: −$2,556
• − Insurance: −$1,195
• − Repairs & maintenance: −$3,139
• − Management: −$3,139
• − Depreciation: −$6,953
• Taxable income: $8,865
• Est. tax owed @ 24.0%: −$2,128
• After-tax cash flow: $10,076/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: White River School District
• NCES district ID: 5309780
• Math proficiency: 57% ▲ 3.00%
• Reading proficiency: 68% ▲ 6.00%
• Median HH income: $71,369
• Composite: 56.68/100
• National rank: #2423
• State rank: #35 of 291 in WA

Livability — Bonney Lake

• Score: 72/100
• State rank: #215
• US rank: #6077

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bonney Lake, WA
• County: Pierce County · 788,257 people
• City population: 59,240
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 59,240
• Household income: $135,037
• Rent vs Own: 14.3% rent · 85.7% own
• Severe rent burden: 528.0

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: Predominantly White (79%)
• Race & ethnicity: White 79% Two or more races 11% Hispanic / Latino 9% Asian 4%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Portuguese 6% Italian 4% Lithuanian 4%
• Foreign-born: 6% · Canada, China, South Korea
• Languages at home: 92% English-only · Spanish 3% Russian/Polish/Slavic 2% Other Asian/Pacific 1%

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: ▼ -565.91%
• Current HPI: 294.2062
• Rent YoY: ▲ 3.47%
• 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

4 events — show timeline

• 2026-04-15 Pending — NWMLS as Distributed by MLS Grid
• 2026-02-21 Relisted — NWMLS as Distributed by MLS Grid
• 2026-02-08 Pending — NWMLS as Distributed by MLS Grid
• 2026-01-08 Listed $239,000 NWMLS as Distributed by MLS Grid

Property tax history

+6.3%/yr

Latest (2026): $2,556 · -1.4% YoY. Source: county tax records.