9906 Croft St S · Parkland, WA 98444

$525,000

4 bd · 4.0 ba · 2,826 sqft · MultiFamily public records · 71 Days on market

Built 1920 0.43 ac lot $186/sqft · 24% below area Est $688k · 24% under

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Why this score? — see what drove the A- 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 +26.2/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +8.9/10.0
• 1% rule +6.7/10.0
• Schools +3.9/10.0
• Livability +3.9/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

New price! Great older 4-plex on . 4276 acre with potential for more development. Current zoning is Urban Corridor in the Parkland-Spanaway-Midland Communities Plan. 3 units are 2 bedroom and 1 bath, and one unit is 1 bedroom and 1 bath. Large yard with detached 4 car building. Common coin-operated laundry. Easy access to JBLM, Hwy 12, I-5, stores and restaurants.

Key facts

• Easy access to jblm
• Large yard
• 0.43 acre lot

Tags

• POTENTIAL FOR MORE DEVELOPMENT
• URBAN CORRIDOR ZONING
• LARGE YARD
• DETACHED 4 CAR BUILDING
• EASY ACCESS TO JBLM
• EASY ACCESS TO HWY 12

What this means for you Summary

Snapshot

• This is a 3×2bd/1ba + 1×1bd/1ba units multifamily listed at $525k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $337/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $525k).
• Recommended offer: $494k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 2.3% in Parkland — 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 77/100 on livability (#148 in WA, #3,068 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities D+, crime 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 (+2.9%/yr); 158 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• At $6,161/mo this rent would consume 113% of the median local household income ($65k/yr) (locally 2169% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $56k of equity ($4k loan paydown + $52k appreciation (10.0% local appreciation)).
• Pierce County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 2.9% rent growth), your $147k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$90k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($494k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $50k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $365k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $493,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.17% ✓
• Cap rate: 9.37%
• Cash-on-cash: 11.00%
• DSCR: 1.49
• GRM: 7.1

CMA / ARV

• ARV (median comp): $688,242
• List price: $525,000
• Delta: -23.72%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 2.93% rent growth · sell at horizon

5-year hold

• IRR: 32.3%
• Equity multiple: 3.53×
• Total profit: $371,344
• Equity at exit: $472,962

10-year hold

• IRR: 27.9%
• Equity multiple: 7.97×
• Total profit: $1,025,232
• Equity at exit: $1,019,960

Cash invested: $147,000 (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 98444

• Home prices YoY: 3.6%
• Rents YoY: 2.9%
• Active inventory: 158
• Price-to-rent: 27.5×

Monthly cashflow live

• Estimated rent: $6,161 high
• Mortgage (P&I): −$2,753
• Tax from tax record: −$548 /mo · $6,573/yr
• Insurance: −$219
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,294
• Net cashflow: $1,347

Break-even live

Break-even rent $4,455

Max offer price $525,000

Occupancy floor 73%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,776
1× unit	1	1	$1,383
Total (4 units)			$6,161

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: $131,250
• Closing costs: $15,750
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9615 18th Ave S Unit A1 Tacoma, WA	5.0	2.0	2189	$3,295	$1.51	17d	1	1.08mi
9615 18th Ave S Unit R05 Tacoma, WA	5.0	2.0	2189	$3,295	$1.51	44d	1	1.11mi

Listing history 26 events

1. 2026-06-18
   days on market $525,000 Active 71 DOM
2. 2026-06-17
   days on market $525,000 Active 70 DOM
3. 2026-06-16
   days on market $525,000 Active 69 DOM
4. 2026-06-15
   days on market $525,000 Active 68 DOM
5. 2026-06-13
   days on market $525,000 Active 66 DOM
6. 2026-06-13
   pricedays on market $525,000 Active 65 DOM
7. 2026-06-09
   days on market $550,000 Active 62 DOM
8. 2026-06-08
   days on market $550,000 Active 61 DOM
9. 2026-06-07
   days on market $550,000 Active 60 DOM
10. 2026-06-04
    days on market $550,000 Active 57 DOM
11. 2026-06-03
    days on market $550,000 Active 56 DOM
12. 2026-06-02
    days on market $550,000 Active 55 DOM
13. 2026-06-01
    days on market $550,000 Active 54 DOM
14. 2026-05-31
    days on market $550,000 Active 53 DOM
15. 2026-05-08
    price $550,000
16. 2026-04-08
    listed $575,000 Active
17. 2017-11-28
    soldstatus $365,000 Sold
18. 2017-11-28
    soldstatus $365,000
19. 2017-10-30
    status Pending
20. 2017-10-16
    status Pending Inspection
21. 2017-10-03
    price $365,000
22. 2017-06-08
    status Active
23. 2017-05-03
    status Pending
24. 2017-04-20
    status Pending Inspection
25. 2017-03-01
    listed $370,000 Active
26. 1978-02-22
    soldstatus $25,000

ⓘ 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: $6,573 · $548/mo
• Projected year-2 tax: $6,573 · $548/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 ≥86°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: $73,932
• − Mortgage interest: −$29,408
• − Property taxes: −$6,573
• − Insurance: −$2,625
• − Repairs & maintenance: −$5,915
• − Management: −$5,915
• − Depreciation: −$15,273
• Taxable income: $8,224
• Est. tax owed @ 24.0%: −$1,974
• After-tax cash flow: $14,196/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 — Parkland

• Score: 77/100
• State rank: #148
• US rank: #3068

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Parkland, WA
• County: Pierce County · 788,257 people
• City population: 36,624
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 35,754
• Household income: $65,342
• Rent vs Own: 56.0% rent · 44.0% own
• Severe rent burden: 2169.0

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 40% Hispanic / Latino 19% Two or more races 17% Black 16% Asian 11% Pacific Islander 4% Native American 1%
• Hispanic origin (detail): Mexican 13% Puerto Rican 1%
• Common ancestry: Portuguese 3% Scotch-Irish 2% Swedish 1%
• Foreign-born: 21% · Canada, South Korea, Vietnam
• Languages at home: 68% English-only · Spanish 13% Other Asian/Pacific 6% Korean 3%

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: ▲ 45.01%
• Current HPI: 1297.51
• Rent YoY: ▲ 2.93%
• 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

+2100.0% since first listed

12 events — show timeline

• 2026-05-08 Price Changed $550,000 NWMLS as Distributed by MLS Grid
• 2026-04-08 Listed $575,000 NWMLS as Distributed by MLS Grid
• 2017-11-28 Sold (Public Records) $365,000 Public Records
• 2017-11-28 Sold (MLS) $365,000 NWMLS as Distributed by MLS Grid
• 2017-10-30 Pending — NWMLS as Distributed by MLS Grid
• 2017-10-16 Pending — NWMLS as Distributed by MLS Grid
• 2017-10-03 Price Changed $365,000 NWMLS as Distributed by MLS Grid
• 2017-06-08 Relisted — NWMLS as Distributed by MLS Grid
• 2017-05-03 Pending — NWMLS as Distributed by MLS Grid
• 2017-04-20 Pending — NWMLS as Distributed by MLS Grid
• 2017-03-01 Listed $370,000 NWMLS as Distributed by MLS Grid
• 1978-02-22 Sold (Public Records) $25,000 Public Records

Property tax history

+4.1%/yr

Latest (2026): $6,573 · +1.4% YoY. Source: county tax records.