24027 222nd Pl SE #88 · Maple Valley, WA 98038

$498,750

3 bd · 2.0 ba · 1,530 sqft · Condo · 26 Days on market

Built 1998 $118/mo HOA · 3% of rent

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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).

• Cash flow +15.8/30.0
• ARV discount +7.5/15.0
• Schools +6.6/10.0
• DSCR +4.9/10.0
• 1% rule +4.2/10.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to sought-after Wilderness Villa, a vibrant 55+ community! This beautifully maintained 3-bed, 2-bath home offers comfort, style, and convenience just steps from the clubhouse and amenities. The spacious living area features vaulted ceilings, skylights, opens to private backyard. The bright kitchen boasts natural light, eating bar, abundant cabinetry, w/ plenty of counter space. Primary suite includes a walk-in large shower, two sinks w/ X-Large walk-in closet. Additional highlights include a full laundry room, two-car garage, A/C & Blinds throughout. Enjoy relaxing or entertaining in the private, low-maintenance backyard patio surrounded by easy-care landscaping. Prime locatio

Key facts

• 3,426 sq ft lot
• Garage
• Built 1998

Property features AI

Finance

• Other: Condominium in Lake Wilderness Villa Condo community; Unit floor number: 1; One unit in the building/community
• Financial info: Listing accepts Cash and Conventional offers
• HOA & community: Monthly HOA fee of $118; HOA covers common area maintenance, road maintenance, and security; Age-restricted / senior community; Association contact: Michelle Schichting

Exterior

• Parking: Individual garage; 2 covered parking spaces
• Security: Security service; Association provides security
• Utilities: Natural gas energy source; Water: SOOS CREEK; Sewer: CEDAR RIVER; Power: PSE; Cable: direct; Internet: Century
• Home design: Attached condominium; Double wide manufactured home; Single-story (one level); Main-level entry; Unit located on first floor; Has a view (see remarks)
• Construction: Wood construction; Composition roof; Built / effective year 1998; Manufactured house structure
• Exterior features: Wood exterior products; Paved lot

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms (all on the main level); Primary bedroom on the main level
• Flooring: Laminate flooring; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; One bathtub and two showers; Both main level baths
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Gas cooking; Skylights; Vaulted ceilings; Walk-in closet(s); Window coverings; Water heater
• Laundry & utility: Washer and dryer included; Washer hookup; Electric dryer hookup; Utility room on main level; Gas water heater located in back of house

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $499k.

Deal economics

• At list price, monthly cash flow is $228 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $460k (7.8% below list).
• Recommended offer: $460k (7.8% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 3.2% in Maple Valley — 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 85/100 on livability (#24 in WA, #461 nationally) — a professional / high-income tenant draw. Strengths: schools A+, employment A+, housing A+; Watch: cost of living F.
• Tahoma School District (suburban): math 68% / reading 76% proficiency, ranked #10 of 291 in WA (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 11% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+2.8%/yr); 221 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• This rent runs 36% of the median local income ($152k/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 $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($491k) is reasonable based on typical stale-listing flexibility.

Recommended offer $459,697 (7.8% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-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. 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?
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 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: 0.92% ✗
• Cap rate: 6.84%
• Cash-on-cash: 1.96%
• DSCR: 1.09
• GRM: 9.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.76% rent growth · sell at horizon

5-year hold

• IRR: -13.4%
• Equity multiple: 0.52×
• Total profit: $-67,354
• Equity at exit: $74,365

10-year hold

• IRR: -4.9%
• Equity multiple: 0.68×
• Total profit: $-44,291
• Equity at exit: $43,123

Cash invested: $139,650 (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 98038

• Rents YoY: 2.8%
• Active inventory: 221
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $4,597 medium
• Mortgage (P&I): −$2,615
• Tax from tax record: −$462 /mo · $5,546/yr
• Insurance: −$208
• HOA: −$118
• Vacancy / Maint / Mgmt: −$965
• Net cashflow: $228

Break-even live

Break-even rent $4,308

Max offer price $498,750

Occupancy floor 90%

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: $124,688
• Closing costs: $14,962
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
24212 224th Ave SE Unit 4 Maple Valley, WA	2.0	2.0	1320	$5,400	$4.09	43d	1	0.13mi
24202 224th Ave SE Unit 3 Maple Valley, WA	2.0	2.0	1320	$5,400	$4.09	43d	1	0.13mi
22435 SE 240th St Maple Valley, WA	1.0–3.0	1.0–2.0	1004	$2,725	$2.71	1d	5	0.24mi
24116 235th Ave SE Maple Valley, WA	3.0	3.0	1680	$3,272	$1.95	24d	1	0.80mi

HOA detail condo

• Monthly dues: $118 · $1,416/yr
• Likely covers: landscaping
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 2 events

1. 2026-04-29
   status Pending
2. 2026-04-02
   listed $498,750 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: $5,546 · $462/mo
• Projected year-2 tax: $5,546 · $462/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 3/10 Moderate 8 d/yr ≥87°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $55,164
• − Mortgage interest: −$27,938
• − Property taxes: −$5,546
• − Insurance: −$2,494
• − Repairs & maintenance: −$4,413
• − Management: −$4,413
• − HOA: −$1,416
• − Depreciation: −$14,509
• Taxable loss: −$5,565
• Est. tax savings @ 24.0%: +$1,336
• After-tax cash flow: $4,073/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: Tahoma School District
• NCES district ID: 5308760
• Math proficiency: 68% ▬ 0.00%
• Reading proficiency: 76% ▬ 0.00%
• Median HH income: $94,834
• Composite: 66.41/100
• National rank: #925
• State rank: #10 of 291 in WA

Livability — Maple Valley

• Score: 85/100
• State rank: #24
• US rank: #461

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Maple Valley, WA
• County: King County · 2,251,916 people
• City population: 37,324
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 37,324
• Household income: $152,261
• Rent vs Own: 14.4% rent · 85.6% own
• Severe rent burden: 580.0

Population outlook (King County) Hauer SSP2

• Today (2025): 2,576,485 people
• By 2030: 2,803,316 · +8.8%
• By 2040: 3,255,921 · +26.4%
• By 2050: 3,706,444 · +43.9%
• By 2075: 4,746,063 · +84.2%
• By 2100: 5,407,730 · +109.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Asian 10% Two or more races 9% Hispanic / Latino 6% Black 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 5% Italian 4% Romanian 3%
• Foreign-born: 13% · Canada, China, South Korea
• Languages at home: 86% English-only · Other Asian/Pacific 4% Russian/Polish/Slavic 3% Other Indo-European 2%

Political lean MEDSL · King

• 2024 margin: Solid D (+51.7) · D 74.2% · R 22.5% · Other 3.4%
• 2008→2024 swing: +9.6pp toward D · 2008: 42.1pp · 2024: 51.7pp
• All cycles: 2024: D+51.7 2020: D+52.7 2016: D+50.4 2012: D+39.9 2008: D+42.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -588.79%
• Current HPI: 310.7428
• Rent YoY: ▲ 2.76%
• 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

2 events — show timeline

• 2026-04-29 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-02 Listed $498,750 NWMLS as Distributed by MLS Grid

Property tax history

+4.7%/yr

Latest (2025): $5,546 · +3.0% YoY. Source: county tax records.