21900 SE 242nd St Unit D3 · Maple Valley, WA 98038

$509,000

3 bd · 2.5 ba · 1,519 sqft · Townhouse public records · 7 Days on market

Built 2007 Est $592k · 14% under $561/mo HOA · 12% 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).

• ARV discount +13.8/15.0
• Cash flow +11.2/30.0
• Schools +6.6/10.0
• 1% rule +4.2/10.0
• Livability +4.2/5.0
• DSCR +3.3/10.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful and spacious 3bd/2.5ba townhome in the heart of Maple Valley. Top-tier schools, quiet gated community, luxury finishes. With its private covered entrance and desirable end-unit positioning, you’ll enjoy a quieter setting and extra windows that fill the home with light throughout the day. Great room features 9' ceilings, hardwood floors, gas fireplace, large kitchen with stainless steel appliances, granite counters, custom cabinets and breakfast bar. Large windows let in lots of natural light, while lush landscaping delivers total privacy. Patio off the kitchen is ideal for grill and entertaining. Upstairs primary suite includes an upgraded bath with spa-like rain shower, wal

Key facts

• Custom cabinets
• End-unit positioning
• Gas fireplace

Tags

• PRIVATE COVERED ENTRANCE
• END-UNIT POSITIONING
• GAS FIREPLACE
• STAINLESS STEEL APPLIANCES
• GRANITE COUNTERS
• CUSTOM CABINETS

Property features AI

Finance

• Other: 3 units in building total; Unit is on the 1st floor of the building; Common property features include gated entry, outside entry, and trails; Bus route nearby (route 907)
• Financial info: Listing terms: Conventional
• HOA & community: HOA with monthly fee ($561) covering road maintenance, snow removal, and trash; Association contact: Alex Othon; 24 units in community; Pets allowed

Exterior

• Parking: Individual garage (2 covered spaces)
• Security: Gated community
• Utilities: Electric and propane energy sources; Cedar River Water & Sewer; Soos Creek sewer; PSE power
• Home design: Attached condominium (townhouse style); Trail at Tiburon building; 2 stories (multi/split levels); Main entry at main level; West-facing
• Construction: Standard frame construction; Wood construction materials; Composition roof
• Exterior features: Wood exterior; Balcony/Deck/Patio; End unit; Ground floor access; Insulated windows; Sprinkler system; Secluded setting; Sidewalks; Paved access; Trails nearby; Gated entry with community trails; Unit has a view

Interior

• Kitchen: Dishwasher; Disposal; Double oven; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms (all on upper level; primary bedroom on second level)
• Flooring: Ceramic tile; Hardwood; Carpet
• Bathrooms: 2 full bathrooms (upper level); 1 half bathroom (main level); 1 bathtub, 2 showers
• Heating & cooling: Forced air heating; Forced air cooling
• Interior features: Fireplace (gas); Walk-in closet(s); Water heater
• Laundry & utility: Utility room on main level; Electric water heater located in garage

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $509k.

Deal economics

• At list price, monthly cash flow is $-196 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $474k (6.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $469k (7.8% below list).
• Recommended offer: $469k (7.8% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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: employment A+, housing A+, health & safety 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.
• Zoned schools: Lake Wilderness Elementary (885 students, 22% FRL); Maple View Middle School (1,009 students, 24% FRL); Tahoma Senior High School (2,790 students, 19% FRL).
• Market conditions: Rents rising (+2.8%/yr); 226 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% 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 37% 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 $4k 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

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 19y ago 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.
• Current owner paid $428k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $469,355 (7.8% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 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: 0.92% ✗
• Cap rate: 5.83%
• Cash-on-cash: -1.65%
• DSCR: 0.93
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $592,410
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24104 221st Ln SE #31	0.10mi	3/2.0	1,554 (+2%)	7mo	$492,500	$317	84
22917 SE 241st Pl	0.62mi	3/2.5	1,520 (+0%)	2mo	$599,990	$395	69
22311 SE 242nd Pl #130	0.25mi	3/2.0	1,450 (-4%)	12mo	$565,000	$390	69
22319 SE 242nd Pl	0.26mi	3/2.0	1,560 (+3%)	16mo	$520,000	$333	68
22933 SE 241st Pl #22933	0.65mi	3/2.5	1,560 (+3%)	1mo	$589,950	$378	64
21900 SE 242nd St Unit A2	0.00mi	2/2.5 (-1)	1,710 (+13%)	12mo	$489,000	$286	64
24053 223rd Ln SE	0.22mi	2/2.0 (-1)	1,392 (-8%)	9mo	$492,500	$354	61
22920 SE 240th Pl	0.64mi	3/3.0	1,520 (+0%)	15mo	$630,000	$414	56
22833 SE 241st Pl	0.59mi	4/2.5 (+1)	1,600 (+5%)	3mo	$590,000	$369	56
22754 SE 242nd St	0.49mi	3/2.5	1,340 (-12%)	2mo	$539,950	$403	56
22900 SE 240th Pl	0.59mi	3/2.5	1,520 (+0%)	21mo	$630,000	$414	55
22528 SE 237th Pl	0.52mi	2/2.0 (-1)	1,580 (+4%)	15mo	$695,000	$440	50

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 · 2.76% rent growth · sell at horizon

5-year hold

• IRR: -19.2%
• Equity multiple: 0.33×
• Total profit: $-95,770
• Equity at exit: $75,894

10-year hold

• IRR: -12.3%
• Equity multiple: 0.28×
• Total profit: $-102,814
• Equity at exit: $44,009

Cash invested: $142,520 (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: 226
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $4,694 medium
• Mortgage (P&I): −$2,669
• Tax from tax record: −$461 /mo · $5,536/yr
• Insurance: −$212
• HOA: −$561
• Vacancy / Maint / Mgmt: −$986
• Net cashflow: $-196

Break-even live

Break-even rent $4,941

Max offer price $474,421

Occupancy floor 99%

Sensitivity live

Price	-10% $92	-5% $-52	+0% $-196	+5% $-340	+10% $-484
Rent	-10% $-567	-5% $-381	+0% $-196	+5% $-10	+10% $175
Rate	-1.0pp $61	-0.5pp $-66	base $-196	+0.5pp $-328	+1.0pp $-462

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: $127,250
• Closing costs: $15,270
• Reserves months: —
• Total cash needed: —

Rent comps 3 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	45d	1	0.33mi
24202 224th Ave SE Unit 3 Maple Valley, WA	2.0	2.0	1320	$5,400	$4.09	45d	1	0.33mi
24116 235th Ave SE Maple Valley, WA	3.0	3.0	1680	$3,272	$1.95	26d	1	0.98mi

HOA detail

• Monthly dues: $561 · $6,732/yr
• Likely covers: gaslandscapingsecurity

Listing history 5 events

1. 2026-06-13
   statusdays on market $509,000 Pending 7 DOM
2. 2026-06-09
   days on market $509,000 Active Under Contract 5 DOM
3. 2026-06-08
   days on market $509,000 Active Under Contract 4 DOM
4. 2026-06-07
   remarks 693-char remark
5. 2026-06-07
   listed $509,000 Active Under Contract 3 DOM

ⓘ 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: $5,536 · $461/mo
• Projected year-2 tax: $5,536 · $461/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 ≥87°F today · 16 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: $56,323
• − Mortgage interest: −$28,512
• − Property taxes: −$5,536
• − Insurance: −$2,545
• − Repairs & maintenance: −$4,506
• − Management: −$4,506
• − HOA: −$6,732
• − Depreciation: −$14,807
• Taxable loss: −$10,821
• Est. tax savings @ 24.0%: +$2,597
• After-tax cash flow: $248/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

+45.4% since first listed

12 events — show timeline

• 2026-06-04 Listed $509,000 NWMLS as Distributed by MLS Grid
• 2020-07-15 Sold (Public Records) $427,950 Public Records
• 2020-07-15 Sold (MLS) $427,950 NWMLS as Distributed by MLS Grid
• 2020-07-15 Sold (MLS) $427,950 NWMLS as Distributed by MLS Grid
• 2020-07-01 Pending — NWMLS as Distributed by MLS Grid
• 2020-07-01 Pending — NWMLS as Distributed by MLS Grid
• 2020-06-25 Listed $399,950 NWMLS as Distributed by MLS Grid
• 2020-06-25 Listed $399,950 NWMLS as Distributed by MLS Grid
• 2008-02-06 Sold (MLS) $363,000 NWMLS as Distributed by MLS Grid
• 2008-01-25 Sold (Public Records) $363,000 Public Records
• 2007-04-23 Delisted — NWMLS as Distributed by MLS Grid
• 2007-04-18 Listed $350,000 NWMLS as Distributed by MLS Grid

Property tax history

+3.3%/yr

Latest (2025): $5,536 · -8.1% YoY. Source: county tax records.