611 S 18th St · Tacoma, WA 98405

$729,950

8 bd · 6.0 ba · 3,196 sqft · MultiFamily public records · 6 Days on market

Built 1908 3,500 sqft lot Est $716k · at est.

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Why this score? — see what drove the C 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 +22.9/30.0
• DSCR +7.3/10.0
• ARV discount +6.6/15.0
• 1% rule +5.6/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Fantastic investment opportunity in Tacoma! This well-located two-story fourplex features four spacious units, each offering 2 bedrooms, 1 bath, and approximately 774 square feet of comfortable living space. Every unit welcomes residents with a charming front porch area, providing a warm and inviting entry. Additional amenities include convenient community laundry facilities and additional storage. Ideally situated just blocks from Downtown Tacoma, this property offers exceptional access to I-5 and is close to St. Joseph Medical Center, the University of Washington Tacoma campus, the Tacoma Convention Center, shopping, dining, and entertainment. Whether you're looking to expand your investm

Key facts

• Front porch area
• Two-story fourplex
• Additional storage

Tags

• TWO-STORY FOURPLEX
• FRONT PORCH AREA
• COMMUNITY LAUNDRY FACILITIES
• ADDITIONAL STORAGE
• EXCEPTIONAL ACCESS TO I-5
• CLOSE TO SHOPPING

Property features AI

Finance

• Financial info: Gross scheduled income approximately $55,440 annually; Gross adjusted income approximately $54,000 annually; Total monthly income around $4,620; Net operating income approximately $32,998; Total expenses around $22,442 annually; Insurance expense approximately $2,968; Other expenses approximately $2,520; Gross rent multiplier about 13.17; Listing terms: Cash or Conventional

Exterior

• Parking: Directions to property provided (local street access)
• Utilities: Electric service; Public water (TPU); Sewer connected (TPU); Power provided by TPU
• Home design: Residential income property (multi-family); Quadruplex; Two stories
• Construction: Wood construction; Flat roof; Poured concrete foundation; Built as a 4-plex
• Exterior features: Wood siding/wood products exterior; Deck; Cable TV available; Corner lot with alley access; Curbs, paved streets and sidewalks; Value in land; Has a view

Interior

• Kitchen: Each unit has a range/oven; Each unit includes a refrigerator; No dishwashers in units
• Bedrooms: Each unit is 2 bedrooms
• Flooring: Vinyl flooring; Carpet flooring
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Forced air heating; No cooling
• Interior features: Basement; Vinyl and carpet flooring
• Laundry & utility: No in-unit washer/dryer (units do not include washers or dryers)

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $730k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $320/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $730k).
• Cap rate 8.4% 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.

Location & tenants

• 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.
• Tacoma School District (urban): math 40% / reading 53% proficiency, ranked #169 of 291 in WA (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Stadium High School (1,571 students, 36% FRL) — zoned schools average 36% FRL vs 53% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.9%/yr); 122 active listings in the ZIP; solid renter incomes; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• At $7,721/mo this rent would consume 122% of the median local household income ($76k/yr) (locally 1313% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k 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.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $729,950

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.06% ✓
• Cap rate: 8.40%
• Cash-on-cash: 7.51%
• DSCR: 1.33
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $715,904
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2410 S I St	0.50mi	8/4.0	3,008 (-6%)	14mo	$655,000	$218	47
2412 S I St	0.51mi	8/4.0	3,008 (-6%)	14mo	$675,000	$224	46

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 · 3.9% rent growth · sell at horizon

5-year hold

• IRR: -3.8%
• Equity multiple: 0.85×
• Total profit: $-29,753
• Equity at exit: $108,838

10-year hold

• IRR: 6.8%
• Equity multiple: 1.53×
• Total profit: $108,427
• Equity at exit: $63,113

Cash invested: $204,386 (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 98405

• Rents YoY: 3.9%
• Active inventory: 122
• Price-to-rent: 31.5×

Monthly cashflow live

• Estimated rent: $7,721 high
• Mortgage (P&I): −$3,828
• Tax from tax record: −$688 /mo · $8,255/yr
• Insurance: −$304
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,621
• Net cashflow: $1,280

Break-even live

Break-even rent $6,101

Max offer price $729,950

Occupancy floor 78%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$7,720
Total (4 units)			$7,721

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: $182,488
• Closing costs: $21,898
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-18
   days on market $729,950 Active 6 DOM
2. 2026-06-17
   days on market $729,950 Active 5 DOM
3. 2026-06-16
   days on market $729,950 Active 4 DOM
4. 2026-06-15
   days on market $729,950 Active 3 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $729,950 Active 1 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: $8,255 · $688/mo
• Projected year-2 tax: $8,255 · $688/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 · 15 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: $92,652
• − Mortgage interest: −$40,889
• − Property taxes: −$8,255
• − Insurance: −$3,650
• − Repairs & maintenance: −$7,412
• − Management: −$7,412
• − Depreciation: −$21,235
• Taxable income: $3,799
• Est. tax owed @ 24.0%: −$912
• After-tax cash flow: $14,443/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: Tacoma School District
• NCES district ID: 5308700
• Math proficiency: 40% ▬ 0.00%
• Reading proficiency: 53% ▲ 1.00%
• Median HH income: $52,467
• Composite: 42.25/100
• National rank: #6987
• State rank: #169 of 291 in WA

Livability — Tacoma

• Score: 78/100
• State rank: #127
• US rank: #2535

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tacoma, WA
• County: Pierce County · 788,257 people
• City population: 212,935
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 25,939
• Household income: $75,946
• Rent vs Own: 50.8% rent · 49.2% own
• Severe rent burden: 1313.0

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: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 58% Two or more races 16% Black 13% Hispanic / Latino 11% Asian 5%
• Hispanic origin (detail): Mexican 9% Puerto Rican 1%
• Common ancestry: Portuguese 4% Scottish 3% Slovak 3%
• Foreign-born: 8% · Canada, Vietnam
• Languages at home: 88% English-only · Spanish 6% Vietnamese 2% Russian/Polish/Slavic 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: ▼ -570.22%
• Current HPI: 378.3973
• Rent YoY: ▲ 3.90%
• 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

1 event — show timeline

• 2026-06-12 Listed $729,950 NWMLS as Distributed by MLS Grid

Property tax history

+5.2%/yr

Latest (2026): $8,255 · +4.6% YoY. Source: county tax records.