10224 10th Avenue Ct S · Parkland, WA 98444

$499,999

4 bd · 2.0 ba · 1,776 sqft · SingleFamily public records · 45 Days on market

Built 2000 9,313 sqft lot $282/sqft · 9% below area Est $548k · 9% under

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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 +11.5/15.0
• Appreciation +10.0/10.0
• Cash flow +4.7/30.0
• Schools +3.9/10.0
• Livability +3.9/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• 1% rule +0.2/10.0
• DSCR +0.0/10.0

Listing remarks

Welcome home to this stunning 2000-built Craftsman, perfectly perched on a sprawling, fully fenced 9,311 SF lot. The heart of the home is an expansive, sun-drenched great room featuring soaring vaulted ceilings, a cozy gas fireplace, and a wall of windows that bathe the space in natural light. The chef-ready kitchen boasts newer appliances (all staying!), ample counter space, and a 3-seat breakfast bar—perfect for morning coffee or hosting friends. Step out onto the deck to BBQ or soak in breathtaking western sunsets. The main level offers three generous bedrooms, including an oversized primary suite designed for king-sized furniture. Downstairs, discover ultimate flexibility: a 4th b

Key facts

• 9,313 sq ft lot
• Garage
• Built 2000

Property features AI

Finance

• Financial info: Financing accepted: Cash, Conventional, FHA, VA

Exterior

• Parking: Attached garage; Covered parking for 2 vehicles; Driveway and off-street parking
• Security: Fully fenced
• Utilities: Public water (TPU); Sewer connected (Pierce County); Electric power (TPU); Electric water heater located in garage; Cable connected (Xfinity)
• Home design: Single family residence; One story with basement; Entry located on upper (2nd) level; East-facing; Has a view
• Construction: Built in 2000 (effective year); Cement and wood construction materials; Composition roof; Poured concrete foundation
• Exterior features: Cement/concrete and wood exterior; Deck; Patio; Dog run; Fully fenced yard; Garden space; Fruit trees; Brush and wooded areas; Cable TV available

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Refrigerator; Stove/Range
• Bedrooms: 4 bedrooms (3 upper, 1 lower)
• Flooring: Vinyl; Vinyl plank; Carpet
• Bathrooms: 3 full bathrooms (2 upper, 1 lower); 3 bathtubs; 3 showers
• Heating & cooling: Forced air heating; Forced air cooling
• Interior features: Ceiling fans; Gas fireplace; French doors; Vaulted ceilings; Walk-in closets; Water heater
• Laundry & utility: Dryer

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $500k.

Deal economics

• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• To cash-flow at today's rent, offer at most $279k (44.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $262k (47.7% below list).
• Recommended offer: $262k (47.7% below list) — sets the bar for 1% rule.
• Cap rate 3.3% 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); 159 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% of comp listings sitting > 30 days — soft ceiling on asking rent; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• At $2,617/mo this rent would consume 48% 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 $53k of equity ($3k loan paydown + $50k appreciation (10.0% local appreciation)).
• Pierce County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$86k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($485k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 26y 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.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $261,675 (47.7% 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. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 48% concession, seller financing, or rate buy-down credit?
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. 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?
6. 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?
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 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: 0.52% ✗
• Cap rate: 3.29%
• Cash-on-cash: -10.72%
• DSCR: 0.52
• GRM: 15.9

CMA / ARV

• ARV (median comp): $548,473
• List price: $499,999
• Delta: -8.84%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
824 99th St S	0.27mi	4/2.5	1,713 (-4%)	0mo	$530,000	$309	79
932 99th Street Ct S	0.22mi	4/2.5	1,864 (+5%)	5mo	$640,000	$343	75
906 104th Street Ct S	0.17mi	5/5.5 (+1)	1,828 (+3%)	3mo	$830,000	$454	66
903 104th Street Ct S	0.15mi	3/2.5 (-1)	1,598 (-10%)	5mo	$590,000	$369	65
827 99th St S	0.29mi	3/1.0 (-1)	1,646 (-7%)	1mo	$460,000	$279	65
910 104th Street Ct S	0.15mi	3/2.5 (-1)	1,598 (-10%)	6mo	$600,000	$375	64
810 98th St S	0.35mi	4/2.0	1,575 (-11%)	1mo	$465,000	$295	64
10102 Patterson St S	0.52mi	3/2.0 (-1)	1,684 (-5%)	1mo	$565,000	$336	61
507 112th St S	0.73mi	4/1.5	1,838 (+4%)	6mo	$380,000	$207	53
808 Polk St S	0.56mi	3/1.5 (-1)	1,560 (-12%)	2mo	$649,000	$416	45
1627 Hume St S	0.61mi	3/1.0 (-1)	1,604 (-10%)	5mo	$207,000	$129	42
1430 Lafayette St S	0.70mi	3/2.0 (-1)	1,533 (-14%)	1mo	$500,000	$326	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 16.7%
• Equity multiple: 2.37×
• Total profit: $192,406
• Equity at exit: $450,439

10-year hold

• IRR: 15.9%
• Equity multiple: 5.49×
• Total profit: $628,800
• Equity at exit: $971,388

Cash invested: $140,000 (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: 159
• Price-to-rent: 15.9×

Monthly cashflow live

• Estimated rent: $2,617 high
• Mortgage (P&I): −$2,622
• Tax from tax record: −$488 /mo · $5,854/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$550
• Net cashflow: $-1,251

Break-even live

Break-even rent $4,200

Max offer price $279,001

Occupancy floor —

Sensitivity live

Price	-10% $-968	-5% $-1,109	+0% $-1,251	+5% $-1,393	+10% $-1,534
Rent	-10% $-1,458	-5% $-1,354	+0% $-1,251	+5% $-1,148	+10% $-1,044
Rate	-1.0pp $-999	-0.5pp $-1,124	base $-1,251	+0.5pp $-1,381	+1.0pp $-1,512

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: $125,000
• Closing costs: $15,000
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
772 110th St S Tacoma, WA	3.0	1.0	1500	$2,400	$1.60	45d	1	0.51mi
605 98th St S Tacoma, WA	3.0	1.5	1320	$2,800	$2.12	45d	1	0.51mi
9616 16th Avenue Ct S Unit 9614 Tacoma, WA	3.0	2.5	1534	$2,297	$1.50	25d	1	0.54mi
9615 18th Ave S Unit A1 Tacoma, WA	5.0	2.0	2189	$3,295	$1.51	18d	1	0.61mi
9615 18th Ave S Unit R05 Tacoma, WA	5.0	2.0	2189	$3,295	$1.51	45d	1	0.67mi
1223 121st St S Tacoma, WA	5.0	1.0	1469	$2,225	$1.51	45d	1	1.12mi
11727 4th Ave E Tacoma, WA	3.0	2.0	1800	$2,800	$1.56	0d	1	1.39mi

Listing history 31 events

1. 2026-06-21
   days on market $499,999 Active 45 DOM
2. 2026-06-18
   days on market $499,999 Active 42 DOM
3. 2026-06-17
   days on market $499,999 Active 41 DOM
4. 2026-06-16
   days on market $499,999 Active 40 DOM
5. 2026-06-16
   price $499,999 Active 39 DOM
6. 2026-06-15
   days on market $509,000 Active 39 DOM
7. 2026-06-13
   days on market $509,000 Active 37 DOM
8. 2026-06-13
   days on market $509,000 Active 36 DOM
9. 2026-06-09
   days on market $509,000 Active 33 DOM
10. 2026-06-08
    days on market $509,000 Active 32 DOM
11. 2026-06-07
    days on market $509,000 Active 31 DOM
12. 2026-06-04
    days on market $509,000 Active 28 DOM
13. 2026-06-03
    days on market $509,000 Active 27 DOM
14. 2026-06-02
    days on market $509,000 Active 26 DOM
15. 2026-06-02
    price $509,000 Active 25 DOM
16. 2026-06-01
    days on market $520,000 Active 25 DOM
17. 2026-05-31
    days on market $520,000 Active 24 DOM
18. 2026-05-07
    listed $520,000 Active
19. 2024-12-16
    soldstatus $505,000 Closed
20. 2024-11-18
    status Pending
21. 2024-11-05
    price $499,950
22. 2024-10-21
    listed $525,000 Active
23. 2012-12-19
    soldstatus $125,000 Sold
24. 2012-11-27
    status Pending
25. 2012-10-30
    status Pending Inspection
26. 2012-09-18
    listed $139,900 Active
27. 2004-06-24
    soldstatus $179,000
28. 2004-06-24
    soldstatus $179,000
29. 2004-06-04
    listed $175,000
30. 2000-09-29
    soldstatus $147,500
31. 2000-04-10
    listed $147,500

ⓘ 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: $5,854 · $488/mo
• Projected year-2 tax: $5,854 · $488/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 6/10 Major FEMA zone X (unshaded) · 74% 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: $31,401
• − Mortgage interest: −$28,008
• − Property taxes: −$5,854
• − Insurance: −$2,500
• − Repairs & maintenance: −$2,512
• − Management: −$2,512
• − Depreciation: −$14,545
• Taxable loss: −$24,531
• Est. tax savings @ 24.0%: +$5,887
• After-tax cash flow: $-9,125/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

+239.0% since first listed

16 events — show timeline

• 2026-06-15 Price Changed $499,999 NWMLS as Distributed by MLS Grid
• 2026-06-01 Price Changed $509,000 NWMLS as Distributed by MLS Grid
• 2026-05-07 Listed $520,000 NWMLS as Distributed by MLS Grid
• 2024-12-16 Sold (MLS) $505,000 NWMLS as Distributed by MLS Grid
• 2024-11-18 Pending — NWMLS as Distributed by MLS Grid
• 2024-11-05 Price Changed $499,950 NWMLS as Distributed by MLS Grid
• 2024-10-21 Listed $525,000 NWMLS as Distributed by MLS Grid
• 2012-12-19 Sold (MLS) $125,000 NWMLS as Distributed by MLS Grid
• 2012-11-27 Pending — NWMLS as Distributed by MLS Grid
• 2012-10-30 Pending — NWMLS as Distributed by MLS Grid
• 2012-09-18 Listed $139,900 NWMLS as Distributed by MLS Grid
• 2004-06-24 Sold (Public Records) $179,000 Public Records
• 2004-06-24 Sold (MLS) $179,000 NWMLS as Distributed by MLS Grid
• 2004-06-04 Listed $175,000 NWMLS as Distributed by MLS Grid
• 2000-09-29 Sold (MLS) $147,500 NWMLS as Distributed by MLS Grid
• 2000-04-10 Listed $147,500 NWMLS as Distributed by MLS Grid

Property tax history

+4.4%/yr

Latest (2026): $5,854 · +5.9% YoY. Source: county tax records.