6621 241st Ave E #52 · Lake Tapps, WA 98321

$225,000

3 bd · 2.0 ba · 1,620 sqft · Manufactured public records · 108 Days on market

Built 2017 $139/sqft · at area comps Est $235k · at est. ↓ 9% since listing

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Why this score? — see what drove the B 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• ARV discount +9.4/15.0
• Schools +5.7/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Beautiful Home In 55+ Gated Community Of Golden Valley. You Will Love This Open Floor Plan That Connects Living Room/Kitchen, Dining Room and Family Room With Elegant High Ceilings. Wonderful Kitchen with Stainless Steel Appliances, Farm Style Sink, Large Island, and Pantry. Primary Suite With 5 Piece Bath, That Includes Double Vanity, Soaking Tub, and Large Walk in Closet. Heat Pump, Generator Ready, RV Plug In, Fully Fenced Yard with Sprinkler System, Beautiful Deck With Territorial Views, 2 Car Garage With Additional 3 Parking Spots and More Parking On The Back of The House. This Extremely Well Cared For Home Is A Must See. Free Home Warranty Included. Schedule Your Tour Today!

Key facts

• Gated community
• Farm style sink
• Pantry

Tags

• GATED COMMUNITY
• OPEN FLOOR PLAN
• STAINLESS STEEL APPLIANCES
• FARM STYLE SINK
• LARGE ISLAND
• PANTRY

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $225k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $205k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.2% vs local median 2.7% in Lake Tapps — 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 68/100 on livability (#289 in WA) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, cost of living F.
• White River School District (suburban): math 57% / reading 68% proficiency, ranked #35 of 291 in WA (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 235 active listings in the ZIP; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 108 days — a 9% lower offer ($205k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago; this cycle's ask has dropped $55k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $204,750 (9.0% below list)

Questions for the listing agent

1. It's been on market 108 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
6. 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.
7. 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: 1.46% ✓
• Cap rate: 12.18%
• Cash-on-cash: 21.02%
• DSCR: 1.94
• GRM: 5.7

CMA / ARV

• ARV (median comp): $235,000
• List price: $225,000
• Delta: -4.26%
• Verdict: FAIR
• Comps: 3 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6610 243rd Ave E #98	0.06mi	3/2.0	1,566 (-3%)	15mo	$250,000	$160	79
6707 243rd Ave E #78	0.10mi	3/2.0	1,620 (0%)	22mo	$295,000	$182	77
24218 66th St E #100	0.06mi	3/2.0	1,728 (+7%)	12mo	$285,000	$165	76
24223 66th St E #69	0.07mi	2/2.0 (-1)	1,664 (+3%)	22mo	$265,000	$159	69
6704 243rd Ave E #96	0.08mi	3/2.0	1,404 (-13%)	10mo	$195,000	$139	66
24317 68th St E #83	0.14mi	3/2.0	1,782 (+10%)	23mo	$310,000	$174	58
7507 242nd Avenue Ct E	0.60mi	3/2.0	1,395 (-14%)	17mo	$450,000	$323	34

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 13.5%
• Equity multiple: 1.54×
• Total profit: $33,834
• Equity at exit: $33,548

10-year hold

• IRR: 22.3%
• Equity multiple: 2.91×
• Total profit: $120,021
• Equity at exit: $19,454

Cash invested: $63,000 (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 98321

• Active inventory: 235
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $3,295 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$226 /mo · $2,714/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$692
• Net cashflow: $1,103

Break-even live

Break-even rent $1,899

Max offer price $225,000

Occupancy floor 62%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-17
   status $225,000 Pending 108 DOM
2. 2026-06-17
   days on market $225,000 Active 108 DOM
3. 2026-06-16
   days on market $225,000 Active 107 DOM
4. 2026-06-15
   days on market $225,000 Active 106 DOM
5. 2026-06-13
   days on market $225,000 Active 104 DOM
6. 2026-06-13
   days on market $225,000 Active 103 DOM
7. 2026-06-09
   days on market $225,000 Active 100 DOM
8. 2026-06-08
   days on market $225,000 Active 99 DOM
9. 2026-06-07
   days on market $225,000 Active 98 DOM
10. 2026-06-04
    pricedays on market $225,000 Active 95 DOM
11. 2026-06-03
    days on market $240,000 Active 94 DOM
12. 2026-06-02
    days on market $240,000 Active 93 DOM
13. 2026-06-01
    days on market $240,000 Active 92 DOM
14. 2026-05-31
    days on market $240,000 Active 91 DOM
15. 2026-05-01
    status Active
16. 2026-04-27
    status Pending
17. 2026-04-21
    price $240,000
18. 2026-03-18
    price $255,000
19. 2026-02-26
    listed $279,950 Active
20. 2023-10-30
    soldstatus $255,000 Closed
21. 2023-10-08
    status Pending
22. 2023-09-12
    listed $265,000 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: $2,714 · $226/mo
• Projected year-2 tax: $2,714 · $226/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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥88°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 10 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,544
• − Mortgage interest: −$12,603
• − Property taxes: −$2,714
• − Insurance: −$1,125
• − Repairs & maintenance: −$3,164
• − Management: −$3,164
• − Depreciation: −$6,545
• Taxable income: $10,229
• Est. tax owed @ 24.0%: −$2,455
• After-tax cash flow: $10,786/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: White River School District
• NCES district ID: 5309780
• Math proficiency: 57% ▲ 3.00%
• Reading proficiency: 68% ▲ 6.00%
• Median HH income: $71,369
• Composite: 56.68/100
• National rank: #2423
• State rank: #35 of 291 in WA

Livability — Lake Tapps

• Score: 68/100
• State rank: #289
• US rank: #10068

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 17,601

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: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 6% Two or more races 5% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Portuguese 7% Italian 4% Lithuanian 3%
• Foreign-born: 2% · China, Canada
• Languages at home: 97% English-only · Spanish 1% Other Asian/Pacific 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: ▼ -206.67%
• Current HPI: 310.6568
• Rent YoY: —
• Metro: —
• 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

-9.4% since first listed

8 events — show timeline

• 2026-05-01 Relisted — NWMLS as Distributed by MLS Grid
• 2026-04-27 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-21 Price Changed $240,000 NWMLS as Distributed by MLS Grid
• 2026-03-18 Price Changed $255,000 NWMLS as Distributed by MLS Grid
• 2026-02-26 Listed $279,950 NWMLS as Distributed by MLS Grid
• 2023-10-30 Sold (MLS) $255,000 NWMLS as Distributed by MLS Grid
• 2023-10-08 Pending — NWMLS as Distributed by MLS Grid
• 2023-09-12 Listed $265,000 NWMLS as Distributed by MLS Grid

Property tax history

+9.0%/yr

Latest (2026): $2,714 · +3.4% YoY. Source: county tax records.