22301 73rd St E · Bonney Lake, WA 98321

$719,950

4 bd · 3.0 ba · 3,406 sqft · SingleFamily public records · 3 Days on market

Built 2006 8,125 sqft lot Est $957k · 25% under $37/mo HOA · 1% of rent

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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).

• ARV discount +15.0/15.0
• Cash flow +13.7/30.0
• Schools +5.7/10.0
• DSCR +4.1/10.0
• Livability +3.6/5.0
• 1% rule +3.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Move-in ready and beautifully maintained, this spacious Buckley home offers over 3,400 square feet with 4 bedrooms, 2.75 baths, a large loft/rec room, and a versatile bonus room perfect for a home office, media room, or play space. The thoughtfully designed floor plan features a gourmet kitchen with refinished cabinets and quartz counter tops with tile backsplash, generous living areas, and a cozy gas fireplace ideal for entertaining or relaxing evenings at home. Main level bedroom and 3/4 bath. The primary suite provides a true retreat with a spa-inspired soaking tub and walk-in closet, while the fully landscaped yard with sprinkler system makes outdoor living easy year-round. Attached 3 c

Key facts

• Cozy gas fireplace
• Main level bedroom
• Gourmet kitchen

Tags

• GOURMET KITCHEN
• REFINISHED CABINETS
• QUARTZ COUNTER TOPS
• TILE BACKSPLASH
• COZY GAS FIREPLACE
• MAIN LEVEL BEDROOM

Property features AI

Finance

• Other: Property listed as residential single-family; living area approximately 3,406; Lot is level and approximately 0.1865 acres
• Financial info: Financing accepted: Cash, Conventional, FHA, State Bond, USDA Loan, VA Loan
• HOA & community: Homeowners association with $37 monthly fee (includes common area maintenance); Community features include CCRs, park and playground

Exterior

• Parking: Attached garage; 3 covered parking spaces; 2 uncovered parking spaces; Driveway
• Security: Fully fenced
• Utilities: Public water (Tacoma Public Utilities); Sewer connected (City of Bonney Lake); Electric and natural gas service (Puget Sound Energy)
• Home design: Single-family residence (house); Two-story; Main-level entry; Has view; Built on lot; effective year built 2008; Very good condition
• Construction: Cement plank, stone and wood construction; Composition roof; Poured concrete foundation; Effective year built 2008
• Exterior features: Cement-planked, stone and wood exterior; Fully fenced yard; Patio; Sprinkler system; Cable TV and high-speed internet available; Gas available; Curbs, paved driveway and sidewalks

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Refrigerator; Stove/Range
• Bedrooms: 4 bedrooms total — 1 bedroom on the main level, 3 bedrooms on the upper level; Primary bedroom on the second level
• Flooring: Ceramic tile; Vinyl; Vinyl plank; Carpet
• Bathrooms: 2 full bathrooms; 1 three-quarter bathroom; 2 bathtubs; 3 showers; Main level bathroom present
• Heating & cooling: Forced air heating; Heat pump; Central air conditioning
• Interior features: Dining room; Fireplace (gas, main level); Loft; Pantry; Walk-in closet(s)
• Laundry & utility: Utility room on the second level

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $720k.

Deal economics

• At list price, monthly cash flow is $54 ($644/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 $610k (15.3% below list).
• Recommended offer: $610k (15.3% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.1% in Bonney Lake — 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 72/100 on livability (#215 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B; 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.
• Zoned schools: Mountain Meadow Elementary (416 students, 22% FRL); Glacier Middle School (970 students, 35% FRL); White River High School (1,263 students, 32% FRL) — zoned schools at 30% FRL track the district average.
• Market conditions: 239 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $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 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 20y 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 $475k; list at $720k implies a 52% gain — meaningful room to come down on a strong offer.

Recommended offer $610,000 (15.3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.85% ✗
• Cap rate: 6.38%
• Cash-on-cash: 0.32%
• DSCR: 1.01
• GRM: 9.8

CMA / ARV

• ARV (on-the-fly): $957,086
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7505 225th Avenue Ct E	0.20mi	5/2.5 (+1)	3,156 (-7%)	12mo	$745,000	$236	62
7903 228th Avenue Ct E	0.57mi	4/3.0	3,454 (+1%)	12mo	$925,000	$268	61
22802 61st St E #294	0.73mi	5/3.5 (+1)	3,445 (+1%)	2mo	$968,725	$281	55
22706 78th St E	0.48mi	4/2.5	3,627 (+6%)	11mo	$937,500	$258	55
6903 232nd Ave E	0.37mi	5/2.5 (+1)	3,169 (-7%)	12mo	$1,020,000	$322	54
22816 64th Ln E	0.66mi	5/3.5 (+1)	3,444 (+1%)	10mo	$940,000	$273	52
22806 61st St E #295	0.73mi	5/3.5 (+1)	3,372 (-1%)	10mo	$1,002,509	$297	49
7806 227th Avenue Ct E	0.45mi	4/2.5	3,030 (-11%)	12mo	$850,000	$281	48
6602 232nd Ave E	0.54mi	5/2.5 (+1)	3,093 (-9%)	5mo	$799,000	$258	48
8320 224th Ave E	0.69mi	4/2.5	3,117 (-8%)	11mo	$1,225,000	$393	42
22801 61st St E #293	0.74mi	5/3.0 (+1)	2,983 (-12%)	2mo	$930,000	$312	38
6305 229th Ave E #239	0.74mi	5/4.0 (+1)	3,835 (+13%)	20mo	$1,148,589	$300	19

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: -15.8%
• Equity multiple: 0.44×
• Total profit: $-113,280
• Equity at exit: $107,347

10-year hold

• IRR: -7.4%
• Equity multiple: 0.53×
• Total profit: $-94,389
• Equity at exit: $62,248

Cash invested: $201,586 (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: 239
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $6,100 medium
• Mortgage (P&I): −$3,775
• Tax from tax record: −$653 /mo · $7,834/yr
• Insurance: −$300
• HOA: −$37
• Vacancy / Maint / Mgmt: −$1,281
• Net cashflow: $54

Break-even live

Break-even rent $6,032

Max offer price $719,950

Occupancy floor 94%

Sensitivity live

Price	-10% $461	-5% $257	+0% $54	+5% $-150	+10% $-354
Rent	-10% $-428	-5% $-187	+0% $54	+5% $295	+10% $536
Rate	-1.0pp $416	-0.5pp $237	base $54	+0.5pp $-133	+1.0pp $-323

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: $179,988
• Closing costs: $21,598
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23056 64th Street Ct E Unit 1 Buckley, WA	5.0	3.5	3358	$6,100	$1.82	45d	1	0.62mi

HOA detail

• Monthly dues: $37 · $444/yr
• Likely covers: gas

Listing history 3 events

1. 2026-06-21
   days on market $719,950 Active 3 DOM
2. 2026-06-18
   remarks 699-char remark
3. 2026-06-18
   listed $719,950 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: $7,834 · $653/mo
• Projected year-2 tax: $7,834 · $653/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 2/10 Low 7 d/yr ≥87°F today · 15 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: $73,200
• − Mortgage interest: −$40,328
• − Property taxes: −$7,834
• − Insurance: −$3,600
• − Repairs & maintenance: −$5,856
• − Management: −$5,856
• − HOA: −$444
• − Depreciation: −$20,944
• Taxable loss: −$11,662
• Est. tax savings @ 24.0%: +$2,799
• After-tax cash flow: $3,443/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: 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 — Bonney Lake

• Score: 72/100
• State rank: #215
• US rank: #6077

Category grades

Amenities F Commute F Cost of living F Crime B Employment A+ Housing A+ Health & safety C+ 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

+48.0% since first listed

3 events — show timeline

• 2026-06-18 Listed $719,950 NWMLS as Distributed by MLS Grid
• 2006-11-15 Sold (MLS) $475,000 NWMLS as Distributed by MLS Grid
• 2006-02-08 Listed $486,450 NWMLS as Distributed by MLS Grid

Property tax history

+2.9%/yr

Latest (2026): $7,834 · +2.5% YoY. Source: county tax records.