1901 N Fife St · Tacoma, WA 98406

$892,750

5 bd · 5.0 ba · 3,456 sqft · MultiFamily public records · 163 Days on market

Built 1908 7,500 sqft lot Est $805k · 11% over

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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).

• Cash flow +13.0/30.0
• Schools +4.2/10.0
• DSCR +3.9/10.0
• Livability +3.9/5.0
• Rent growth +3.6/5.0
• 1% rule +3.2/10.0
• ARV discount +2.6/15.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Located in North Tacoma’s desirable Buckley District, this well-maintained 5-unit building (Four 1-bed units + One studio unit) offers strong rents, long-term occupancy, and excellent upkeep. Minutes from downtown, hospitals, transit, and top amenities, it’s a rare find in one of the West Coast’s fastest-growing rental markets. Value-add potential includes adding W/ D hookups to larger units and finishing part of the basement to create a 6th income-producing unit (buyer to verify). A prime opportunity for seasoned or first-time investors alike.

Key facts

• Long-term occupancy
• Value-add potential
• Excellent upkeep

Tags

• BUCKLEY DISTRICT
• STRONG RENTS
• LONG-TERM OCCUPANCY
• EXCELLENT UPKEEP
• MINUTES FROM DOWNTOWN
• VALUE-ADD POTENTIAL

Property features AI

Finance

• Other: Building area total approximately 3,456 square feet; Possible uses: Multi-family or residential
• Financial info: Listing terms: Cash or Conventional; Gross scheduled income approximately $83,888 per year; Total monthly income approximately $7,374; Net operating income approximately $51,193; Total expenses approximately $32,694.69; Insurance expense approximately $4,241; Other expenses approximately $19,546.49; Gross rent multiplier about 12.5; Vacancy rate around 3%

Exterior

• Parking: Open/uncovered parking available (approximately 6 spaces)
• Utilities: Electric and natural gas available; Public water (TPU); Sewer connected (TPU); Power company: TPU
• Home design: Residential income property (multi-family); 5-unit building (5 units total); 3 stories; Multi-family structure
• Construction: Wood construction; Composition (asphalt) roof; Poured concrete foundation; Effective year built 1956
• Exterior features: Wood exterior; Deck; Patio; Gas available on site; Corner lot with alley access; Curbs, paved streets, and sidewalk; Property has a view

Interior

• Kitchen: Range/oven in all units; Refrigerator provided in all units; Dishwasher not included in units
• Bedrooms: Units include one-bedroom layouts (varies by unit)
• Flooring: Engineered hardwood; Hardwood; Other
• Bathrooms: Each unit has one bathroom
• Heating & cooling: Wall furnace heating; No central cooling
• Interior features: Engineered hardwood and hardwood flooring; Other flooring types
• Laundry & utility: Coin-operated laundry (on-site); Individual units do not include washer/dryer

What this means for you Summary

Snapshot

• This is a 5 × 1-bed/1.0-bath units multifamily listed at $893k.

Deal economics

• At list price, monthly cash flow is $-50 ($-595/yr) — negative. Per door: $-10/mo.
• To cash-flow at today's rent, offer at most $884k (1.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $733k (17.9% below list).
• Recommended offer: $733k (17.9% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 2.8% 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.
• Market conditions: Rents rising fast (+4.6%/yr); 118 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• At $7,330/mo this rent would consume 84% of the median local household income ($104k/yr) (locally 1291% 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 $6k of loan paydown is wiped out by about $27k 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

• It's been on market 163 days — a 12% lower offer ($786k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y 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 $575k; list at $893k implies a 55% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $733,000 (17.9% 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 163 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.82% ✗
• Cap rate: 6.23%
• Cash-on-cash: -0.24%
• DSCR: 0.99
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $805,248
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1706 N Cedar St	0.31mi	4/3.0 (-1)	3,864 (+12%)	16mo	$902,000	$233	39

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 · 4.59% rent growth · sell at horizon

5-year hold

• IRR: -15.0%
• Equity multiple: 0.46×
• Total profit: $-136,002
• Equity at exit: $133,112

10-year hold

• IRR: -4.1%
• Equity multiple: 0.71×
• Total profit: $-72,374
• Equity at exit: $77,189

Cash invested: $249,970 (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 98406

• Rents YoY: 4.6%
• Active inventory: 118
• Price-to-rent: 50.7×

Monthly cashflow live

• Estimated rent: $7,330 high
• Mortgage (P&I): −$4,682
• Tax from tax record: −$787 /mo · $9,439/yr
• Insurance: −$372
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,539
• Net cashflow: $-50

Break-even live

Break-even rent $7,393

Max offer price $883,992

Occupancy floor 96%

Sensitivity live

Price	-10% $456	-5% $203	+0% $-50	+5% $-302	+10% $-555
Rent	-10% $-629	-5% $-339	+0% $-50	+5% $240	+10% $529
Rate	-1.0pp $400	-0.5pp $177	base $-50	+0.5pp $-281	+1.0pp $-516

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

Units	Beds	Baths	Est. rent
▸ 5× units	1	1	$7,330
Total (5 units)			$7,330

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: $223,188
• Closing costs: $26,782
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
924 N J St Unit A Tacoma, WA	4.0	1.5	2448	$3,500	$1.43	25d	1	0.32mi
1108 S Ridgewood Ave Tacoma, WA	4.0	2.5	2824	$3,200	$1.13	25d	1	1.13mi

Listing history 23 events

1. 2026-06-21
   days on market $892,750 Active 163 DOM
2. 2026-06-18
   days on market $892,750 Active 160 DOM
3. 2026-06-17
   days on market $892,750 Active 159 DOM
4. 2026-06-16
   days on market $892,750 Active 158 DOM
5. 2026-06-15
   days on market $892,750 Active 157 DOM
6. 2026-06-13
   days on market $892,750 Active 155 DOM
7. 2026-06-13
   days on market $892,750 Active 154 DOM
8. 2026-06-09
   days on market $892,750 Active 151 DOM
9. 2026-06-08
   days on market $892,750 Active 150 DOM
10. 2026-06-07
    days on market $892,750 Active 149 DOM
11. 2026-06-04
    days on market $892,750 Active 146 DOM
12. 2026-06-03
    days on market $892,750 Active 145 DOM
13. 2026-06-02
    days on market $892,750 Active 144 DOM
14. 2026-06-01
    days on market $892,750 Active 143 DOM
15. 2026-05-31
    days on market $892,750 Active 142 DOM
16. 2026-03-30
    price $892,750
17. 2026-01-06
    listed $897,750 Active
18. 2018-05-08
    soldstatus $575,000 Sold
19. 2018-05-08
    soldstatus $575,000
20. 2018-04-28
    status Pending
21. 2018-04-13
    listed $599,950 Active
22. 1994-07-08
    soldstatus $140,000
23. 1992-09-08
    soldstatus $106,666

ⓘ 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: $9,439 · $787/mo
• Projected year-2 tax: $9,439 · $787/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 · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $87,960
• − Mortgage interest: −$50,008
• − Property taxes: −$9,439
• − Insurance: −$4,464
• − Repairs & maintenance: −$7,037
• − Management: −$7,037
• − Depreciation: −$25,971
• Taxable loss: −$15,996
• Est. tax savings @ 24.0%: +$3,839
• After-tax cash flow: $3,244/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): 24,202
• Household income: $104,264
• Rent vs Own: 38.7% rent · 61.3% own
• Severe rent burden: 1291.0

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: Predominantly White (77%)
• Race & ethnicity: White 77% Two or more races 11% Black 5% Hispanic / Latino 5% Asian 3%
• Common ancestry: Portuguese 7% Italian 3% Lithuanian 3%
• Foreign-born: 5% · Canada, Vietnam, South Korea
• Languages at home: 93% English-only · Spanish 2% Vietnamese 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: ▼ -749.36%
• Current HPI: 340.0534
• Rent YoY: ▲ 4.59%
• 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

+737.0% since first listed

8 events — show timeline

• 2026-03-30 Price Changed $892,750 NWMLS as Distributed by MLS Grid
• 2026-01-06 Listed $897,750 NWMLS as Distributed by MLS Grid
• 2018-05-08 Sold (Public Records) $575,000 Public Records
• 2018-05-08 Sold (MLS) $575,000 NWMLS as Distributed by MLS Grid
• 2018-04-28 Pending — NWMLS as Distributed by MLS Grid
• 2018-04-13 Listed $599,950 NWMLS as Distributed by MLS Grid
• 1994-07-08 Sold (Public Records) $140,000 Public Records
• 1992-09-08 Sold (Public Records) $106,666 Public Records

Property tax history

+3.9%/yr

Latest (2026): $9,439 · -0.0% YoY. Source: county tax records.