10228 Alaska St S · Parkland, WA 98444

$315,200

4 bd · 3.0 ba · 1,050 sqft · SingleFamily public records · 99 Days on market

Built 1941 0.34 ac lot Est $343k · 8% 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 +11.2/15.0
• Appreciation +10.0/10.0
• Cash flow +8.3/30.0
• Schools +3.9/10.0
• Livability +3.9/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +2.3/10.0

Listing remarks

Accepted offer, waiting for contract to change to pending. This 1.5 story home in the Parkland area offers lots of potential. Situated on a large, flat 15,000 sq ft lot. Needs a bit of fixin but so cute! Possible options could be to add on, shop, RV parking, or explore future development possibilities (buyer to verify any of these options). 1050 sf but feels bigger. Open concept living room and kitchen. 4 bedrooms and 2.5 baths. Convenient location close to schools, parks, shopping, and services. Bring your vision and creativity to unlock the value in this property. Sold as-is. Buyer to verify all info to their own satisfaction.

Key facts

• Large flat lot
• 0.34 acre lot
• Built 1941

Tags

• LARGE FLAT LOT

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $315k.

Deal economics

• At list price, monthly cash flow is $-287 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $264k (16.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $235k (25.5% below list).
• Recommended offer: $235k (25.5% below list) — sets the bar for 1% rule.
• Cap rate 5.2% 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.
• Zoned schools: Christensen Elementary (368 students, 74% FRL); Perry G Keithley Middle School (787 students, 68% FRL); Washington High School (997 students, 67% FRL).
• Market conditions: Rents rising (+2.9%/yr); 159 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 46% 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).
• This rent runs 43% of the median local income ($65k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $34k of equity ($2k loan paydown + $32k 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 ~$54k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 99 days — a 9% lower offer ($287k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 7y ago; this cycle's ask has dropped $79k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1941 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $234,700 (25.5% 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 99 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Built in 1941 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.74% ✗
• Cap rate: 5.20%
• Cash-on-cash: -3.91%
• DSCR: 0.83
• GRM: 11.2

CMA / ARV

• ARV (on-the-fly): $343,350
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10228 Alaska St S	0.00mi	4/2.5	1,023 (-3%)	0mo	$315,000	$308	94
10621 S 12th Avenue Ct S	0.43mi	3/1.0 (-1)	1,032 (-2%)	3mo	$270,000	$262	62
10423 13th Avenue Ct S	0.33mi	3/1.5 (-1)	1,152 (+10%)	3mo	$335,000	$291	55
10441 13th Avenue Ct S	0.35mi	3/1.5 (-1)	1,152 (+10%)	2mo	$369,995	$321	54
1417 110th St S	0.46mi	3/1.0 (-1)	1,056 (+1%)	12mo	$345,000	$327	54
11058 Sheridan Ave S	0.57mi	3/1.0 (-1)	1,080 (+3%)	7mo	$394,000	$365	50
1032 111th St S	0.69mi	3/2.0 (-1)	996 (-5%)	3mo	$438,000	$440	48
1218 S 93rd St	0.72mi	3/2.0 (-1)	1,080 (+3%)	13mo	$450,000	$417	42
9302 S M St	0.73mi	3/2.0 (-1)	1,126 (+7%)	5mo	$403,000	$358	41
1501 S 92nd St	0.74mi	3/1.5 (-1)	1,084 (+3%)	10mo	$405,000	$374	41
821 108th St S	0.72mi	4/2.0	1,196 (+14%)	1mo	$280,000	$234	38
1407 S 93rd St	0.70mi	3/1.0 (-1)	1,128 (+7%)	6mo	$363,000	$322	37

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: 21.5%
• Equity multiple: 2.74×
• Total profit: $153,217
• Equity at exit: $283,957

10-year hold

• IRR: 19.4%
• Equity multiple: 6.27×
• Total profit: $465,279
• Equity at exit: $612,364

Cash invested: $88,256 (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: 11.2×

Monthly cashflow live

• Estimated rent: $2,347 high
• Mortgage (P&I): −$1,653
• Tax from tax record: −$357 /mo · $4,285/yr
• Insurance: −$131
• HOA: −$0
• Vacancy / Maint / Mgmt: −$493
• Net cashflow: $-287

Break-even live

Break-even rent $2,711

Max offer price $264,452

Occupancy floor —

Sensitivity live

Price	-10% $-109	-5% $-198	+0% $-287	+5% $-376	+10% $-466
Rent	-10% $-473	-5% $-380	+0% $-287	+5% $-195	+10% $-102
Rate	-1.0pp $-129	-0.5pp $-207	base $-287	+0.5pp $-369	+1.0pp $-452

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: $78,800
• Closing costs: $9,456
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1809 105th Street Ct S Tacoma, WA	1.0–3.0	1.0–2.0	934	$2,509	$2.69	0d	8	0.22mi
2201 104th St S Tacoma, WA	1.0–3.0	1.0–2.0	929	$2,500	$2.69	0d	19	0.39mi
2415 100th Street Ct S Tacoma, WA	2.0–3.0	1.0–2.0	912	$2,050	$2.25	7d	2	0.57mi
11216 18th Ave S Tacoma, WA	1.0–3.0	1.0–2.0	881	$2,500	$2.84	0d	13	0.65mi
772 110th St S Tacoma, WA	3.0	1.0	1500	$2,400	$1.60	45d	1	0.82mi
11514 19th Avenue Ct S Parkland, WA	3.0	1.5	925	$2,100	$2.27	45d	1	0.88mi
2604 92nd St S Unit B Lakewood, WA	3.0	2.0	1120	$1,995	$1.78	45d	1	0.90mi
2604 92nd St S Unit B Lakewood, WA	3.0	2.0	1120	$1,995	$1.78	26d	1	0.90mi
605 98th St S Tacoma, WA	3.0	1.5	1320	$2,800	$2.12	45d	1	0.92mi
10925 Park Ave S Tacoma, WA	3.0	1.0–2.0	838	$2,145	$2.56	0d	7	1.03mi
1223 121st St S Tacoma, WA	5.0	1.0	1469	$2,225	$1.51	45d	1	1.15mi
137 99th Street Ct E Tacoma, WA	3.0	2.0	1200	$2,397	$2.00	45d	1	1.34mi
319 104th St E Tacoma, WA	3.0	1.0	990	$2,285	$2.31	6d	1	1.45mi

Listing history 23 events

1. 2026-04-23
   status Pending
2. 2026-04-04
   price $315,200
3. 2026-03-08
   price $354,600
4. 2026-01-14
   listed $394,000 Active
5. 2021-04-29
   soldstatus $362,000 Sold
6. 2021-03-26
   status Pending
7. 2021-03-23
   status Active
8. 2021-03-17
   status Pending Inspection
9. 2021-03-13
   status Active
10. 2021-02-09
    status Pending Inspection
11. 2021-02-06
    status Active
12. 2021-01-26
    status Pending Inspection
13. 2021-01-23
    listed $369,000 Active
14. 2019-11-25
    soldstatus $175,000 Sold
15. 2019-11-22
    soldstatus $175,000
16. 2019-11-13
    status Pending
17. 2019-11-01
    price $189,000
18. 2019-09-30
    price $199,000
19. 2019-09-18
    status Active
20. 2019-08-31
    status Pending Inspection
21. 2019-08-20
    price $219,000
22. 2019-06-28
    listed $229,000 Active
23. 2012-07-11
    soldstatus $90,000

ⓘ 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: $4,285 · $357/mo
• Projected year-2 tax: $4,285 · $357/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 ≥86°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,164
• − Mortgage interest: −$17,656
• − Property taxes: −$4,285
• − Insurance: −$1,576
• − Repairs & maintenance: −$2,253
• − Management: −$2,253
• − Depreciation: −$9,169
• Taxable loss: −$9,029
• Est. tax savings @ 24.0%: +$2,167
• After-tax cash flow: $-1,280/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

+250.2% since first listed

23 events — show timeline

• 2026-04-23 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-04 Price Changed $315,200 NWMLS as Distributed by MLS Grid
• 2026-03-08 Price Changed $354,600 NWMLS as Distributed by MLS Grid
• 2026-01-14 Listed $394,000 NWMLS as Distributed by MLS Grid
• 2021-04-29 Sold (MLS) $362,000 NWMLS as Distributed by MLS Grid
• 2021-03-26 Pending — NWMLS as Distributed by MLS Grid
• 2021-03-23 Relisted — NWMLS as Distributed by MLS Grid
• 2021-03-17 Pending — NWMLS as Distributed by MLS Grid
• 2021-03-13 Relisted — NWMLS as Distributed by MLS Grid
• 2021-02-09 Pending — NWMLS as Distributed by MLS Grid
• 2021-02-06 Relisted — NWMLS as Distributed by MLS Grid
• 2021-01-26 Pending — NWMLS as Distributed by MLS Grid
• 2021-01-23 Listed $369,000 NWMLS as Distributed by MLS Grid
• 2019-11-25 Sold (MLS) $175,000 NWMLS as Distributed by MLS Grid
• 2019-11-22 Sold (Public Records) $175,000 Public Records
• 2019-11-13 Pending — NWMLS as Distributed by MLS Grid
• 2019-11-01 Price Changed $189,000 NWMLS as Distributed by MLS Grid
• 2019-09-30 Price Changed $199,000 NWMLS as Distributed by MLS Grid
• 2019-09-18 Relisted — NWMLS as Distributed by MLS Grid
• 2019-08-31 Pending — NWMLS as Distributed by MLS Grid
• 2019-08-20 Price Changed $219,000 NWMLS as Distributed by MLS Grid
• 2019-06-28 Listed $229,000 NWMLS as Distributed by MLS Grid
• 2012-07-11 Sold (Public Records) $90,000 Public Records

Property tax history

+5.4%/yr

Latest (2026): $4,285 · +5.2% YoY. Source: county tax records.