21900 SE 242nd St Unit A3 · Maple Valley, WA 98038

$499,950

3 bd · 2.5 ba · 1,519 sqft · Condo public records · 50 Days on market

Built 2007 $329/sqft · 8% above area Est $463k · 8% over $561/mo HOA · 12% of rent

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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 +11.9/30.0
• Schools +6.6/10.0
• 1% rule +4.4/10.0
• Livability +4.2/5.0
• ARV discount +3.9/15.0
• DSCR +3.5/10.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Rare 3 Bdrm 2 1/2 Bath with Large 2 car garage! Condominium in the heart of Maple Valley. Freshy updated with Carpet, Paint, fixtures. Gorgeous Hardwood Floors, Big Bright Window & 9' ceilings. Primary features 5 piece bath w/ oversized soaking tub, Walk-in closet! New Deck of Primary! 2 more Big Bedrooms w/ extra storage closets. Kitchen SS appliances, gas cooktop, granite and slider to back patio. Cozy gas fireplace & Beautiful half bath complete the oversized Great Room in this roomy and private 2-story Home. Double car garage & private entrance. Tahoma School District and walk to Elementary School, Shopping & restaurants! Easy commuting location!

Key facts

• Big bright window
• Large garage
• 9 foot ceilings

Tags

• LARGE GARAGE
• GORGEOUS HARDWOOD FLOORS
• BIG BRIGHT WINDOW
• 9 FOOT CEILINGS
• 5 PIECE BATH
• OVERSIZED SOAKING TUB

Property features AI

Finance

• Other: 3 units in building total; Senior exemption not in effect
• Financial info: Acceptable financing: Cash, Conventional, FHA, VA
• HOA & community: HOA present; $561 monthly; HOA covers common area maintenance, security, and trash; Association contact: Alex Othon; 24 units in community; Pets allowed

Exterior

• Parking: Individual garage; 2 covered parking spaces; 2 uncovered parking spaces; 4 total parking spaces
• Security: Security service
• Utilities: Electric energy source; Water: Cedar River; Power: PSE; Sewer: Soos Creek; Electric water heater located in garage
• Home design: Condominium (2 levels); Attached dwelling; Remodeled/updated; Primary bath included; Entry at main level; Faces west; Located on first floor of building; Building name: Trail at Tiburon
• Construction: Built/Effective year 2007; Cement plank and stone construction; Composition roof; Multi-family structure
• Exterior features: Cement-planked and stone exterior; Paved areas; Sidewalk; Balcony/Deck/Patio; End unit; Sprinkler system; Unit has a view

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms (all on upper level)
• Flooring: Ceramic tile; Hardwood; Carpet
• Bathrooms: 2 full bathrooms; 1 half bathroom (main level)
• Heating & cooling: Forced air heating; Heat pump; Forced air cooling; Heat pump cooling
• Interior features: Gas cooking; Fireplace (gas); Walk-in closets; Wood blinds; Water heater; Washer and dryer hookups
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath condo listed at $500k.

Deal economics

• At list price, monthly cash flow is $-132 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $477k (4.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $469k (6.1% below list).
• Recommended offer: $469k (6.1% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 3.2% in Maple Valley — 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 85/100 on livability (#24 in WA, #461 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: cost of living F.
• Tahoma School District (suburban): math 68% / reading 76% proficiency, ranked #10 of 291 in WA (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 11% free/reduced lunch — higher-income household profile.
• Zoned schools: Lake Wilderness Elementary (885 students, 22% FRL); Maple View Middle School (1,009 students, 24% FRL); Tahoma Senior High School (2,790 students, 19% FRL).
• Market conditions: Rents rising (+2.8%/yr); 226 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• This rent runs 37% of the median local income ($152k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($485k) is reasonable based on typical stale-listing flexibility.
• 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 $336k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $469,355 (6.1% 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 50 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.94% ✗
• Cap rate: 5.98%
• Cash-on-cash: -1.13%
• DSCR: 0.95
• GRM: 8.9

CMA / ARV

• ARV (median comp): $463,126
• List price: $499,950
• Delta: 7.95%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.76% rent growth · sell at horizon

5-year hold

• IRR: -18.4%
• Equity multiple: 0.36×
• Total profit: $-90,241
• Equity at exit: $74,544

10-year hold

• IRR: -11.1%
• Equity multiple: 0.34×
• Total profit: $-92,772
• Equity at exit: $43,227

Cash invested: $139,986 (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 98038

• Rents YoY: 2.8%
• Active inventory: 226
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $4,694 medium
• Mortgage (P&I): −$2,622
• Tax from tax record: −$449 /mo · $5,385/yr
• Insurance: −$208
• HOA: −$561
• Vacancy / Maint / Mgmt: −$986
• Net cashflow: $-132

Break-even live

Break-even rent $4,861

Max offer price $476,638

Occupancy floor 98%

Sensitivity live

Price	-10% $151	-5% $10	+0% $-132	+5% $-273	+10% $-415
Rent	-10% $-503	-5% $-317	+0% $-132	+5% $53	+10% $239
Rate	-1.0pp $120	-0.5pp $-5	base $-132	+0.5pp $-262	+1.0pp $-393

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: $124,988
• Closing costs: $14,998
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
24212 224th Ave SE Unit 4 Maple Valley, WA	2.0	2.0	1320	$5,400	$4.09	45d	1	0.33mi
24202 224th Ave SE Unit 3 Maple Valley, WA	2.0	2.0	1320	$5,400	$4.09	45d	1	0.33mi
24116 235th Ave SE Maple Valley, WA	3.0	3.0	1680	$3,272	$1.95	26d	1	0.98mi

HOA detail condo

• Monthly dues: $561 · $6,732/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-21
   days on market $499,950 Active 50 DOM
2. 2026-06-18
   days on market $499,950 Active 47 DOM
3. 2026-06-17
   days on market $499,950 Active 46 DOM
4. 2026-06-16
   days on market $499,950 Active 45 DOM
5. 2026-06-15
   days on market $499,950 Active 44 DOM
6. 2026-06-13
   days on market $499,950 Active 42 DOM
7. 2026-06-09
   days on market $499,950 Active 38 DOM
8. 2026-06-08
   days on market $499,950 Active 37 DOM
9. 2026-06-07
   days on market $499,950 Active 36 DOM
10. 2026-06-04
    days on market $499,950 Active 33 DOM
11. 2026-06-03
    days on market $499,950 Active 32 DOM
12. 2026-06-02
    days on market $499,950 Active 31 DOM
13. 2026-06-01
    days on market $499,950 Active 30 DOM
14. 2026-05-31
    days on market $499,950 Active 29 DOM
15. 2026-05-02
    listed $499,950 Active
16. 2007-05-01
    soldstatus $336,000 Closed
17. 2007-03-24
    historical
18. 2007-03-23
    historical
19. 2006-10-11
    listed $336,000

ⓘ 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: $5,385 · $449/mo
• Projected year-2 tax: $5,385 · $449/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 · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $56,323
• − Mortgage interest: −$28,005
• − Property taxes: −$5,385
• − Insurance: −$2,500
• − Repairs & maintenance: −$4,506
• − Management: −$4,506
• − HOA: −$6,732
• − Depreciation: −$14,544
• Taxable loss: −$9,855
• Est. tax savings @ 24.0%: +$2,365
• After-tax cash flow: $782/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: Tahoma School District
• NCES district ID: 5308760
• Math proficiency: 68% ▬ 0.00%
• Reading proficiency: 76% ▬ 0.00%
• Median HH income: $94,834
• Composite: 66.41/100
• National rank: #925
• State rank: #10 of 291 in WA

Livability — Maple Valley

• Score: 85/100
• State rank: #24
• US rank: #461

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Maple Valley, WA
• County: King County · 2,251,916 people
• City population: 37,324
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 37,324
• Household income: $152,261
• Rent vs Own: 14.4% rent · 85.6% own
• Severe rent burden: 580.0

Population outlook (King County) Hauer SSP2

• Today (2025): 2,576,485 people
• By 2030: 2,803,316 · +8.8%
• By 2040: 3,255,921 · +26.4%
• By 2050: 3,706,444 · +43.9%
• By 2075: 4,746,063 · +84.2%
• By 2100: 5,407,730 · +109.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Asian 10% Two or more races 9% Hispanic / Latino 6% Black 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 5% Italian 4% Romanian 3%
• Foreign-born: 13% · Canada, China, South Korea
• Languages at home: 86% English-only · Other Asian/Pacific 4% Russian/Polish/Slavic 3% Other Indo-European 2%

Political lean MEDSL · King

• 2024 margin: Solid D (+51.7) · D 74.2% · R 22.5% · Other 3.4%
• 2008→2024 swing: +9.6pp toward D · 2008: 42.1pp · 2024: 51.7pp
• All cycles: 2024: D+51.7 2020: D+52.7 2016: D+50.4 2012: D+39.9 2008: D+42.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -588.79%
• Current HPI: 310.7428
• Rent YoY: ▲ 2.76%
• 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

+48.8% since first listed

5 events — show timeline

• 2026-05-02 Listed $499,950 NWMLS as Distributed by MLS Grid
• 2007-05-01 Sold (MLS) $336,000 NWMLS as Distributed by MLS Grid
• 2007-03-24 Delisted — NWMLS as Distributed by MLS Grid
• 2007-03-23 Contingent — NWMLS as Distributed by MLS Grid
• 2006-10-11 Listed $336,000 NWMLS as Distributed by MLS Grid

Property tax history

+2.9%/yr

Latest (2025): $5,385 · -4.9% YoY. Source: county tax records.