9525 S 221st Pl · Kent, WA 98031

$679,900

5 bd · 2.5 ba · 2,900 sqft · SingleFamily public records · 167 Days on market

Built 1998 8,061 sqft lot $234/sqft · 17% below area Est $820k · 17% under ↓ 41% since listing

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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 +13.6/30.0
• Schools +4.8/10.0
• DSCR +4.1/10.0
• Livability +4.0/5.0
• 1% rule +3.4/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

NOT A SHORT SALE. Back on market because Buyer financing failed. Take a look at this fantastic recently fully remodeled home at a great value. The gourmet kitchen features all new appliances, cabinets, and countertops. The same updates continue throughout the bathroom with primary ensuite six-piece bathroom including a soaking tub and free-standing shower. All of the hardwood flooring has also been updated throughout the house and extends to the bedroom with tile in the bathrooms. With just a few finishing touches this property would shine. Move quickly as this property will not last.

Key facts

• Hardwood flooring
• Soaking tub
• Gourmet kitchen

Tags

• GOURMET KITCHEN
• NEW APPLIANCES
• PRIMARY ENSUITE
• SOAKING TUB
• FREE-STANDING SHOWER
• HARDWOOD FLOORING

What this means for you Summary

Snapshot

• This is a 5-bed/2.5-bath single-family listed at $680k.

Deal economics

• At list price, monthly cash flow is $43 ($517/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 $572k (15.8% below list).
• Recommended offer: $572k (15.8% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 2.6% in Kent — 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 79/100 on livability (#109 in WA, #2,154 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools C-, crime F, cost of living F.
• Kent School District (urban): math 47% / reading 57% proficiency, ranked #109 of 291 in WA (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.5%/yr); 169 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• At $5,722/mo this rent would consume 65% of the median local household income ($106k/yr) (locally 1151% 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 $5k of loan paydown is wiped out by about $20k 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 167 days — a 12% lower offer ($598k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 24y ago; this cycle's ask has dropped $70k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $572,221 (15.8% below list)

Questions for the listing agent

1. It's been on market 167 days. Have you received any prior offers? Is the seller open to a 16% 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. 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?
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: 0.84% ✗
• Cap rate: 6.37%
• Cash-on-cash: 0.27%
• DSCR: 1.01
• GRM: 9.9

CMA / ARV

• ARV (median comp): $820,016
• List price: $679,900
• Delta: -17.09%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9311 S 216th Pl	0.30mi	4/3.5 (-1)	2,853 (-2%)	7mo	$725,600	$254	69
9302 S 216th Pl	0.34mi	4/2.5 (-1)	3,030 (+4%)	12mo	$875,000	$289	61
23107 96 Pl S	0.63mi	5/3.5	2,980 (+3%)	2mo	$889,500	$298	60
9327 S 223rd Pl	0.20mi	4/2.5 (-1)	2,660 (-8%)	17mo	$765,000	$288	58
9203 S 220th Ln	0.23mi	4/2.5 (-1)	2,670 (-8%)	17mo	$835,000	$313	57
21915 99th Pl S	0.27mi	4/3.0 (-1)	3,106 (+7%)	16mo	$1,329,950	$428	55
22030 102nd Pl SE	0.43mi	5/2.5	3,280 (+13%)	10mo	$895,000	$273	50
9706 S 230th Pl	0.58mi	5/2.5	3,000 (+3%)	21mo	$874,999	$292	49
9505 S 214th Pl	0.40mi	4/3.0 (-1)	2,560 (-12%)	7mo	$697,000	$272	49
23041 96th Ave S	0.63mi	4/2.0 (-1)	2,850 (-2%)	20mo	$678,000	$238	44
21203 95th Pl S	0.51mi	5/3.0	3,100 (+7%)	22mo	$780,000	$252	44
21217 95th Ct S	0.56mi	4/3.0 (-1)	2,520 (-13%)	8mo	$785,000	$312	38

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 · 3.53% rent growth · sell at horizon

5-year hold

• IRR: -15.3%
• Equity multiple: 0.45×
• Total profit: $-104,410
• Equity at exit: $101,375

10-year hold

• IRR: -6.0%
• Equity multiple: 0.61×
• Total profit: $-74,862
• Equity at exit: $58,785

Cash invested: $190,372 (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 98031

• Rents YoY: 3.5%
• Active inventory: 169
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $5,722 medium
• Mortgage (P&I): −$3,565
• Tax from tax record: −$629 /mo · $7,544/yr
• Insurance: −$283
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,202
• Net cashflow: $43

Break-even live

Break-even rent $5,668

Max offer price $679,900

Occupancy floor 94%

Sensitivity live

Price	-10% $428	-5% $236	+0% $43	+5% $-149	+10% $-342
Rent	-10% $-409	-5% $-183	+0% $43	+5% $269	+10% $495
Rate	-1.0pp $385	-0.5pp $216	base $43	+0.5pp $-133	+1.0pp $-312

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: $169,975
• Closing costs: $20,397
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22720 101st Pl SE Kent, WA	4.0	3.5	2461	$10,500	$4.27	23d	1	0.53mi
10324 SE 210th Pl Kent, WA	4.0	3.5	2230	$3,600	$1.61	25d	1	0.83mi
23533 97th Ave S Kent, WA	4.0	2.5	2040	$3,300	$1.62	45d	1	0.93mi
507 W Concord St Unit 507 Kent, WA	4.0	2.5	2090	$4,500	$2.15	45d	1	1.48mi

Listing history 28 events

1. 2026-05-08
   status Pending
2. 2026-04-30
   status Active
3. 2025-11-24
   status Pending
4. 2025-11-06
   price $679,900
5. 2025-10-30
   status Active
6. 2025-10-24
   status Pending
7. 2025-10-16
   price $689,900
8. 2025-09-25
   price $699,900
9. 2025-09-04
   price $709,900
10. 2025-08-14
    price $719,900
11. 2025-07-24
    price $729,900
12. 2025-07-03
    price $739,900
13. 2025-06-12
    listed $749,900 Active
14. 2021-09-23
    soldstatus $718,000 Closed
15. 2021-09-23
    soldstatus $718,000
16. 2021-08-20
    status Pending
17. 2021-07-28
    listed $719,900 Active
18. 2013-06-05
    soldstatus $307,018 Sold
19. 2013-06-05
    soldstatus $307,018
20. 2013-04-27
    status Pending
21. 2013-04-17
    status Pending Inspection
22. 2013-04-12
    price $299,000
23. 2013-04-12
    price $399,000
24. 2013-04-12
    listed $299,000 Active
25. 2002-11-06
    soldstatus $299,000
26. 2002-07-28
    listed
27. 1998-04-30
    soldstatus $228,144
28. 1997-06-30
    soldstatus $1,155,000

ⓘ 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: $7,544 · $629/mo
• Projected year-2 tax: $7,544 · $629/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 6 d/yr ≥87°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 12 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $68,667
• − Mortgage interest: −$38,085
• − Property taxes: −$7,544
• − Insurance: −$3,400
• − Repairs & maintenance: −$5,493
• − Management: −$5,493
• − Depreciation: −$19,779
• Taxable loss: −$11,128
• Est. tax savings @ 24.0%: +$2,671
• After-tax cash flow: $3,188/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: Kent School District
• NCES district ID: 5303960
• Math proficiency: 47% ▼ -1.00%
• Reading proficiency: 57% ▼ -1.00%
• Median HH income: $69,823
• Composite: 48.25/100
• National rank: #4714
• State rank: #109 of 291 in WA

Livability — Kent

• Score: 79/100
• State rank: #109
• US rank: #2154

Category grades

Amenities A+ Commute A+ Cost of living F 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: Kent, WA
• County: King County · 2,251,916 people
• City population: 119,479
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 40,094
• Household income: $105,965
• Rent vs Own: 32.8% rent · 67.2% own
• Severe rent burden: 1151.0

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: Highly diverse neighborhood (Simpson 0.77)
• Race & ethnicity: White 36% Asian 27% Black 13% Hispanic / Latino 13% Two or more races 13% Pacific Islander 1%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Italian 5% Portuguese 2% Subsaharan African 2%
• Foreign-born: 31% · Canada, Vietnam, China
• Languages at home: 58% English-only · Spanish 9% Other Indo-European 7% Vietnamese 4%

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: ▼ -673.58%
• Current HPI: 308.1747
• Rent YoY: ▲ 3.53%
• 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

-41.1% since first listed

28 events — show timeline

• 2026-05-08 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-30 Relisted — NWMLS as Distributed by MLS Grid
• 2025-11-24 Pending — NWMLS as Distributed by MLS Grid
• 2025-11-06 Price Changed $679,900 NWMLS as Distributed by MLS Grid
• 2025-10-30 Relisted — NWMLS as Distributed by MLS Grid
• 2025-10-24 Pending — NWMLS as Distributed by MLS Grid
• 2025-10-16 Price Changed $689,900 NWMLS as Distributed by MLS Grid
• 2025-09-25 Price Changed $699,900 NWMLS as Distributed by MLS Grid
• 2025-09-04 Price Changed $709,900 NWMLS as Distributed by MLS Grid
• 2025-08-14 Price Changed $719,900 NWMLS as Distributed by MLS Grid
• 2025-07-24 Price Changed $729,900 NWMLS as Distributed by MLS Grid
• 2025-07-03 Price Changed $739,900 NWMLS as Distributed by MLS Grid
• 2025-06-12 Listed $749,900 NWMLS as Distributed by MLS Grid
• 2021-09-23 Sold (Public Records) $718,000 Public Records
• 2021-09-23 Sold (MLS) $718,000 NWMLS as Distributed by MLS Grid
• 2021-08-20 Pending — NWMLS as Distributed by MLS Grid
• 2021-07-28 Listed $719,900 NWMLS as Distributed by MLS Grid
• 2013-06-05 Sold (Public Records) $307,018 Public Records
• 2013-06-05 Sold (MLS) $307,018 NWMLS as Distributed by MLS Grid
• 2013-04-27 Pending — NWMLS as Distributed by MLS Grid
• 2013-04-17 Pending — NWMLS as Distributed by MLS Grid
• 2013-04-12 Price Changed $299,000 NWMLS as Distributed by MLS Grid
• 2013-04-12 Price Changed $399,000 NWMLS as Distributed by MLS Grid
• 2013-04-12 Listed $299,000 NWMLS as Distributed by MLS Grid
• 2002-11-06 Sold (Public Records) $299,000 Public Records
• 2002-07-28 Listed — NWMLS as Distributed by MLS Grid
• 1998-04-30 Sold (Public Records) $228,144 Public Records
• 1997-06-30 Sold (Public Records) $1,155,000 Public Records

Property tax history

+3.3%/yr

Latest (2025): $7,544 · +10.3% YoY. Source: county tax records.