10415 10423 Golden Given Rd E · Midland, WA 98445

$799,997

10 bd · 5.0 ba · 4,000 sqft · MultiFamily · 91 Days on market

Built 1962 Fair condition 0.48 ac lot $200/sqft · at area comps Est $809k · at est.

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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).

• Cash flow +25.3/30.0
• DSCR +8.3/10.0
• ARV discount +8.0/15.0
• 1% rule +6.6/10.0
• Schools +3.9/10.0
• Livability +3.6/5.0
• Rent growth +3.0/5.0
• Condition / age +2.2/5.0
• 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

Opportunity to acquire a 5-plex in Tacoma’s Midland neighborhood, offering strong income and straightforward operations. The property consists of five 2-bedroom, 1-bath units, each approximately 700 square feet, providing a consistent unit mix with steady rental demand for multi-bedroom housing. The asset currently generates $56,469 in annual Net Operating Income, reflecting a 7.06% cap rate, presenting investors with immediate cash flow from day one. With the same layout across all units, the property allows for simplified management and leasing. Located in Tacoma’s Midland area, the property benefits from proximity to major commuter routes, shopping centers, and everyday ameni

Key facts

• Midland neighborhood
• Multifamily property
• Strong income

Tags

• MULTIFAMILY PROPERTY
• MIDLAND NEIGHBORHOOD
• STRONG INCOME
• STABLE SMALL MULTIFAMILY ASSET
• LONG-TERM INCOME POTENTIAL

What this means for you Summary

Snapshot

• This is a 5 × 2-bed/1-bath units multifamily listed at $800k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $364/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $800k).
• Recommended offer: $728k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 3.2% in Midland — 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 (#208 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+; Watch: crime D, schools F, amenities 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.
• Market conditions: Rents rising (+2.0%/yr); 234 active listings in the ZIP; solid renter incomes; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• At $9,301/mo this rent would consume 121% of the median local household income ($93k/yr) (locally 1085% 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 $24k 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 91 days — a 9% lower offer ($728k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y ago; this cycle's ask has dropped $99k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $350k; list at $800k implies a 129% gain — meaningful room to come down on a strong offer.

Recommended offer $727,997 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1962 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. Crime grade is D 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. 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.
11. 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.
12. 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: 1.16% ✓
• Cap rate: 9.02%
• Cash-on-cash: 9.75%
• DSCR: 1.43
• GRM: 7.2

CMA / ARV

• ARV (median comp): $809,045
• List price: $799,997
• Delta: -1.12%
• Verdict: FAIR
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.05% rent growth · sell at horizon

5-year hold

• IRR: -2.7%
• Equity multiple: 0.90×
• Total profit: $-22,436
• Equity at exit: $119,282

10-year hold

• IRR: 5.9%
• Equity multiple: 1.42×
• Total profit: $94,773
• Equity at exit: $69,169

Cash invested: $223,999 (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 98445

• Rents YoY: 2.0%
• Active inventory: 234
• Price-to-rent: 35.8×

Monthly cashflow live

• Estimated rent: $9,301 high
• Mortgage (P&I): −$4,195
• Tax est. 1.5%: −$1,000 /mo · $12,000/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,953
• Net cashflow: $1,819

Break-even live

Break-even rent $6,998

Max offer price $799,997

Occupancy floor 75%

Sensitivity live

Price	-10% $2,372	-5% $2,096	+0% $1,819	+5% $1,543	+10% $1,266
Rent	-10% $1,084	-5% $1,452	+0% $1,819	+5% $2,187	+10% $2,554
Rate	-1.0pp $2,222	-0.5pp $2,023	base $1,819	+0.5pp $1,612	+1.0pp $1,401

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	1	$9,300
Total (5 units)			$9,301

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: $199,999
• Closing costs: $24,000
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $799,997 Active 91 DOM
2. 2026-06-17
   price $799,997 Active 90 DOM
3. 2026-06-17
   days on market $849,998 Active 90 DOM
4. 2026-06-16
   days on market $849,998 Active 89 DOM
5. 2026-06-15
   days on market $849,998 Active 88 DOM
6. 2026-06-13
   days on market $849,998 Active 86 DOM
7. 2026-06-13
   days on market $849,998 Active 85 DOM
8. 2026-06-09
   days on market $849,998 Active 82 DOM
9. 2026-06-08
   days on market $849,998 Active 81 DOM
10. 2026-06-07
    days on market $849,998 Active 80 DOM
11. 2026-06-04
    days on market $849,998 Active 77 DOM
12. 2026-06-03
    days on market $849,998 Active 76 DOM
13. 2026-06-02
    days on market $849,998 Active 75 DOM
14. 2026-06-01
    days on market $849,998 Active 74 DOM
15. 2026-05-31
    days on market $849,998 Active 73 DOM
16. 2026-05-14
    status Active
17. 2026-05-14
    price $849,998
18. 2026-04-30
    status Pending
19. 2026-03-05
    listed $899,000 Active
20. 2015-08-14
    soldstatus $349,950 Sold
21. 2015-05-28
    status Pending Feasibility
22. 2015-05-18
    price $349,950
23. 2015-03-23
    listed $375,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 7/10 Severe 10 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $111,612
• − Mortgage interest: −$44,812
• − Property taxes: −$12,000
• − Insurance: −$4,000
• − Repairs & maintenance: −$8,929
• − Management: −$8,929
• − Depreciation: −$23,273
• Taxable income: $9,669
• Est. tax owed @ 24.0%: −$2,321
• After-tax cash flow: $19,510/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.

Condition & rehab AI · 10 photos

Fair 45/100 Moderate rehab

This 5-plex in Midland, Tacoma is in fair condition with moderate repairs needed. Upgrading the kitchen and bathrooms, along with fresh paint and landscaping, would significantly increase its value.

Repairs flagged

• Major kitchen cabinets — severely outdated and in poor condition
• Major bathroom fixtures — dated and in poor condition
• Moderate exterior paint — some discoloration and peeling
• Major flooring — dated and worn
• Moderate interior paint — some discoloration and peeling
• Moderate windows — frames appear worn

Value-add opportunities

• Both kitchen renovation — modernizing the kitchen would significantly increase both resale and rental value
• Both bathroom updates — modernizing bathrooms would increase both resale and rental value
• Both exterior paint — fresh paint would improve curb appeal and increase both resale and rental value
• Both landscaping — trimming and improving landscaping would increase both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · severely outdated and in poor condition	Major	$15,000–50,000
bathroom fixtures · dated and in poor condition	Major	$15,000–50,000
exterior paint · some discoloration and peeling	Moderate	$3,000–15,000
flooring · dated and worn	Major	$15,000–50,000
interior paint · some discoloration and peeling	Moderate	$3,000–15,000
windows · frames appear worn	Moderate	$3,000–15,000
Total estimated repair cost · 6 items		$54,000–195,000

Value-add ROI direction

• Both kitchen renovation — modernizing the kitchen would significantly increase both resale and rental value ↑
• Both bathroom updates — modernizing bathrooms would increase both resale and rental value ↑
• Both exterior paint — fresh paint would improve curb appeal and increase both resale and rental value ↑
• Both landscaping — trimming and improving landscaping would increase both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Midland

• Score: 72/100
• State rank: #208
• US rank: #5731

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Midland, WA
• County: Pierce County · 788,257 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 33,684
• Household income: $92,520
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 1085.0

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: White 53% Two or more races 17% Hispanic / Latino 14% Black 10% Asian 6% Native American 4% Pacific Islander 3%
• Hispanic origin (detail): Mexican 10%
• Common ancestry: Portuguese 3% Lithuanian 2% Italian 2%
• Foreign-born: 12% · Canada, South Korea, Vietnam
• Languages at home: 81% English-only · Spanish 8% Other Asian/Pacific 3% Russian/Polish/Slavic 2%

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: ▼ -471.23%
• Current HPI: 316.202
• Rent YoY: ▲ 2.05%
• 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

+126.7% since first listed

8 events — show timeline

• 2026-05-14 Relisted — NWMLS as Distributed by MLS Grid
• 2026-05-14 Price Changed $849,998 NWMLS as Distributed by MLS Grid
• 2026-04-30 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-05 Listed $899,000 NWMLS as Distributed by MLS Grid
• 2015-08-14 Sold (MLS) $349,950 NWMLS as Distributed by MLS Grid
• 2015-05-28 Pending — NWMLS as Distributed by MLS Grid
• 2015-05-18 Price Changed $349,950 NWMLS as Distributed by MLS Grid
• 2015-03-23 Listed $375,000 NWMLS as Distributed by MLS Grid