9405 S Ash St Unit A-D · Tacoma, WA 98444

$850,000

8 bd · 4.0 ba · 3,456 sqft · MultiFamily · 146 Days on market

Built 1980 0.25 ac lot $183/mo HOA · 12% of rent ↓ 3% since listing

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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).

• Appreciation +10.0/10.0
• Cash flow +7.5/30.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +1.6/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

RARE investment opportunity in a prime location! Close to JBLM and all main attractions that Tacoma-Lakewood has to offer. This well-maintained Fourplex offers large units w/ 2 bedroom(s), 1 bathroom(s). Large decks on top units, & spacious back yard for lower units. Rock face-Fireplace(s) in all units. One of the top units is spacious & completely remodeled, plenty of storage, in-unit laundry & Vacant to view! This 4-Plex comes with 4 separate garages for tenant's vehicles & storage space. The large lot means plenty of privacy and room for additional parking. Gated community. It’s not often you come by a Fourplex with this much to offer–don’t wait o

Key facts

• Completely remodeled
• In-unit laundry
• Spacious back yard

Tags

• PRIME LOCATION
• LARGE DECKS
• SPACIOUS BACK YARD
• ROCK FACE FIREPLACE
• COMPLETELY REMODELED
• IN-UNIT LAUNDRY

Property features AI

Finance

• Other: Four total units in the building; No units below grade; Calculated building area reported as 3,456 square feet; Lot dimensions: 76' x 142' x 75' x 151'; Lot size approximately 0.2533 acres; Zoned by the city
• Financial info: Gross scheduled income reported at $63,283; Gross adjusted income reported at $62,282; Total monthly income reported at $6,520; Total expenses reported at $13,517; Electric expense reported at $408; Insurance expense reported at $1,817; Other expenses reported at $2,208; Listing terms: Cash, Conventional, VA Loan; Current rents by unit: Units A and D at $1,700 each; Units B and C at $1,500 each
• HOA & community: Has HOA with an annual fee of $2,200

Exterior

• Parking: Four covered/garage spaces; Four uncovered open parking spaces (total open parking 8 spaces reported); Garage area approximately 1,728 square feet
• Security: Partially fenced (listed under security features)
• Utilities: Electric energy source; Water service by TPU; Power service by TPU; Sewer available; STEP sewer serviced by TPU
• Home design: Residential income property (multi-family); Quadruplex; Three stories; Entry addresses labeled A–D; Built in 1998 (effective year)
• Construction: Wood construction; Composition roof; Poured concrete foundation; Effective year built 1998
• Exterior features: Wood exterior; Wood products detailing; Partially fenced yard; Patio; Paved site

Interior

• Kitchen: Each unit includes a range/oven; Each unit includes a refrigerator; Each unit includes a dishwasher
• Bedrooms: Four 2-bedroom units (each unit has 2 bedrooms)
• Bathrooms: Four 1-bath units (each unit has 1 bathroom)
• Heating & cooling: Baseboard heating; No central cooling
• Interior features: Fireplaces in each unit; Partially fenced property
• Laundry & utility: Each unit includes a washer and dryer

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $850k.

Deal economics

• At list price, monthly cash flow is $-1k ($-13k/yr) — negative. Per door: $-265/mo.
• To cash-flow at today's rent, offer at most $697k (18.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $633k (25.6% below list).
• Recommended offer: $633k (25.6% below list) — sets the bar for 1% rule.
• Cap rate 4.8% vs local median 2.9% 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.
• Zoned schools: Helen Stafford Elementary School (451 students, 71% FRL); Baker Middle School (694 students, 74% FRL); Mount Tahoma High School (1,430 students, 71% FRL) — zoned schools average 72% FRL vs 53% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.9%/yr); 159 active listings in the ZIP; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• At $6,327/mo this rent would consume 116% of the median local household income ($65k/yr) (locally 2169% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $91k of equity ($6k loan paydown + $85k 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 ~$146k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 146 days — a 12% lower offer ($748k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $45k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $632,700 (25.6% 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 146 days. Have you received any prior offers? Is the seller open to a 26% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 0.74% ✗
• Cap rate: 4.80%
• Cash-on-cash: -5.34%
• DSCR: 0.76
• GRM: 11.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 2.93% rent growth · sell at horizon

5-year hold

• IRR: 20.5%
• Equity multiple: 2.66×
• Total profit: $395,258
• Equity at exit: $765,747

10-year hold

• IRR: 18.6%
• Equity multiple: 6.11×
• Total profit: $1,216,513
• Equity at exit: $1,651,363

Cash invested: $238,000 (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: 44.8×

Monthly cashflow live

• Estimated rent: $6,327 high
• Mortgage (P&I): −$4,457
• Tax est. 1.5%: −$1,062 /mo · $12,750/yr
• Insurance: −$354
• HOA: −$183
• Vacancy / Maint / Mgmt: −$1,329
• Net cashflow: $-1,059

Break-even live

Break-even rent $7,667

Max offer price $696,786

Occupancy floor —

Sensitivity live

Price	-10% $-471	-5% $-765	+0% $-1,059	+5% $-1,353	+10% $-1,646
Rent	-10% $-1,559	-5% $-1,309	+0% $-1,059	+5% $-809	+10% $-559
Rate	-1.0pp $-631	-0.5pp $-843	base $-1,059	+0.5pp $-1,279	+1.0pp $-1,503

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,328
Total (4 units)			$6,327

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: $212,500
• Closing costs: $25,500
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $183 · $2,196/yr
• Likely covers: security

Listing history 18 events

1. 2026-06-21
   days on market $850,000 Active 146 DOM
2. 2026-06-18
   days on market $850,000 Active 143 DOM
3. 2026-06-17
   days on market $850,000 Active 142 DOM
4. 2026-06-16
   days on market $850,000 Active 141 DOM
5. 2026-06-15
   days on market $850,000 Active 140 DOM
6. 2026-06-13
   days on market $850,000 Active 138 DOM
7. 2026-06-13
   days on market $850,000 Active 137 DOM
8. 2026-06-09
   days on market $850,000 Active 134 DOM
9. 2026-06-08
   days on market $850,000 Active 133 DOM
10. 2026-06-07
    pricedays on market $850,000 Active 132 DOM
11. 2026-06-04
    days on market $865,000 Active 129 DOM
12. 2026-06-03
    days on market $865,000 Active 128 DOM
13. 2026-06-02
    days on market $865,000 Active 127 DOM
14. 2026-06-01
    days on market $865,000 Active 126 DOM
15. 2026-05-31
    days on market $865,000 Active 125 DOM
16. 2026-04-23
    status Active
17. 2026-02-13
    price $865,000
18. 2026-01-13
    listed $895,000 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 6 d/yr ≥86°F today · 12 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: $75,924
• − Mortgage interest: −$47,613
• − Property taxes: −$12,750
• − Insurance: −$4,250
• − Repairs & maintenance: −$6,074
• − Management: −$6,074
• − HOA: −$2,196
• − Depreciation: −$24,727
• Taxable loss: −$27,760
• Est. tax savings @ 24.0%: +$6,662
• After-tax cash flow: $-6,043/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): 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

-3.4% since first listed

3 events — show timeline

• 2026-04-23 Relisted — NWMLS as Distributed by MLS Grid
• 2026-02-13 Price Changed $865,000 NWMLS as Distributed by MLS Grid
• 2026-01-13 Listed $895,000 NWMLS as Distributed by MLS Grid