6106 232nd Ave E · Lake Tapps, WA 98321

$844,000

4 bd · 3.0 ba · 2,822 sqft · SingleFamily public records · 2 Days on market

Built 2024 9,296 sqft lot $299/sqft · 11% below area Est $945k · 11% under $52/mo HOA · 1% of rent ↓ 8% 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).

• ARV discount +12.3/15.0
• Cash flow +8.6/30.0
• Schools +5.7/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• 1% rule +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

This better-than-new home in Elk Run at Chinook Meadows, offers upgrades in both cosmetics and quality that you just dont get when buying new. Built in 2024, this like-new 2,822 SF layout includes a main floor jr. suite for guests or MIL, with a total of 5 bedrooms, 3.25 baths, and a 3-car attached garage on an oversized lot with plenty of driveway parking. Where back yard space is hard to find, this one delivers. The main floor bedroom with its own 3/4 bath, creates flexible space for guests, multi-generational living, or a home office setup. The great room centers around an upgraded electric fireplace with a custom shiplap surround, while large sliding doors open to the covered patio and

Key facts

• Main floor jr suite
• Covered patio
• 9,296 sq ft lot

Tags

• MAIN FLOOR JR SUITE
• UPGRADED ELECTRIC FIREPLACE
• CUSTOM SHIPLAP SURROUND
• COVERED PATIO
• FULLY FENCED BACKYARD
• UPGRADED OVERSIZED ISLAND

Property features AI

Finance

• Other: Listing located in the Elk Run at Chinook Meadows community
• Financial info: Financing accepted: Cash, Conventional, FHA, VA
• HOA & community: HOA with annual fee of $628 covering common area maintenance; Association contact: Tiffany at EMB Management; Community features include CCRs and park

Exterior

• Parking: Attached garage (has garage) with covered spaces; 3 covered spaces; 4 uncovered parking spaces; Driveway; Garage approximately 612 square feet
• Security: Fully fenced
• Utilities: Public water; Sewer connected; Electric and natural gas energy sources; Power by PSE; Water service by Tacoma Public Utility; Sewer service by City of Bonney Lake; Cable connected (Xfinity/Verizon)
• Home design: Single-family residence, two stories; Built on lot; effective year built 2024; Main-level entry; Has view; Very good condition
• Construction: Cement plank and wood construction; Composition roof; Poured concrete foundation; Effective year built 2024
• Exterior features: Cement plank and wood exterior; Cement planked siding; Garden space; Patio; Fenced yard (fully fenced); Irrigation and sprinkler system; Electric car charging available; Cable TV and high-speed internet available; Gas available; Cul-de-sac lot with curbs, paved streets and sidewalks; Drought-resistant landscaping

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Refrigerator; Stove/Range
• Bedrooms: 5 bedrooms total — 4 upstairs, 1 on main level
• Flooring: Ceramic tile; Laminate; Vinyl plank; Carpet
• Bathrooms: 2 full bathrooms; 1 three-quarter bathroom; 1 half bathroom; 2 bathtubs; 3 showers; 2 main-level bathrooms
• Heating & cooling: High-efficiency heating (90%+), forced air and heat pump; High-efficiency cooling, central air, forced air and heat pump
• Interior features: Dining room; Fireplace (electric and gas); French doors; High-tech cabling; Loft; Pantry; Walk-in closets; Water heater
• Laundry & utility: Washer; Dryer; Water heater located in garage (tank)

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $844k.

Deal economics

• At list price, monthly cash flow is $-718 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $717k (15.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $610k (27.7% below list).
• Recommended offer: $610k (27.7% below list) — sets the bar for 1% rule.
• Cap rate 5.3% vs local median 2.7% in Lake Tapps — 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 68/100 on livability (#289 in WA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• White River School District (suburban): math 57% / reading 68% proficiency, ranked #35 of 291 in WA (top 12%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Mountain Meadow Elementary (416 students, 22% FRL); Glacier Middle School (970 students, 35% FRL); White River High School (1,263 students, 32% FRL) — zoned schools at 30% FRL track the district average.
• Market conditions: 240 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $25k 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

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y 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.

Recommended offer $610,000 (27.7% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.72% ✗
• Cap rate: 5.27%
• Cash-on-cash: -3.65%
• DSCR: 0.84
• GRM: 11.5

CMA / ARV

• ARV (median comp): $945,247
• List price: $844,000
• Delta: -8.49%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23106 62nd St E	0.09mi	5/3.5 (+1)	2,988 (+6%)	1mo	$944,175	$316	78
6202 229th Ave E #305	0.12mi	4/2.5	3,086 (+9%)	2mo	$899,000	$291	75
6208 229th Ave E #306	0.12mi	4/3.0	2,992 (+6%)	13mo	$907,075	$303	74
6109 232nd Ave E	0.04mi	4/2.5	3,086 (+9%)	8mo	$899,000	$291	74
22801 61st St E #293	0.21mi	5/3.0 (+1)	2,983 (+6%)	2mo	$930,000	$312	73
23142 65th St E	0.28mi	4/2.5	2,752 (-2%)	10mo	$829,000	$301	73
6217 229th Ave E #241	0.12mi	4/3.5	2,603 (-8%)	14mo	$849,950	$327	68
23211 57th St E	0.29mi	4/2.5	3,033 (+8%)	9mo	$957,395	$316	64
22809 61st St E #291	0.21mi	5/3.0 (+1)	3,019 (+7%)	13mo	$1,003,750	$332	63
6602 232nd Ave E	0.34mi	5/2.5 (+1)	3,093 (+10%)	5mo	$799,000	$258	57
6903 232nd Ave E	0.54mi	5/2.5 (+1)	3,169 (+12%)	12mo	$1,020,000	$322	37
23215 54th St E	0.55mi	3/4.5 (-1)	3,105 (+10%)	13mo	$1,210,000	$390	36

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -22.4%
• Equity multiple: 0.23×
• Total profit: $-182,602
• Equity at exit: $125,843

10-year hold

• IRR: -16.6%
• Equity multiple: 0.08×
• Total profit: $-218,278
• Equity at exit: $72,974

Cash invested: $236,320 (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 98321

• Active inventory: 240
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $6,100 medium
• Mortgage (P&I): −$4,426
• Tax from tax record: −$708 /mo · $8,491/yr
• Insurance: −$352
• HOA: −$52
• Vacancy / Maint / Mgmt: −$1,281
• Net cashflow: $-718

Break-even live

Break-even rent $7,009

Max offer price $717,112

Occupancy floor —

Sensitivity live

Price	-10% $-241	-5% $-479	+0% $-718	+5% $-957	+10% $-1,196
Rent	-10% $-1,200	-5% $-959	+0% $-718	+5% $-477	+10% $-236
Rate	-1.0pp $-293	-0.5pp $-504	base $-718	+0.5pp $-937	+1.0pp $-1,159

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: $211,000
• Closing costs: $25,320
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23056 64th Street Ct E Unit 1 Buckley, WA	5.0	3.5	3358	$6,100	$1.82	46d	1	0.22mi

HOA detail

• Monthly dues: $52 · $624/yr
• Likely covers: electric

Listing history 6 events

1. 2025-02-14
   soldstatus $896,890 Closed
2. 2025-01-02
   status Pending
3. 2024-09-20
   price $896,890
4. 2024-04-27
   price $921,890
5. 2024-04-19
   price $924,640
6. 2024-03-23
   listed $919,640 Active

ⓘ 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: $8,491 · $708/mo
• Projected year-2 tax: $8,491 · $708/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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥88°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 10 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $73,200
• − Mortgage interest: −$47,277
• − Property taxes: −$8,491
• − Insurance: −$4,220
• − Repairs & maintenance: −$5,856
• − Management: −$5,856
• − HOA: −$624
• − Depreciation: −$24,553
• Taxable loss: −$23,677
• Est. tax savings @ 24.0%: +$5,682
• After-tax cash flow: $-2,937/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: White River School District
• NCES district ID: 5309780
• Math proficiency: 57% ▲ 3.00%
• Reading proficiency: 68% ▲ 6.00%
• Median HH income: $71,369
• Composite: 56.68/100
• National rank: #2423
• State rank: #35 of 291 in WA

Livability — Lake Tapps

• Score: 68/100
• State rank: #289
• US rank: #10068

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 17,601

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: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 6% Two or more races 5% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Portuguese 7% Italian 4% Lithuanian 3%
• Foreign-born: 2% · China, Canada
• Languages at home: 97% English-only · Spanish 1% Other Asian/Pacific 1%

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: ▼ -206.67%
• Current HPI: 310.6568
• Rent YoY: —
• Metro: —
• 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

-8.2% since first listed

8 events — show timeline

• 2026-05-29 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-27 Listed $844,000 NWMLS as Distributed by MLS Grid
• 2025-02-14 Sold (MLS) $896,890 NWMLS as Distributed by MLS Grid
• 2025-01-02 Pending — NWMLS as Distributed by MLS Grid
• 2024-09-20 Price Changed $896,890 NWMLS as Distributed by MLS Grid
• 2024-04-27 Price Changed $921,890 NWMLS as Distributed by MLS Grid
• 2024-04-19 Price Changed $924,640 NWMLS as Distributed by MLS Grid
• 2024-03-23 Listed $919,640 NWMLS as Distributed by MLS Grid

Property tax history

+52.9%/yr

Latest (2026): $8,491 · -1.0% YoY. Source: county tax records.