115 60th St SE · Auburn, WA 98092

$479,950

3 bd · 3.0 ba · 1,464 sqft · Townhouse public records · 38 Days on market

Built 2010 2,235 sqft lot $328/sqft · at area comps Est $498k · at est. $57/mo HOA · 2% 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).

• Appreciation +10.0/10.0
• ARV discount +9.2/15.0
• Schools +7.1/10.0
• Cash flow +5.7/30.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• 1% rule +0.7/10.0
• DSCR +0.1/10.0

Listing remarks

Rare opportunity to own a beautifully maintained Townhome in the highly sought-after Lakeland Hills area with exceptionally low and stable HOA dues of just $57/month. Conveniently located near Lakeland Town Center, HWY 167, parks, schools, and commuter routes, this home combines comfort, practicality, and prime location. The open-concept main level features updated engineered wood flooring, new carpet throughout upper levels, a spacious kitchen with eating bar, dining area, and inviting living room with cozy gas fireplace, plus a convenient 1/2 bath. Enjoy outdoor entertaining in the generously sized private backyard. Upstairs offers a spacious primary suite with 5-piece en suite bath and w

Key facts

• Cozy gas fireplace
• Open concept living
• New carpet

Tags

• UPDATED WOOD FLOORING
• NEW CARPET
• OPEN CONCEPT LIVING
• COZY GAS FIREPLACE
• PRIVATE BACKYARD
• SPACIOUS PRIMARY BR

Property features AI

Finance

• Other: Zoning: AUB; Lot number 4
• Financial info: Accepted financing: Cash, Conventional, FHA, VA
• HOA & community: HOA with monthly fee of $57 (includes common area maintenance); Community governed by CCRs

Exterior

• Parking: Attached garage; 1 covered parking space; 1 uncovered parking space
• Security: Fully fenced yard
• Utilities: Public water (City of Auburn); Sewer connected (City of Auburn); Power by PSE; Natural gas energy source
• Home design: Townhouse (attached/zero lot line); Multi/split levels; Main entry; Has a view; Condition: Good
• Construction: Built in 2010 (effective year); Brick, cement, and wood construction materials; Composition roof; Poured concrete foundation; Builder: Soundbuilt Townhomes
• Exterior features: Brick, cement/concrete, and wood exterior; Fully fenced; Garden space; Cable TV available; Gas available; Curbs, paved streets, and sidewalks

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms (all on upper level)
• Flooring: Engineered hardwood; Carpet
• Bathrooms: 2 full bathrooms; 1 half bathroom; 2 bathtubs; 2 showers; One main-level bathroom
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Fireplace (gas); Walk-in closet(s); Water heater
• Laundry & utility: Washer; Dryer; Water heater located in garage (gas)

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath townhouse listed at $480k.

Deal economics

• At list price, monthly cash flow is $-985 ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $306k (36.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $273k (43.1% below list).
• Recommended offer: $273k (43.1% below list) — sets the bar for 1% rule.
• Cap rate 3.8% vs local median 2.7% in Auburn — 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 81/100 on livability (#75 in WA, #1,371 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Dieringer School District (suburban): math 74% / reading 81% proficiency, ranked #6 of 291 in WA (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical; only 9% free/reduced lunch — higher-income household profile.
• Zoned schools: Lake Tapps Elementary (450 students, 22% FRL); North Tapps Middle School (520 students, 24% FRL).
• Market conditions: Rents soft (-0.5%/yr); 298 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).

Forward outlook

• In year one you build about $51k of equity ($3k loan paydown + $48k 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 ~$82k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($466k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 16y 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 $195k; list at $480k implies a 146% gain — meaningful room to come down on a strong offer.

Recommended offer $273,203 (43.1% 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 38 days. Have you received any prior offers? Is the seller open to a 43% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.57% ✗
• Cap rate: 3.83%
• Cash-on-cash: -8.80%
• DSCR: 0.61
• GRM: 14.6

CMA / ARV

• ARV (median comp): $498,432
• List price: $479,950
• Delta: -3.71%
• 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
1105 63RD St SE Unit C	0.66mi	3/2.5	1,372 (-6%)	3mo	$375,000	$273	54
1111 62nd St SE Unit 23C	0.64mi	3/2.5	1,372 (-6%)	14mo	$399,950	$292	46
1207 62nd St SE Unit A	0.71mi	3/2.5	1,511 (+3%)	17mo	$465,000	$308	45
6618 Elizabeth Ave SE	0.54mi	3/2.5	1,305 (-11%)	11mo	$549,950	$421	45
6221 Kennedy Ave SE Unit C	0.64mi	3/2.5	1,510 (+3%)	22mo	$449,000	$297	45
911 67th St SE	0.67mi	3/2.5	1,562 (+7%)	16mo	$590,000	$378	42
1210 63rd St SE Unit B	0.74mi	3/2.5	1,548 (+6%)	15mo	$437,450	$283	41
1131 62nd St SE Unit A	0.69mi	2/2.5 (-1)	1,282 (-12%)	4mo	$393,450	$307	37
1125 63rd St SE Unit 14-B	0.69mi	2/2.5 (-1)	1,359 (-7%)	16mo	$415,000	$305	36
6633 Francis Ave SE	0.59mi	3/2.5	1,675 (+14%)	15mo	$589,990	$352	34
1133 63rd St SE Unit A	0.70mi	2/2.5 (-1)	1,282 (-12%)	11mo	$399,950	$312	31
1137 63rd St SE Unit A	0.70mi	2/2.5 (-1)	1,282 (-12%)	22mo	$420,900	$328	21

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 17.4%
• Equity multiple: 2.42×
• Total profit: $190,583
• Equity at exit: $432,377

10-year hold

• IRR: 16.0%
• Equity multiple: 5.44×
• Total profit: $596,106
• Equity at exit: $932,437

Cash invested: $134,386 (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 98092

• Home prices YoY: 3.3%
• Rents YoY: -0.5%
• Active inventory: 298
• Price-to-rent: 14.6×

Monthly cashflow live

• Estimated rent: $2,732 high
• Mortgage (P&I): −$2,517
• Tax from tax record: −$369 /mo · $4,434/yr
• Insurance: −$200
• HOA: −$57
• Vacancy / Maint / Mgmt: −$574
• Net cashflow: $-985

Break-even live

Break-even rent $3,979

Max offer price $305,936

Occupancy floor —

Sensitivity live

Price	-10% $-713	-5% $-849	+0% $-985	+5% $-1,121	+10% $-1,257
Rent	-10% $-1,201	-5% $-1,093	+0% $-985	+5% $-877	+10% $-769
Rate	-1.0pp $-743	-0.5pp $-863	base $-985	+0.5pp $-1,109	+1.0pp $-1,236

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: $119,988
• Closing costs: $14,398
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6106 Alexander Ave SE Auburn, WA	3.0	2.5	1541	$2,800	$1.82	0d	1	0.01mi
6106 Alexander Ave SE Auburn, WA	3.0	2.5	1541	$2,800	$1.82	1d	1	0.01mi
6170 Terrace View Ln SE Auburn, WA	1.0–3.0	1.0–2.0	956	$2,551	$2.67	0d	36	0.16mi
5909 Panorama Dr SE Unit 11-103 Auburn, WA	2.0	2.5	1727	$2,750	$1.59	45d	1	0.56mi
1105 63rd St SE Unit C Auburn, WA	3.0	2.5	1372	$4,000	$2.92	0d	1	0.66mi
1115 62nd St SE Unit 18B Auburn, WA	2.0	1.5	1285	$2,695	$2.10	3d	1	0.66mi
508 4th Ave SE Pacific, WA	2.0	1.0	885	$2,100	$2.37	26d	1	0.78mi
7101 Lindsay Ave SE Auburn, WA	1.0–2.0	1.0–1.5	853	$2,053	$2.41	0d	20	0.95mi
703 47th St SE Auburn, WA	2.0	1.0–2.0	781	$1,970	$2.52	3d	7	0.99mi
4716 Mill Pond Dr SE Apt 1001 Auburn, WA	3.0	2.5	1673	$2,900	$1.73	12d	1	1.12mi
4704 Mill Pond Dr SE #213 Auburn, WA	2.0	2.0	1142	$2,750	$2.41	4d	1	1.14mi
102 Hawthorne Ave S Pacific, WA	3.0	1.0	1285	$2,950	$2.30	0d	1	1.25mi
6821 Udall Pl SE Auburn, WA	1.0–3.0	1.0–2.0	923	$2,635	$2.85	0d	28	1.38mi

HOA detail

• Monthly dues: $57 · $684/yr
• Likely covers: gas

Listing history 20 events

1. 2026-06-21
   days on market $479,950 Active 38 DOM
2. 2026-06-18
   days on market $479,950 Active 35 DOM
3. 2026-06-17
   days on market $479,950 Active 34 DOM
4. 2026-06-16
   days on market $479,950 Active 33 DOM
5. 2026-06-15
   days on market $479,950 Active 32 DOM
6. 2026-06-13
   days on market $479,950 Active 30 DOM
7. 2026-06-13
   days on market $479,950 Active 29 DOM
8. 2026-06-09
   days on market $479,950 Active 26 DOM
9. 2026-06-08
   days on market $479,950 Active 25 DOM
10. 2026-06-07
    days on market $479,950 Active 24 DOM
11. 2026-06-04
    days on market $479,950 Active 21 DOM
12. 2026-06-03
    days on market $479,950 Active 20 DOM
13. 2026-06-02
    days on market $479,950 Active 19 DOM
14. 2026-06-02
    price $479,950 Active 18 DOM
15. 2026-06-01
    days on market $495,000 Active 18 DOM
16. 2026-05-31
    days on market $495,000 Active 17 DOM
17. 2026-05-14
    listed $495,000 Active
18. 2010-10-08
    soldstatus $195,172 Sold
19. 2010-09-07
    status Pending
20. 2010-08-04
    listed $189,950 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: $4,434 · $369/mo
• Projected year-2 tax: $4,704 · $392/mo
• Expected delta: +$270/yr (+$22/mo · 6.1%)

ⓘ 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 ≥88°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,784
• − Mortgage interest: −$26,885
• − Property taxes: −$4,434
• − Insurance: −$2,400
• − Repairs & maintenance: −$2,623
• − Management: −$2,623
• − HOA: −$684
• − Depreciation: −$13,962
• Taxable loss: −$20,825
• Est. tax savings @ 24.0%: +$4,998
• After-tax cash flow: $-6,823/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: Dieringer School District
• NCES district ID: 5302130
• Math proficiency: 74% ▬ 0.00%
• Reading proficiency: 81% ▲ 3.00%
• Median HH income: $94,738
• Composite: 70.73/100
• National rank: #511
• State rank: #6 of 291 in WA

Livability — Auburn

• Score: 81/100
• State rank: #75
• US rank: #1371

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Auburn, WA
• County: King County · 2,251,916 people
• City population: 74,969
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 50,224
• Household income: $122,300
• Rent vs Own: 25.7% rent · 74.3% own
• Severe rent burden: 1041.0

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 0.66)
• Race & ethnicity: White 54% Hispanic / Latino 15% Asian 14% Two or more races 13% Native American 4% Black 3% Pacific Islander 2%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Portuguese 4% Italian 3% Subsaharan African 3%
• Foreign-born: 20% · Canada, South Korea, Vietnam
• Languages at home: 73% English-only · Spanish 9% Russian/Polish/Slavic 4% Other Indo-European 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: ▲ 49.75%
• Current HPI: 1554.06
• Rent YoY: ▼ -0.46%
• 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

+152.7% since first listed

5 events — show timeline

• 2026-06-01 Price Changed $479,950 NWMLS as Distributed by MLS Grid
• 2026-05-14 Listed $495,000 NWMLS as Distributed by MLS Grid
• 2010-10-08 Sold (MLS) $195,172 NWMLS as Distributed by MLS Grid
• 2010-09-07 Pending — NWMLS as Distributed by MLS Grid
• 2010-08-04 Listed $189,950 NWMLS as Distributed by MLS Grid

Property tax history

+11.9%/yr

Latest (2026): $4,434 · +1.7% YoY. Source: county tax records.