23003 SE 241st Pl · Maple Valley, WA 98038

$599,000

3 bd · 2.5 ba · 1,600 sqft · Townhouse public records · 14 Days on market

Built 2002 3,474 sqft lot Est $624k · at est. $132/mo HOA · 3% 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).

• Cash flow +10.5/30.0
• ARV discount +9.3/15.0
• Schools +6.6/10.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• 1% rule +3.0/10.0
• DSCR +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this beautifully maintained townhome in desirable Maple Valley, located within the highly sought-after Tahoma School District. Offering 3 bedrooms, 2.25 bathrooms, and 1,600 square feet of comfortable living, this home blends thoughtful updates with low-maintenance living in a picturesque community. Inside, you’ll find thick granite countertops, repainted cabinetry, new kitchen hardware, and newer interior paint for a fresh, modern feel. The open-concept main level features a cozy gas fireplace, eat-in kitchen bench seating, and all kitchen appliances included. A built-in desk and shelving system can stay with the home, making it ideal for remote work or organization. Upsta

Key facts

• Cozy gas fireplace
• Repainted cabinetry
• New kitchen hardware

Tags

• THICK GRANITE COUNTERTOPS
• REPAINTED CABINETRY
• NEW KITCHEN HARDWARE
• COZY GAS FIREPLACE
• EAT-IN KITCHEN BENCH SEATING
• CUSTOM CLOSETS

Property features AI

Finance

• Other: Level topography; Garden space; Lot improvements include curbs, paved roads, and sidewalk
• Financial info: Listing accepts Cash, Conventional, FHA, and VA financing
• HOA & community: HOA with $132 monthly fee; Association covers common area maintenance, lawn service, and road maintenance; Community features include athletic court, playground, and CCRs

Exterior

• Parking: Attached garage; 2 covered spaces; 2 uncovered spaces
• Security: Fully fenced
• Utilities: Public water; Sewer connected; Electric and natural gas energy sources
• Home design: Townhouse (single family residence style); Multi/split levels; Main-level entry; Has a view; Built on lot; very good condition
• Construction: Built in 2002 (effective year); Composition roof; Metal/vinyl construction materials; Poured concrete foundation
• Exterior features: Metal/vinyl exterior; Deck; Fully fenced; Gas available; High-speed internet available

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms (all on upper level)
• Flooring: Laminate; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 half bath; 1 bathtub; 2 showers
• Heating & cooling: Forced air heating; No cooling
• Interior features: Ceiling fans; Fireplace (gas); Loft; Vaulted ceilings; Walk-in closets; Water heater
• Laundry & utility: Water heater located in garage (gas)

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath townhouse listed at $599k.

Deal economics

• At list price, monthly cash flow is $-308 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $545k (9.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $477k (20.4% below list).
• Recommended offer: $477k (20.4% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 3.2% in Maple Valley — 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 85/100 on livability (#24 in WA, #461 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: cost of living F.
• Tahoma School District (suburban): math 68% / reading 76% proficiency, ranked #10 of 291 in WA (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 11% free/reduced lunch — higher-income household profile.
• Zoned schools: Tahoma Elementary (699 students, 17% FRL); Summit Trail Middle School (1,098 students, 15% FRL); Tahoma Senior High School (2,790 students, 19% FRL).
• Market conditions: Rents rising (+2.8%/yr); 226 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• This rent runs 38% of the median local income ($152k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k 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

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 19y 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 $387k; list at $599k implies a 55% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $476,614 (20.4% 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: 0.80% ✗
• Cap rate: 5.68%
• Cash-on-cash: -2.20%
• DSCR: 0.90
• GRM: 10.5

CMA / ARV

• ARV (on-the-fly): $624,000
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22933 SE 241st Pl #22933	0.01mi	3/2.5	1,560 (-2%)	1mo	$589,950	$378	95
22833 SE 241st Pl	0.08mi	4/2.5 (+1)	1,600 (0%)	3mo	$590,000	$369	89
22917 SE 241st Pl	0.04mi	3/2.5	1,520 (-5%)	2mo	$599,990	$395	88
22926 SE 240th Pl	0.09mi	3/2.5	1,600 (0%)	22mo	$647,500	$405	78
22920 SE 240th Pl	0.09mi	3/3.0	1,520 (-5%)	15mo	$630,000	$414	73
22900 SE 240th Pl	0.10mi	3/2.5	1,520 (-5%)	21mo	$630,000	$414	70
22528 SE 237th Pl	0.34mi	2/2.0 (-1)	1,580 (-1%)	15mo	$695,000	$440	63
24104 221st Ln SE #31	0.56mi	3/2.0	1,554 (-3%)	7mo	$492,500	$317	62
22319 SE 242nd Pl	0.41mi	3/2.0	1,560 (-2%)	16mo	$520,000	$333	61
22311 SE 242nd Pl #130	0.42mi	3/2.0	1,450 (-9%)	12mo	$565,000	$390	53
24053 223rd Ln SE	0.44mi	2/2.0 (-1)	1,392 (-13%)	9mo	$492,500	$354	43
21900 SE 242nd St Unit A2	0.66mi	2/2.5 (-1)	1,710 (+7%)	12mo	$489,000	$286	43

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 · 2.76% rent growth · sell at horizon

5-year hold

• IRR: -20.2%
• Equity multiple: 0.30×
• Total profit: $-117,805
• Equity at exit: $89,313

10-year hold

• IRR: -13.8%
• Equity multiple: 0.21×
• Total profit: $-132,415
• Equity at exit: $51,791

Cash invested: $167,720 (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 98038

• Rents YoY: 2.8%
• Active inventory: 226
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $4,766 medium
• Mortgage (P&I): −$3,141
• Tax from tax record: −$551 /mo · $6,607/yr
• Insurance: −$250
• HOA: −$132
• Vacancy / Maint / Mgmt: −$1,001
• Net cashflow: $-308

Break-even live

Break-even rent $5,156

Max offer price $544,568

Occupancy floor —

Sensitivity live

Price	-10% $31	-5% $-139	+0% $-308	+5% $-478	+10% $-647
Rent	-10% $-685	-5% $-496	+0% $-308	+5% $-120	+10% $68
Rate	-1.0pp $-6	-0.5pp $-156	base $-308	+0.5pp $-463	+1.0pp $-621

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: $149,750
• Closing costs: $17,970
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
24116 235th Ave SE Maple Valley, WA	3.0	3.0	1680	$3,272	$1.95	26d	1	0.33mi
24212 224th Ave SE Unit 4 Maple Valley, WA	2.0	2.0	1320	$5,400	$4.09	45d	1	0.36mi
24202 224th Ave SE Unit 3 Maple Valley, WA	2.0	2.0	1320	$5,400	$4.09	45d	1	0.37mi
26285 238th Ln SE Maple Valley, WA	1.0–3.0	1.0–2.0	865	$2,699	$3.12	0d	9	1.39mi

HOA detail

• Monthly dues: $132 · $1,584/yr
• Likely covers: gas

Listing history 26 events

1. 2026-06-04
   days on market $599,000 Active 14 DOM
2. 2026-06-03
   days on market $599,000 Active 13 DOM
3. 2026-06-02
   days on market $599,000 Active 12 DOM
4. 2026-06-01
   days on market $599,000 Active 11 DOM
5. 2026-05-31
   days on market $599,000 Active 10 DOM
6. 2026-05-21
   listed $610,000 Active
7. 2019-08-05
   soldstatus $387,000 Sold
8. 2019-08-05
   soldstatus $387,000
9. 2019-07-18
   status Pending
10. 2019-07-03
    status Pending Inspection
11. 2019-06-28
    listed $389,000 Active
12. 2016-09-07
    historical
13. 2016-09-06
    soldstatus $335,000 Sold
14. 2016-09-06
    soldstatus $329,000
15. 2016-08-01
    status Pending
16. 2016-07-24
    status Pending Inspection
17. 2016-06-28
    listed $335,000 Active
18. 2008-02-15
    soldstatus $314,000 Sold
19. 2008-02-13
    soldstatus $314,000 Sold
20. 2008-02-13
    soldstatus $314,000
21. 2008-01-17
    historical
22. 2008-01-17
    historical
23. 2008-01-09
    historical
24. 2008-01-09
    historical
25. 2007-12-12
    listed $316,950
26. 2007-12-12
    listed $316,950

ⓘ 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: $6,607 · $551/mo
• Projected year-2 tax: $6,607 · $551/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 5/10 Major FEMA zone X (unshaded) · 51% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $57,194
• − Mortgage interest: −$33,553
• − Property taxes: −$6,607
• − Insurance: −$2,995
• − Repairs & maintenance: −$4,575
• − Management: −$4,575
• − HOA: −$1,584
• − Depreciation: −$17,425
• Taxable loss: −$14,122
• Est. tax savings @ 24.0%: +$3,389
• After-tax cash flow: $-308/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: Tahoma School District
• NCES district ID: 5308760
• Math proficiency: 68% ▬ 0.00%
• Reading proficiency: 76% ▬ 0.00%
• Median HH income: $94,834
• Composite: 66.41/100
• National rank: #925
• State rank: #10 of 291 in WA

Livability — Maple Valley

• Score: 85/100
• State rank: #24
• US rank: #461

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Maple Valley, WA
• County: King County · 2,251,916 people
• City population: 37,324
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 37,324
• Household income: $152,261
• Rent vs Own: 14.4% rent · 85.6% own
• Severe rent burden: 580.0

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: Predominantly White (73%)
• Race & ethnicity: White 73% Asian 10% Two or more races 9% Hispanic / Latino 6% Black 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 5% Italian 4% Romanian 3%
• Foreign-born: 13% · Canada, China, South Korea
• Languages at home: 86% English-only · Other Asian/Pacific 4% Russian/Polish/Slavic 3% Other Indo-European 2%

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: ▼ -588.79%
• Current HPI: 310.7428
• Rent YoY: ▲ 2.76%
• 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

+92.5% since first listed

21 events — show timeline

• 2026-05-21 Listed $610,000 NWMLS as Distributed by MLS Grid
• 2019-08-05 Sold (Public Records) $387,000 Public Records
• 2019-08-05 Sold (MLS) $387,000 NWMLS as Distributed by MLS Grid
• 2019-07-18 Pending — NWMLS as Distributed by MLS Grid
• 2019-07-03 Pending — NWMLS as Distributed by MLS Grid
• 2019-06-28 Listed $389,000 NWMLS as Distributed by MLS Grid
• 2016-09-07 Delisted — NWMLS as Distributed by MLS Grid
• 2016-09-06 Sold (Public Records) $329,000 Public Records
• 2016-09-06 Sold (MLS) $335,000 NWMLS as Distributed by MLS Grid
• 2016-08-01 Pending — NWMLS as Distributed by MLS Grid
• 2016-07-24 Pending — NWMLS as Distributed by MLS Grid
• 2016-06-28 Listed $335,000 NWMLS as Distributed by MLS Grid
• 2008-02-15 Sold (MLS) $314,000 NWMLS as Distributed by MLS Grid
• 2008-02-13 Sold (Public Records) $314,000 Public Records
• 2008-02-13 Sold (MLS) $314,000 NWMLS as Distributed by MLS Grid
• 2008-01-17 Delisted — NWMLS as Distributed by MLS Grid
• 2008-01-17 Delisted — NWMLS as Distributed by MLS Grid
• 2008-01-09 Contingent — NWMLS as Distributed by MLS Grid
• 2008-01-09 Contingent — NWMLS as Distributed by MLS Grid
• 2007-12-12 Listed $316,950 NWMLS as Distributed by MLS Grid
• 2007-12-12 Listed $316,950 NWMLS as Distributed by MLS Grid

Property tax history

+4.8%/yr

Latest (2025): $6,607 · +15.5% YoY. Source: county tax records.