10318 Morris Blvd · Ketron Island, WA 98388

$250,000

2 bd · 2.0 ba · 2,064 sqft · SingleFamily public records · 14 Days on market

Built 1977 0.62 ac lot Est $499k · 50% under

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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 +15.0/15.0
• Cash flow +13.0/30.0
• Schools +5.8/10.0
• DSCR +3.9/10.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Livability +1.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Escape the noise of the city and embrace the quiet beauty of Ketron Island. The ferry journey over the sound sets the tone for a truly peaceful, unplugged lifestyle. The home is set on over half an acre with mountain, meadow, and sound views in a serene natural setting. The property features 2 bedrooms, 1.75 baths, a spacious living room with expansive windows, a shop, and a bonus room—ready for your vision and personal touches. With a 2 car garage and space for an RV, it’s an ideal opportunity to create your own island retreat, whether for everyday living or a weekend getaway. Ketron is a quiet island community made up exclusively of private residences, offering a rare sense of

Key facts

• Island property
• Private retreat
• Sound views

Tags

• PEEKABOO MOUNTAIN VIEWS
• SOUND VIEWS
• SERENE ISLAND SETTING
• PRIVATE RETREAT
• ISLAND PROPERTY

Property features AI

Finance

• Financial info: Acceptable financing: Cash, Conventional, FHA, VA

Exterior

• Parking: Attached garage; 2 covered parking spaces; Garage suitable for RV parking; Garage (has garage, ~480 sq ft)
• Utilities: Electric energy source; Community water (Ketron Island Water); Septic sewer; Power provided by TPU
• Home design: Single family residence; Split entry / multi-level layout; Built on lot; Has view; Entry located on split level
• Construction: Wood construction; Composition roof; Poured concrete foundation
• Exterior features: Wood exterior; Deck; Patio; Garden space; Open, secluded lot setting; RV parking; Shop

Interior

• Kitchen: Kitchen with eating space (second level); Additional kitchen area (second level); Dishwasher; Stove/Range; Refrigerator
• Bedrooms: 2 bedrooms (both on lower level); Primary bedroom on lower level; Additional bedroom on lower level; Den/office (lower)
• Flooring: Vinyl flooring; Carpet
• Bathrooms: 1 full bathroom (lower) with bathtub; 1 three-quarter bathroom (upper); 2 showers total
• Heating & cooling: Baseboard heating; Wall furnace; No cooling
• Interior features: Ceiling fans; Fireplace (wood burning); Pantry; Water heater; Wired for generator; Finished basement
• Laundry & utility: Washer; Dryer; Utility room (second level); Electric water heater in utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $-13 ($-157/yr) — negative.
• To cash-flow at today's rent, offer at most $248k (0.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $206k (17.6% below list).
• Recommended offer: $206k (17.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 29/100 on livability (#623 in WA) — a limited-amenity area; tenant pool skews transient or value-seeking. Strengths: crime A, cost of living B+; Watch: health & safety C-, amenities F, commute F.
• Steilacoom Hist. School District (suburban): math 57% / reading 71% proficiency, ranked #33 of 291 in WA (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Pioneer Middle (711 students, 32% FRL); Steilacoom High (946 students, 26% FRL).
• Market conditions: 49 active listings in the ZIP; solid renter incomes; 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 $2k of loan paydown is wiped out by about $8k 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 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 15y ago; this cycle's ask has dropped $50k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $206,025 (17.6% 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. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.82% ✗
• Cap rate: 6.23%
• Cash-on-cash: -0.22%
• DSCR: 0.99
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $499,488
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10806 W Morris Blvd	0.35mi	3/3.0 (+1)	2,160 (+5%)	4mo	$523,000	$242	64
10115 Morris Blvd	0.14mi	3/2.0 (+1)	1,773 (-14%)	14mo	$262,800	$148	54

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: -16.7%
• Equity multiple: 0.41×
• Total profit: $-41,367
• Equity at exit: $37,276

10-year hold

• IRR: -8.5%
• Equity multiple: 0.47×
• Total profit: $-37,186
• Equity at exit: $21,615

Cash invested: $70,000 (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 98388

• Active inventory: 49
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,060 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$225 /mo · $2,706/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$433
• Net cashflow: $-13

Break-even live

Break-even rent $2,077

Max offer price $247,687

Occupancy floor 96%

Sensitivity live

Price	-10% $128	-5% $58	+0% $-13	+5% $-84	+10% $-155
Rent	-10% $-176	-5% $-94	+0% $-13	+5% $68	+10% $150
Rate	-1.0pp $113	-0.5pp $50	base $-13	+0.5pp $-78	+1.0pp $-144

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-17
   status $250,000 Pending 14 DOM
2. 2026-06-16
   days on market $250,000 Active 14 DOM
3. 2026-06-15
   days on market $250,000 Active 13 DOM
4. 2026-06-13
   days on market $250,000 Active 11 DOM
5. 2026-06-13
   days on market $250,000 Active 10 DOM
6. 2026-06-09
   days on market $250,000 Active 7 DOM
7. 2026-06-08
   days on market $250,000 Active 6 DOM
8. 2026-06-07
   days on market $250,000 Active 5 DOM
9. 2026-06-04
   days on market $250,000 Active 2 DOM
10. 2026-06-02
    pricedays on marketlisting id $250,000 Active 1 DOM
11. 2026-06-01
    days on market $300,000 Active 60 DOM
12. 2026-05-31
    days on market $300,000 Active 59 DOM
13. 2026-04-02
    listed $300,000 Active
14. 2019-09-12
    soldstatus $240,000 Sold
15. 2019-09-12
    soldstatus $240,000
16. 2019-08-21
    status Pending
17. 2019-08-13
    status Pending Inspection
18. 2019-08-09
    price $240,000
19. 2019-07-25
    price $242,500
20. 2019-05-30
    status Active
21. 2019-05-24
    status Pending Inspection
22. 2019-04-17
    listed $245,000 Active
23. 2012-04-11
    soldstatus $79,000 Sold
24. 2012-04-11
    soldstatus $79,000
25. 2012-01-25
    status Pending
26. 2012-01-13
    price $89,000
27. 2011-12-23
    status Active
28. 2011-12-09
    status Pending Inspection
29. 2011-11-17
    price $95,000
30. 2011-09-02
    price $109,000
31. 2011-05-06
    listed $129,900 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: $2,706 · $225/mo
• Projected year-2 tax: $2,706 · $225/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 2/10 Low
• 🌡 Heat 2/10 Low 6 d/yr ≥87°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 9 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,723
• − Mortgage interest: −$14,004
• − Property taxes: −$2,706
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,978
• − Management: −$1,978
• − Depreciation: −$7,273
• Taxable loss: −$4,465
• Est. tax savings @ 24.0%: +$1,072
• After-tax cash flow: $915/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: Steilacoom Hist. School District
• NCES district ID: 5308460
• Math proficiency: 57% ▲ 2.00%
• Reading proficiency: 71% ▬ 0.00%
• Median HH income: $72,348
• Composite: 57.95/100
• National rank: #2169
• State rank: #33 of 291 in WA

Livability — Ketron Island

• Score: 29/100
• State rank: #623
• US rank: #27930

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ketron Island, WA
• County: Pierce County · 788,257 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 7,043
• Household income: $100,851
• Rent vs Own: 37.1% rent · 62.9% own
• Severe rent burden: 130.0

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: Predominantly White (68%)
• Race & ethnicity: White 68% Two or more races 12% Hispanic / Latino 12% Asian 5% Black 5% Native American 1%
• Hispanic origin (detail): Mexican 9% Puerto Rican 1%
• Common ancestry: Lithuanian 4% Portuguese 4% Slovak 3%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 90% English-only · Spanish 2% German/W. Germanic 1% Tagalog/Filipino 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: ▼ -218.69%
• Current HPI: 283.304
• Rent YoY: —
• 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

+130.9% since first listed

19 events — show timeline

• 2026-04-02 Listed $300,000 NWMLS as Distributed by MLS Grid
• 2019-09-12 Sold (Public Records) $240,000 Public Records
• 2019-09-12 Sold (MLS) $240,000 NWMLS as Distributed by MLS Grid
• 2019-08-21 Pending — NWMLS as Distributed by MLS Grid
• 2019-08-13 Pending — NWMLS as Distributed by MLS Grid
• 2019-08-09 Price Changed $240,000 NWMLS as Distributed by MLS Grid
• 2019-07-25 Price Changed $242,500 NWMLS as Distributed by MLS Grid
• 2019-05-30 Relisted — NWMLS as Distributed by MLS Grid
• 2019-05-24 Pending — NWMLS as Distributed by MLS Grid
• 2019-04-17 Listed $245,000 NWMLS as Distributed by MLS Grid
• 2012-04-11 Sold (Public Records) $79,000 Public Records
• 2012-04-11 Sold (MLS) $79,000 NWMLS as Distributed by MLS Grid
• 2012-01-25 Pending — NWMLS as Distributed by MLS Grid
• 2012-01-13 Price Changed $89,000 NWMLS as Distributed by MLS Grid
• 2011-12-23 Relisted — NWMLS as Distributed by MLS Grid
• 2011-12-09 Pending — NWMLS as Distributed by MLS Grid
• 2011-11-17 Price Changed $95,000 NWMLS as Distributed by MLS Grid
• 2011-09-02 Price Changed $109,000 NWMLS as Distributed by MLS Grid
• 2011-05-06 Listed $129,900 NWMLS as Distributed by MLS Grid

Property tax history

+4.4%/yr

Latest (2026): $2,706 · -0.1% YoY. Source: county tax records.