22405 22407 120th St E · Prairie Ridge, WA 98391

$549,950

4 bd · 2.0 ba · 1,536 sqft · MultiFamily public records · 78 Days on market

Built 1978 0.93 ac lot $358/sqft · 13% below area Est $635k · 13% under

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Why this score? — see what drove the C- 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 +15.8/30.0
• ARV discount +13.5/15.0
• Schools +5.7/10.0
• DSCR +4.9/10.0
• 1% rule +3.6/10.0
• Rent growth +3.4/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Investment Opportunity on Nearly 1 Acre in Bonney Lake! Rare duplex set in the desirable White River School District, this single-story property features 1,536 total square feet with two side-by-side units, ideal for owner-occupancy with rental income or multi-generational living. One unit is currently owner- occupied and the other is tenant-occupied month-to-month, creating flexibility for future plans. Situated on a paved street with partial fencing, the expansive lot offers ample off-street parking (4+ uncovered spaces) and room for additional outbuildings, recreational vehicles, or potential value-add improvements (buyer to verify). This duplex presents a solid footprint with upside po

Key facts

• Partial fencing
• Rare duplex
• Paved street

Tags

• NEARLY 1 ACRE
• RARE DUPLEX
• SINGLE-STORY PROPERTY
• TWO SIDE-BY-SIDE UNITS
• PAVED STREET
• PARTIAL FENCING

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $550k.

Deal economics

• At list price, monthly cash flow is $251 ($3k/yr) — positive. Per door: $125/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $471k (14.3% below list).
• Recommended offer: $471k (14.3% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 3.3% in Prairie Ridge — 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 63/100 on livability (#401 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: amenities F, commute F, cost of living D-.
• 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: Foothills Elementary (489 students, 51% FRL); Glacier Middle School (970 students, 35% FRL); White River High School (1,263 students, 32% FRL).
• Market conditions: Rents rising (+3.5%/yr); 741 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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).
• This rent runs 42% of the median local income ($135k/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 $16k 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

• It's been on market 78 days — a 6% lower offer ($517k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 26y 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 $116k; list at $550k implies a 374% gain — meaningful room to come down on a strong offer.

Recommended offer $471,300 (14.3% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 0.86% ✗
• Cap rate: 6.84%
• Cash-on-cash: 1.96%
• DSCR: 1.09
• GRM: 9.7

CMA / ARV

• ARV (median comp): $635,300
• List price: $549,950
• Delta: -13.43%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.47% rent growth · sell at horizon

5-year hold

• IRR: -12.7%
• Equity multiple: 0.54×
• Total profit: $-71,025
• Equity at exit: $81,999

10-year hold

• IRR: -3.1%
• Equity multiple: 0.79×
• Total profit: $-32,522
• Equity at exit: $47,550

Cash invested: $153,986 (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 98391

• Rents YoY: 3.5%
• Active inventory: 741
• Price-to-rent: 19.4×

Monthly cashflow live

• Estimated rent: $4,713 medium
• Mortgage (P&I): −$2,884
• Tax from tax record: −$359 /mo · $4,310/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$990
• Net cashflow: $251

Break-even live

Break-even rent $4,395

Max offer price $549,950

Occupancy floor 90%

Sensitivity live

Price	-10% $562	-5% $407	+0% $251	+5% $95	+10% $-60
Rent	-10% $-121	-5% $65	+0% $251	+5% $437	+10% $623
Rate	-1.0pp $528	-0.5pp $391	base $251	+0.5pp $108	+1.0pp $-37

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,714
Total (2 units)			$4,713

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: $137,488
• Closing costs: $16,498
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10203 217th Ave Ct E Bonney Lake, WA	3.0	2.0	1620	$2,950	$1.82	0d	1	1.04mi
9803 221st Ave E Bonney Lake, WA	2.0–3.0	2.0	1060	$2,475	$2.33	46d	2	1.12mi
20021 117th St E Bonney Lake, WA	3.0	2.0	1344	$2,550	$1.90	0d	1	1.43mi

Listing history 20 events

1. 2026-06-21
   days on market $549,950 Active 78 DOM
2. 2026-06-18
   days on market $549,950 Active 75 DOM
3. 2026-06-17
   days on market $549,950 Active 74 DOM
4. 2026-06-16
   days on market $549,950 Active 73 DOM
5. 2026-06-15
   days on market $549,950 Active 72 DOM
6. 2026-06-13
   days on market $549,950 Active 70 DOM
7. 2026-06-13
   days on market $549,950 Active 69 DOM
8. 2026-06-09
   days on market $549,950 Active 66 DOM
9. 2026-06-08
   days on market $549,950 Active 65 DOM
10. 2026-06-07
    days on market $549,950 Active 64 DOM
11. 2026-06-04
    days on market $549,950 Active 61 DOM
12. 2026-06-03
    days on market $549,950 Active 60 DOM
13. 2026-06-02
    days on market $549,950 Active 59 DOM
14. 2026-06-01
    days on market $549,950 Active 58 DOM
15. 2026-05-31
    days on market $549,950 Active 57 DOM
16. 2026-04-04
    listed $549,950 Active
17. 2000-12-19
    soldstatus $116,000
18. 2000-12-19
    soldstatus $116,000
19. 2000-10-19
    listed $129,950
20. 1991-11-27
    soldstatus $87,000

ⓘ 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: $4,310 · $359/mo
• Projected year-2 tax: $5,390 · $449/mo
• Expected delta: +$1,079/yr (+$90/mo · 25.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $56,556
• − Mortgage interest: −$30,806
• − Property taxes: −$4,310
• − Insurance: −$2,750
• − Repairs & maintenance: −$4,524
• − Management: −$4,524
• − Depreciation: −$15,999
• Taxable loss: −$6,357
• Est. tax savings @ 24.0%: +$1,526
• After-tax cash flow: $4,537/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 — Prairie Ridge

• Score: 63/100
• State rank: #401
• US rank: #16033

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Prairie Ridge, WA
• County: Pierce County · 788,257 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 59,240
• Household income: $135,037
• Rent vs Own: 14.3% rent · 85.7% own
• Severe rent burden: 528.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 11% Hispanic / Latino 9% Asian 4%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Portuguese 6% Italian 4% Lithuanian 4%
• Foreign-born: 6% · Canada, China, South Korea
• Languages at home: 92% English-only · Spanish 3% Russian/Polish/Slavic 2% 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: ▼ -565.91%
• Current HPI: 294.2062
• Rent YoY: ▲ 3.47%
• 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

+532.1% since first listed

5 events — show timeline

• 2026-04-04 Listed $549,950 NWMLS as Distributed by MLS Grid
• 2000-12-19 Sold (Public Records) $116,000 Public Records
• 2000-12-19 Sold (MLS) $116,000 NWMLS as Distributed by MLS Grid
• 2000-10-19 Listed $129,950 NWMLS as Distributed by MLS Grid
• 1991-11-27 Sold (Public Records) $87,000 Public Records

Property tax history

+3.7%/yr

Latest (2023): $4,310 · +7.8% YoY. Source: county tax records.