1115 S 18th St · Tacoma, WA 98405

$320,250

4 bd · 2.0 ba · 2,116 sqft · SingleFamily public records · 28 Days on market

Built 1922 2,660 sqft lot Est $506k · 37% 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 +19.1/30.0
• ARV discount +15.0/15.0
• DSCR +6.0/10.0
• 1% rule +5.1/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor special in the heart of Tacoma! Tacoma This spacious 4-bedroom, 2-bath Craftsman offers over 2,500 sq ft of opportunity and is priced to sell. Featuring a flexible layout with bedrooms and living areas on both levels, this property is ideal for investors, flippers, or buyers looking to add value and build equity. The home includes formal living and dining spaces, a large kitchen footprint, generous attic/storage space, and strong bones with previous system updates already completed. Conveniently located near downtown Tacoma, transit, shopping, dining, and major commuter routes, this property has excellent rental or resale potential. Whether you’re looking for your next fix-an

Key facts

• Flexible layout
• Strong bones
• 2,660 sq ft lot

Tags

• FLEXIBLE LAYOUT
• LARGE KITCHEN FOOTPRINT
• GENEROUS ATTIC STORAGE SPACE
• STRONG BONES
• PREVIOUS SYSTEM UPDATES

Property features AI

Finance

• Financial info: Listing terms: Cash or Rehab Loan

Exterior

• Parking: Off-street parking
• Security: Fully fenced
• Utilities: Public water (TPU); Sewer connected (TPU); Electric and natural gas energy sources; TPU power
• Home design: Single-family residence; One story with basement; Main level entry; Has view
• Construction: Built in 1996 (effective year); Wood construction; Composition roof; Poured concrete foundation
• Exterior features: Deck; Fully fenced yard; Gas available; Wood exterior and wood products

Interior

• Bedrooms: 4 bedrooms total (2 on main level, 2 on lower level)
• Flooring: See remarks
• Bathrooms: 2 full bathrooms (1 on main level, 1 on lower level); 2 bathtubs, 2 showers
• Heating & cooling: Forced air heating; Forced air cooling
• Interior features: Dining room; Fireplace (gas); Water heater
• Laundry & utility: Water heater located in closet/room; Electric water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $320k.

Deal economics

• At list price, monthly cash flow is $337 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $320k).
• Recommended offer: $315k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 2.9% in Tacoma — 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 78/100 on livability (#127 in WA, #2,535 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: cost of living D, crime F.
• Tacoma School District (urban): math 40% / reading 53% proficiency, ranked #169 of 291 in WA (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+3.9%/yr); 122 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• At $3,233/mo this rent would consume 51% of the median local household income ($76k/yr) (locally 1313% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 28 days — a 2% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 25y 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 $218k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $315,446 (1.5% below list)

Questions for the listing agent

1. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-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?
4. 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?
5. 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.
6. 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.
7. 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: 1.01% ✓
• Cap rate: 7.56%
• Cash-on-cash: 4.51%
• DSCR: 1.20
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $505,724
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1211 S 17th St	0.10mi	3/2.5 (-1)	2,084 (-2%)	2mo	$644,995	$309	84
1807 S L St	0.04mi	5/2.0 (+1)	1,952 (-8%)	2mo	$402,000	$206	79
1722 S Cushman Ave	0.25mi	4/2.5	2,268 (+7%)	2mo	$542,000	$239	73
2346 S I St	0.45mi	4/2.0	2,232 (+6%)	1mo	$402,500	$180	69
2319 S J St	0.44mi	4/2.0	2,324 (+10%)	0mo	$555,000	$239	63
1109 S 14th St	0.29mi	3/2.0 (-1)	1,866 (-12%)	4mo	$446,000	$239	58
617 S 17th St	0.34mi	3/2.5 (-1)	2,357 (+11%)	1mo	$385,000	$163	58
912 Earnest S. Brazill St	0.43mi	4/1.5	1,824 (-14%)	0mo	$500,000	$274	55
2108 S G St	0.39mi	3/2.0 (-1)	1,804 (-15%)	3mo	$557,000	$309	50
2132 S G St	0.43mi	3/2.5 (-1)	1,840 (-13%)	3mo	$468,500	$255	49
2112 S Ash St	0.56mi	3/1.5 (-1)	1,872 (-12%)	2mo	$420,000	$224	46
2517 Martin Luther King Jr Way	0.56mi	3/1.0 (-1)	2,410 (+14%)	1mo	$508,000	$211	41

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 · 3.9% rent growth · sell at horizon

5-year hold

• IRR: -8.2%
• Equity multiple: 0.69×
• Total profit: $-27,406
• Equity at exit: $47,750

10-year hold

• IRR: 2.4%
• Equity multiple: 1.18×
• Total profit: $16,352
• Equity at exit: $27,689

Cash invested: $89,670 (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 98405

• Rents YoY: 3.9%
• Active inventory: 122
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $3,233 high
• Mortgage (P&I): −$1,679
• Tax from tax record: −$404 /mo · $4,849/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$679
• Net cashflow: $337

Break-even live

Break-even rent $2,806

Max offer price $320,250

Occupancy floor 85%

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: $80,062
• Closing costs: $9,608
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2107 S G St Tacoma, WA	3.0	2.0	1800	$5,800	$3.22	14d	1	0.42mi
1414 Earnest S Brazill St Tacoma, WA	4.0	2.0	1522	$2,850	$1.87	7d	1	0.45mi
2543 S L St Unit B Tacoma, WA	3.0	1.0	1500	$2,100	$1.40	24d	1	0.63mi
1108 S Ridgewood Ave Tacoma, WA	4.0	2.5	2824	$3,200	$1.13	24d	1	0.65mi
2135 Commerce St Tacoma, WA	3.0	3.5	2800	$11,500	$4.11	16d	1	0.69mi
1043 S State St Unit A Tacoma, WA	3.0	1.0	1400	$2,600	$1.86	24d	1	0.77mi
623 N Steele St Tacoma, WA	3.0	2.0	1626	$2,795	$1.72	14d	1	1.12mi
118 E 35th St Tacoma, WA	4.0	3.5	1848	$3,199	$1.73	24d	1	1.45mi
924 N J St Unit A Tacoma, WA	4.0	1.5	2448	$3,500	$1.43	24d	1	1.48mi

Listing history 30 events

1. 2026-06-13
   statusdays on market $320,250 Pending 28 DOM
2. 2026-06-09
   days on market $320,250 Active 25 DOM
3. 2026-06-08
   days on market $320,250 Active 24 DOM
4. 2026-06-07
   days on market $320,250 Active 23 DOM
5. 2026-06-04
   days on market $320,250 Active 20 DOM
6. 2026-06-03
   days on market $320,250 Active 19 DOM
7. 2026-06-02
   days on market $320,250 Active 18 DOM
8. 2026-06-01
   days on market $320,250 Active 17 DOM
9. 2026-05-31
   days on market $320,250 Active 16 DOM
10. 2026-05-15
    listed $320,250 Active
11. 2016-06-28
    historical
12. 2016-06-24
    soldstatus $217,500
13. 2016-06-23
    soldstatus $217,500 Sold
14. 2016-05-24
    status Pending
15. 2016-05-05
    status Pending Inspection
16. 2016-05-04
    status Active
17. 2016-05-04
    status Pending Inspection
18. 2016-05-01
    listed $212,500 Active
19. 2011-04-21
    soldstatus $157,500 Sold
20. 2011-04-21
    soldstatus $157,500
21. 2011-04-01
    status Pending Inspection
22. 2011-02-07
    price $169,000
23. 2011-01-06
    price $175,000
24. 2010-12-06
    listed $184,000 Active
25. 2002-12-19
    soldstatus $134,450
26. 2002-12-17
    soldstatus $134,450
27. 2002-11-06
    listed $129,450
28. 2001-09-05
    soldstatus $65,000
29. 2001-09-05
    soldstatus $63,000
30. 2001-06-12
    listed $59,950

ⓘ 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: $4,849 · $404/mo
• Projected year-2 tax: $4,849 · $404/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 1/10 Low
• 🌡 Heat 3/10 Moderate 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 · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,798
• − Mortgage interest: −$17,939
• − Property taxes: −$4,849
• − Insurance: −$1,601
• − Repairs & maintenance: −$3,104
• − Management: −$3,104
• − Depreciation: −$9,316
• Taxable loss: −$1,115
• Est. tax savings @ 24.0%: +$267
• After-tax cash flow: $4,315/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: Tacoma School District
• NCES district ID: 5308700
• Math proficiency: 40% ▬ 0.00%
• Reading proficiency: 53% ▲ 1.00%
• Median HH income: $52,467
• Composite: 42.25/100
• National rank: #6987
• State rank: #169 of 291 in WA

Livability — Tacoma

• Score: 78/100
• State rank: #127
• US rank: #2535

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tacoma, WA
• County: Pierce County · 788,257 people
• City population: 212,935
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 25,939
• Household income: $75,946
• Rent vs Own: 50.8% rent · 49.2% own
• Severe rent burden: 1313.0

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 0.63)
• Race & ethnicity: White 58% Two or more races 16% Black 13% Hispanic / Latino 11% Asian 5%
• Hispanic origin (detail): Mexican 9% Puerto Rican 1%
• Common ancestry: Portuguese 4% Scottish 3% Slovak 3%
• Foreign-born: 8% · Canada, Vietnam
• Languages at home: 88% English-only · Spanish 6% Vietnamese 2% Russian/Polish/Slavic 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: ▼ -570.22%
• Current HPI: 378.3973
• Rent YoY: ▲ 3.90%
• 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

+434.2% since first listed

21 events — show timeline

• 2026-05-15 Listed $320,250 NWMLS as Distributed by MLS Grid
• 2016-06-28 Delisted — NWMLS as Distributed by MLS Grid
• 2016-06-24 Sold (Public Records) $217,500 Public Records
• 2016-06-23 Sold (MLS) $217,500 NWMLS as Distributed by MLS Grid
• 2016-05-24 Pending — NWMLS as Distributed by MLS Grid
• 2016-05-05 Pending — NWMLS as Distributed by MLS Grid
• 2016-05-04 Relisted — NWMLS as Distributed by MLS Grid
• 2016-05-04 Pending — NWMLS as Distributed by MLS Grid
• 2016-05-01 Listed $212,500 NWMLS as Distributed by MLS Grid
• 2011-04-21 Sold (Public Records) $157,500 Public Records
• 2011-04-21 Sold (MLS) $157,500 NWMLS as Distributed by MLS Grid
• 2011-04-01 Pending — NWMLS as Distributed by MLS Grid
• 2011-02-07 Price Changed $169,000 NWMLS as Distributed by MLS Grid
• 2011-01-06 Price Changed $175,000 NWMLS as Distributed by MLS Grid
• 2010-12-06 Listed $184,000 NWMLS as Distributed by MLS Grid
• 2002-12-19 Sold (MLS) $134,450 NWMLS as Distributed by MLS Grid
• 2002-12-17 Sold (Public Records) $134,450 Public Records
• 2002-11-06 Listed $129,450 NWMLS as Distributed by MLS Grid
• 2001-09-05 Sold (Public Records) $63,000 Public Records
• 2001-09-05 Sold (MLS) $65,000 NWMLS as Distributed by MLS Grid
• 2001-06-12 Listed $59,950 NWMLS as Distributed by MLS Grid

Property tax history

+4.0%/yr

Latest (2026): $4,849 · +2.3% YoY. Source: county tax records.