22808 72nd St E · Lake Tapps, WA 98321

$699,999

4 bd · 3.0 ba · 2,571 sqft · SingleFamily public records · 60 Days on market

Built 2018 8,000 sqft lot $272/sqft · 16% below area Est $830k · 16% under $52/mo HOA · 1% of rent

---

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 +14.8/30.0
• ARV discount +14.6/15.0
• Schools +5.7/10.0
• DSCR +4.5/10.0
• 1% rule +3.7/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Stop paying for RV storage! This immaculate, modern rambler offers the dream setup with a 3-car garage PLUS dedicated RV or boat parking, all in a beautiful floorplan. This well-maintained Ainsworth floorplan in Chinook Meadows offers 2,571 sq ft with an oversized primary suite, bedroom, and office on the main floor. Open-concept design with vaulted ceilings, LVP flooring, and a spacious great room centered around a gas fireplace. Kitchen features quartz countertops, shaker-style soft-close cabinetry, full-height tile backsplash, stainless steel appliances, and 5-burner gas range. Primary suite includes walk-in closet and ensuite bath. Additional bedrooms plus upper-level bonus space ideal

Key facts

• 8,000 sq ft lot
• Garage
• Built 2018

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $700k.

Deal economics

• At list price, monthly cash flow is $192 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $610k (12.9% below list).
• Recommended offer: $610k (12.9% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 2.7% in Lake Tapps — 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 68/100 on livability (#289 in WA) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, cost of living F.
• 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.
• Market conditions: 239 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 $5k of loan paydown is wiped out by about $21k 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 60 days — a 3% lower offer ($679k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $50k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $525k; 33% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $610,000 (12.9% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
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. 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: 0.87% ✗
• Cap rate: 6.62%
• Cash-on-cash: 1.18%
• DSCR: 1.05
• GRM: 9.6

CMA / ARV

• ARV (median comp): $830,159
• List price: $699,999
• Delta: -15.68%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22311 75th Street Ct E	0.31mi	4/2.5	2,714 (+6%)	10mo	$689,000	$254	66
7326 223rd Avenue Ct E	0.31mi	3/2.5 (-1)	2,770 (+8%)	2mo	$700,000	$253	64
7302 225th Avenue Ct E	0.25mi	4/2.5	2,835 (+10%)	14mo	$670,000	$236	58
7512 222nd Avenue Ct E	0.41mi	3/2.5 (-1)	2,778 (+8%)	5mo	$715,000	$257	57
23142 65th St E	0.50mi	4/2.5	2,752 (+7%)	10mo	$829,000	$301	55
23508 Sumner Buckley Hwy E	0.65mi	5/2.0 (+1)	2,620 (+2%)	5mo	$680,000	$260	53
6217 229th Ave E #241	0.70mi	4/3.5	2,603 (+1%)	14mo	$849,950	$327	52
6122 232nd Ave E #190	0.72mi	4/3.5	2,603 (+1%)	14mo	$863,028	$332	51
6626 232nd Ave E	0.36mi	4/2.5	2,750 (+7%)	24mo	$817,777	$297	50
6811 226th Avenue Ct E	0.27mi	5/3.0 (+1)	2,886 (+12%)	22mo	$799,998	$277	44
6218 229th Ave E #307	0.72mi	3/3.0 (-1)	2,481 (-4%)	20mo	$864,247	$348	40

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: -14.4%
• Equity multiple: 0.48×
• Total profit: $-101,216
• Equity at exit: $104,372

10-year hold

• IRR: -5.7%
• Equity multiple: 0.63×
• Total profit: $-72,514
• Equity at exit: $60,523

Cash invested: $196,000 (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 98321

• Active inventory: 239
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $6,100 medium
• Mortgage (P&I): −$3,671
• Tax from tax record: −$612 /mo · $7,345/yr
• Insurance: −$292
• HOA: −$52
• Vacancy / Maint / Mgmt: −$1,281
• Net cashflow: $192

Break-even live

Break-even rent $5,857

Max offer price $699,999

Occupancy floor 92%

Sensitivity live

Price	-10% $589	-5% $390	+0% $192	+5% $-6	+10% $-204
Rent	-10% $-290	-5% $-49	+0% $192	+5% $433	+10% $674
Rate	-1.0pp $545	-0.5pp $370	base $192	+0.5pp $11	+1.0pp $-174

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: $175,000
• Closing costs: $21,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23056 64th Street Ct E Unit 1 Buckley, WA	5.0	3.5	3358	$6,100	$1.82	45d	1	0.61mi

HOA detail

• Monthly dues: $52 · $624/yr
• Likely covers: gas

Listing history 8 events

1. 2026-06-02
   status $699,999 Pending 60 DOM
2. 2026-06-01
   days on market $699,999 Active 60 DOM
3. 2026-05-31
   days on market $699,999 Active 59 DOM
4. 2026-04-24
   price $725,000
5. 2026-04-02
   listed $750,000 Active
6. 2019-01-30
   soldstatus $524,591 Sold
7. 2018-06-26
   status Pending
8. 2018-06-26
   listed $493,950 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: $7,345 · $612/mo
• Projected year-2 tax: $7,345 · $612/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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥87°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 10 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $73,200
• − Mortgage interest: −$39,211
• − Property taxes: −$7,345
• − Insurance: −$3,500
• − Repairs & maintenance: −$5,856
• − Management: −$5,856
• − HOA: −$624
• − Depreciation: −$20,364
• Taxable loss: −$9,556
• Est. tax savings @ 24.0%: +$2,293
• After-tax cash flow: $4,602/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 — Lake Tapps

• Score: 68/100
• State rank: #289
• US rank: #10068

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 17,601

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 (87%)
• Race & ethnicity: White 87% Hispanic / Latino 6% Two or more races 5% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Portuguese 7% Italian 4% Lithuanian 3%
• Foreign-born: 2% · China, Canada
• Languages at home: 97% English-only · Spanish 1% 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: ▼ -206.67%
• Current HPI: 310.6568
• Rent YoY: —
• Metro: —
• 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

+46.8% since first listed

5 events — show timeline

• 2026-04-24 Price Changed $725,000 NWMLS as Distributed by MLS Grid
• 2026-04-02 Listed $750,000 NWMLS as Distributed by MLS Grid
• 2019-01-30 Sold (MLS) $524,591 NWMLS as Distributed by MLS Grid
• 2018-06-26 Pending — NWMLS as Distributed by MLS Grid
• 2018-06-26 Listed $493,950 NWMLS as Distributed by MLS Grid

Property tax history

+26.2%/yr

Latest (2026): $7,345 · -1.4% YoY. Source: county tax records.