5430 S Birmingham St · Tacoma, WA 98409

$231,000

3 bd · 1.0 ba · 1,460 sqft · SingleFamily public records · 13 Days on market

Built 1908 5,000 sqft lot Est $454k · 49% 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).

• ARV discount +15.0/15.0
• Cash flow +14.2/30.0
• DSCR +4.3/10.0
• 1% rule +4.2/10.0
• Schools +4.2/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Great opportunity in a convenient location close to schools, shopping, and easy freeway access. This 3-bedroom, 2-bath home with a detached garage offers a variety of possibilities for buyers with vision. Situated on a parcel that may offer strong long-term value, the property presents options for renovation, restoration, or other future plans such as redevelopment, subject to buyer verification. Features include classic architectural details and vintage character that may appeal to those looking to preserve its charm. Property is sold as-is. Due to condition, cash, hard money or FHA Rehab type financing is recommended.

Key facts

• Vintage character
• Convenient location
• Detached garage

Tags

• CONVENIENT LOCATION
• DETACHED GARAGE
• CLASSIC ARCHITECTURAL DETAILS
• VINTAGE CHARACTER

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $231k.

Deal economics

• At list price, monthly cash flow is $39 ($469/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 $213k (7.7% below list).
• Recommended offer: $213k (7.7% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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.
• Zoned schools: Edison Elementary School (389 students, 72% FRL); Gray Middle School (521 students, 78% FRL); Foss High School (587 students, 71% FRL) — zoned schools average 73% FRL vs 53% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.1%/yr); 107 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• This rent runs 35% of the median local income ($73k/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 $2k of loan paydown is wiped out by about $7k 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 13 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $213,221 (7.7% below list)

Questions for the listing agent

1. Built in 1908 — 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: 0.92% ✗
• Cap rate: 6.50%
• Cash-on-cash: 0.73%
• DSCR: 1.03
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $454,060
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5430 S Birmingham St	0.00mi	3/1.0	1,460 (0%)	1mo	$240,000	$164	100
5417 S Cedar St	0.21mi	3/1.0	1,353 (-7%)	2mo	$430,000	$318	76
5631 S Puget Sound Ave	0.15mi	3/2.5	1,508 (+3%)	8mo	$465,000	$308	75
5312 S Prospect St	0.51mi	3/2.0	1,464 (+0%)	6mo	$445,000	$304	67
6214 S Warner St	0.44mi	2/1.5 (-1)	1,412 (-3%)	1mo	$470,000	$333	66
6621 S Montgomery St	0.72mi	3/1.0	1,461 (+0%)	4mo	$420,000	$287	62
6423 S Montgomery St	0.60mi	3/1.5	1,337 (-8%)	3mo	$430,000	$322	53
6035 S Fife St	0.60mi	3/2.0	1,362 (-7%)	6mo	$390,000	$286	52
5351 S Trafton St	0.68mi	3/2.0	1,344 (-8%)	4mo	$485,000	$361	48
6215 S Fife St	0.65mi	4/2.0 (+1)	1,368 (-6%)	4mo	$460,000	$336	47
4912 S Prospect St	0.62mi	3/1.5	1,658 (+14%)	2mo	$350,000	$211	44
4814 S Fife	0.61mi	2/2.0 (-1)	1,282 (-12%)	4mo	$399,000	$311	39

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 · 5.08% rent growth · sell at horizon

5-year hold

• IRR: -12.7%
• Equity multiple: 0.53×
• Total profit: $-30,324
• Equity at exit: $34,443

10-year hold

• IRR: -0.7%
• Equity multiple: 0.95×
• Total profit: $-3,442
• Equity at exit: $19,973

Cash invested: $64,680 (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 98409

• Rents YoY: 5.1%
• Active inventory: 107
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $2,132 high
• Mortgage (P&I): −$1,211
• Tax from tax record: −$338 /mo · $4,052/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$448
• Net cashflow: $39

Break-even live

Break-even rent $2,083

Max offer price $231,000

Occupancy floor 93%

Sensitivity live

Price	-10% $170	-5% $104	+0% $39	+5% $-26	+10% $-92
Rent	-10% $-129	-5% $-45	+0% $39	+5% $123	+10% $208
Rate	-1.0pp $155	-0.5pp $98	base $39	+0.5pp $-21	+1.0pp $-82

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: $57,750
• Closing costs: $6,930
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4802 S Pine St Tacoma, WA	2.0	1.0–2.0	789	$1,825	$2.31	1d	8	0.50mi
4720 S Pine St Tacoma, WA	1.0–2.0	1.0–2.0	829	$1,805	$2.18	1d	17	0.52mi
4707 S Puget Sound Ave Unit C Tacoma, WA	2.0	1.0	1020	$1,695	$1.66	1d	1	0.52mi
4538 S Warner St Unit A Tacoma, WA	3.0	2.0	1181	$2,185	$1.85	5d	1	0.58mi
3215 S 47th St Tacoma, WA	1.0–2.0	1.0–2.0	748	$1,750	$2.34	1d	12	0.59mi
4536 S Puget Sound Ave Unit A Tacoma, WA	3.0	2.0	1234	$1,895	$1.54	19d	1	0.59mi
3105 S 47th St Tacoma, WA	2.0	1.0	751	$1,715	$2.28	1d	17	0.62mi
5228 S Mason Ave Tacoma, WA	3.0	2.0	1001	$1,881	$1.88	14d	3	0.69mi
4318 S Puget Sound Ave Tacoma, WA	2.0	2.5	1150	$2,250	$1.96	26d	1	0.76mi
4318 S Puget Sound Ave Tacoma, WA	2.0	2.5	1190	$2,189	$1.84	14d	1	0.76mi
4318 S Puget Sound Ave Tacoma, WA	2.0	2.5	1190	$2,200	$1.85	16d	1	0.76mi
4318 S Puget Sound Ave Unit 6B Tacoma, WA	2.0	2.5	1150	$2,189	$1.90	16d	1	0.76mi
2901 S 45th St Tacoma, WA	2.0–4.0	2.5–3.0	1374	$2,895	$2.11	1d	5	0.77mi
4031 S 66th St Tacoma, WA	3.0	2.0	1550	$3,000	$1.94	26d	1	0.80mi
3307 S 43rd St Tacoma, WA	3.0	2.5	1372	$2,850	$2.08	26d	1	0.82mi
6815 S Warner St Tacoma, WA	3.0	1.0	1034	$2,400	$2.32	4d	1	0.83mi
4275 S Pine St Tacoma, WA	2.0	1.0–2.0	895	$2,095	$2.34	0d	5	0.85mi
6601 S Tyler St Unit 13 Tacoma, WA	2.0	1.0	880	$1,300	$1.48	25d	1	0.87mi
5801 S Gove St Tacoma, WA	3.0	2.0	1400	$2,500	$1.79	26d	1	0.88mi
4026 S Pine St Unit 3 Tacoma, WA	2.0	2.5	1035	$1,750	$1.69	9d	1	0.93mi
1770 S 52nd St Tacoma, WA	2.0	2.0	1138	$2,400	$2.11	25d	1	0.96mi
7025 S Puget Sound Ave Tacoma, WA	3.0	1.5	1200	$2,600	$2.17	26d	1	0.97mi
4827 S 56th St #3 Tacoma, WA	2.0	1.5	1400	$1,950	$1.39	9d	1	0.97mi
2424 S 41st St Tacoma, WA	3.0	1.0–3.0	928	$3,100	$3.34	22d	1	1.06mi
6830 Tacoma Mall Blvd Tacoma, WA	2.0	1.0	980	$1,560	$1.59	1d	2	1.07mi
2424 S 41st St Tacoma, WA	2.0	1.0–2.0	928	$2,055	$2.21	1d	22	1.07mi
6841 S Wapato St Tacoma, WA	3.0	2.0	1190	$2,550	$2.14	21d	1	1.08mi
5209 S Orchard St Tacoma, WA	2.0	1.0	1500	$1,800	$1.20	26d	1	1.11mi
5020 S 58th St Apt B Tacoma, WA	2.0	1.0	900	$1,545	$1.72	23d	1	1.11mi
5032 S 58th St Unit D Tacoma, WA	2.0	1.0	900	$1,450	$1.61	9d	1	1.12mi
5031 S Orchard St Unit A Tacoma, WA	2.0	1.0	1000	$1,495	$1.50	26d	1	1.12mi
5205 S Orchard St Unit A University Place, WA	2.0	1.0	900	$1,700	$1.89	26d	1	1.13mi
5701 S Orchard St Tacoma, WA	1.0–3.0	1.0–2.0	842	$1,881	$2.23	9d	10	1.13mi
6217 S Huson St Unit B Tacoma, WA	2.0	1.0	940	$1,695	$1.80	9d	1	1.13mi
4332 S 41st St Tacoma, WA	1.0–2.0	1.0–2.0	1025	$2,080	$2.03	1d	13	1.14mi
5001 S Orchard St Unit C University Place, WA	2.0	1.0	912	$1,495	$1.64	13d	1	1.17mi
3903 S Tyler St Unit 307 Tacoma, WA	2.0	2.0	915	$1,595	$1.74	1d	1	1.19mi
3926 S Tyler St Tacoma, WA	2.0	1.0	926	$1,400	$1.51	26d	1	1.19mi
7245 S Prospect St Tacoma, WA	3.0	1.5	1488	$3,150	$2.12	26d	1	1.27mi
6021 S Orchard St Tacoma, WA	1.0–3.0	1.0–2.0	999	$3,566	$3.57	0d	90	1.28mi

Listing history 2 events

1. 2026-03-12
   status Pending
2. 2026-02-27
   listed $231,000 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: $4,052 · $338/mo
• Projected year-2 tax: $4,052 · $338/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 ≥86°F today · 14 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: $25,587
• − Mortgage interest: −$12,940
• − Property taxes: −$4,052
• − Insurance: −$1,155
• − Repairs & maintenance: −$2,047
• − Management: −$2,047
• − Depreciation: −$6,720
• Taxable loss: −$3,374
• Est. tax savings @ 24.0%: +$810
• After-tax cash flow: $1,279/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): 27,843
• Household income: $73,348
• Rent vs Own: 55.6% rent · 44.4% own
• Severe rent burden: 2070.0

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: Highly diverse neighborhood (Simpson 0.71)
• Race & ethnicity: White 48% Hispanic / Latino 16% Two or more races 15% Black 15% Asian 9% Native American 1% Pacific Islander 1%
• Hispanic origin (detail): Mexican 11% Puerto Rican 1%
• Common ancestry: Portuguese 3% Slovak 2% Italian 2%
• Foreign-born: 12% · Canada, South Korea, Vietnam
• Languages at home: 81% English-only · Spanish 9% Korean 3% Tagalog/Filipino 2%

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: ▼ -614.20%
• Current HPI: 355.8056
• Rent YoY: ▲ 5.08%
• 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

2 events — show timeline

• 2026-03-12 Pending — NWMLS as Distributed by MLS Grid
• 2026-02-27 Listed $231,000 NWMLS as Distributed by MLS Grid

Property tax history

+13.7%/yr

Latest (2026): $4,052 · +894.3% YoY. Source: county tax records.