23914 66th St E #33 · Lake Tapps, WA 98321

$199,500

3 bd · 2.0 ba · 1,566 sqft · Manufactured public records · 247 Days on market

Built 2007 $127/sqft · 15% below area Est $235k · 15% under ↓ 9% since listing

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +14.3/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.7/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Golden Valley Estates, a gated 55+ community in Buckley with a quiet, well-maintained setting near Bonney Lake amenities. This 3-bedroom, 2-bath home offers 1,566 sq ft of comfortable single-level living with vaulted ceilings, large windows, and an open main living area that flows into a spacious kitchen with ample cabinetry, counter space, and pantry storage. The primary suite includes a walk-in closet and private bath, while two additional bedrooms offer flexibility for guests, hobbies, or office space. An attached 2-car garage adds convenience and storage. Priced as one of the best values in the community, this home offers a solid layout and the opportunity to update and perso

Key facts

• Gated community
• Open living room
• Walk-in closet

Tags

• GATED COMMUNITY
• SPACIOUS PRIMARY SUITE
• WALK-IN CLOSET
• GENEROUS BATH
• OPEN LIVING ROOM
• VAULTED CEILINGS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $200k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.4% 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: crime A+, employment A+, housing 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.
• Zoned schools: Mountain Meadow Elementary (416 students, 22% FRL); Glacier Middle School (970 students, 35% FRL); White River High School (1,263 students, 32% FRL) — zoned schools at 30% FRL track the district average.
• Market conditions: 239 active listings in the ZIP; 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 $1k of loan paydown is wiped out by about $6k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 247 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.

Recommended offer $175,560 (12.0% below list)

Questions for the listing agent

1. It's been on market 247 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.60% ✓
• Cap rate: 13.36%
• Cash-on-cash: 25.26%
• DSCR: 2.12
• GRM: 5.2

CMA / ARV

• ARV (median comp): $235,000
• List price: $199,500
• Delta: -15.11%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6610 243rd Ave E #98	0.16mi	3/2.0	1,566 (0%)	15mo	$250,000	$160	80
6707 243rd Ave E #78	0.20mi	3/2.0	1,620 (+3%)	22mo	$295,000	$182	67
6704 243rd Ave E #96	0.17mi	3/2.0	1,404 (-10%)	10mo	$195,000	$139	67
24218 66th St E #100	0.15mi	3/2.0	1,728 (+10%)	12mo	$285,000	$165	66
24223 66th St E #69	0.15mi	2/2.0 (-1)	1,664 (+6%)	22mo	$265,000	$159	59
24317 68th St E #83	0.24mi	3/2.0	1,782 (+14%)	23mo	$310,000	$174	47
7507 242nd Avenue Ct E	0.66mi	3/2.0	1,395 (-11%)	17mo	$450,000	$323	37

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: 18.8%
• Equity multiple: 1.76×
• Total profit: $42,580
• Equity at exit: $29,746

10-year hold

• IRR: 27.1%
• Equity multiple: 3.39×
• Total profit: $133,613
• Equity at exit: $17,249

Cash invested: $55,860 (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: 5.2×

Monthly cashflow live

• Estimated rent: $3,193 medium
• Mortgage (P&I): −$1,046
• Tax from tax record: −$218 /mo · $2,612/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$671
• Net cashflow: $1,176

Break-even live

Break-even rent $1,705

Max offer price $199,500

Occupancy floor 58%

Sensitivity live

Price	-10% $1,289	-5% $1,232	+0% $1,176	+5% $1,119	+10% $1,063
Rent	-10% $923	-5% $1,050	+0% $1,176	+5% $1,302	+10% $1,428
Rate	-1.0pp $1,276	-0.5pp $1,226	base $1,176	+0.5pp $1,124	+1.0pp $1,071

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: $49,875
• Closing costs: $5,985
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $199,500 Active 247 DOM
2. 2026-06-18
   days on market $199,500 Active 244 DOM
3. 2026-06-17
   days on market $199,500 Active 243 DOM
4. 2026-06-16
   days on market $199,500 Active 242 DOM
5. 2026-06-15
   days on market $199,500 Active 241 DOM
6. 2026-06-13
   days on market $199,500 Active 239 DOM
7. 2026-06-13
   days on market $199,500 Active 238 DOM
8. 2026-06-09
   days on market $199,500 Active 235 DOM
9. 2026-06-08
   days on market $199,500 Active 234 DOM
10. 2026-06-07
    days on market $199,500 Active 233 DOM
11. 2026-06-04
    days on market $199,500 Active 230 DOM
12. 2026-06-03
    days on market $199,500 Active 229 DOM
13. 2026-06-02
    days on market $199,500 Active 228 DOM
14. 2026-06-01
    days on market $199,500 Active 227 DOM
15. 2026-05-31
    days on market $199,500 Active 226 DOM
16. 2026-02-10
    price $199,500
17. 2025-11-05
    price $210,000
18. 2025-10-17
    listed $220,000 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: $2,612 · $218/mo
• Projected year-2 tax: $2,612 · $218/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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥88°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: $38,319
• − Mortgage interest: −$11,175
• − Property taxes: −$2,612
• − Insurance: −$998
• − Repairs & maintenance: −$3,066
• − Management: −$3,066
• − Depreciation: −$5,804
• Taxable income: $11,600
• Est. tax owed @ 24.0%: −$2,784
• After-tax cash flow: $11,324/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

-9.3% since first listed

3 events — show timeline

• 2026-02-10 Price Changed $199,500 NWMLS as Distributed by MLS Grid
• 2025-11-05 Price Changed $210,000 NWMLS as Distributed by MLS Grid
• 2025-10-17 Listed $220,000 NWMLS as Distributed by MLS Grid

Property tax history

+4.3%/yr

Latest (2026): $2,612 · +5.6% YoY. Source: county tax records.