10217 Sheridan Ave S #10219 · Parkland, WA 98444

$555,000

6 bd · 3.0 ba · 2,174 sqft · MultiFamily · 10 Days on market

Built 1995 0.50 ac lot

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Why this score? — see what drove the D 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).

• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Cash flow +7.2/30.0
• Schools +3.9/10.0
• Livability +3.9/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• DSCR +1.4/10.0

Multi-family units

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

Listing remarks

Versatile Duplex Living ~ The Perfect Blend of Home and Income! Duplex situated on a private pipe stem lot, offering added quiet and reduced traffic. Ideal for Multi-Generational Living or Owner-Occupied First-Time Home Buyer Seeking Both Homeownership & A Smart Investment. Live in one unit and rent out the other to help offset your mortgage ~ ideal setup for building equity while enjoying your own space. Both units are move-in ready with fresh interior paint throughout, new vinyl flooring, and nearly new carpet. All appliances convey. Each unit with approximately /1,087 SQ. FT. ; 3 BD; 1.5 Baths; individual attached single car garage; and fully fenced separated backyards. No HOA ~ Th

Key facts

• Move-in ready
• Fresh interior paint
• No hoa

Tags

• PRIVATE PIPE STEM LOT
• MOVE-IN READY
• FRESH INTERIOR PAINT
• NEW VINYL FLOORING
• NO HOA
• AMPLE ROOM FOR OUTDOOR LIVING

Property features AI

Finance

• Other: Possible uses: Multi-family or residential (see remarks); Lot includes dead-end street access; Lot size ~0.4959 acres (public records); Units in building: 2 total; Building area total ~2174 square feet; Each unit approx. 1,087 square feet; Gross adjusted income/total monthly income/expenses listed as 0 (see agent for investor details)
• Financial info: Listing accepts Cash, Conventional, FHA, VA loan (see remarks for details)
• HOA & community: No applicable association fees

Exterior

• Parking: 2 uncovered parking spaces; 2 covered spaces; 2-car garage (garage holds 2 cars); RV parking available
• Security: Partially fenced (security feature)
• Utilities: Electric service; Public water (Tacoma Public Utilities); Sewer connected (Pierce County Sewer); Power by Tacoma Public Utilities; Cable and internet connection TBD
• Home design: Duplex (residential income / multi-family); Single-story; Has a view; Built or effective year 2001; Average property condition
• Construction: Wood construction; Composition roof; Duplex structure
• Exterior features: Partially fenced; Patio; RV parking; Wood exterior/wood products

Interior

• Kitchen: Each unit includes a range/oven; Each unit includes a refrigerator; Each unit includes a dishwasher
• Bedrooms: Two units, each with 3 bedrooms
• Flooring: Vinyl; Carpet
• Bathrooms: Two units, each with 2 bathrooms
• Heating & cooling: Wall furnace heating; No cooling
• Interior features: Vinyl and carpet flooring; Wall furnace heating; No central air (no cooling)
• Laundry & utility: No in-unit washer/dryer (per unit)

What this means for you Summary

Snapshot

• This is a 2 × 3.0-bed/1.5-bath units multifamily listed at $555k.

Deal economics

• At list price, monthly cash flow is $-766 ($-9k/yr) — negative. Per door: $-383/mo.
• To cash-flow at today's rent, offer at most $444k (20.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $388k (30.0% below list).
• Recommended offer: $388k (30.0% below list) — sets the bar for 1% rule.
• Cap rate 4.6% vs local median 2.3% in Parkland — 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 77/100 on livability (#148 in WA, #3,068 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities D+, crime F.
• Franklin Pierce School District (suburban): math 35% / reading 51% proficiency, ranked #197 of 291 in WA (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Christensen Elementary (368 students, 74% FRL); Perry G Keithley Middle School (787 students, 68% FRL); Washington High School (997 students, 67% FRL).
• Market conditions: Rents rising (+2.9%/yr); 159 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• At $3,885/mo this rent would consume 71% of the median local household income ($65k/yr) (locally 2169% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $59k of equity ($4k loan paydown + $56k appreciation (10.0% local appreciation)).
• Pierce County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$95k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $388,500 (30.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.70% ✗
• Cap rate: 4.64%
• Cash-on-cash: -5.92%
• DSCR: 0.74
• GRM: 11.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 2.93% rent growth · sell at horizon

5-year hold

• IRR: 20.1%
• Equity multiple: 2.63×
• Total profit: $253,245
• Equity at exit: $499,988

10-year hold

• IRR: 18.3%
• Equity multiple: 6.04×
• Total profit: $783,710
• Equity at exit: $1,078,243

Cash invested: $155,400 (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 98444

• Home prices YoY: 3.6%
• Rents YoY: 2.9%
• Active inventory: 159
• Price-to-rent: 23.8×

Monthly cashflow live

• Estimated rent: $3,885 high
• Mortgage (P&I): −$2,910
• Tax est. 1.5%: −$694 /mo · $8,325/yr
• Insurance: −$231
• HOA: −$0
• Vacancy / Maint / Mgmt: −$816
• Net cashflow: $-766

Break-even live

Break-even rent $4,855

Max offer price $444,111

Occupancy floor —

Sensitivity live

Price	-10% $-383	-5% $-575	+0% $-766	+5% $-958	+10% $-1,150
Rent	-10% $-1,073	-5% $-920	+0% $-766	+5% $-613	+10% $-459
Rate	-1.0pp $-487	-0.5pp $-625	base $-766	+0.5pp $-910	+1.0pp $-1,056

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

Units	Beds	Baths	Est. rent
▸ 2× units	3.0	1.5	$3,886
Total (2 units)			$3,885

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: $138,750
• Closing costs: $16,650
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9615 18th Ave S Unit A1 Tacoma, WA	5.0	2.0	2189	$3,295	$1.51	18d	1	0.47mi
9615 18th Ave S Unit R05 Tacoma, WA	5.0	2.0	2189	$3,295	$1.51	45d	1	0.53mi
1223 121st St S Tacoma, WA	5.0	1.0	1469	$2,225	$1.51	45d	1	1.11mi

Listing history 8 events

1. 2026-06-21
   days on market $555,000 Active 10 DOM
2. 2026-06-18
   days on market $555,000 Active 7 DOM
3. 2026-06-17
   days on market $555,000 Active 6 DOM
4. 2026-06-16
   days on market $555,000 Active 5 DOM
5. 2026-06-15
   days on market $555,000 Active 4 DOM
6. 2026-06-13
   days on market $555,000 Active 2 DOM
7. 2026-06-13
   remarks 695-char remark
8. 2026-06-13
   listed $555,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $46,620
• − Mortgage interest: −$31,089
• − Property taxes: −$8,325
• − Insurance: −$2,775
• − Repairs & maintenance: −$3,730
• − Management: −$3,730
• − Depreciation: −$16,145
• Taxable loss: −$19,173
• Est. tax savings @ 24.0%: +$4,602
• After-tax cash flow: $-4,594/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: Franklin Pierce School District
• NCES district ID: 5302940
• Math proficiency: 35% ▬ 0.00%
• Reading proficiency: 51% ▲ 2.00%
• Median HH income: $49,240
• Composite: 39.18/100
• National rank: #8227
• State rank: #197 of 291 in WA

Livability — Parkland

• Score: 77/100
• State rank: #148
• US rank: #3068

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Parkland, WA
• County: Pierce County · 788,257 people
• City population: 36,624
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 35,754
• Household income: $65,342
• Rent vs Own: 56.0% rent · 44.0% own
• Severe rent burden: 2169.0

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 0.77)
• Race & ethnicity: White 40% Hispanic / Latino 19% Two or more races 17% Black 16% Asian 11% Pacific Islander 4% Native American 1%
• Hispanic origin (detail): Mexican 13% Puerto Rican 1%
• Common ancestry: Portuguese 3% Scotch-Irish 2% Swedish 1%
• Foreign-born: 21% · Canada, South Korea, Vietnam
• Languages at home: 68% English-only · Spanish 13% Other Asian/Pacific 6% Korean 3%

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: ▲ 45.01%
• Current HPI: 1297.51
• Rent YoY: ▲ 2.93%
• 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

1 event — show timeline

• 2026-06-11 Listed $555,000 NWMLS as Distributed by MLS Grid