22701 SE 237th Pl · Maple Valley, WA 98038

$522,499

2 bd · 2.0 ba · 1,310 sqft · Townhouse public records · 16 Days on market

Built 2021 $231/mo HOA

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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).

• ARV discount +11.0/15.0
• Cash flow +7.4/30.0
• Schools +6.6/10.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• DSCR +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks

Exquisite Maple Valley Home Offering a Perfect Blend of Sophistication & Comfort. One Level Living Nestled in the Desirable Meadow Ridge 55+ Community (under 55 may reside with board approval). This Stunning Home is a Rare Find! Spacious Living with a Beautifully Appointed Chef's Kitchen Equipped with a Large Island, Stainless Appliances & Modern Stove with Air Fry Option. Quartz Counters & Luxury Vinyl Floors Add Elegance Throughout. Light & Bright with Soaring 10' Ceilings & Expansive Windows to let the Sun Shine Throughout. Primary with Spacious EnSuite & Walk-in Closet. Relax on the Large Covered Back Patio with Small Turf Area. The Covered Back Patio

Key facts

• Quartz counters
• Stainless appliances
• Large island

Tags

• MEADOW RIDGE COMMUNITY
• CHEF'S KITCHEN
• LARGE ISLAND
• STAINLESS APPLIANCES
• MODERN STOVE
• QUARTZ COUNTERS

🏢 Co-op / cooperative unit. The $522,499 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $522k.

Deal economics

• At list price, monthly cash flow is $-669 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $404k (22.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $393k (24.8% below list).
• Recommended offer: $393k (24.8% below list) — sets the bar for 1% rule.
• Cap rate 4.8% vs local median 3.2% in Maple Valley — 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 85/100 on livability (#24 in WA, #461 nationally) — a professional / high-income tenant draw. Strengths: schools A+, employment A+, housing A+; Watch: cost of living F.
• Tahoma School District (suburban): math 68% / reading 76% proficiency, ranked #10 of 291 in WA (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 11% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+2.8%/yr); 226 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• This rent runs 31% of the median local income ($152k/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 $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($515k) is reasonable based on typical stale-listing flexibility.

Recommended offer $392,949 (24.8% 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. 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. 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?
6. 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.
7. 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.
8. 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: 0.75% ✗
• Cap rate: 4.76%
• Cash-on-cash: -5.49%
• DSCR: 0.76
• GRM: 11.1

CMA / ARV

• ARV (median comp): $566,702
• List price: $522,499
• Delta: -7.80%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22754 SE 242nd St	0.30mi	3/2.5 (+1)	1,340 (+2%)	2mo	$539,950	$403	74
24053 223rd Ln SE	0.38mi	2/2.0	1,392 (+6%)	9mo	$492,500	$354	64
24031 223rd Pl SE #120	0.34mi	3/2.0 (+1)	1,170 (-11%)	8mo	$451,000	$385	54
22311 SE 242nd Pl #130	0.42mi	3/2.0 (+1)	1,450 (+11%)	12mo	$565,000	$390	48

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 · 2.76% rent growth · sell at horizon

5-year hold

• IRR: -25.9%
• Equity multiple: 0.12×
• Total profit: $-128,066
• Equity at exit: $77,906

10-year hold

• IRR: -23.3%
• Equity multiple: -0.16×
• Total profit: $-169,606
• Equity at exit: $45,176

Cash invested: $146,300 (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 98038

• Rents YoY: 2.8%
• Active inventory: 226
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $3,929 high
• Mortgage (P&I): −$2,740
• Tax from tax record: −$585 /mo · $7,015/yr
• Insurance: −$218
• HOA: −$231
• Vacancy / Maint / Mgmt: −$825
• Net cashflow: $-669

Break-even live

Break-even rent $4,776

Max offer price $404,311

Occupancy floor —

Sensitivity live

Price	-10% $-373	-5% $-521	+0% $-669	+5% $-817	+10% $-965
Rent	-10% $-979	-5% $-824	+0% $-669	+5% $-514	+10% $-359
Rate	-1.0pp $-406	-0.5pp $-536	base $-669	+0.5pp $-804	+1.0pp $-942

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: $130,625
• Closing costs: $15,675
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22435 SE 240th St Maple Valley, WA	1.0–2.0	1.0–2.0	859	$2,375	$2.76	0d	6	0.24mi
24202 224th Ave SE Unit 3 Maple Valley, WA	2.0	2.0	1320	$5,400	$4.09	44d	1	0.26mi
24212 224th Ave SE Unit 4 Maple Valley, WA	2.0	2.0	1320	$5,400	$4.09	44d	1	0.27mi
24116 235th Ave SE Maple Valley, WA	3.0	3.0	1680	$3,272	$1.95	25d	1	0.52mi
21900 SE Wax Rd Maple Valley, WA	1.0–3.0	1.0–2.0	808	$2,052	$2.54	2d	12	0.60mi
24527 250th Ave SE Maple Valley, WA	1.0	1.0	930	$4,000	$4.30	19d	1	1.50mi

HOA detail

• Monthly dues: $231 · $2,772/yr

Listing history 2 events

1. 2026-05-03
   status Pending
2. 2026-04-16
   listed $522,499 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: $7,015 · $585/mo
• Projected year-2 tax: $7,015 · $585/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 2/10 Low 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 · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $47,154
• − Mortgage interest: −$29,268
• − Property taxes: −$7,015
• − Insurance: −$2,612
• − Repairs & maintenance: −$3,772
• − Management: −$3,772
• − HOA: −$2,772
• − Depreciation: −$15,200
• Taxable loss: −$17,258
• Est. tax savings @ 24.0%: +$4,142
• After-tax cash flow: $-3,886/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: Tahoma School District
• NCES district ID: 5308760
• Math proficiency: 68% ▬ 0.00%
• Reading proficiency: 76% ▬ 0.00%
• Median HH income: $94,834
• Composite: 66.41/100
• National rank: #925
• State rank: #10 of 291 in WA

Livability — Maple Valley

• Score: 85/100
• State rank: #24
• US rank: #461

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Maple Valley, WA
• County: King County · 2,251,916 people
• City population: 37,324
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 37,324
• Household income: $152,261
• Rent vs Own: 14.4% rent · 85.6% own
• Severe rent burden: 580.0

Population outlook (King County) Hauer SSP2

• Today (2025): 2,576,485 people
• By 2030: 2,803,316 · +8.8%
• By 2040: 3,255,921 · +26.4%
• By 2050: 3,706,444 · +43.9%
• By 2075: 4,746,063 · +84.2%
• By 2100: 5,407,730 · +109.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Asian 10% Two or more races 9% Hispanic / Latino 6% Black 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 5% Italian 4% Romanian 3%
• Foreign-born: 13% · Canada, China, South Korea
• Languages at home: 86% English-only · Other Asian/Pacific 4% Russian/Polish/Slavic 3% Other Indo-European 2%

Political lean MEDSL · King

• 2024 margin: Solid D (+51.7) · D 74.2% · R 22.5% · Other 3.4%
• 2008→2024 swing: +9.6pp toward D · 2008: 42.1pp · 2024: 51.7pp
• All cycles: 2024: D+51.7 2020: D+52.7 2016: D+50.4 2012: D+39.9 2008: D+42.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -588.79%
• Current HPI: 310.7428
• Rent YoY: ▲ 2.76%
• 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

• 2026-05-03 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-16 Listed $522,499 NWMLS as Distributed by MLS Grid

Property tax history

+9.1%/yr

Latest (2025): $7,015 · +8.7% YoY. Source: county tax records.