8525 234th Ave E · Bonney Lake, WA 98321

$599,000

3 bd · 3.0 ba · 2,398 sqft · SingleFamily public records

Built 1967 0.44 ac lot Est $890k · 33% under

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Why this score? — see what drove the F 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
• Schools +5.7/10.0
• Cash flow +5.1/30.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.3/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Room for your imagination in this rambler on a nice open lot with tons of parking and RV space!Come see this updated 3 bedroom home with 1 full baths and 2 half baths then there is 2 more bedrooms, another full bath, and extra living space that is waiting on your creativity to finish! Newer windows and roof and recently painted. House is ready for you to live in and remodel into your vision! Extra full bath! Extra bedrooms/master suite wing?! Extra living room with a kitchenette! Want to rent out space for a little extra income? Move in your MIL? THIS house has all the room you need! The amount of space is deceiving from the road! Come in, see for yourself, and bring your ideas!!!

Key facts

• 0.44 acre lot
• Garage
• Built 1967

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath single-family listed at $599k.

Deal economics

• At list price, monthly cash flow is $-1k ($-16k/yr) — negative.
• To cash-flow at today's rent, offer at most $357k (40.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $319k (46.7% below list).
• Recommended offer: $319k (46.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 72/100 on livability (#215 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, schools B+; 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: 235 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 $4k of loan paydown is wiped out by about $18k 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 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 13y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $258k; list at $599k implies a 132% gain — meaningful room to come down on a strong offer.

Recommended offer $319,256 (46.7% 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. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 0.53% ✗
• Cap rate: 3.54%
• Cash-on-cash: -9.82%
• DSCR: 0.56
• GRM: 15.6

CMA / ARV

• ARV (on-the-fly): $889,658
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8612 240th Ave E	0.30mi	3/4.0	2,422 (+1%)	1mo	$1,580,000	$652	79
9218 228th Ave E	0.58mi	3/2.5	2,609 (+9%)	8mo	$640,000	$245	50
22908 94th St E	0.65mi	3/2.5	2,511 (+5%)	13mo	$1,111,000	$442	48
9322 229th Ave E	0.59mi	4/2.5 (+1)	2,509 (+5%)	20mo	$625,000	$249	41
22612 91st Street Ct E	0.64mi	3/2.5	2,548 (+6%)	22mo	$945,000	$371	39
9225 225th Ave E	0.73mi	4/2.5 (+1)	2,670 (+11%)	9mo	$640,000	$240	33

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: -33.9%
• Equity multiple: -0.10×
• Total profit: $-184,583
• Equity at exit: $89,313

10-year hold

• IRR: -42.8%
• Equity multiple: -0.63×
• Total profit: $-273,711
• Equity at exit: $51,791

Cash invested: $167,720 (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: 235
• Price-to-rent: 15.6×

Monthly cashflow live

• Estimated rent: $3,193 medium
• Mortgage (P&I): −$3,141
• Tax from tax record: −$504 /mo · $6,046/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$670
• Net cashflow: $-1,373

Break-even live

Break-even rent $4,930

Max offer price $356,537

Occupancy floor —

Sensitivity live

Price	-10% $-1,033	-5% $-1,203	+0% $-1,373	+5% $-1,542	+10% $-1,712
Rent	-10% $-1,625	-5% $-1,499	+0% $-1,373	+5% $-1,246	+10% $-1,120
Rate	-1.0pp $-1,071	-0.5pp $-1,220	base $-1,373	+0.5pp $-1,528	+1.0pp $-1,686

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: $149,750
• Closing costs: $17,970
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-03-18
   historical
2. 2026-03-12
   listed $599,000
3. 2013-04-12
   historical
4. 2013-04-11
   soldstatus $258,000 Sold
5. 2013-04-11
   soldstatus $258,000
6. 2013-02-14
   status Pending
7. 2013-02-05
   listed $259,900 Active
8. 2000-06-05
   soldstatus $170,000

ⓘ 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: $6,046 · $504/mo
• Projected year-2 tax: $6,046 · $504/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 · 15 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: $38,311
• − Mortgage interest: −$33,553
• − Property taxes: −$6,046
• − Insurance: −$2,995
• − Repairs & maintenance: −$3,065
• − Management: −$3,065
• − Depreciation: −$17,425
• Taxable loss: −$27,839
• Est. tax savings @ 24.0%: +$6,681
• After-tax cash flow: $-9,789/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 — Bonney Lake

• Score: 72/100
• State rank: #215
• US rank: #6077

Category grades

Amenities F Commute F Cost of living F Crime B Employment A+ Housing A+ Health & safety C+ 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

+252.4% since first listed

8 events — show timeline

• 2026-03-18 Delisted — NWMLS as Distributed by MLS Grid
• 2026-03-12 Listed $599,000 NWMLS as Distributed by MLS Grid
• 2013-04-12 Delisted — NWMLS as Distributed by MLS Grid
• 2013-04-11 Sold (Public Records) $258,000 Public Records
• 2013-04-11 Sold (MLS) $258,000 NWMLS as Distributed by MLS Grid
• 2013-02-14 Pending — NWMLS as Distributed by MLS Grid
• 2013-02-05 Listed $259,900 NWMLS as Distributed by MLS Grid
• 2000-06-05 Sold (Public Records) $170,000 Public Records

Property tax history

+3.1%/yr

Latest (2026): $6,046 · -4.1% YoY. Source: county tax records.