23617 SE 243rd Pl · Maple Valley, WA 98038

$645,000

3 bd · 2.5 ba · 1,560 sqft · SingleFamily public records · 2 Days on market

Built 2003 4,440 sqft lot $413/sqft · 11% below area Est $728k · 11% under $50/mo HOA · 1% of rent

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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 +12.6/15.0
• Cash flow +8.0/30.0
• Schools +6.6/10.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• DSCR +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Discover this beautifully-maintained home in highly sought-after Maple Valley; one of the best places to live in Washington. Enjoy the perfect blend of upscale country living with the convenience of shopping, dining, and everyday amenities just 5 minutes away. Located 2 minutes from top-rated schools; this home offers an unbeatable location. Inside, the open-concept kitchen features quartz countertops, a spacious eating bar, and newer stainless steel appliance package with all appliances offered - perfect for everyday living. New wide-plank flooring, carpet, shiplap, and fresh paint throughout give the home a stylish, updated feel. Recent maintenance items include a new furnace and hot wate

Key facts

• Park like backyard
• Quartz countertops
• Open-concept kitchen

Tags

• OPEN-CONCEPT KITCHEN
• QUARTZ COUNTERTOPS
• NEW WIDE-PLANK FLOORING
• ENTERTAINMENT-SIZED PATIO
• PARK LIKE BACKYARD

Property features AI

Finance

• Other: Level topography
• Financial info: Financing accepted: Cash, Conventional, FHA, VA
• HOA & community: Homeowners association (annual fee $600) — fee covers common area maintenance; Association managed by VIS Group; Community features: CCRs, park, playground

Exterior

• Parking: Attached garage; 2 covered parking spaces; 2 uncovered parking spaces; Driveway
• Security: Fully fenced
• Utilities: Public water (Cedar River); Sewer available (Soos Creek); Electric and natural gas energy sources; Power by PSE; Cable connected (Comcast); Internet connected (Xfinity)
• Home design: Single-family residence; Two-story house; Main level entry; Very good condition; Built on lot
• Construction: Built (effective) in 2020; Metal/vinyl construction; Composition roof; Poured concrete foundation
• Exterior features: Metal/vinyl exterior; Fully fenced yard; Patio; Garden space; Cable TV available; High-speed internet available

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Refrigerator; Range / Stove
• Bedrooms: 3 bedrooms (all on upper level)
• Flooring: Laminate; Vinyl; Carpet
• Bathrooms: 2 full bathrooms; 1 half bathroom; 2 bathtubs; 1 shower; Main level has a half bath
• Heating & cooling: Forced air heating; Heat pump; Central air conditioning; Forced air cooling
• Interior features: Built-in vacuum; Ceiling fans; Fireplace (gas); Walk-in closets; Water heater
• Laundry & utility: Washer; Dryer; Water heater located in garage (gas)

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $645k.

Deal economics

• At list price, monthly cash flow is $-653 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $530k (17.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $456k (29.2% below list).
• Recommended offer: $456k (29.2% below list) — sets the bar for 1% rule.
• Cap rate 5.1% 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: employment A+, housing A+, health & safety 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.
• Zoned schools: Rock Creek Elementary (725 students, 15% FRL); Summit Trail Middle School (1,098 students, 15% FRL); Tahoma Senior High School (2,790 students, 19% FRL).
• Market conditions: Rents rising (+2.8%/yr); 226 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• This rent runs 36% 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 $19k 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

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 24y 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.

Recommended offer $456,351 (29.2% 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: 0.71% ✗
• Cap rate: 5.08%
• Cash-on-cash: -4.34%
• DSCR: 0.81
• GRM: 11.8

CMA / ARV

• ARV (median comp): $728,185
• List price: $645,000
• Delta: -11.42%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23617 SE 243rd Pl	0.00mi	3/2.5	1,560 (0%)	0mo	$650,000	$417	100
23712 SE 243rd Pl	0.06mi	3/2.5	1,560 (0%)	3mo	$639,000	$410	95
23423 SE 243rd Pl	0.11mi	3/2.5	1,560 (0%)	8mo	$662,000	$424	88
23803 SE 247th Pl	0.23mi	3/2.5	1,660 (+6%)	2mo	$682,000	$411	77
24028 235th Ave SE	0.22mi	3/2.5	1,700 (+9%)	5mo	$650,000	$382	71
23843 SE 246th St	0.20mi	3/2.5	1,660 (+6%)	14mo	$772,000	$465	69
23434 SE 248th St	0.22mi	3/2.5	1,700 (+9%)	9mo	$695,500	$409	67
22904 SE 240th Pl	0.51mi	3/2.5	1,520 (-3%)	9mo	$592,500	$390	64
23425 SE 248th St	0.24mi	3/2.5	1,700 (+9%)	15mo	$785,000	$462	62
24610 232nd Pl SE	0.29mi	3/2.5	1,750 (+12%)	10mo	$682,000	$390	58
24424 249th Ave SE	0.75mi	3/2.5	1,650 (+6%)	1mo	$940,000	$570	55
23203 Upper Dorre Don Way SE	0.70mi	3/1.5	1,740 (+12%)	3mo	$674,000	$387	41

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: -23.9%
• Equity multiple: 0.18×
• Total profit: $-147,253
• Equity at exit: $96,172

10-year hold

• IRR: -19.7%
• Equity multiple: -0.03×
• Total profit: $-186,476
• Equity at exit: $55,768

Cash invested: $180,600 (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: 11.8×

Monthly cashflow live

• Estimated rent: $4,564 medium
• Mortgage (P&I): −$3,382
• Tax from tax record: −$557 /mo · $6,682/yr
• Insurance: −$269
• HOA: −$50
• Vacancy / Maint / Mgmt: −$958
• Net cashflow: $-653

Break-even live

Break-even rent $5,390

Max offer price $529,667

Occupancy floor —

Sensitivity live

Price	-10% $-288	-5% $-470	+0% $-653	+5% $-835	+10% $-1,018
Rent	-10% $-1,013	-5% $-833	+0% $-653	+5% $-473	+10% $-292
Rate	-1.0pp $-328	-0.5pp $-489	base $-653	+0.5pp $-820	+1.0pp $-990

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: $161,250
• Closing costs: $19,350
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
24116 235th Ave SE Maple Valley, WA	3.0	3.0	1680	$3,272	$1.95	26d	1	0.21mi
24212 224th Ave SE Unit 4 Maple Valley, WA	2.0	2.0	1320	$5,400	$4.09	45d	1	0.80mi
24202 224th Ave SE Unit 3 Maple Valley, WA	2.0	2.0	1320	$5,400	$4.09	45d	1	0.81mi
26285 238th Ln SE Maple Valley, WA	1.0–3.0	1.0–2.0	865	$2,699	$3.12	0d	9	1.16mi

HOA detail

• Monthly dues: $50 · $600/yr

Listing history 8 events

1. 2026-05-08
   status Pending
2. 2026-05-05
   listed $645,000 Active
3. 2013-12-30
   soldstatus $271,000 Sold
4. 2013-12-30
   soldstatus $271,000
5. 2013-11-15
   status Pending
6. 2013-11-08
   listed $250,000 Active
7. 2002-10-14
   listed
8. 2002-07-15
   soldstatus $3,520,000

ⓘ 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: $6,682 · $557/mo
• Projected year-2 tax: $6,682 · $557/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: $54,762
• − Mortgage interest: −$36,130
• − Property taxes: −$6,682
• − Insurance: −$3,225
• − Repairs & maintenance: −$4,381
• − Management: −$4,381
• − HOA: −$600
• − Depreciation: −$18,764
• Taxable loss: −$19,401
• Est. tax savings @ 24.0%: +$4,656
• After-tax cash flow: $-3,178/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

-81.5% since first listed

9 events — show timeline

• 2026-06-15 Sold (MLS) $650,000 NWMLS as Distributed by MLS Grid
• 2026-05-08 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-05 Listed $645,000 NWMLS as Distributed by MLS Grid
• 2013-12-30 Sold (Public Records) $271,000 Public Records
• 2013-12-30 Sold (MLS) $271,000 NWMLS as Distributed by MLS Grid
• 2013-11-15 Pending — NWMLS as Distributed by MLS Grid
• 2013-11-08 Listed $250,000 NWMLS as Distributed by MLS Grid
• 2002-10-14 Listed — NWMLS as Distributed by MLS Grid
• 2002-07-15 Sold (Public Records) $3,520,000 Public Records

Property tax history

+5.0%/yr

Latest (2025): $6,682 · +8.1% YoY. Source: county tax records.