18529 94th Ave E · South Hill, WA 98375

$384,800

4 bd · 3.0 ba · 2,295 sqft · SingleFamily public records · 62 Days on market

Built 2005 4,665 sqft lot $168/sqft · 31% below area Est $561k · 31% under $30/mo HOA · 1% of rent

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Why this score? — see what drove the C- 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
• Cash flow +13.4/30.0
• Schools +5.4/10.0
• DSCR +4.0/10.0
• Livability +4.0/5.0
• 1% rule +3.7/10.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

5-bedroom, 2.5-bath home in Gen Heights. Bank owned. NO REPRESENTATION TO THE VALIDITY OF INFORMATION IS MADE, BUYER TO VERIFY ALL INFORMATION WHEREIN. Interior inspections are not available; do not trespass!

Key facts

• 4,665 sq ft lot
• Garage
• Built 2005

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $385k.

Deal economics

• At list price, monthly cash flow is $5 ($57/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $336k (12.6% below list).
• Recommended offer: $336k (12.6% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.0% in South Hill — 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 80/100 on livability (#84 in WA, #1,620 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: crime C-, schools D+, cost of living F.
• Puyallup School District (suburban): math 53% / reading 66% proficiency, ranked #52 of 291 in WA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.8%/yr); 283 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• This rent runs 34% of the median local income ($117k/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 $3k of loan paydown is wiped out by about $12k 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

• It's been on market 62 days — a 6% lower offer ($362k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y 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 $336,346 (12.6% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.87% ✗
• Cap rate: 6.31%
• Cash-on-cash: 0.05%
• DSCR: 1.00
• GRM: 9.5

CMA / ARV

• ARV (median comp): $560,714
• List price: $384,800
• Delta: -31.37%
• 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
18114 97th Ave E	0.29mi	4/2.5	2,300 (+0%)	2mo	$520,000	$226	83
8709 188th Street Ct E	0.41mi	4/3.0	2,304 (+0%)	1mo	$530,000	$230	79
18551 E 96th Ave	0.26mi	4/2.5	2,166 (-6%)	1mo	$499,950	$231	76
18428 97th Avenue Ct E	0.30mi	3/2.5 (-1)	2,164 (-6%)	0mo	$545,000	$252	69
17422 90th Ave E	0.62mi	4/2.5	2,304 (+0%)	1mo	$565,000	$245	67
18521 97th Ave E	0.29mi	3/2.5 (-1)	2,104 (-8%)	1mo	$537,500	$255	65
9006 178th Street Ct E	0.42mi	3/2.5 (-1)	2,172 (-5%)	2mo	$575,000	$265	63
8925 179th St E	0.36mi	4/2.5	2,054 (-10%)	2mo	$580,000	$282	62
8805 182nd St E	0.36mi	5/3.0 (+1)	2,564 (+12%)	2mo	$735,000	$287	57
17317 94th Avenue Ct E	0.65mi	3/2.5 (-1)	2,184 (-5%)	0mo	$510,000	$234	54
19623 90th Avenue Ct E	0.75mi	4/2.5	2,066 (-10%)	2mo	$555,000	$269	45
19632 91st Ave E	0.74mi	5/3.5 (+1)	2,524 (+10%)	1mo	$544,000	$216	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 · 2.79% rent growth · sell at horizon

5-year hold

• IRR: -16.4%
• Equity multiple: 0.42×
• Total profit: $-62,714
• Equity at exit: $57,375

10-year hold

• IRR: -8.5%
• Equity multiple: 0.47×
• Total profit: $-56,930
• Equity at exit: $33,270

Cash invested: $107,744 (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 98375

• Rents YoY: 2.8%
• Active inventory: 283
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $3,363 high
• Mortgage (P&I): −$2,018
• Tax from tax record: −$444 /mo · $5,329/yr
• Insurance: −$160
• HOA: −$30
• Vacancy / Maint / Mgmt: −$706
• Net cashflow: $5

Break-even live

Break-even rent $3,357

Max offer price $384,800

Occupancy floor 95%

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: $96,200
• Closing costs: $11,544
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18402 96th Ave E South Hill, WA	4.0	2.5	2300	$1,700	$0.74	11d	1	0.20mi
18402 96th Ave E South Hill, WA	4.0	2.5	2307	$1,400	$0.61	12d	1	0.20mi
18317 96th Ave E Puyallup, WA	4.0	2.5	2150	$5,500	$2.56	43d	1	0.22mi
18511 97th Ave E Puyallup, WA	3.0	2.5	2104	$2,895	$1.38	17d	1	0.28mi
17904 97th Ln E Puyallup, WA	4.0	2.5	2995	$3,150	$1.05	1d	1	0.37mi
9110 178th Street Ct E Puyallup, WA	4.0	3.0	2321	$3,195	$1.38	14d	1	0.39mi
10110 184th St E Puyallup, WA	3.0	2.5	1582	$2,595	$1.64	43d	1	0.55mi
19605 84th Ave E Spanaway, WA	3.0	2.5	1916	$3,050	$1.59	24d	1	0.89mi
10715 187th Street Ct E Puyallup, WA	5.0	2.5	2668	$3,200	$1.20	20d	1	1.05mi
10508 196th Street Ct E Graham, WA	3.0	2.0	2364	$2,689	$1.14	2d	1	1.07mi
18702 108th Ave E Puyallup, WA	4.0	2.5	1833	$3,100	$1.69	1d	1	1.09mi
18205 110th Ave E Puyallup, WA	5.0	3.0	2886	$3,200	$1.11	43d	1	1.12mi
18709 107th Ln E Puyallup, WA	4.0	2.5	2297	$3,500	$1.52	24d	1	1.13mi
18709 107th Ln E Puyallup, WA	4.0	2.5	2305	$3,600	$1.56	20d	1	1.13mi
18709 107th Ln E Puyallup, WA	4.0	2.5	2297	$3,500	$1.52	19d	1	1.13mi
18747 108th Ave E Puyallup, WA	4.0	2.0	1900	$3,200	$1.68	1d	1	1.14mi
18744 110th Ave E Unit NA Puyallup, WA	4.0	2.5	1824	$3,189	$1.75	23d	1	1.16mi
7513 177th Street Ct E Puyallup, WA	1.0–4.0	1.0–2.5	1243	$3,210	$2.58	10d	7	1.20mi
18225 113th Ave E Puyallup, WA	3.0	2.5	1770	$2,675	$1.51	14d	1	1.27mi
7343 177th St E Puyallup, WA	3.0	3.0	1962	$2,795	$1.42	21d	1	1.29mi
17908 72nd Ave E Puyallup, WA	3.0	2.5	1719	$1,400	$0.81	24d	1	1.34mi
18902 Liberty Ridge Ln E Puyallup, WA	5.0	2.5	2335	$3,200	$1.37	16d	1	1.38mi
18914 Liberty Ridge Ln E Puyallup, WA	5.0	3.0	2335	$3,400	$1.46	19d	1	1.40mi
18314 70th Avenue Ct E Puyallup, WA	5.0	3.0	2382	$3,200	$1.34	24d	1	1.40mi
11328 185th St E Puyallup, WA	4.0	2.0	2430	$2,995	$1.23	1d	1	1.42mi

HOA detail

• Monthly dues: $30 · $360/yr

Listing history 23 events

1. 2026-06-18
   days on market $384,800 Active 62 DOM
2. 2026-06-17
   days on market $384,800 Active 61 DOM
3. 2026-06-16
   days on market $384,800 Active 60 DOM
4. 2026-06-15
   days on market $384,800 Active 59 DOM
5. 2026-06-13
   days on market $384,800 Active 57 DOM
6. 2026-06-13
   days on market $384,800 Active 56 DOM
7. 2026-06-09
   days on market $384,800 Active 53 DOM
8. 2026-06-08
   days on market $384,800 Active 52 DOM
9. 2026-06-07
   days on market $384,800 Active 51 DOM
10. 2026-06-04
    days on market $384,800 Active 48 DOM
11. 2026-06-03
    days on market $384,800 Active 47 DOM
12. 2026-06-02
    days on market $384,800 Active 46 DOM
13. 2026-06-01
    days on market $384,800 Active 45 DOM
14. 2026-05-31
    days on market $384,800 Active 44 DOM
15. 2026-04-17
    listed $384,800 Active
16. 2021-10-20
    soldstatus $500,000 Closed
17. 2021-09-16
    status Pending
18. 2021-09-05
    historical Active Under Contract
19. 2021-08-26
    listed $465,000 Active
20. 2020-08-10
    soldstatus $270,000
21. 2005-06-27
    soldstatus $228,790
22. 2005-01-24
    listed $219,500
23. 2004-11-19
    soldstatus $10,732,004

ⓘ 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: $5,329 · $444/mo
• Projected year-2 tax: $5,329 · $444/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 3/10 Moderate 7 d/yr ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,362
• − Mortgage interest: −$21,555
• − Property taxes: −$5,329
• − Insurance: −$1,924
• − Repairs & maintenance: −$3,229
• − Management: −$3,229
• − HOA: −$360
• − Depreciation: −$11,194
• Taxable loss: −$6,459
• Est. tax savings @ 24.0%: +$1,550
• After-tax cash flow: $1,607/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: Puyallup School District
• NCES district ID: 5306960
• Math proficiency: 53% ▬ 0.00%
• Reading proficiency: 66% ▬ 0.00%
• Median HH income: $68,291
• Composite: 54.01/100
• National rank: #3006
• State rank: #52 of 291 in WA

Livability — South Hill

• Score: 80/100
• State rank: #84
• US rank: #1620

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: South Hill, WA
• County: Pierce County · 788,257 people
• City population: 76,707
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 31,187
• Household income: $117,074
• Rent vs Own: 24.6% rent · 75.4% own
• Severe rent burden: 541.0

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: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 57% Two or more races 22% Hispanic / Latino 13% Black 8% Asian 6% Pacific Islander 1%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Portuguese 3% Lithuanian 3% Italian 3%
• Foreign-born: 11% · Canada, China, South Korea
• Languages at home: 82% English-only · Spanish 8% Other Indo-European 2% Other Asian/Pacific 2%

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: ▼ -189.98%
• Current HPI: 285.0074
• Rent YoY: ▲ 2.79%
• 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

-96.4% since first listed

9 events — show timeline

• 2026-04-17 Listed $384,800 NWMLS as Distributed by MLS Grid
• 2021-10-20 Sold (MLS) $500,000 NWMLS as Distributed by MLS Grid
• 2021-09-16 Pending — NWMLS as Distributed by MLS Grid
• 2021-09-05 Contingent — NWMLS as Distributed by MLS Grid
• 2021-08-26 Listed $465,000 NWMLS as Distributed by MLS Grid
• 2020-08-10 Sold (Public Records) $270,000 Public Records
• 2005-06-27 Sold (MLS) $228,790 NWMLS as Distributed by MLS Grid
• 2005-01-24 Listed $219,500 NWMLS as Distributed by MLS Grid
• 2004-11-19 Sold (Public Records) $10,732,004 Public Records

Property tax history

+3.4%/yr

Latest (2026): $5,329 · +1.6% YoY. Source: county tax records.