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3581 E I Street
Tacoma, WA

3581 E I Street

$294,000
2 bd • 1 ba • 918 sf

This analysis was generated by artificial intelligence on 1/22/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$294,000

Price/Sq.Ft

$320

Year Built

1908

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

The property at 3581 E I Street, Tacoma, WA 98404 offers several attractive features: 1. Affordability: Priced at $294,000, it's well below the $300k mark, making it accessible for first-time homebuyers or investors in the Tacoma market. 2. Location: Situated in the up-and-coming McKinley neighborhood, it's close to coffee shops and restaurants, enhancing its appeal and potential for appreciation. 3. Recent upgrades: The seller has made $6,000 in improvements, including a new water heater, stove, and refrigerator. New PEX in-lines in the kitchen and a new drain line in the bathroom add value. 4. Charming features: The home boasts attractive wainscoting, coved and tall ceilings, and original touches, appealing to buyers who appreciate character. 5. Rental potential: With a median income of $62,741 in the area and average two-bedroom rental rates at $1,643/month, there's strong potential for rental income. 6. Low climate risks: The property has minimal flood (1/10), fire (1/10), and wind (1/10) risks, which is favorable for insurance costs and long-term stability. 7. Price history: The property has shown significant appreciation, selling for $114,719 in 2017 and now listed at $294,000, representing a 156% increase in 8 years. 8. Price per square foot: At $320.26/sqft, it's competitively priced for the Tacoma market, especially considering its location and recent improvements. 9. Partially fenced backyard: This feature offers potential for landscaping and outdoor living space enhancement. 10. Energy efficiency potential: The age of the home (built in 1908) suggests opportunities for energy-efficient upgrades, which could lead to long-term savings and increased property value.

The Bad

1. Size constraints: At 918 square feet, the property is relatively small, which may limit its appeal to some buyers or families needing more space. 2. Limited bedrooms and bathrooms: With only 2 bedrooms and 1 bathroom, the layout may not suit larger households or those desiring more privacy. 3. Age of the property: Built in 1908, the home is over 110 years old, which could mean higher maintenance costs and potential hidden issues despite recent improvements. 4. School ratings: Nearby schools have below-average ratings (Blix Elementary 4/10, Stewart Middle 3/10, Lincoln High 3/10), which may deter families with school-age children. 5. Air quality risk: The property has a severe air quality risk (7/10) with 10 bad air days per year, which could be a health concern for some buyers. 6. "As-is" sale: The listing states "SOLD AS IS," which may indicate the seller is unwilling to make further repairs or improvements, potentially leaving undiscovered issues for the buyer. 7. Partial fencing: While the partially fenced backyard offers potential, it also means additional investment may be needed to complete the fencing for privacy or pet owners. 8. Market volatility: The property's price history shows significant fluctuations, including a 161.5% increase in October 2024, which might raise questions about market stability. 9. Heat risk: The moderate heat risk (3/10) with 7 hot days per year may necessitate cooling system upgrades for comfort. 10. Limited parking: The listing doesn't mention a garage or dedicated parking space, which could be inconvenient in an urban setting.

The Ugly

1. Potential structural issues: Given the age of the home (117 years), there may be significant hidden structural problems not apparent without a thorough inspection. Foundation issues, outdated wiring, or plumbing problems could lead to substantial repair costs. 2. Possible asbestos or lead: Homes built before 1978 often contain lead-based paint or asbestos, which can be hazardous and expensive to remediate. Professional testing and potential abatement could add significant costs. 3. Energy inefficiency: The age and construction methods of 1908 suggest poor insulation and energy efficiency. Utility costs could be substantially higher than modern homes, and upgrading to current energy standards could be prohibitively expensive. 4. Zoning and permit concerns: Given the age and multiple sales, there may be unpermitted work or zoning violations that could cause legal issues or require costly corrections. 5. Severe air quality risk: With a 7/10 air quality risk score and 10 bad air days per year, long-term health effects and potential medical costs should be seriously considered. 6. Limited appreciation potential: While the home has appreciated significantly since 2017, the current price of $294,000 may limit further substantial gains, especially considering the neighborhood's median income of $62,741. 7. "As-is" sale risks: The "SOLD AS IS" stipulation could hide significant issues the seller is aware of but not disclosing, potentially leading to major unexpected expenses post-purchase. 8. Rental challenges: Despite mentioned "huge" rental potential, the small size and single bathroom could make it less competitive in the rental market, potentially leading to longer vacancy periods or lower-than-expected rental income. 9. Neighborhood transition uncertainties: While described as "up-and-coming," the McKinley neighborhood may face challenges in its transition, potentially affecting property values and quality of life. 10. Flood insurance considerations: Although the flood risk is minimal (1/10), being in FEMA Zone X_UNSHADED might still require flood insurance depending on mortgage terms, adding to the overall cost of ownership.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for: 1. First-time homebuyers: With a price under $300,000, it's accessible for those entering the market in Tacoma. 2. Young professionals or couples: The 918 sqft layout with 2 bedrooms is ideal for singles or couples without children. 3. Investors seeking rental property: Given the "huge rental potential" mentioned and the growing McKinley neighborhood, it could be attractive for landlords. 4. DIY enthusiasts: Those with renovation skills could add value through further improvements and landscaping. 5. Urban lifestyle seekers: Its proximity to coffee shops and restaurants suits those who enjoy walkable neighborhoods. 6. Historic home lovers: The 1908 construction with original touches will appeal to those who appreciate vintage charm. 7. Budget-conscious buyers: At $320.26/sqft, it's competitively priced for the Tacoma market. 8. Green living advocates: The opportunity for energy-efficient upgrades could attract environmentally conscious buyers. 9. Minimalists: The compact size is perfect for those embracing a simpler lifestyle with less space to maintain. 10. Patient investors: Those willing to hold long-term may benefit from the neighborhood's "up-and-coming" status.

Not For

This property is not suitable for: 1. Large families: The 2-bedroom, 1-bathroom layout is too small for families needing more space. 2. Luxury home seekers: At $294,000 with 918 sqft, it doesn't offer high-end amenities or spacious living. 3. Those with mobility issues: As an older home, it may lack accessibility features and could have stairs or narrow doorways. 4. Buyers seeking move-in ready perfection: The "as-is" sale and potential for hidden issues due to age make it unsuitable for those wanting a turnkey property. 5. People with respiratory sensitivities: The severe air quality risk (7/10) could be problematic for individuals with asthma or other breathing issues. 6. High-income earners: With a neighborhood median income of $62,741, it may not meet the expectations of more affluent buyers. 7. Those needing good schools nearby: The low ratings of local schools (3-4/10) make it less ideal for families prioritizing education. 8. Buyers without renovation experience or budget: The age and potential issues of the home require a willingness to invest in repairs and upgrades. 9. Those seeking modern amenities: The 1908 construction may lack contemporary features like open floor plans or smart home technology. 10. Risk-averse investors: The potential for hidden issues and the "as-is" sale make this a riskier investment for those seeking guaranteed returns.
Demographics
Area Median Income

$62,741

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Risk Assessment

Climate Risks

airSEVERE

10 bad air quality days per year

heatMODERATE

7 extreme heat days per year

98th percentile: 87°F

floodMINIMAL

FEMA Zone: X_UNSHADED

Insurance: Optional

fireMINIMAL

Insurance: Optional

windMINIMAL

Insurance: Optional

Risk Analysis

1. Structural integrity: The 117-year-old structure may have hidden issues with the foundation, roof, or load-bearing elements, potentially requiring costly repairs. 2. Outdated systems: Plumbing, electrical, and HVAC systems may need significant upgrades to meet current codes and efficiency standards. 3. Environmental hazards: Given its age, the presence of lead-based paint or asbestos is likely, posing health risks and potential remediation costs. 4. Air quality concerns: The severe air quality risk (7/10) could lead to long-term health issues and decreased property value. 5. Zoning and permit compliance: Unpermitted work or zoning violations from previous owners could result in legal issues or mandatory corrections. 6. Energy inefficiency: Poor insulation and outdated construction methods could lead to high utility costs and expensive upgrades. 7. Market volatility: The property's price history shows significant fluctuations, indicating potential instability in the local real estate market. 8. Neighborhood transition risks: While described as "up-and-coming," the McKinley area may face challenges in its development, affecting property values. 9. Limited appreciation potential: The current price point may cap future appreciation, especially given the neighborhood's median income. 10. "As-is" sale implications: This condition may hide significant issues, leading to unexpected post-purchase expenses. 11. Rental market challenges: Despite mentioned potential, the small size and single bathroom could make it less competitive as a rental property. 12. Climate change impacts: While current climate risks are low, long-term changes could affect the property's livability and insurance costs. 13. School quality impact: Low-rated nearby schools could affect long-term property value and attractiveness to future buyers. 14. Potential for overimprovement: Extensive renovations might not be fully recouped in this price range and neighborhood. 15. Financing challenges: Some lenders may have stricter requirements or higher interest rates for older homes, potentially affecting buyer pool and resale value.
Insurance
Annual Cost

$1,058

$88 per month

Financials

Monthly Costs

Price History

Property Taxes

$2,870
2023 Tax Assessment
1.3%from previous year
Assessed Value$257,300
Tax Rate1.12%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$349,492

18.9% above list price

Median Price

$349,950

Based on 6 recent sales

Price per Sq.Ft

$397

Comparable Properties

228 S 47th Street, Tacoma, WA 98408
Price: $435,000
Sq.Ft: 876
Beds/Baths: 2/1
$/Sq.Ft:
$49755.1%
Sale Date: 11/22/2024
840 E 47th Street, Tacoma, WA 98404
Price: $375,000
Sq.Ft: 902
Beds/Baths: 2/1
$/Sq.Ft:
$41629.8%
Sale Date: 10/18/2024
3566 E J Street, Tacoma, WA 98404
Price: $300,000
Sq.Ft: 840
Beds/Baths: 2/1
$/Sq.Ft:
$35711.5%
Sale Date: 11/8/2024
3123 E M Street, Tacoma, WA 98404
Price: $340,000
Sq.Ft: 1,000
Beds/Baths: 2/1
$/Sq.Ft:
$3406.2%
Sale Date: 10/25/2024
1019 E 47th Street, Tacoma, WA 98404
Price: $297,000
Sq.Ft: 768
Beds/Baths: 2/1
$/Sq.Ft:
$38720.8%
Sale Date: 11/7/2024
4054 Pacific Avenue, Tacoma, WA 98418
Price: $349,950
Sq.Ft: 912
Beds/Baths: 2/1
$/Sq.Ft:
$38419.8%
Sale Date: 9/3/2024

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