821 E Division

Forks, WA 98331

$1,500,000B-

None bd · None ba · 9,164 sqft · Built 1988 · MultiFamily · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $18,771/mo
• Mortgage (P&I): −$7,866
• Tax + insurance: −$1,365
• HOA: −$0
• Vac / Maint / Mgmt: −$3,942
• Net cashflow: $5,598/mo
• Annual: $67,175/yr
• Cap rate: 10.77%
• Cash-on-cash: 15.99%
• DSCR: 1.71
• 1% rule: 1.25%
• Cash to close: $420,000

Investor read

• This is a 3×3bd/3.0ba + 14×2bd/2.0ba + 3×1bd/1.0ba units multifamily listed at $1.50M.
• At list price, monthly cash flow is $6k ($67k/yr) — positive. Per door: $280/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $1.50M).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $10k of loan paydown is wiped out by about $45k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#202 in WA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, commute A; Watch: amenities F, employment F.
• Quillayute Valley School District (town): math 24% / reading 51% proficiency, ranked #239 of 291 in WA (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Forks Elementary School (341 students, 58% FRL); Forks Middle School (273 students, 67% FRL); Forks High School (290 students, 55% FRL) — zoned schools at 60% FRL track the district average.
• Market conditions: 49 active listings in the ZIP; 166 units permitted in Clallam County in 2024 (0 in 5+ unit buildings).
• Clallam County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 3y ago; this cycle's ask is 212666% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $420k cash investment doubles in ~8 years — after that, you're playing with house money.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.