1016 N Pearl St · Centralia, WA 98531

$548,000

4 bd · 4.0 ba · 2,248 sqft · MultiFamily public records · 42 Days on market

Built 1900 6,534 sqft lot $244/sqft · 78% above area Est $537k · at est.

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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).

• Cash flow +9.7/30.0
• ARV discount +6.6/15.0
• Schools +4.0/10.0
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• DSCR +2.7/10.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Need Space for multi-generational living? Don't miss this meticulously remodeled 3928 SF Victorian Era 4BD-3BTH home with soaring 10ft ceilings, dome ceilings, stunning hardwood floors & elegant marble tile. This home has been stripped to the studs and rebuilt with new electrical, plumbing, windows, & insulation. Stay comfortable year-round with 2 heat pumps w/ separate thermostats on each floor to ensure peak energy performance. The heart of the home is a fully redesigned kitchen boasting granite countertops, custom cabinetry, large walk-in pantry & sleek, black stainless appliances. Designed for every phase of life, the main floor features a spacious bedroom, bath w/ walk

Key facts

• Custom cabinetry
• Elegant marble tile
• Granite countertops

Tags

• METICULOUSLY REMODELED
• SOARING 10FT CEILINGS
• ELEGANT MARBLE TILE
• FULLY REDESIGNED KITCHEN
• GRANITE COUNTERTOPS
• CUSTOM CABINETRY

Property features AI

Finance

• Other: Property zoned within city jurisdiction; Lot features include alley, curbs, paved, sidewalk
• Financial info: Acceptable financing: Cash, Conventional, FHA, State Bond, VA Loan

Exterior

• Parking: Detached garage (covered spaces: 2); Additional uncovered parking for 3 vehicles; Off-street parking
• Security: Partially fenced
• Utilities: Electric energy source; Public water service; Public sewer (connected); City power; Cable (Comcast); Internet (Comcast)
• Home design: Single-family residence; Two stories with basement; Main entry level; Has a view; Property in very good condition
• Construction: Built on lot; Effective year built: 2020; Cement plank (fiber cement) construction material; Composition roof; Concrete ribbon and pillar/post/pier foundation
• Exterior features: Cement-plank exterior; Deck; Partially fenced yard; Garden space; Shop; Cable TV available; High-speed internet available

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Refrigerator; Stove/Range
• Bedrooms: 4 bedrooms (3 upper, 1 main level)
• Flooring: Engineered hardwood; Marble; Carpet
• Bathrooms: 2 full bathrooms; 1 three-quarter bathroom; 2 bathtubs; 3 showers; Main level bathroom included
• Heating & cooling: Forced air heating; Heat pump; High-efficiency heating; Forced air cooling; Heat pump cooling; High-efficiency cooling
• Interior features: Ceiling fans; Dining room; French doors; Pantry; Vaulted ceilings; Walk-in closets; Water heater
• Laundry & utility: Water heater located in a main-floor bedroom closet

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $548k.

Deal economics

• At list price, monthly cash flow is $-361 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $484k (11.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $401k (26.8% below list).
• Recommended offer: $401k (26.8% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 3.0% in Centralia — 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 81/100 on livability (#81 in WA, #1,497 nationally) — a professional / high-income tenant draw. Strengths: commute A+, health & safety A+, cost of living A; Watch: crime C-, employment F.
• Centralia School District (town): math 39% / reading 52% proficiency, ranked #187 of 291 in WA (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Edison Elementary (281 students, 75% FRL); Centralia High School (986 students, 70% FRL).
• Market conditions: Rents rising (+3.0%/yr); 258 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 265 units permitted in Lewis County in 2024 (44 in 5+ unit buildings).
• At $4,010/mo this rent would consume 76% of the median local household income ($63k/yr) (locally 1000% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Lewis County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($532k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y 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 $55k; list at $548k implies a 896% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $401,000 (26.8% 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. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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.

Investment metrics

• 1% rule: 0.73% ✗
• Cap rate: 5.50%
• Cash-on-cash: -2.83%
• DSCR: 0.87
• GRM: 11.4

CMA / ARV

• ARV (median comp): $537,318
• List price: $548,000
• Delta: 1.99%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
815 W 1st St	0.53mi	5/4.0 (+1)	2,364 (+5%)	10mo	$280,000	$118	53
114 N Gold St	0.75mi	4/3.0	2,128 (-5%)	18mo	$475,000	$223	38

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: -21.0%
• Equity multiple: 0.27×
• Total profit: $-111,909
• Equity at exit: $81,709

10-year hold

• IRR: -14.5%
• Equity multiple: 0.17×
• Total profit: $-127,477
• Equity at exit: $47,381

Cash invested: $153,440 (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 98531

• Rents YoY: 3.0%
• Active inventory: 258
• Price-to-rent: 34.2×

Monthly cashflow live

• Estimated rent: $4,010 medium
• Mortgage (P&I): −$2,874
• Tax from tax record: −$427 /mo · $5,125/yr
• Insurance: −$228
• HOA: −$0
• Vacancy / Maint / Mgmt: −$842
• Net cashflow: $-361

Break-even live

Break-even rent $4,467

Max offer price $484,175

Occupancy floor —

Sensitivity live

Price	-10% $-51	-5% $-206	+0% $-361	+5% $-516	+10% $-672
Rent	-10% $-678	-5% $-520	+0% $-361	+5% $-203	+10% $-45
Rate	-1.0pp $-85	-0.5pp $-222	base $-361	+0.5pp $-503	+1.0pp $-648

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,011
Total (3 units)			$4,010

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: $137,000
• Closing costs: $16,440
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
914 B St Unit B Centralia, WA	3.0	3.0	1600	$2,375	$1.48	44d	1	0.14mi
1411 Rose St #3 Centralia, WA	3.0	2.5	1900	$2,295	$1.21	44d	1	0.54mi

Listing history 30 events

1. 2026-06-19
   days on market $548,000 Active 42 DOM
2. 2026-06-18
   days on market $548,000 Active 41 DOM
3. 2026-06-17
   days on market $548,000 Active 40 DOM
4. 2026-06-16
   days on market $548,000 Active 39 DOM
5. 2026-06-15
   days on market $548,000 Active 38 DOM
6. 2026-06-14
   days on market $548,000 Active 36 DOM
7. 2026-06-12
   days on market $548,000 Active 35 DOM
8. 2026-06-09
   days on market $548,000 Active 32 DOM
9. 2026-06-08
   days on market $548,000 Active 31 DOM
10. 2026-06-07
    days on market $548,000 Active 30 DOM
11. 2026-06-07
    days on market $548,000 Active 29 DOM
12. 2026-06-03
    days on market $548,000 Active 26 DOM
13. 2026-06-02
    days on market $548,000 Active 25 DOM
14. 2026-06-01
    days on market $548,000 Active 24 DOM
15. 2026-05-31
    days on market $548,000 Active 23 DOM
16. 2026-05-30
    days on market $548,000 Active 22 DOM
17. 2026-05-08
    listed $548,000 Active
18. 2018-02-28
    soldstatus $55,000 Sold
19. 2018-02-28
    soldstatus $55,000
20. 2018-01-23
    status Pending Inspection
21. 2017-12-21
    price $74,900
22. 2017-11-16
    soldstatus $22,549
23. 2017-10-10
    status Active
24. 2017-10-07
    status Pending Inspection
25. 2017-10-04
    price $79,900
26. 2017-07-28
    price $84,900
27. 2017-06-07
    price $89,900
28. 2017-03-30
    price $94,900
29. 2016-12-02
    price $99,000
30. 2016-07-26
    listed $120,000 Active

ⓘ 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: $5,125 · $427/mo
• Projected year-2 tax: $5,370 · $448/mo
• Expected delta: +$245/yr (+$20/mo · 4.8%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥90°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $48,120
• − Mortgage interest: −$30,697
• − Property taxes: −$5,125
• − Insurance: −$2,740
• − Repairs & maintenance: −$3,850
• − Management: −$3,850
• − Depreciation: −$15,942
• Taxable loss: −$14,083
• Est. tax savings @ 24.0%: +$3,380
• After-tax cash flow: $-956/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: Centralia School District
• NCES district ID: 5301140
• Math proficiency: 39% ▼ -2.00%
• Reading proficiency: 52% ▼ -2.00%
• Median HH income: $38,851
• Composite: 40.17/100
• National rank: #7832
• State rank: #187 of 291 in WA

Livability — Centralia

• Score: 81/100
• State rank: #81
• US rank: #1497

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Centralia, WA
• County: Lewis County · 27,337 people
• City population: 27,337
• Metro: Centralia, WA
• Population (ZIP): 27,337
• Household income: $63,406
• Rent vs Own: 34.3% rent · 65.7% own
• Severe rent burden: 1000.0

Population outlook (Lewis County) Hauer SSP2

• Today (2025): 75,749 people
• By 2030: 74,647 · -1.5%
• By 2040: 71,310 · -5.9%
• By 2050: 67,748 · -10.6%
• By 2075: 59,829 · -21.0%
• By 2100: 52,293 · -31.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 19% Two or more races 10% Asian 1%
• Hispanic origin (detail): Mexican 15% Puerto Rican 1%
• Common ancestry: Portuguese 3% Slovak 3% Lithuanian 2%
• Foreign-born: 9% · Canada, Vietnam
• Languages at home: 83% English-only · Spanish 16% Tagalog/Filipino 1%

Political lean MEDSL · Lewis

• 2024 margin: Solid R (+33.0) · D 32.0% · R 65.0% · Other 3.0%
• 2008→2024 swing: -13.8pp toward R · 2008: -19.2pp · 2024: -33.0pp
• All cycles: 2024: R+33.0 2020: R+32.8 2016: R+36.2 2012: R+23.5 2008: R+19.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -249.98%
• Current HPI: 378.6936
• Rent YoY: ▲ 3.00%
• Metro: Centralia, 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

+356.7% since first listed

14 events — show timeline

• 2026-05-08 Listed $548,000 NWMLS as Distributed by MLS Grid
• 2018-02-28 Sold (Public Records) $55,000 Public Records
• 2018-02-28 Sold (MLS) $55,000 NWMLS as Distributed by MLS Grid
• 2018-01-23 Pending — NWMLS as Distributed by MLS Grid
• 2017-12-21 Price Changed $74,900 NWMLS as Distributed by MLS Grid
• 2017-11-16 Sold (Public Records) $22,549 Public Records
• 2017-10-10 Relisted — NWMLS as Distributed by MLS Grid
• 2017-10-07 Pending — NWMLS as Distributed by MLS Grid
• 2017-10-04 Price Changed $79,900 NWMLS as Distributed by MLS Grid
• 2017-07-28 Price Changed $84,900 NWMLS as Distributed by MLS Grid
• 2017-06-07 Price Changed $89,900 NWMLS as Distributed by MLS Grid
• 2017-03-30 Price Changed $94,900 NWMLS as Distributed by MLS Grid
• 2016-12-02 Price Changed $99,000 NWMLS as Distributed by MLS Grid
• 2016-07-26 Listed $120,000 NWMLS as Distributed by MLS Grid

Property tax history

+12.9%/yr

Latest (2026): $5,125 · -28.3% YoY. Source: county tax records.