2406 & 2410 Callow Rd · Lake Stevens, WA 98258

$1,150,000

4 bd · 3.0 ba · 2,400 sqft · MultiFamily public records · 1 Days on market

Built 1990 0.72 ac lot Est $845k · 36% over

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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 +17.6/30.0
• Schools +5.8/10.0
• DSCR +5.5/10.0
• Livability +4.2/5.0
• 1% rule +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Rare multi-unit investment opportunity in the heart of Lake Stevens! This offering includes two side-by-side duplexes situated on a combined 0.72-acre lot, delivering scale, flexibility, and strong long-term upside. The unit mix features two 2-bedroom, 1.5-bath units at 2406 Callow Rd and two larger 3-bedroom, 1.5-bath units at 2410 Callow Rd—ideal for attracting a diverse tenant base. All four units include a stove, refrigerator, dishwasher, and in-unit washer/dryer hookups, providing the conveniences renters are looking for. Unit 2406 #B is available for showings and offers a representative look at the overall condition and layout. Both duplexes feature brand new roofs installed

Key facts

• Huge backyard
• Brand new roofs
• 0.72 acre lot

Tags

• COMBINED 0.72-ACRE LOT
• TWO SIDE-BY-SIDE DUPLEXES
• BRAND NEW ROOFS
• HUGE BACKYARD

What this means for you Summary

Snapshot

• This is a 2×2bd/1.5ba + 2×3bd/1.5ba units multifamily listed at $1.15M.

Deal economics

• At list price, monthly cash flow is $911 ($11k/yr) — positive. Per door: $228/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.00M (12.6% below list).
• Recommended offer: $1.00M (12.6% below list) — sets the bar for 1% rule.
• Cap rate 7.2% vs local median 2.8% in Lake Stevens — 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 83/100 on livability (#51 in WA, #917 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: amenities C-, cost of living F.
• Lake Stevens School District (suburban): math 57% / reading 70% proficiency, ranked #31 of 291 in WA (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Highland Elementary (590 students, 26% FRL); Lake Stevens Sr High School (2,140 students, 31% FRL).
• Market conditions: Rents flat; 418 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).
• At $10,047/mo this rent would consume 97% of the median local household income ($124k/yr) (locally 786% 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 $8k of loan paydown is wiped out by about $34k of value loss. Plan a longer hold.
• Snohomish County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts; this cycle's ask is 100% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $125k; list at $1.15M implies a 820% gain — meaningful room to come down on a strong offer.

Recommended offer $1,004,700 (12.6% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-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 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: 0.87% ✗
• Cap rate: 7.24%
• Cash-on-cash: 3.39%
• DSCR: 1.15
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $844,800
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2406 99th Ave NE Unit 1-2	0.30mi	4/5.0	2,298 (-4%)	13mo	$810,000	$352	60
2904 101st Ave NE Unit 1 & 2	0.36mi	4/4.0	2,176 (-9%)	16mo	$740,000	$340	50

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 · 0.19% rent growth · sell at horizon

5-year hold

• IRR: -13.9%
• Equity multiple: 0.51×
• Total profit: $-156,395
• Equity at exit: $171,469

10-year hold

• IRR: -9.7%
• Equity multiple: 0.47×
• Total profit: $-170,369
• Equity at exit: $99,431

Cash invested: $322,000 (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 98258

• Rents YoY: 0.2%
• Active inventory: 418
• Price-to-rent: 40.9×

Monthly cashflow live

• Estimated rent: $10,047 medium
• Mortgage (P&I): −$6,031
• Tax from tax record: −$517 /mo · $6,199/yr
• Insurance: −$479
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,110
• Net cashflow: $911

Break-even live

Break-even rent $8,894

Max offer price $1,150,000

Occupancy floor 86%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$4,682
▸ 2× units	3	1.5	$5,364
Total (4 units)			$10,047

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: $287,500
• Closing costs: $34,500
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10914 Willow Rd Unit A Lake Stevens, WA	4.0	2.0	2280	$3,195	$1.40	2d	1	0.35mi
10185 33rd Pl NE Lake Stevens, WA	4.0	2.5	2787	$3,400	$1.22	43d	1	0.57mi
11010 33rd St NE Lake Stevens, WA	4.0	2.5	2297	$3,500	$1.52	11d	1	0.64mi
11704 20th St NE Lake Stevens, WA	3.0	2.0	2558	$5,800	$2.27	43d	1	0.89mi
1229 92nd Ave NE Lake Stevens, WA	4.0	2.5	1868	$3,300	$1.77	43d	1	1.06mi

Listing history 9 events

1. 2026-04-24
   status Pending
2. 2026-04-24
   status Pending
3. 2026-04-22
   listed $1,150,000 Active
4. 2026-04-22
   listed $575,000 Active
5. 1991-08-01
   soldstatus $125,000
6. 1989-07-31
   soldstatus $110,000
7. 1988-08-11
   soldstatus $59,500
8. 1987-06-16
   soldstatus $29,500
9. 1985-10-21
   soldstatus $23,500

ⓘ 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: $6,199 · $517/mo
• Projected year-2 tax: $11,270 · $939/mo
• Expected delta: +$5,071/yr (+$423/mo · 81.8%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥86°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $120,564
• − Mortgage interest: −$64,418
• − Property taxes: −$6,199
• − Insurance: −$5,750
• − Repairs & maintenance: −$9,645
• − Management: −$9,645
• − Depreciation: −$33,455
• Taxable loss: −$8,548
• Est. tax savings @ 24.0%: +$2,051
• After-tax cash flow: $12,979/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: Lake Stevens School District
• NCES district ID: 5304200
• Math proficiency: 57% ▼ -2.00%
• Reading proficiency: 70% ▬ 0.00%
• Median HH income: $78,301
• Composite: 58.12/100
• National rank: #2141
• State rank: #31 of 291 in WA

Livability — Lake Stevens

• Score: 83/100
• State rank: #51
• US rank: #917

Category grades

Amenities C- 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: Lake Stevens, WA
• County: Snohomish County · 786,756 people
• City population: 52,752
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 52,752
• Household income: $123,898
• Rent vs Own: 21.5% rent · 78.5% own
• Severe rent burden: 786.0

Population outlook (Snohomish County) Hauer SSP2

• Today (2025): 899,800 people
• By 2030: 960,975 · +6.8%
• By 2040: 1,074,447 · +19.4%
• By 2050: 1,171,954 · +30.2%
• By 2075: 1,384,849 · +53.9%
• By 2100: 1,497,296 · +66.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 12% Two or more races 11% Asian 6% Black 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 7% Italian 3% Slovak 2%
• Foreign-born: 10% · Canada, Vietnam, China
• Languages at home: 87% English-only · Spanish 5% Russian/Polish/Slavic 2% Other Indo-European 1%

Political lean MEDSL · Snohomish

• 2024 margin: D (+19.0) · D 57.8% · R 38.9% · Other 3.3%
• 2008→2024 swing: +0.1pp no change · 2008: 18.9pp · 2024: 19.0pp
• All cycles: 2024: D+19.0 2020: D+20.6 2016: D+16.6 2012: D+16.2 2008: D+18.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -725.77%
• Current HPI: 303.8934
• Rent YoY: ▲ 0.19%
• 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

+2346.8% since first listed

9 events — show timeline

• 2026-04-24 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-24 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-22 Listed $575,000 NWMLS as Distributed by MLS Grid
• 2026-04-22 Listed $1,150,000 NWMLS as Distributed by MLS Grid
• 1991-08-01 Sold (Public Records) $125,000 Public Records
• 1989-07-31 Sold (Public Records) $110,000 Public Records
• 1988-08-11 Sold (Public Records) $59,500 Public Records
• 1987-06-16 Sold (Public Records) $29,500 Public Records
• 1985-10-21 Sold (Public Records) $23,500 Public Records

Property tax history

+3.3%/yr

Latest (2026): $6,199 · +11.9% YoY. Source: county tax records.