324 3rd Ave S · Edmonds, WA 98020

$1,500,000

35 bd · 25.0 ba · 4,296 sqft · MultiFamily public records · 37 Days on market

Built 1959 8,712 sqft lot $349/sqft · 10% below area Est $1450k · at est.

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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).

• Cash flow +23.8/30.0
• DSCR +7.7/10.0
• ARV discount +5.9/15.0
• 1% rule +5.5/10.0
• Schools +5.4/10.0
• Rent growth +4.3/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Edmonds Bowl 5 Unit, offered for the first time in over 45 years and Ideally situated in the heart of Downtown Edmonds, just blocks from Main Street and the waterfront. Sellers are open to Seller Financing terms from qualified buyers. Please reach out for terms. Upper-level units offer attractive water, mountain, and territorial views, enhancing overall tenant appeal. The building showcases a classic mid-century design centered around a private courtyard, creating a unique and inviting living environment. Residents benefit from a common laundry and storage area, while ample off-street parking is provided via five surface stalls and a spacious two-car garage. This asset presents a compelling

Key facts

• Interior upgrades
• Common laundry
• Storage area

Tags

• PRIVATE COURTYARD
• COMMON LAUNDRY
• STORAGE AREA
• OFF-STREET PARKING
• INTERIOR UPGRADES

What this means for you Summary

Snapshot

• This is a 5 × 7-bed/5.0-bath units multifamily listed at $1.50M.

Deal economics

• At list price, monthly cash flow is $3k ($35k/yr) — positive. Per door: $577/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $1.50M).
• Recommended offer: $1.46M (3.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 1.3% in Edmonds — 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 73/100 on livability (#188 in WA) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, schools A-; Watch: crime D+, amenities F, cost of living F.
• Edmonds School District (suburban): math 54% / reading 65% proficiency, ranked #53 of 291 in WA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+7.0%/yr); 118 active listings in the ZIP; high-income renter base; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).
• At $15,700/mo this rent would consume 145% of the median local household income ($130k/yr) (locally 433% 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 $10k of loan paydown is wiped out by about $45k 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.
• At projected returns (-3.0% appreciation + 7.0% rent growth), your $420k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($1.46M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $650k; list at $1.50M implies a 131% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,455,000 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-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?
7. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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.
9. 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.
10. 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: 1.05% ✓
• Cap rate: 8.60%
• Cash-on-cash: 8.25%
• DSCR: 1.37
• GRM: 8.0

CMA / ARV

• ARV (median comp): $1,450,000
• List price: $1,500,000
• Delta: 3.45%
• Verdict: FAIR
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.02% rent growth · sell at horizon

5-year hold

• IRR: 0.4%
• Equity multiple: 1.02×
• Total profit: $6,599
• Equity at exit: $223,655

10-year hold

• IRR: 13.6%
• Equity multiple: 2.28×
• Total profit: $535,922
• Equity at exit: $129,693

Cash invested: $420,000 (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 98020

• Rents YoY: 7.0%
• Active inventory: 118
• Price-to-rent: 39.8×

Monthly cashflow live

• Estimated rent: $15,700 medium
• Mortgage (P&I): −$7,866
• Tax from tax record: −$1,025 /mo · $12,297/yr
• Insurance: −$625
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,297
• Net cashflow: $2,887

Break-even live

Break-even rent $12,045

Max offer price $1,500,000

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
▸ 5× units	7	5	$15,700
Total (5 units)			$15,700

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: $375,000
• Closing costs: $45,000
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $1,500,000 Active 37 DOM
2. 2026-06-17
   days on market $1,500,000 Active 36 DOM
3. 2026-06-16
   days on market $1,500,000 Active 35 DOM
4. 2026-06-15
   days on market $1,500,000 Active 34 DOM
5. 2026-06-13
   days on market $1,500,000 Active 32 DOM
6. 2026-06-13
   days on market $1,500,000 Active 31 DOM
7. 2026-06-09
   days on market $1,500,000 Active 28 DOM
8. 2026-06-08
   days on market $1,500,000 Active 27 DOM
9. 2026-06-07
   days on market $1,500,000 Active 26 DOM
10. 2026-06-04
    days on market $1,500,000 Active 23 DOM
11. 2026-06-03
    days on market $1,500,000 Active 22 DOM
12. 2026-06-02
    days on market $1,500,000 Active 21 DOM
13. 2026-06-01
    days on market $1,500,000 Active 20 DOM
14. 2026-05-31
    days on market $1,500,000 Active 19 DOM
15. 2026-05-12
    listed $1,500,000 Active
16. 2007-07-20
    soldstatus $650,000

ⓘ 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: $12,297 · $1,025/mo
• Projected year-2 tax: $14,700 · $1,225/mo
• Expected delta: +$2,403/yr (+$200/mo · 19.5%)

ⓘ 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 ≥86°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $188,400
• − Mortgage interest: −$84,023
• − Property taxes: −$12,297
• − Insurance: −$7,500
• − Repairs & maintenance: −$15,072
• − Management: −$15,072
• − Depreciation: −$43,636
• Taxable income: $10,799
• Est. tax owed @ 24.0%: −$2,592
• After-tax cash flow: $32,053/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: Edmonds School District
• NCES district ID: 5302400
• Math proficiency: 54% ▼ -1.00%
• Reading proficiency: 65% ▬ 0.00%
• Median HH income: $67,451
• Composite: 53.94/100
• National rank: #3026
• State rank: #53 of 291 in WA

Livability — Edmonds

• Score: 73/100
• State rank: #188
• US rank: #5104

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Edmonds, WA
• County: Snohomish County · 786,756 people
• City population: 19,551
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 19,551
• Household income: $130,319
• Rent vs Own: 25.1% rent · 74.9% own
• Severe rent burden: 433.0

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 (85%)
• Race & ethnicity: White 85% Asian 6% Two or more races 5% Hispanic / Latino 3%
• Common ancestry: Portuguese 7% Italian 5% Slovak 4%
• Foreign-born: 9% · Canada, China, South Korea
• Languages at home: 91% English-only · Other Indo-European 2% Other Asian/Pacific 1% Spanish 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: ▼ -952.13%
• Current HPI: 339.0232
• Rent YoY: ▲ 7.02%
• 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

+130.8% since first listed

2 events — show timeline

• 2026-05-12 Listed $1,500,000 NWMLS as Distributed by MLS Grid
• 2007-07-20 Sold (Public Records) $650,000 Public Records

Property tax history

+3.1%/yr

Latest (2026): $12,297 · +13.3% YoY. Source: county tax records.