621 State St · Sedro-Woolley, WA 98284

$575,000

2 bd · 1.0 ba · 1,664 sqft · MultiFamily public records · 5 Days on market

Built 1978 8,276 sqft lot

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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).

• Appreciation +10.0/10.0
• Cash flow +8.0/30.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.0/10.0
• 1% rule +1.6/10.0

Multi-family units

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

Listing remarks

Solid single story duplex in the heart of Sedro Woolley. Walking distance to shopping, restaurants and services. Across the street from senior center, library and public bus stop. 2 bedroom 1 bath 832 Sq ft units with efficient gas heat, kitchens with adequate storage, nice sized bedrooms, washer dryer hook ups, single car garages and alley access. New roof in 2026

Key facts

• Efficient gas heat
• Single story duplex
• Single car garages

Tags

• SINGLE STORY DUPLEX
• WALKING DISTANCE TO SHOPPING
• EFFICIENT GAS HEAT
• KITCHENS WITH ADEQUATE STORAGE
• WASHER DRYER HOOK UPS
• SINGLE CAR GARAGES

Property features AI

Finance

• Other: Property marketed as multi-family with 2 units; Vacancy rate listed at 3%
• Financial info: Gross scheduled income: $36,600 per year; Total monthly income: $3,050; Gross adjusted income: $35,502; Net operating income: $25,765; Total expenses: $9,747; Insurance expense: $1,017; Gross rent multiplier: 15.71; Current rents: Left unit $1,800; Right unit $1,250; Listing terms include cash and farm home loan

Exterior

• Parking: Detached or on-site uncovered parking for 4 vehicles total; 2 covered parking spaces; 2-car garage
• Utilities: Natural gas energy; Water service by PUD; Power by PSE; Sewer connected (City of Sedro Woolley); Cable connected (Xfinity); Internet connected (Xfinity or Ziply)
• Home design: Duplex (residential income / multi-family); Single-story; Built (effective) in 2000; Entry level: main level
• Construction: Wood construction; Composition roof; Poured concrete foundation
• Exterior features: Wood exterior; Cable TV available; Gas available; High-speed internet available; Alley access, curbs, paved surfaces and sidewalks

Interior

• Kitchen: Each unit includes a range/oven; Each unit includes a refrigerator; Each unit includes a dishwasher
• Bedrooms: Each unit has 2 bedrooms
• Flooring: Vinyl flooring; Carpet flooring
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Vinyl and carpet flooring
• Laundry & utility: Each unit includes a washer and dryer

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $575k.

Deal economics

• At list price, monthly cash flow is $-593 ($-7k/yr) — negative. Per door: $-296/mo.
• To cash-flow at today's rent, offer at most $470k (18.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $381k (33.7% below list).
• Recommended offer: $381k (33.7% below list) — sets the bar for 1% rule.
• Cap rate 5.1% vs local median 2.4% in Sedro-Woolley — 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: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Sedro-Woolley School District (suburban): math 47% / reading 58% proficiency, ranked #117 of 291 in WA (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Mary Purcell Elementary School (410 students, 75% FRL); Cascade Middle School (697 students, 58% FRL); Sedro Woolley Senior High School (1,276 students, 49% FRL) — zoned schools average 61% FRL vs 45% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 232 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 80% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 561 units permitted in Skagit County in 2024 (270 in 5+ unit buildings).
• At $3,811/mo this rent would consume 49% of the median local household income ($93k/yr) (locally 502% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $61k of equity ($4k loan paydown + $58k appreciation (10.0% local appreciation)).
• Skagit County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$99k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 $245k; list at $575k implies a 135% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $381,100 (33.7% 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. 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 1978 — 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. 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?
7. 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.
8. 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.
9. 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: 0.66% ✗
• Cap rate: 5.06%
• Cash-on-cash: -4.42%
• DSCR: 0.80
• GRM: 12.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 21.1%
• Equity multiple: 2.71×
• Total profit: $275,223
• Equity at exit: $518,006

10-year hold

• IRR: 19.1%
• Equity multiple: 6.22×
• Total profit: $839,848
• Equity at exit: $1,117,099

Cash invested: $161,000 (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 98284

• Home prices YoY: 3.5%
• Active inventory: 232
• Price-to-rent: 25.1×

Monthly cashflow live

• Estimated rent: $3,811 high
• Mortgage (P&I): −$3,015
• Tax from tax record: −$349 /mo · $4,185/yr
• Insurance: −$240
• HOA: −$0
• Vacancy / Maint / Mgmt: −$800
• Net cashflow: $-593

Break-even live

Break-even rent $4,562

Max offer price $470,247

Occupancy floor —

Sensitivity live

Price	-10% $-267	-5% $-430	+0% $-593	+5% $-756	+10% $-918
Rent	-10% $-894	-5% $-744	+0% $-593	+5% $-442	+10% $-292
Rate	-1.0pp $-303	-0.5pp $-447	base $-593	+0.5pp $-742	+1.0pp $-894

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,812
Total (2 units)			$3,811

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: $143,750
• Closing costs: $17,250
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
408 Warner St Unit 408 Sedro-Woolley, WA	2.0	1.0	1636	$2,050	$1.25	45d	1	0.18mi
1129 State St Unit 11292 Sedro-Woolley, WA	2.0	1.0	1054	$1,850	$1.76	45d	1	0.48mi
517 Alexander St Sedro Woolley, WA	3.0	2.5	1787	$2,495	$1.40	45d	1	0.50mi
320 Birchwood Ln Sedro-Woolley, WA	3.0	2.5	1400	$2,500	$1.79	45d	1	0.67mi
801 Westview Dr Sedro Woolley, WA	3.0–4.0	2.5	1290	$2,100	$1.63	23d	8	1.04mi

Listing history 6 events

1. 2026-06-10
   status $575,000 Pending 5 DOM
2. 2026-06-09
   days on market $575,000 Active 5 DOM
3. 2026-06-08
   days on market $575,000 Active 4 DOM
4. 2026-06-07
   days on market $575,000 Active 3 DOM
5. 2026-06-05
   remarks 367-char remark
6. 2026-06-05
   listed $575,000 Active 1 DOM

ⓘ 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: $4,185 · $349/mo
• Projected year-2 tax: $5,635 · $470/mo
• Expected delta: +$1,450/yr (+$121/mo · 34.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X · 24% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 8 d/yr ≥83°F today · 21 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: $45,732
• − Mortgage interest: −$32,209
• − Property taxes: −$4,185
• − Insurance: −$2,875
• − Repairs & maintenance: −$3,659
• − Management: −$3,659
• − Depreciation: −$16,727
• Taxable loss: −$17,581
• Est. tax savings @ 24.0%: +$4,219
• After-tax cash flow: $-2,896/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: Sedro-Woolley School District
• NCES district ID: 5307740
• Math proficiency: 47% ▼ -2.00%
• Reading proficiency: 58% ▬ 0.00%
• Median HH income: $57,385
• Composite: 47.45/100
• National rank: #5005
• State rank: #117 of 291 in WA

Livability — Sedro-Woolley

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Sedro-Woolley, WA
• County: Skagit County · 118,108 people
• Metro: Mount Vernon-Anacortes, WA
• Population (ZIP): 27,835
• Household income: $93,006
• Rent vs Own: 27.0% rent · 73.0% own
• Severe rent burden: 502.0

Population outlook (Skagit County) Hauer SSP2

• Today (2025): 131,498 people
• By 2030: 135,556 · +3.1%
• By 2040: 141,717 · +7.8%
• By 2050: 145,714 · +10.8%
• By 2075: 152,201 · +15.7%
• By 2100: 147,980 · +12.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 14% Two or more races 8% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Portuguese 6% Slovak 4% Italian 3%
• Foreign-born: 5% · Canada, China
• Languages at home: 88% English-only · Spanish 10% German/W. Germanic 1%

Political lean MEDSL · Skagit

• 2024 margin: Lean D (+8.9) · D 52.9% · R 44.0% · Other 3.0%
• 2008→2024 swing: -0.7pp no change · 2008: 9.6pp · 2024: 8.9pp
• All cycles: 2024: D+8.9 2020: D+7.5 2016: D+3.2 2012: D+5.8 2008: D+9.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 43.42%
• Current HPI: 1280.83
• Rent YoY: —
• Metro: Mount Vernon-Anacortes, 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

+130.5% since first listed

6 events — show timeline

• 2026-06-04 Listed $575,000 NWMLS as Distributed by MLS Grid
• 2016-04-22 Sold (Public Records) $245,000 Public Records
• 2016-04-22 Sold (MLS) $245,000 NWMLS as Distributed by MLS Grid
• 2016-04-01 Pending — NWMLS as Distributed by MLS Grid
• 2016-03-15 Pending — NWMLS as Distributed by MLS Grid
• 2016-03-07 Listed $249,500 NWMLS as Distributed by MLS Grid

Property tax history

+3.6%/yr

Latest (2026): $4,185 · +10.2% YoY. Source: county tax records.