311 NW 92nd St

Seattle, WA 98117

$674,950F

3 bd · 2.5 ba · 1,103 sqft · Built 2026 · SingleFamily · Active

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,809/mo
• Mortgage (P&I): −$3,540
• Tax + insurance: −$1,191
• HOA: −$2
• Vac / Maint / Mgmt: −$590
• Net cashflow: $-2,514/mo
• Annual: $-30,168/yr
• Cap rate: 1.94%
• Cash-on-cash: -15.54%
• DSCR: 0.31
• 1% rule: 0.42%
• Cash to close: $188,986

Investor read

• This is a 3-bed/2.5-bath single-family listed at $675k. Condition is rated excellent.
• At list price, monthly cash flow is $-3k ($-30k/yr) — negative.
• To cash-flow at today's rent, offer at most $311k (53.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $281k (58.4% below list).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $281k (58.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#166 in WA, #4,033 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Seattle Public Schools (urban): math 64% / reading 72% proficiency, ranked #19 of 291 in WA (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Greenwood Elementary School (337 students, 9% FRL); Robert Eagle Staff Middle School (676 students, 31% FRL); Ingraham High School (1,452 students, 33% FRL).
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents flat; 360 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 38d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• Crime grade is F 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?
• 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?
• 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.