226 Cedar Ave S · North Bend, WA 98045

$1,495,000

72 bd · 48.0 ba · 5,280 sqft · MultiFamily public records · 21 Days on market

Built 1967 0.33 ac lot

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Why this score? — see what drove the B 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 +28.4/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• Schools +7.1/10.0
• Rent growth +4.4/5.0
• 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: 8 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

8-unit stabilized multifamily property centrally located in the thriving Snoqualmie Valley market of North Bend with beautiful views of Mount Si. 100% occupied and just steps from downtown North Bend, offering walkable access to restaurants, retail, parks, and local amenities. Tucked away on a quiet cul-de-sac bordering a city park, the property provides a peaceful residential setting and features 16 on-site parking spaces plus additional street parking. The building includes a recently replaced roof (approximately 2 years old) and presents a value-add opportunity through cosmetic upgrades and operational efficiencies. Residents enjoy quick access to I-90, allowing convenient commuting to S

Key facts

• Quiet cul-de-sac
• Quick access to i-90
• Multifamily property

Tags

• MULTIFAMILY PROPERTY
• WALKABLE ACCESS
• QUIET CUL-DE-SAC
• ON-SITE PARKING
• RECENTLY REPLACED ROOF
• QUICK ACCESS TO I-90

What this means for you Summary

Snapshot

• This is a 8 × 2-bed/1.5-bath units multifamily listed at $1.50M.

Deal economics

• At list price, monthly cash flow is $5k ($57k/yr) — positive. Per door: $590/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($18k rent vs $1.50M).
• Recommended offer: $1.47M (1.5% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 1.5% in North Bend — 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 (#187 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime B+; Watch: amenities C-, commute F, cost of living F.
• Snoqualmie Valley School District (town): math 73% / reading 80% proficiency, ranked #5 of 291 in WA (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: North Bend Elementary School (456 students, 18% FRL); Mount Si High School (2,081 students, 13% FRL).
• Market conditions: Rents rising fast (+7.8%/yr); 147 active listings in the ZIP; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• At $18,471/mo this rent would consume 126% of the median local household income ($176k/yr) (locally 281% 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.
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 7.8% rent growth), your $419k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($1.47M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $122/mo.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,472,575 (1.5% 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. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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: 1.24% ✓
• Cap rate: 10.18%
• Cash-on-cash: 13.89%
• DSCR: 1.62
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.77% rent growth · sell at horizon

5-year hold

• IRR: 8.7%
• Equity multiple: 1.36×
• Total profit: $151,471
• Equity at exit: $222,909

10-year hold

• IRR: 21.6%
• Equity multiple: 3.25×
• Total profit: $940,066
• Equity at exit: $129,260

Cash invested: $418,600 (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 98045

• Rents YoY: 7.8%
• Active inventory: 147
• Price-to-rent: 54.0×

Monthly cashflow live

• Estimated rent: $18,471 medium
• Mortgage (P&I): −$7,840
• Tax from tax record: −$1,284 /mo · $15,406/yr
• Insurance: −$623
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,879
• Net cashflow: $4,723

Break-even live

Break-even rent $12,492

Max offer price $1,495,000

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 8× units	2	1.5	$18,472
Total (8 units)			$18,471

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: $373,750
• Closing costs: $44,850
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-04-03
   status Pending
2. 2026-03-13
   listed $1,495,000 Active
3. 2023-11-15
   historical $1,350
4. 2023-11-12
   listed $1,350
5. 2022-06-05
   price $1,295

ⓘ 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: $15,406 · $1,284/mo
• Projected year-2 tax: $15,406 · $1,284/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone AO · 77% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥86°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 12 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $221,652
• − Mortgage interest: −$83,743
• − Property taxes: −$15,406
• − Insurance: −$8,942
• − Repairs & maintenance: −$17,732
• − Management: −$17,732
• − Depreciation: −$43,491
• Taxable income: $34,605
• Est. tax owed @ 24.0%: −$8,305
• After-tax cash flow: $48,372/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: Snoqualmie Valley School District
• NCES district ID: 5308040
• Math proficiency: 73% ▬ 0.00%
• Reading proficiency: 80% ▲ 1.00%
• Median HH income: $106,540
• Composite: 71.07/100
• National rank: #481
• State rank: #5 of 291 in WA

Livability — North Bend

• Score: 73/100
• State rank: #187
• US rank: #5052

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Bend, WA
• County: King County · 2,251,916 people
• City population: 15,289
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 15,289
• Household income: $175,765
• Rent vs Own: 16.3% rent · 83.7% own
• Severe rent burden: 281.0

Population outlook (King County) Hauer SSP2

• Today (2025): 2,576,485 people
• By 2030: 2,803,316 · +8.8%
• By 2040: 3,255,921 · +26.4%
• By 2050: 3,706,444 · +43.9%
• By 2075: 4,746,063 · +84.2%
• By 2100: 5,407,730 · +109.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Two or more races 12% Hispanic / Latino 10% Asian 4% Native American 2%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: Slovak 4% Portuguese 3% Lithuanian 3%
• Foreign-born: 8% · Canada, China, South Korea
• Languages at home: 90% English-only · Spanish 6% Other Indo-European 1% Tagalog/Filipino 1%

Political lean MEDSL · King

• 2024 margin: Solid D (+51.7) · D 74.2% · R 22.5% · Other 3.4%
• 2008→2024 swing: +9.6pp toward D · 2008: 42.1pp · 2024: 51.7pp
• All cycles: 2024: D+51.7 2020: D+52.7 2016: D+50.4 2012: D+39.9 2008: D+42.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -896.51%
• Current HPI: 341.5636
• Rent YoY: ▲ 7.77%
• 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

+115344.0% since first listed

5 events — show timeline

• 2026-04-03 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-13 Listed $1,495,000 NWMLS as Distributed by MLS Grid
• 2023-11-15 Rental Removed $1,350 APPFOLIO
• 2023-11-12 Listed for Rent $1,350 APPFOLIO
• 2022-06-05 Price Changed $1,295 APPFOLIO

Property tax history

+6.1%/yr

Latest (2025): $15,406 · -3.9% YoY. Source: county tax records.