817 Wyoming St · South Bend, WA 98577

$135,000

1 bd · 1.0 ba · 1,176 sqft · SingleFamily · 66 Days on market

Built 1990 0.28 ac lot $115/sqft · 38% below area Est $218k · 38% under ↓ 8% since listing

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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).

• ARV discount +15.0/15.0
• Cash flow +7.9/30.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +2.0/10.0
• Appreciation +1.1/10.0

Listing remarks

Investor opportunity or a DIYer wanting a fun project to make your own. This unique property on a large city lots, offering a rare opportunity for development, investment, or create a custom space tailored to your vision. The existing one-bedroom, one-bath loft can serve as a primary residence, guest quarters, or a comfortable base while you build. With ample space and existing utilities, the lot is well-suited for RV hookups and additional parking. Whether you're envisioning a private retreat with multiple RV spaces or exploring income potential, this property is a true blank canvas. Sold as-is. Buyer to verify use and building potential with City and County.

Key facts

• Parking spaces
• Rv hookup
• 0.28 acre lot

Tags

• FIVE INDIVIDUAL PARCELS
• EXISTING ONE BEDROOM LOFT
• RV HOOKUP
• PARKING SPACES

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $-143 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $114k (15.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $100k (25.9% below list).
• Recommended offer: $100k (25.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 73/100 on livability (#191 in WA) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, schools D, amenities F.
• South Bend School District (town): math 38% / reading 51% proficiency, ranked #199 of 291 in WA (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 91 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 90 units permitted in Pacific County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Pacific County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($127k) is reasonable based on typical stale-listing flexibility.

Recommended offer $100,000 (25.9% 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. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.74% ✗
• Cap rate: 5.02%
• Cash-on-cash: -4.54%
• DSCR: 0.80
• GRM: 11.2

CMA / ARV

• ARV (median comp): $217,654
• List price: $135,000
• Delta: -37.97%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
636 Water St	0.57mi	1/1.0	1,050 (-11%)	1mo	$275,000	$262	55

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -24.0%
• Equity multiple: 0.18×
• Total profit: $-30,966
• Equity at exit: $20,129

10-year hold

• IRR: -19.1%
• Equity multiple: -0.02×
• Total profit: $-38,627
• Equity at exit: $11,672

Cash invested: $37,800 (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 98577

• Home prices YoY: -2.8%
• Active inventory: 91
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $1,000 medium
• Mortgage (P&I): −$708
• Tax est. 1.5%: −$169 /mo · $2,025/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$210
• Net cashflow: $-143

Break-even live

Break-even rent $1,181

Max offer price $114,314

Occupancy floor —

Sensitivity live

Price	-10% $-50	-5% $-96	+0% $-143	+5% $-190	+10% $-236
Rent	-10% $-222	-5% $-182	+0% $-143	+5% $-103	+10% $-64
Rate	-1.0pp $-75	-0.5pp $-109	base $-143	+0.5pp $-178	+1.0pp $-214

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
315 Robert Bush Dr W Unit 2 South Bend, WA	1.0	1.0	720	$1,000	$1.39	44d	1	1.01mi

Listing history 19 events

1. 2026-06-18
   days on market $135,000 Active 66 DOM
2. 2026-06-17
   days on market $135,000 Active 65 DOM
3. 2026-06-17
   remarks 668-char remark
4. 2026-06-16
   days on market $135,000 Active 64 DOM
5. 2026-06-15
   days on market $135,000 Active 63 DOM
6. 2026-06-15
   days on market $135,000 Active 62 DOM
7. 2026-06-13
   days on market $135,000 Active 61 DOM
8. 2026-06-12
   days on market $135,000 Active 60 DOM
9. 2026-06-09
   days on market $135,000 Active 57 DOM
10. 2026-06-08
    days on market $135,000 Active 56 DOM
11. 2026-06-08
    days on market $135,000 Active 55 DOM
12. 2026-06-07
    remarks 667-char remark
13. 2026-06-07
    days on market $135,000 Active 54 DOM
14. 2026-06-03
    days on market $135,000 Active 51 DOM
15. 2026-06-02
    days on market $135,000 Active 50 DOM
16. 2026-06-01
    days on market $135,000 Active 49 DOM
17. 2026-05-31
    days on market $135,000 Active 48 DOM
18. 2026-05-05
    price $148,000
19. 2026-04-13
    listed $160,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $12,000
• − Mortgage interest: −$7,562
• − Property taxes: −$2,025
• − Insurance: −$675
• − Repairs & maintenance: −$960
• − Management: −$960
• − Depreciation: −$3,927
• Taxable loss: −$4,109
• Est. tax savings @ 24.0%: +$986
• After-tax cash flow: $-729/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: South Bend School District
• NCES district ID: 5308100
• Math proficiency: 38% ▲ 6.00%
• Reading proficiency: 51% ▬ 0.00%
• Median HH income: $36,252
• Composite: 39.13/100
• National rank: #8243
• State rank: #199 of 291 in WA

Livability — South Bend

• Score: 73/100
• State rank: #191
• US rank: #5205

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 7,458

Population outlook (Pacific County) Hauer SSP2

• Today (2025): 20,636 people
• By 2030: 20,137 · -2.4%
• By 2040: 19,041 · -7.7%
• By 2050: 18,504 · -10.3%
• By 2075: 17,403 · -15.7%
• By 2100: 16,241 · -21.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (78%)
• Race & ethnicity: White 78% Hispanic / Latino 11% Two or more races 7% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Portuguese 5% Scotch-Irish 3% Romanian 3%
• Foreign-born: 7% · Canada, South Korea
• Languages at home: 89% English-only · Spanish 8% German/W. Germanic 2%

Political lean MEDSL · Pacific

• 2024 margin: Toss-up / Even · D 48.1% · R 49.4% · Other 2.4%
• 2008→2024 swing: -15.4pp toward R · 2008: 14.1pp · 2024: -1.3pp
• All cycles: 2024: R+1.3 2020: R+1.1 2016: R+6.9 2012: D+11.4 2008: D+14.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -7.88%
• Current HPI: 271.0583
• Rent YoY: —
• Metro: —
• 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

-7.5% since first listed

2 events — show timeline

• 2026-05-05 Price Changed $148,000 NWMLS as Distributed by MLS Grid
• 2026-04-13 Listed $160,000 NWMLS as Distributed by MLS Grid

Property tax history

+100.3%/yr

Latest (2026): $194 · +3.8% YoY. Source: county tax records.