2100 3rd Ave #1702 · Seattle, WA 98121

$549,900

2 bd · 2.0 ba · 1,323 sqft · Condo public records · 30 Days on market

Built 1973 $416/sqft · 23% below area Est $712k · 23% under $1424/mo HOA · 32% of rent

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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
• Schools +6.1/10.0
• Appreciation +4.6/10.0
• Livability +3.8/5.0
• Cash flow +3.7/30.0
• 1% rule +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0

Listing remarks

Sweeping views of downtown Seattle, the Puget Sound, and the Olympic Mountains from the floor-to-ceiling windows in this spacious, fully remodeled two-bedroom. Enjoy sunsets over the Olympics, fireworks from the Space Needle, and Seattle's iconic ferries from your two private balconies. Features mini-splits for AC and heating, in-unit washer/dryer, and walk-in showers. Complete with outdoor pool, gym, sauna, community room, and individual storage unit. HOA dues include all utilities. Located in the heart of vibrant Belltown with shops, dining, and the waterfront steps away. The parking spot fits a Ford F150! (And has a 120V outlet for charging. ) (Heads up, there is a rental cap with a wait

Key facts

• Private balconies
• Outdoor pool
• Sweeping views

Tags

• SWEEPING VIEWS
• FLOOR TO CEILING WINDOWS
• PRIVATE BALCONIES
• OUTDOOR POOL
• COMMUNITY ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $550k.

Deal economics

• At list price, monthly cash flow is $-2k ($-19k/yr) — negative.
• To cash-flow at today's rent, offer at most $267k (51.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $446k (19.0% below list).
• Recommended offer: $267k (51.5% below list) — sets the bar for cash-flow.
• Cap rate 2.8% vs local median 1.6% in Seattle — 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 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.
• Market conditions: Rents flat; 229 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• This rent runs 35% of the median local income ($152k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-0.8%/yr); year-one equity from $4k of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($542k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $335k; list at $550k implies a 64% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 32% of rent.

Recommended offer $266,739 (51.5% 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. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.81% ✗
• Cap rate: 2.80%
• Cash-on-cash: -12.49%
• DSCR: 0.44
• GRM: 10.3

CMA / ARV

• ARV (median comp): $712,003
• List price: $549,900
• Delta: -10.25%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-0.81% appreciation · 0.05% rent growth · sell at horizon

5-year hold

• IRR: -23.5%
• Equity multiple: 0.02×
• Total profit: $-150,834
• Equity at exit: $137,665

10-year hold

• IRR: -20.7%
• Equity multiple: -0.68×
• Total profit: $-259,324
• Equity at exit: $148,799

Cash invested: $153,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City Seattle: 0 Strongly Tenant-Friendly · D+52

Just Cause + Relocation Assistance + Source of Income + First in Time.

Methodology + full state rankings →

ZIP-level market 98121

• Home prices YoY: -0.5%
• Rents YoY: 0.1%
• Active inventory: 229
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $4,457 high
• Mortgage (P&I): −$2,884
• Tax from tax record: −$587 /mo · $7,043/yr
• Insurance: −$229
• HOA: −$1,424
• Vacancy / Maint / Mgmt: −$936
• Net cashflow: $-1,603

Break-even live

Break-even rent $6,486

Max offer price $266,739

Occupancy floor —

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: $137,475
• Closing costs: $16,497
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
255 Lenora St Seattle, WA	2.0	1.0–2.0	890	$6,490	$7.29	1d	12	0.01mi
300 Virginia St Seattle, WA	2.0	2.0	940	$5,100	$5.43	1d	1	0.05mi
2033 2nd Ave Seattle, WA	1.0	1.0	764	$3,375	$4.42	10d	2	0.08mi
2033 2nd Ave #1900 Seattle, WA	1.0	1.0	928	$4,000	$4.31	2d	1	0.08mi
2015 2nd Ave Seattle, WA	2.0	1.0–2.0	879	$4,301	$4.89	1d	26	0.09mi
2116 4th Ave Seattle, WA	2.0	1.0–2.0	1164	$4,495	$3.86	14d	19	0.09mi
2116 4th Ave Seattle, WA	2.0	1.0–2.0	844	$4,850	$5.74	1d	23	0.09mi
2105 5th Ave Seattle, WA	2.0	1.0–2.0	837	$4,383	$5.24	1d	6	0.11mi
1920 4th Ave Seattle, WA	1.0–2.0	1.0–2.0	1432	$7,950	$5.55	10d	2	0.12mi
1920 4th Ave Seattle, WA	1.0–2.0	1.0–2.0	1432	$7,950	$5.55	24d	3	0.12mi
2201 4th Ave Seattle, WA	1.0–2.0	1.0–2.0	849	$3,399	$4.00	1d	4	0.12mi
1920 4th Ave Seattle, WA	1.0	1.5	952	$3,300	$3.47	4d	1	0.13mi
2208 4th Ave Seattle, WA	3.0	1.0–2.0	951	$5,596	$5.88	1d	84	0.14mi
2125 1st Ave #1702 Seattle, WA	2.0	1.5	1035	$3,695	$3.57	43d	1	0.16mi
1900 1st Ave Seattle, WA	1.0–2.0	1.0–2.0	658	$3,565	$5.41	1d	18	0.16mi
1900 1st Ave Seattle, WA	1.0	1.0–1.5	703	$3,142	$4.47	24d	11	0.16mi
88 Virginia St Seattle, WA	3.0	2.5	1741	$6,000	$3.45	13d	1	0.16mi
2134 Western Ave Seattle, WA	2.0	1.0–2.0	720	$3,665	$5.09	3d	14	0.18mi
1600 2nd Ave Seattle, WA	2.0	1.0–2.0	859	$5,165	$6.01	1d	28	0.19mi
2315 4th Ave Seattle, WA	3.0	1.0–2.0	1052	$6,527	$6.20	1d	9	0.22mi
2312 3rd Ave Seattle, WA	2.0	1.0–2.0	628	$2,173	$3.46	1d	16	0.22mi
588 Bell St Unit 1001S Seattle, WA	2.0	2.0	929	$4,000	$4.31	7d	1	0.24mi
303 Battery St Seattle, WA	2.0	1.0–2.0	623	$4,050	$6.50	1d	10	0.24mi
1942 Westlake Ave Seattle, WA	2.0	1.0–2.0	872	$4,745	$5.44	1d	14	0.26mi
2401 3rd Ave Seattle, WA	1.0–2.0	1.0–2.0	711	$3,050	$4.29	1d	8	0.27mi
2000 Alaskan Way #552 Seattle, WA	2.0	2.0	1127	$3,950	$3.50	17d	1	0.27mi
2400 4th Ave Seattle, WA	2.0	1.0–2.0	819	$3,377	$4.12	1d	16	0.28mi
2300 Elliott Ave Seattle, WA	1.0–2.0	1.0	799	$3,145	$3.94	1d	10	0.30mi
1430 2nd Ave Seattle, WA	1.0–2.0	1.0–2.5	1286	$10,944	$8.51	1d	23	0.31mi
2030 8th Ave Seattle, WA	2.0	1.0–2.0	882	$4,553	$5.16	1d	16	0.32mi
2334 Elliott Ave Seattle, WA	2.0	1.0–2.0	727	$3,517	$4.84	1d	8	0.32mi
400 Wall St Seattle, WA	2.0	1.0–2.0	827	$3,495	$4.23	1d	6	0.33mi
1415 2nd Ave Unit 979 Seattle, WA	2.0	2.0	1006	$4,150	$4.13	1d	1	0.33mi
2515 4th Ave Seattle, WA	3.0	1.0–2.0	875	$3,598	$4.11	1d	16	0.35mi
2202 8th Ave Seattle, WA	2.0	1.0–2.0	733	$4,585	$6.26	1d	25	0.35mi
820 Lenora St Seattle, WA	1.0–2.0	1.0–2.0	984	$5,101	$5.18	1d	21	0.35mi
737 Olive Way Seattle, WA	2.0	2.0	1541	$5,745	$3.73	1d	1	0.36mi
210 Wall St Seattle, WA	3.0	1.0–3.5	1176	$6,053	$5.15	1d	1	0.36mi
500 Wall St Seattle, WA	2.0	1.0–2.0	839	$3,285	$3.92	1d	33	0.36mi
2400 Elliott Ave Seattle, WA	1.0–2.0	1.0–2.0	997	$4,354	$4.37	1d	16	0.37mi

HOA detail condo

• Monthly dues: $1,424 · $17,088/yr
• Likely covers: waterpoolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-19
   days on market $549,900 Active 30 DOM
2. 2026-06-18
   days on market $549,900 Active 29 DOM
3. 2026-06-17
   days on market $549,900 Active 28 DOM
4. 2026-06-16
   days on market $549,900 Active 27 DOM
5. 2026-06-15
   days on market $549,900 Active 26 DOM
6. 2026-06-15
   days on market $549,900 Active 25 DOM
7. 2026-06-13
   days on market $549,900 Active 24 DOM
8. 2026-06-12
   days on market $549,900 Active 23 DOM
9. 2026-06-10
   days on market $549,900 Active 21 DOM
10. 2026-06-09
    days on market $549,900 Active 20 DOM
11. 2026-06-08
    days on market $549,900 Active 19 DOM
12. 2026-06-07
    days on market $549,900 Active 18 DOM
13. 2026-06-07
    days on market $549,900 Active 17 DOM
14. 2026-06-04
    days on market $549,900 Active 15 DOM
15. 2026-06-03
    days on market $549,900 Active 14 DOM
16. 2026-06-02
    days on market $549,900 Active 13 DOM
17. 2026-06-01
    days on market $549,900 Active 12 DOM
18. 2026-05-31
    days on market $549,900 Active 11 DOM
19. 2026-05-20
    listed $549,900 Active
20. 2000-01-14
    soldstatus $335,000
21. 1997-07-17
    soldstatus $187,000
22. 1993-02-23
    soldstatus $185,000
23. 1993-02-09
    soldstatus $189,000
24. 1989-07-21
    soldstatus $132,900
25. 1983-02-18
    soldstatus $155,000

ⓘ 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: $7,043 · $587/mo
• Projected year-2 tax: $7,043 · $587/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 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 · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $53,482
• − Mortgage interest: −$30,803
• − Property taxes: −$7,043
• − Insurance: −$2,750
• − Repairs & maintenance: −$4,279
• − Management: −$4,279
• − HOA: −$17,088
• − Depreciation: −$15,997
• Taxable loss: −$28,756
• Est. tax savings @ 24.0%: +$6,901
• After-tax cash flow: $-12,333/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: Seattle Public Schools
• NCES district ID: 5307710
• Math proficiency: 64% ▼ -1.00%
• Reading proficiency: 72% ▬ 0.00%
• Median HH income: $68,695
• Composite: 60.76/100
• National rank: #1649
• State rank: #19 of 291 in WA

Livability — Seattle

• Score: 75/100
• State rank: #166
• US rank: #4033

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Seattle, WA
• County: King County · 2,251,916 people
• City population: 706,262
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 21,166
• Household income: $152,019
• Rent vs Own: 77.4% rent · 22.6% own
• Severe rent burden: 1835.0

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: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 47% Asian 34% Two or more races 9% Hispanic / Latino 8% Black 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 3% Italian 3% Slovak 2%
• Foreign-born: 40% · China, Canada, South Korea
• Languages at home: 59% English-only · Other Indo-European 13% Chinese 10% Spanish 5%

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: ▼ -0.81%
• Current HPI: 165.0124
• Rent YoY: ▬ 0.05%
• 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

+254.8% since first listed

7 events — show timeline

• 2026-05-20 Listed $549,900 NWMLS as Distributed by MLS Grid
• 2000-01-14 Sold (Public Records) $335,000 Public Records
• 1997-07-17 Sold (Public Records) $187,000 Public Records
• 1993-02-23 Sold (Public Records) $185,000 Public Records
• 1993-02-09 Sold (Public Records) $189,000 Public Records
• 1989-07-21 Sold (Public Records) $132,900 Public Records
• 1983-02-18 Sold (Public Records) $155,000 Public Records

Property tax history

+2.9%/yr

Latest (2025): $7,043 · -13.7% YoY. Source: county tax records.