26211 348th Ave SE · Hobart, WA 98051

$250,000

2 bd · 2.0 ba · 1,770 sqft · SingleFamily public records · 8 Days on market

Built 1921 0.55 ac lot ↓ 6% 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).

• Cash flow +15.3/30.0
• ARV discount +7.5/15.0
• Schools +5.5/10.0
• DSCR +4.7/10.0
• 1% rule +4.1/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

TAHOMA School District Fixer! Large Lot 0.545 Acres with Cabin-Style Home nestled in the woods. Gated Entry, Lots of parking space, 2-Car Carport and Covered Back Deck. 2 Bedrooms, 2 Bathrooms. Survey & Wetlands Delineation completed in 2021. Septic and Well.

Key facts

• Large lot
• Covered back deck
• Cabin-style home

Tags

• LARGE LOT
• GATED ENTRY
• COVERED BACK DECK
• CABIN-STYLE HOME

Property features AI

Finance

• Other: Property condition: Fixer; Living area approximately 1,770 square feet; Lot size about 0.5455 acres; MLS status: Active
• Financial info: Listing terms: Cash or Conventional

Exterior

• Parking: Driveway
• Security: Security gate
• Utilities: Electric energy source; Individual well water; Septic tank sewer; PSE power company
• Home design: Single-family house; One and one-half stories; Main entry; Built on lot; Facing information not provided
• Construction: Wood construction; Composition roof
• Exterior features: Wood exterior; Wood products; Wooded lot; Level to partially sloped topography; Has a view

Interior

• Bedrooms: 3 bedrooms (2 upper, 1 main)
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms (1 main, 1 upper)
• Heating & cooling: Wall furnace heating; No cooling
• Interior features: Vinyl flooring; No basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $89 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $226k (9.4% below list).
• Recommended offer: $226k (9.4% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 1.6% in Hobart — 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 59/100 on livability (#489 in WA) — a working-class tenant base; expect higher turnover. Strengths: crime A+, employment A+, housing A; Watch: amenities F, commute F, cost of living F.
• Enumclaw School District (suburban): math 54% / reading 68% proficiency, ranked #46 of 291 in WA (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 49 active listings in the ZIP; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 6y 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: built in 1921 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $226,403 (9.4% below list)

Questions for the listing agent

1. Built in 1921 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.91% ✗
• Cap rate: 6.72%
• Cash-on-cash: 1.53%
• DSCR: 1.07
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $697,380
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26717 348th Ave SE	0.34mi	3/2.5 (+1)	1,790 (+1%)	9mo	$705,000	$394	68

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: -13.9%
• Equity multiple: 0.50×
• Total profit: $-34,802
• Equity at exit: $37,276

10-year hold

• IRR: -5.0%
• Equity multiple: 0.67×
• Total profit: $-22,908
• Equity at exit: $21,615

Cash invested: $70,000 (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 98051

• Active inventory: 49
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,264 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$284 /mo · $3,408/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$475
• Net cashflow: $89

Break-even live

Break-even rent $2,151

Max offer price $250,000

Occupancy floor 91%

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-07
   statusdays on market $250,000 Pending 8 DOM
2. 2026-06-04
   days on market $250,000 Active 6 DOM
3. 2026-06-03
   days on market $250,000 Active 5 DOM
4. 2026-06-02
   days on market $250,000 Active 4 DOM
5. 2026-06-01
   days on market $250,000 Active 3 DOM
6. 2026-05-31
   days on market $250,000 Active 2 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: $3,408 · $284/mo
• Projected year-2 tax: $3,408 · $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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥83°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 12 unhealthy d/yr today · 18 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,168
• − Mortgage interest: −$14,004
• − Property taxes: −$3,408
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,173
• − Management: −$2,173
• − Depreciation: −$7,273
• Taxable loss: −$3,113
• Est. tax savings @ 24.0%: +$747
• After-tax cash flow: $1,820/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: Enumclaw School District
• NCES district ID: 5300001
• Math proficiency: 54% ▼ -1.00%
• Reading proficiency: 68% ▬ 0.00%
• Median HH income: $68,441
• Composite: 55.21/100
• National rank: #2736
• State rank: #46 of 291 in WA

Livability — Hobart

• Score: 59/100
• State rank: #489
• US rank: #20394

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 37,868
• Population (ZIP): 3,555

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 (82%)
• Race & ethnicity: White 82% Two or more races 13% Hispanic / Latino 9% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 8% Slovak 7% Italian 3%
• Foreign-born: 5% · Canada, China
• Languages at home: 92% English-only · Spanish 5% Chinese 1% French/Haitian/Cajun 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: ▼ -221.54%
• Current HPI: 316.0115
• 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

-5.7% since first listed

7 events — show timeline

• 2026-05-29 Listed $250,000 NWMLS as Distributed by MLS Grid
• 2020-08-12 Sold (MLS) $228,000 NWMLS as Distributed by MLS Grid
• 2020-08-07 Pending — NWMLS as Distributed by MLS Grid
• 2020-07-23 Pending — NWMLS as Distributed by MLS Grid
• 2020-07-07 Price Changed $228,000 NWMLS as Distributed by MLS Grid
• 2020-06-06 Price Changed $240,000 NWMLS as Distributed by MLS Grid
• 2020-03-15 Listed $265,000 NWMLS as Distributed by MLS Grid

Property tax history

+19.2%/yr

Latest (2025): $3,408 · +6.7% YoY. Source: county tax records.