104 N Almira Ave · Connell, WA 99326

$175,000

5 bd · 2.0 ba · 1,418 sqft · MultiFamily public records · 148 Days on market

Built 1940

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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 +29.2/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• Schools +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

MLS# 289835 Excellent investment opportunity in the heart of Connell. This well-located duplex offers immediate income potential and strong flexibility for investors and/or affordable housing for anyone looking to purchase a home. The property features a spacious 3-bedroom unit and a 2-bedroom unit, each with one bathroom. Both units are currently fully rented on a month-to-month basis, providing immediate cash flow with future repositioning options. One unit has been updated, adding value and appeal. Additional highlights include a fenced backyard and a central location close to local amenities. Priced competitively, this is a solid opportunity for investors seeking income with upside.

Key facts

• Central location
• Fenced backyard
• Fully renovated unit

Tags

• FENCED BACKYARD
• CENTRAL LOCATION
• FULLY RENOVATED UNIT

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $542 ($7k/yr) — positive. Per door: $271/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $154k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#250 in WA) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A; Watch: schools F, amenities F, commute F.
• North Franklin School District (rural): math 32% / reading 42% proficiency, ranked #235 of 291 in WA (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 41 active listings in the ZIP; 981 units permitted in Franklin County in 2024 (517 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Franklin County population projected at +50% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 148 days — a 12% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $66/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $154,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 148 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.24% ✓
• Cap rate: 10.47%
• Cash-on-cash: 14.90%
• DSCR: 1.66
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 3.3%
• Equity multiple: 1.13×
• Total profit: $6,179
• Equity at exit: $26,093

10-year hold

• IRR: 12.8%
• Equity multiple: 2.02×
• Total profit: $49,868
• Equity at exit: $15,131

Cash invested: $49,000 (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 99326

• Home prices YoY: -5.1%
• Active inventory: 41
• Price-to-rent: 13.5×

Monthly cashflow live

• Estimated rent: $2,162 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$109 /mo · $1,305/yr
• Insurance: −$73
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$454
• Net cashflow: $542

Break-even live

Break-even rent $1,476

Max offer price $175,000

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,162
Total (2 units)			$2,162

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $175,000 Active 148 DOM
2. 2026-06-17
   days on market $175,000 Active 147 DOM
3. 2026-06-16
   days on market $175,000 Active 146 DOM
4. 2026-06-15
   days on market $175,000 Active 145 DOM
5. 2026-06-14
   days on market $175,000 Active 143 DOM
6. 2026-06-13
   days on market $175,000 Active 142 DOM
7. 2026-06-10
   days on market $175,000 Active 140 DOM
8. 2026-06-09
   days on market $175,000 Active 139 DOM
9. 2026-06-08
   days on market $175,000 Active 138 DOM
10. 2026-06-07
    days on market $175,000 Active 137 DOM
11. 2026-06-05
    days on market $175,000 Active 134 DOM
12. 2026-06-03
    days on market $175,000 Active 133 DOM
13. 2026-06-02
    days on market $175,000 Active 132 DOM
14. 2026-06-01
    days on market $175,000 Active 131 DOM
15. 2026-05-31
    days on market $175,000 Active 130 DOM
16. 2026-05-30
    days on market $175,000 Active 129 DOM
17. 2026-04-28
    status Active 695-char remark

    Show marketing remark (695 chars)

    MLS# 289835 Excellent investment opportunity in the heart of Connell. This well-located duplex offers immediate income potential and strong flexibility for investors and/or affordable housing for anyone looking to purchase a home. The property features a spacious 3-bedroom unit and a 2-bedroom unit, each with one bathroom. Both units are currently fully rented on a month-to-month basis, providing immediate cash flow with future repositioning options. One unit has been updated, adding value and appeal. Additional highlights include a fenced backyard and a central location close to local amenities. Priced competitively, this is a solid opportunity for investors seeking income with upside.

18. 2026-04-22
    status Pending 695-char remark

    Show marketing remark (695 chars)

    MLS# 289835 Excellent investment opportunity in the heart of Connell. This well-located duplex offers immediate income potential and strong flexibility for investors and/or affordable housing for anyone looking to purchase a home. The property features a spacious 3-bedroom unit and a 2-bedroom unit, each with one bathroom. Both units are currently fully rented on a month-to-month basis, providing immediate cash flow with future repositioning options. One unit has been updated, adding value and appeal. Additional highlights include a fenced backyard and a central location close to local amenities. Priced competitively, this is a solid opportunity for investors seeking income with upside.

19. 2026-01-15
    listed $175,000 Active 695-char remark

    Show marketing remark (695 chars)

    MLS# 289835 Excellent investment opportunity in the heart of Connell. This well-located duplex offers immediate income potential and strong flexibility for investors and/or affordable housing for anyone looking to purchase a home. The property features a spacious 3-bedroom unit and a 2-bedroom unit, each with one bathroom. Both units are currently fully rented on a month-to-month basis, providing immediate cash flow with future repositioning options. One unit has been updated, adding value and appeal. Additional highlights include a fenced backyard and a central location close to local amenities. Priced competitively, this is a solid opportunity for investors seeking income with upside.

ⓘ 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: $1,305 · $109/mo
• Projected year-2 tax: $1,715 · $143/mo
• Expected delta: +$410/yr (+$34/mo · 31.4%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X · 78% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 12 unhealthy d/yr today · 14 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,944
• − Mortgage interest: −$9,803
• − Property taxes: −$1,305
• − Insurance: −$1,672
• − Repairs & maintenance: −$2,076
• − Management: −$2,076
• − Depreciation: −$5,091
• Taxable income: $3,922
• Est. tax owed @ 24.0%: −$941
• After-tax cash flow: $5,565/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: North Franklin School District
• NCES district ID: 5305730
• Math proficiency: 32% ▼ -2.00%
• Reading proficiency: 42% ▲ 1.00%
• Median HH income: $51,090
• Composite: 34.64/100
• National rank: #10073
• State rank: #235 of 291 in WA

Livability — Connell

• Score: 70/100
• State rank: #250
• US rank: #8022

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Connell, WA
• Population (ZIP): 5,875

Population outlook (Franklin County) Hauer SSP2

• Today (2025): 108,530 people
• By 2030: 118,705 · +9.4%
• By 2040: 140,053 · +29.0%
• By 2050: 162,360 · +49.6%
• By 2075: 217,667 · +100.6%
• By 2100: 264,533 · +143.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.59)
• Race & ethnicity: White 48% Hispanic / Latino 42% Two or more races 10% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 39%
• Common ancestry: Lithuanian 4% Portuguese 2% Romanian 1%
• Foreign-born: 19% · Canada, Vietnam
• Languages at home: 66% English-only · Spanish 32% Other Asian/Pacific 1%

Political lean MEDSL · Franklin

• 2024 margin: Strong R (+22.7) · D 37.4% · R 60.1% · Other 2.4%
• 2008→2024 swing: +1.0pp toward D · 2008: -23.7pp · 2024: -22.7pp
• All cycles: 2024: R+22.7 2020: R+14.5 2016: R+17.1 2012: R+25.2 2008: R+23.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -16.03%
• Current HPI: 297.9832
• 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

3 events — show timeline

• 2026-04-28 Relisted — PACMLS
• 2026-04-22 Pending — PACMLS
• 2026-01-15 Listed $175,000 PACMLS

Property tax history

+4.8%/yr

Latest (2026): $1,305 · +33.8% YoY. Source: county tax records.