1120 N 91st St · Seattle, WA 98103

$1,300,000

2 bd · 1.0 ba · 3,186 sqft · MultiFamily public records · 100 Days on market

Built 1986 3,760 sqft lot $408/sqft · 12% above area Est $1166k · 12% over

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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 +20.9/30.0
• DSCR +6.7/10.0
• Schools +6.1/10.0
• 1% rule +4.5/10.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• ARV discount +2.3/15.0
• 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

Turn-key 8-unit asset with strong income potential and multiple operating strategies. Property is currently configured as hotel-style studio units, each fully furnished with a full bath and kitchenette, and was previously operated as overflow lodging for a nearby hotel. Units are separately metered for electric, providing flexibility to continue as short-term or extended-stay lodging, or reposition as long-term rentals for more traditional multifamily cash flow. Strong rent-per-square-foot potential with additional value-add upside. Property features 8 ground-level parking spaces plus a second-floor storage room already plumbed for future laundry installation. First time on the market &mdas

Key facts

• Storage room
• Kitchenette
• Ground-level parking

Tags

• FULL BATH
• KITCHENETTE
• SEPARATELY METERED
• GROUND-LEVEL PARKING
• STORAGE ROOM
• PLUMBED FOR LAUNDRY

What this means for you Summary

Snapshot

• This is a 8 × 1-bed/1-bath units multifamily listed at $1.30M.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $226/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.23M (5.2% below list).
• Recommended offer: $1.18M (9.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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 rising (+2.2%/yr); 361 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 4d 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).
• At $12,320/mo this rent would consume 113% of the median local household income ($131k/yr) (locally 2586% 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 $9k of loan paydown is wiped out by about $39k 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 100 days — a 9% lower offer ($1.18M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $42k; list at $1.30M implies a 2959% gain — meaningful room to come down on a strong offer.

Recommended offer $1,183,000 (9.0% below list)

Questions for the listing agent

1. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 0.95% ✗
• Cap rate: 7.96%
• Cash-on-cash: 5.97%
• DSCR: 1.27
• GRM: 8.8

CMA / ARV

• ARV (median comp): $1,165,754
• List price: $1,300,000
• Delta: 11.52%
• Verdict: OVERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1321 N 80th St	0.59mi	3/2.0 (+1)	3,070 (-4%)	17mo	$1,115,000	$363	43

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 · 2.2% rent growth · sell at horizon

5-year hold

• IRR: -7.9%
• Equity multiple: 0.71×
• Total profit: $-105,626
• Equity at exit: $193,834

10-year hold

• IRR: 0.6%
• Equity multiple: 1.04×
• Total profit: $14,912
• Equity at exit: $112,400

Cash invested: $364,000 (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 98103

• Rents YoY: 2.2%
• Active inventory: 361
• Price-to-rent: 70.3×

Monthly cashflow live

• Estimated rent: $12,320 high
• Mortgage (P&I): −$6,817
• Tax from tax record: −$563 /mo · $6,755/yr
• Insurance: −$542
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,587
• Net cashflow: $1,811

Break-even live

Break-even rent $10,028

Max offer price $1,300,000

Occupancy floor 80%

Sensitivity live

Price	-10% $2,547	-5% $2,179	+0% $1,811	+5% $1,443	+10% $1,075
Rent	-10% $838	-5% $1,324	+0% $1,811	+5% $2,298	+10% $2,784
Rate	-1.0pp $2,466	-0.5pp $2,142	base $1,811	+0.5pp $1,474	+1.0pp $1,131

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

Units	Beds	Baths	Est. rent
▸ 8× units	1	1	$12,320
Total (8 units)			$12,320

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: $325,000
• Closing costs: $39,000
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
914 N 76th St Seattle, WA	3.0	2.5	2800	$6,400	$2.29	4d	1	0.75mi
1100 N 115th St Seattle, WA	2.0	2.0	1988	$5,924	$2.98	0d	3	1.21mi
7714 Dibble Ave NW Seattle, WA	3.0	3.5	2620	$5,200	$1.98	45d	1	1.26mi
8314 14th Ave NW Seattle, WA	3.0	3.5	2119	$4,450	$2.10	0d	1	1.43mi

Listing history 24 events

1. 2026-06-21
   days on market $1,300,000 Active 100 DOM
2. 2026-06-21
   days on market $1,300,000 Active 99 DOM
3. 2026-06-19
   days on market $1,300,000 Active 98 DOM
4. 2026-06-18
   days on market $1,300,000 Active 97 DOM
5. 2026-06-17
   days on market $1,300,000 Active 96 DOM
6. 2026-06-16
   days on market $1,300,000 Active 95 DOM
7. 2026-06-15
   days on market $1,300,000 Active 94 DOM
8. 2026-06-15
   days on market $1,300,000 Active 93 DOM
9. 2026-06-13
   days on market $1,300,000 Active 92 DOM
10. 2026-06-12
    days on market $1,300,000 Active 91 DOM
11. 2026-06-10
    days on market $1,300,000 Active 89 DOM
12. 2026-06-09
    days on market $1,300,000 Active 88 DOM
13. 2026-06-08
    days on market $1,300,000 Active 87 DOM
14. 2026-06-07
    days on market $1,300,000 Active 86 DOM
15. 2026-06-07
    days on market $1,300,000 Active 85 DOM
16. 2026-06-04
    days on market $1,300,000 Active 83 DOM
17. 2026-06-03
    days on market $1,300,000 Active 82 DOM
18. 2026-06-02
    days on market $1,300,000 Active 81 DOM
19. 2026-06-01
    days on market $1,300,000 Active 80 DOM
20. 2026-05-31
    days on market $1,300,000 Active 79 DOM
21. 2026-05-19
    price $1,300,000
22. 2026-03-13
    listed $1,567,500 Active
23. 1984-07-13
    soldstatus $42,500
24. 1977-12-07
    soldstatus $23,250

ⓘ 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: $6,755 · $563/mo
• Projected year-2 tax: $12,740 · $1,062/mo
• Expected delta: +$5,985/yr (+$499/mo · 88.6%)

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

Taxation est. · year 1

• Rental income: $147,840
• − Mortgage interest: −$72,820
• − Property taxes: −$6,755
• − Insurance: −$6,500
• − Repairs & maintenance: −$11,827
• − Management: −$11,827
• − Depreciation: −$37,818
• Taxable income: $292
• Est. tax owed @ 24.0%: −$70
• After-tax cash flow: $21,660/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): 52,671
• Household income: $131,154
• Rent vs Own: 55.6% rent · 44.4% own
• Severe rent burden: 2586.0

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 (70%)
• Race & ethnicity: White 70% Two or more races 11% Asian 11% Hispanic / Latino 8% Black 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 4% Portuguese 4% Romanian 3%
• Foreign-born: 15% · Canada, China, South Korea
• Languages at home: 83% English-only · Spanish 4% Other Indo-European 3% Chinese 2%

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: ▼ -1970.58%
• Current HPI: 314.4545
• Rent YoY: ▲ 2.20%
• 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

+5491.4% since first listed

4 events — show timeline

• 2026-05-19 Price Changed $1,300,000 NWMLS as Distributed by MLS Grid
• 2026-03-13 Listed $1,567,500 NWMLS as Distributed by MLS Grid
• 1984-07-13 Sold (Public Records) $42,500 Public Records
• 1977-12-07 Sold (Public Records) $23,250 Public Records

Property tax history

+5.0%/yr

Latest (2012): $6,755 · +9.1% YoY. Source: county tax records.