1120 N 91st St

Seattle, WA 98103

$1,300,000D+

2 bd · 1.0 ba · 3,186 sqft · Built 1986 · MultiFamily · Active · 100 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $12,320/mo
• Mortgage (P&I): −$6,817
• Tax + insurance: −$1,105
• HOA: −$0
• Vac / Maint / Mgmt: −$2,587
• Net cashflow: $1,811/mo
• Annual: $21,730/yr
• Cap rate: 7.96%
• Cash-on-cash: 5.97%
• DSCR: 1.27
• 1% rule: 0.95%
• Cash to close: $364,000

Investor read

• This is a 8 × 1-bed/1-bath units multifamily listed at $1.30M.
• 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).
• It's been on market 100 days — a 9% lower offer ($1.18M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.18M (9.0% below list) — sets the bar for market timing.
• 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.
• 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.
• Zoned schools: Hazel Wolf K-8 (720 students, 22% FRL); Whitman Middle School (679 students, 15% FRL); Ingraham High School (1,452 students, 33% FRL).
• 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 5d 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).
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $42k; list at $1.30M implies a 2959% gain — meaningful room to come down on a strong offer.
• 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.
• 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.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?