14650 NE 32nd St Unit A-11 · Bellevue, WA 98007

$225,000

1 bd · 1.0 ba · 684 sqft · Condo public records · 73 Days on market

Built 1976 $329/sqft · 32% below area Est $332k · 32% under $669/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 +6.9/10.0
• Cash flow +5.6/30.0
• 1% rule +4.4/10.0
• Livability +4.4/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Bright, spacious, and beautifully refreshed, this 684 sq. ft. 1-bed/1-bath condo in Bellevue’s sought-after Overlake neighborhood blends comfort, functionality, and an unbeatable location. Newer carpet flows through the open living and dining areas, creating a warm, inviting feel, while the large private balcony extends your living space outdoors and welcomes in abundant natural light. The updated kitchen offers great flow for everyday living and entertaining alike. The generously sized bedroom features a walk-in closet, and the home is complemented by a full bathroom and an oversized entry storage closet—perfect for keeping life organized. Community amenities include a seasonal

Key facts

• Private balcony
• Walk-in closet
• Full bathroom

Tags

• PRIVATE BALCONY
• UPDATED KITCHEN
• WALK-IN CLOSET
• FULL BATHROOM
• ENTRY STORAGE CLOSET
• SEASONAL OUTDOOR POOL

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $225k.

Deal economics

• At list price, monthly cash flow is $-467 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $143k (36.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $211k (6.0% below list).
• Recommended offer: $143k (36.7% below list) — sets the bar for cash-flow.
• Cap rate 3.8% vs local median 1.1% in Bellevue — 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 87/100 on livability (#15 in WA, #314 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: cost of living F.
• Bellevue School District (urban): math 73% / reading 79% proficiency, ranked #7 of 291 in WA (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical; only 15% free/reduced lunch — higher-income household profile.
• Market conditions: Rents soft (-1.7%/yr); 133 active listings in the ZIP; 34 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 73 days — a 6% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y 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: HOA is 32% of rent.

Recommended offer $142,509 (36.7% 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. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
3. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
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 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.94% ✗
• Cap rate: 3.80%
• Cash-on-cash: -8.89%
• DSCR: 0.60
• GRM: 8.9

CMA / ARV

• ARV (median comp): $332,220
• List price: $225,000
• Delta: -32.27%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -37.0%
• Equity multiple: -0.14×
• Total profit: $-72,007
• Equity at exit: $33,548

10-year hold

• IRR: -88.6%
• Equity multiple: -0.96×
• Total profit: $-123,360
• Equity at exit: $19,454

Cash invested: $63,000 (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 98007

• Rents YoY: -1.7%
• Active inventory: 133
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $2,114 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$195 /mo · $2,334/yr
• Insurance: −$94
• HOA: −$669
• Vacancy / Maint / Mgmt: −$444
• Net cashflow: $-467

Break-even live

Break-even rent $2,705

Max offer price $142,509

Occupancy floor —

Sensitivity live

Price	-10% $-340	-5% $-403	+0% $-467	+5% $-531	+10% $-594
Rent	-10% $-634	-5% $-550	+0% $-467	+5% $-383	+10% $-300
Rate	-1.0pp $-354	-0.5pp $-410	base $-467	+0.5pp $-525	+1.0pp $-585

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14665 NE 34th St Unit B21 Bellevue, WA	1.0	1.0	684	$1,990	$2.91	25d	1	0.02mi
14700 NE 35th St Bellevue, WA	1.0–3.0	1.0–2.5	924	$2,195	$2.37	0d	19	0.12mi
14620 NE 31st St Unit E304 Bellevue, WA	1.0	1.0	680	$1,995	$2.93	25d	1	0.14mi
14620 NE 31st St Unit E-305 Bellevue, WA	1.0	1.0	680	$1,995	$2.93	18d	1	0.14mi
14620 NE 31st St Unit F205 Bellevue, WA	1.0	1.0	680	$2,000	$2.94	25d	1	0.14mi
14620 NE 31st St Bellevue, WA	1.0	1.0	680	$1,892	$2.78	45d	2	0.15mi
3615 147th Pl NE Bellevue, WA	1.0–2.0	1.0	862	$2,215	$2.57	0d	10	0.22mi
14629 NE 37th Pl Bellevue, WA	1.0–2.0	1.0	736	$2,029	$2.76	0d	11	0.26mi
14710 NE 40th St Bellevue, WA	1.0–2.0	1.0–2.0	976	$2,253	$2.31	0d	23	0.43mi
2808 Calder Ave NE Redmond, WA	2.0	1.0–2.0	873	$3,004	$3.44	0d	41	0.51mi
2690 152nd Ave NE Redmond, WA	3.0	1.0–2.0	1111	$2,658	$2.39	0d	1	0.52mi
15301 NE Turing St Redmond, WA	2.0	1.0–2.0	923	$2,878	$3.12	0d	1	0.58mi
15551 NE Turing St Redmond, WA	2.0	1.0–2.0	868	$2,722	$3.14	0d	34	0.62mi
2710 Tagore Ave NE Redmond, WA	3.0	1.0–2.0	856	$1,682	$1.96	0d	10	0.63mi
4277 148th Ave NE Bellevue, WA	1.0–2.0	1.0–2.0	781	$2,245	$2.87	0d	10	0.65mi
2651 156th Ave NE Redmond, WA	2.0	1.0–2.0	908	$3,012	$3.32	0d	14	0.67mi
15602 NE 40th St Redmond, WA	3.0	1.0–2.0	935	$2,738	$2.93	0d	1	0.68mi
15606 NE 40th St Bldg Z Redmond, WA	1.0	1.0	664	$3,120	$4.70	21d	1	0.83mi
15350 Bel Red Rd Redmond, WA	2.0	1.0–2.0	824	$3,097	$3.76	0d	10	0.85mi
15566 NE 22 Pl #910 Bellevue, WA	1.0–2.0	1.0–2.0	832	$1,660	$2.00	45d	2	0.85mi
2170 Bel-Red Rd Bellevue, WA	2.0	1.0–2.0	867	$2,896	$3.34	0d	20	0.85mi
15606 NE 40th St Redmond, WA	1.0–3.0	1.0–2.0	964	$2,047	$2.12	0d	1	0.87mi
2030 155th Pl NE Bellevue, WA	2.0	1.0–2.0	830	$2,783	$3.35	0d	55	0.91mi
4850 156th Ave NE Redmond, WA	1.0–2.0	1.0–2.0	850	$2,266	$2.67	0d	17	1.03mi
15207 NE 16th Pl Bellevue, WA	2.0	1.0–2.0	704	$1,918	$2.72	0d	25	1.18mi
16539 NE 35th Ct Redmond, WA	1.0–3.0	1.0–2.0	818	$1,979	$2.42	0d	11	1.18mi
1616 156th Ave NE Bellevue, WA	1.0	1.0	445	$1,994	$4.48	14d	10	1.24mi
1400 154th Ave NE #4303 Bellevue, WA	1.0	1.0	700	$1,850	$2.64	45d	1	1.28mi
15750 NE 15th St Bellevue, WA	1.0	1.0	451	$1,736	$3.84	4d	6	1.31mi
15309 NE 13th Pl Bellevue, WA	2.0	1.0–2.0	726	$2,082	$2.87	0d	18	1.31mi
13238 NE Spring Blvd Bellevue, WA	2.0	1.0–2.0	696	$2,948	$4.23	0d	21	1.39mi
13808 NE 12th St Bellevue, WA	1.0–2.0	1.0–2.0	860	$2,067	$2.40	0d	8	1.43mi
1955 129th Ave NE Bellevue, WA	1.0–3.0	1.0–3.5	1354	$2,531	$1.87	0d	14	1.46mi
13166 NE 15th St Bellevue, WA	3.0	1.0–2.5	959	$3,167	$3.30	3d	49	1.48mi

HOA detail condo

• Monthly dues: $669 · $8,028/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-21
   days on market $225,000 Active 73 DOM
2. 2026-06-18
   days on market $225,000 Active 70 DOM
3. 2026-06-17
   days on market $225,000 Active 69 DOM
4. 2026-06-16
   days on market $225,000 Active 68 DOM
5. 2026-06-15
   days on market $225,000 Active 67 DOM
6. 2026-06-13
   days on market $225,000 Active 65 DOM
7. 2026-06-09
   days on market $225,000 Active 61 DOM
8. 2026-06-08
   days on market $225,000 Active 60 DOM
9. 2026-06-07
   days on market $225,000 Active 59 DOM
10. 2026-06-04
    days on market $225,000 Active 56 DOM
11. 2026-06-03
    days on market $225,000 Active 55 DOM
12. 2026-06-02
    days on market $225,000 Active 54 DOM
13. 2026-06-01
    days on market $225,000 Active 53 DOM
14. 2026-05-31
    days on market $225,000 Active 52 DOM
15. 2026-05-12
    status Active
16. 2026-04-05
    status Pending
17. 2026-03-12
    status Active
18. 2026-02-04
    status Pending
19. 2026-01-26
    listed $225,000 Active
20. 2022-02-18
    soldstatus $315,000 Closed
21. 2022-02-18
    soldstatus $314,900
22. 2021-11-17
    status Pending
23. 2021-11-11
    listed $285,000 Active
24. 1984-09-14
    soldstatus $34,500

ⓘ 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: $2,334 · $195/mo
• Projected year-2 tax: $2,334 · $195/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 ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,371
• − Mortgage interest: −$12,603
• − Property taxes: −$2,334
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,030
• − Management: −$2,030
• − HOA: −$8,028
• − Depreciation: −$6,545
• Taxable loss: −$9,325
• Est. tax savings @ 24.0%: +$2,238
• After-tax cash flow: $-3,366/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: Bellevue School District
• NCES district ID: 5300390
• Math proficiency: 73% ▼ -2.00%
• Reading proficiency: 79% ▬ 0.00%
• Median HH income: $92,676
• Composite: 69.36/100
• National rank: #622
• State rank: #7 of 291 in WA

Livability — Bellevue

• Score: 87/100
• State rank: #15
• US rank: #314

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellevue, WA
• County: King County · 2,251,916 people
• City population: 156,686
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 27,692
• Household income: $131,109
• Rent vs Own: 64.4% rent · 35.6% own
• Severe rent burden: 1260.0

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 0.68)
• Race & ethnicity: Asian 46% White 31% Hispanic / Latino 12% Two or more races 9% Black 5%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Scotch-Irish 2% Lithuanian 1% Italian 1%
• Foreign-born: 52% · China, Canada, Vietnam
• Languages at home: 43% English-only · Other Indo-European 16% Other Asian/Pacific 12% Chinese 9%

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: ▼ -886.99%
• Current HPI: 424.8727
• Rent YoY: ▼ -1.74%
• 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

+552.2% since first listed

10 events — show timeline

• 2026-05-12 Relisted — NWMLS as Distributed by MLS Grid
• 2026-04-05 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-12 Relisted — NWMLS as Distributed by MLS Grid
• 2026-02-04 Pending — NWMLS as Distributed by MLS Grid
• 2026-01-26 Listed $225,000 NWMLS as Distributed by MLS Grid
• 2022-02-18 Sold (Public Records) $314,900 Public Records
• 2022-02-18 Sold (MLS) $315,000 NWMLS as Distributed by MLS Grid
• 2021-11-17 Pending — NWMLS as Distributed by MLS Grid
• 2021-11-11 Listed $285,000 NWMLS as Distributed by MLS Grid
• 1984-09-14 Sold (Public Records) $34,500 Public Records

Property tax history

+5.8%/yr

Latest (2025): $2,334 · -8.7% YoY. Source: county tax records.