218 N Underwood St · Kennewick, WA 99337

$139,800

2 bd · 1.0 ba · 1,100 sqft · Condo · 83 Days on market

Built 1958 Average condition $275/mo HOA

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Why this score? — see what drove the C- 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
• Cash flow +12.7/30.0
• 1% rule +6.1/10.0
• Schools +4.6/10.0
• Livability +3.9/5.0
• DSCR +3.8/10.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

MLS# 291654 MLS# 279396 Welcome to this Adult 55+ Co-Op Overlooking Tri City Country Club, Wonderful Location & Easy Living with views of Zintel Creek Golf Course and beyond-come see for yourself! The 1,100 Sq Ft with comfortable kitchen and Dining rooms overlook spacious living room with true masonry fireplace. The kitchen is central to main living spaces offering ample cabinet and counter space. The bathroom is light and bright with high ceilings. Good sized bedrooms located on separate floor feature large windows with plenty of natural light. Additional storage can be found under the kitchen and dining room area that is accessed from the living room. There is a detached 1 car garage with extra storage plus an extra parking area for guests. Relax, entertain and enjoy on the Spacious Covered Patio views of the golf course and 365 morning sunrises. Also included is a Full Appliance Package (washer/dryer/fridge). Added bonus, this is also an end Unit with Side yard giving extra privacy and area for the included garden boxes. 55+ co-op community the property must be owner occupied. The $275. monthly dues cover property taxes, exterior building maintenance, lawn maintenance, water, sewer, and garbage. Indoor cats are allowed.

Key facts

• $275 HOA
• Garage
• Built 1958

🏢 Co-op / cooperative unit. The $139,800 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $140k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $-16 ($-197/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (1.7% below list).
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $131k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.2% vs local median 3.3% in Kennewick — 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 78/100 on livability (#131 in WA, #2,599 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A; Watch: schools D+, amenities D+, crime F.
• Kennewick School District (urban): math 43% / reading 58% proficiency, ranked #141 of 291 in WA (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 249 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,532 units permitted in Benton County in 2024 (389 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Benton County population projected at +32% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y 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.
• Current owner paid $55k; list at $140k implies a 154% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $131,412 (6.0% 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 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. Built in 1958 — 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 D-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. 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?
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: 1.11% ✓
• Cap rate: 6.15%
• Cash-on-cash: -0.50%
• DSCR: 0.98
• GRM: 7.5

CMA / ARV

• ARV (median comp): $185,367
• List price: $139,800
• Delta: -24.58%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -17.0%
• Equity multiple: 0.40×
• Total profit: $-23,508
• Equity at exit: $20,845

10-year hold

• IRR: -8.6%
• Equity multiple: 0.46×
• Total profit: $-21,036
• Equity at exit: $12,087

Cash invested: $39,144 (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 99337

• Active inventory: 249
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,550 high
• Mortgage (P&I): −$733
• Tax est. 1.5%: −$175 /mo · $2,097/yr
• Insurance: −$58
• HOA: −$275
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $-16

Break-even live

Break-even rent $1,571

Max offer price $137,423

Occupancy floor 96%

Sensitivity live

Price	-10% $80	-5% $32	+0% $-16	+5% $-65	+10% $-113
Rent	-10% $-139	-5% $-78	+0% $-16	+5% $45	+10% $106
Rate	-1.0pp $54	-0.5pp $19	base $-16	+0.5pp $-53	+1.0pp $-90

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: $34,950
• Closing costs: $4,194
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
89 N Waverly Pl Apt E Kennewick, WA	2.0	1.0	1000	$1,250	$1.25	45d	1	0.15mi
2525 W Grand Ronde Ave Kennewick, WA	2.0–3.0	1.0–2.0	1044	$1,345	$1.29	15d	4	0.36mi
119 S Conway Pl Kennewick, WA	2.0	1.0	711	$1,200	$1.69	22d	1	0.40mi
130 S Conway Pl Kennewick, WA	2.0	1.0	852	$1,299	$1.52	15d	1	0.52mi
603 N Ely St Kennewick, WA	3.0	1.0	1204	$1,895	$1.57	45d	1	0.56mi
513 S Anderson St Kennewick, WA	2.0	1.0	720	$1,495	$2.08	22d	1	0.61mi
500 S Conway Pl Unit 500 Kennewick, WA	2.0	1.0	950	$1,500	$1.58	45d	1	0.64mi
1619 W 5th Ave Unit A Kennewick, WA	2.0	1.0	981	$1,450	$1.48	22d	1	0.67mi
1702 W 7th Pl Unit B Kennewick, WA	2.0	1.0	950	$1,050	$1.11	45d	1	0.78mi
1618 W 7th Pl Unit A Kennewick, WA	2.0	1.0	920	$1,050	$1.14	45d	1	0.79mi
425 S Olympia St Kennewick, WA	2.0	1.0–2.0	1000	$1,335	$1.33	15d	9	0.79mi
911 W Entiat Ave Kennewick, WA	2.0–3.0	2.5	1392	$1,725	$1.24	22d	5	0.84mi
N Johnson St Kennewick, WA	2.0	1.5	1100	$1,450	$1.32	22d	3	0.84mi
3120 W 4th Ave Unit 360 Kennewick, WA	2.0	1.0	963	$1,550	$1.61	45d	1	0.84mi
3120 W 4th Ave Apt 120 Kennewick, WA	2.0	1.0	963	$1,625	$1.69	15d	1	0.84mi
3120 W 4th Ave Kennewick, WA	2.0	1.0	963	$1,550	$1.61	15d	1	0.84mi
505 S Olympia St Unit 1326 K3 Kennewick, WA	3.0	1.0	945	$1,650	$1.75	22d	1	0.88mi
505 S Olympia St Apt H1 Kennewick, WA	3.0	1.0	890	$1,675	$1.88	45d	1	0.88mi
325 S Johnson St Kennewick, WA	2.0	1.5	1100	$1,495	$1.36	45d	1	0.89mi
1000 W 5th Ave Kennewick, WA	3.0–4.0	2.0	1157	$1,371	$1.18	15d	4	0.95mi
3113 W 7th Ave Unit D110 Kennewick, WA	2.0	2.5	1000	$1,750	$1.75	15d	1	0.98mi
1107 W 5th Ave Kennewick, WA	2.0	1.0	850	$1,588	$1.87	15d	2	1.00mi
3119 W 7th Ave Kennewick, WA	3.0	2.5	1500	$2,050	$1.37	15d	1	1.00mi
3119 W 7th Ave Unit C120 Kennewick, WA	3.0	2.5	1500	$2,050	$1.37	22d	1	1.00mi
1163 S Underwood Pl #110 Kennewick, WA	3.0	2.5	1478	$2,395	$1.62	45d	1	1.02mi
12 S Morain St Kennewick, WA	1.0–3.0	1.0	604	$1,249	$2.07	15d	3	1.02mi
601 S Kent St Unit 601 K203 Kennewick, WA	2.0	1.0	867	$1,300	$1.50	45d	1	1.02mi
601 S Kent St Unit 601 C202 Kennewick, WA	2.0	1.0	867	$1,300	$1.50	22d	1	1.02mi
601 S Kent St Unit 601 F205 Kennewick, WA	2.0	1.0	867	$1,275	$1.47	15d	1	1.02mi
400 S Morain St #7 Kennewick, WA	3.0	2.5	1100	$1,500	$1.36	22d	1	1.08mi
455 S Morain St Kennewick, WA	2.0	1.0	775	$1,950	$2.52	45d	1	1.09mi
3703 W Kennewick Ave Kennewick, WA	1.0–2.0	1.0	782	$1,594	$2.04	15d	8	1.10mi
1114 W 10th Ave Kennewick, WA	3.0	1.0–2.0	829	$1,342	$1.62	15d	41	1.11mi
3426 W 7th Ave Kennewick, WA	2.0	2.0	1000	$1,600	$1.60	22d	1	1.13mi
3426 W 7th Ave Unit A130 Kennewick, WA	2.0	2.0	1000	$1,650	$1.65	45d	1	1.13mi
1110 S Newport St Unit 1110ne B Kennewick, WA	2.0	2.0	995	$1,300	$1.31	45d	1	1.16mi
705 S Ione St Kennewick, WA	3.0	1.5	1056	$2,000	$1.89	15d	1	1.16mi
3320 W 9th Ave Unit 30 Kennewick, WA	2.0	2.0	1200	$1,400	$1.17	45d	1	1.17mi
1608 W 14th Ave Unit 1614 Kennewick, WA	2.0	1.0	750	$995	$1.33	22d	1	1.20mi
1105 W 10th Ave Kennewick, WA	1.0–2.0	1.0	687	$1,306	$1.90	15d	8	1.20mi

HOA detail condo

• Monthly dues: $275 · $3,300/yr
• Likely covers: watersewertrash
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-21
   days on market $139,800 Active 83 DOM
2. 2026-06-18
   days on market $139,800 Active 80 DOM
3. 2026-06-17
   days on market $139,800 Active 79 DOM
4. 2026-06-16
   days on market $139,800 Active 78 DOM
5. 2026-06-15
   days on market $139,800 Active 77 DOM
6. 2026-06-14
   days on market $139,800 Active 75 DOM
7. 2026-06-13
   days on market $139,800 Active 74 DOM
8. 2026-06-10
   days on market $139,800 Active 72 DOM
9. 2026-06-09
   days on market $139,800 Active 71 DOM
10. 2026-06-08
    days on market $139,800 Active 70 DOM
11. 2026-06-07
    days on market $139,800 Active 69 DOM
12. 2026-06-05
    days on market $139,800 Active 66 DOM
13. 2026-06-03
    days on market $139,800 Active 65 DOM
14. 2026-06-02
    days on market $139,800 Active 64 DOM
15. 2026-06-01
    days on market $139,800 Active 63 DOM
16. 2026-05-31
    days on market $139,800 Active 62 DOM
17. 2026-05-30
    days on market $139,800 Active 61 DOM
18. 2026-03-30
    listed $139,900 Active 1250-char remark

    Show marketing remark (1250 chars)

    MLS# 291654 MLS# 279396 Welcome to this Adult 55+ Co-Op Overlooking Tri City Country Club, Wonderful Location & Easy Living with views of Zintel Creek Golf Course and beyond-come see for yourself! The 1,100 Sq Ft with comfortable kitchen and Dining rooms overlook spacious living room with true masonry fireplace. The kitchen is central to main living spaces offering ample cabinet and counter space. The bathroom is light and bright with high ceilings. Good sized bedrooms located on separate floor feature large windows with plenty of natural light. Additional storage can be found under the kitchen and dining room area that is accessed from the living room. There is a detached 1 car garage with extra storage plus an extra parking area for guests. Relax, entertain and enjoy on the Spacious Covered Patio views of the golf course and 365 morning sunrises. Also included is a Full Appliance Package (washer/dryer/fridge). Added bonus, this is also an end Unit with Side yard giving extra privacy and area for the included garden boxes. 55+ co-op community the property must be owner occupied. The $275. monthly dues cover property taxes, exterior building maintenance, lawn maintenance, water, sewer, and garbage. Indoor cats are allowed.

19. 2025-02-22
    historical Active Under Contract
20. 2024-10-07
    listed $162,000 Active
21. 2014-01-17
    soldstatus $55,000
22. 2013-07-10
    listed $59,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 15 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,603
• − Mortgage interest: −$7,831
• − Property taxes: −$2,097
• − Insurance: −$699
• − Repairs & maintenance: −$1,488
• − Management: −$1,488
• − HOA: −$3,300
• − Depreciation: −$4,067
• Taxable loss: −$2,367
• Est. tax savings @ 24.0%: +$568
• After-tax cash flow: $371/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.

Condition & rehab AI · 12 photos

Average 55/100 Cosmetic rehab

This 2-bedroom, 1-bathroom condo is in average condition with some cosmetic updates needed. It offers a spacious living area and a private patio with golf course views.

Repairs flagged

• Minor kitchen cabinets — slight wear
• Minor bathroom tiles — slight wear
• Minor landscaping — overgrown plants

Value-add opportunities

• Both paint interior walls — fresh paint enhances curb appeal and interior aesthetics
• Both replace kitchen cabinets — new cabinets improve functionality and aesthetics
• Both repair landscaping — trimmed plants improve curb appeal and maintain property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · slight wear	Minor	$500–3,000
bathroom tiles · slight wear	Minor	$500–3,000
landscaping · overgrown plants	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both paint interior walls — fresh paint enhances curb appeal and interior aesthetics ↑
• Both replace kitchen cabinets — new cabinets improve functionality and aesthetics ↑
• Both repair landscaping — trimmed plants improve curb appeal and maintain property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Kennewick School District
• NCES district ID: 5303930
• Math proficiency: 43% ▼ -1.00%
• Reading proficiency: 58% ▬ 0.00%
• Median HH income: $54,191
• Composite: 45.56/100
• National rank: #5667
• State rank: #141 of 291 in WA

Livability — Kennewick

• Score: 78/100
• State rank: #131
• US rank: #2599

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kennewick, WA
• County: Benton County · 186,895 people
• City population: 104,655
• Metro: Kennewick-Richland, WA
• Population (ZIP): 33,287
• Household income: $98,848
• Rent vs Own: 14.5% rent · 85.5% own
• Severe rent burden: 430.0

Population outlook (Benton County) Hauer SSP2

• Today (2025): 219,421 people
• By 2030: 233,813 · +6.6%
• By 2040: 262,134 · +19.5%
• By 2050: 290,100 · +32.2%
• By 2075: 363,525 · +65.7%
• By 2100: 418,667 · +90.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (67%)
• Race & ethnicity: White 67% Hispanic / Latino 26% Two or more races 13% Asian 1% Black 1%
• Hispanic origin (detail): Mexican 24%
• Common ancestry: Lithuanian 4% Portuguese 3% Iranian 2%
• Foreign-born: 12% · Canada, Vietnam
• Languages at home: 76% English-only · Spanish 20% Russian/Polish/Slavic 2%

Political lean MEDSL · Benton

• 2024 margin: Strong R (+21.9) · D 37.7% · R 59.6% · Other 2.7%
• 2008→2024 swing: +4.2pp toward D · 2008: -26.1pp · 2024: -21.9pp
• All cycles: 2024: R+21.9 2020: R+21.0 2016: R+26.6 2012: R+27.0 2008: R+26.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -260.38%
• Current HPI: 245.5375
• Rent YoY: —
• Metro: Kennewick-Richland, 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

+133.6% since first listed

5 events — show timeline

• 2026-03-30 Listed $139,900 PACMLS
• 2025-02-22 Contingent — PACMLS
• 2024-10-07 Listed $162,000 PACMLS
• 2014-01-17 Sold (MLS) $55,000 PACMLS
• 2013-07-10 Listed $59,900 PACMLS