32805 1st Ave

Black Diamond, WA 98010

$210,000B

3 bd · 2.0 ba · 1,152 sqft · Built 2025 · Land · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,007/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$350
• HOA: −$0
• Vac / Maint / Mgmt: −$631
• Net cashflow: $924/mo
• Annual: $11,091/yr
• Cap rate: 11.57%
• Cash-on-cash: 18.86%
• DSCR: 1.84
• 1% rule: 1.43%
• Cash to close: $58,800

Investor read

• This is a 3-bed/2.0-bath land listed at $210k.
• At list price, monthly cash flow is $924 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $210k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#87 in WA, #1,663 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: amenities D+, cost of living F.
• Enumclaw School District (suburban): math 54% / reading 68% proficiency, ranked #46 of 291 in WA (top 16%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Black Diamond Elementary (397 students, 25% FRL); Thunder Mountain Middle School (454 students, 31% FRL); Enumclaw Sr High School (1,339 students, 28% FRL) — zoned schools at 28% FRL track the district average.
• Market conditions: Rents rising (+2.2%/yr); 194 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• At projected returns (-3.0% appreciation + 2.2% rent growth), your $59k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.6% vs local median 2.2% in Black Diamond — 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.