17809 120th Ave SE · McKenna, WA 98597

$825,000

2 bd · 1.0 ba · 968 sqft · MultiFamily public records · 30 Days on market

Built 1962 4.43 ac lot

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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).

• Cash flow +23.6/30.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +5.1/10.0
• Schools +4.8/10.0
• Rent growth +3.9/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

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

Attention investors! Incredible opportunity to own a well-established income-producing multi-family property with tremendous upside potential. Situated on nearly 5 usable acres, this unique property features three total residential buildings, including a one 4-plex, one duplex, and a separate 2-bedroom, 1-bath single-family home. With a strong rental history and long-term tenancy in place, this property offers immediate cash flow along with future income-growth opportunities. All units are single-story, a highly desirable feature for tenants that also helps simplify maintenance and long-term management. The expansive acreage provides additional possibilities for future improvements, includi

Key facts

• Expansive acreage
• Quiet cul-de-sac
• Private setting

Tags

• MULTI-FAMILY PROPERTY
• INCOME-PRODUCING PROPERTY
• SINGLE-STORY UNITS
• EXPANSIVE ACREAGE
• QUIET CUL-DE-SAC
• PRIVATE SETTING

Property features AI

Finance

• Financial info: Listing terms: Cash or Conventional; Multi-family income details available (total of 7 units); Total monthly income reported; Net operating income reported; Total expenses reported; Gross rent multiplier reported

Exterior

• Parking: Approximately 30 uncovered parking spaces; 4 covered spaces; 4-car carport; RV parking available
• Security: Partially fenced for added security
• Utilities: Electric energy source; Individual well for water; Septic tank sewer
• Home design: Residential income property (multi-family); 5–9 unit style code; Single-story building
• Construction: Wood construction; Composition roof; Poured concrete foundation; Effective year built: 1962
• Exterior features: Wood exterior; Partially fenced lot; Outbuildings; RV parking; Located on a dead-end street; Paved access; Secluded setting; Has a view

Interior

• Kitchen: Most units include a range/oven; Most units include a refrigerator; No units report dishwashers
• Bedrooms: Multiple units with 1–2 bedrooms (mix of 1-bedroom and 2-bedroom units)
• Flooring: Vinyl flooring; Carpet
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Wall furnaces for heating; No central cooling reported
• Interior features: Partially fenced; High-speed internet available; Outbuildings on the property; RV parking
• Laundry & utility: Individual unit utilities (water from individual well; septic sewer)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $825k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $825k).
• Recommended offer: $813k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 3.8% in McKenna — 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 67/100 on livability (#300 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: health & safety C-, amenities F, commute F.
• Yelm School District (rural): math 48% / reading 59% proficiency, ranked #108 of 291 in WA (top 37%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Fort Stevens Elementary (511 students, 63% FRL); Yelm High School 12 (1,634 students, 45% FRL) — zoned schools average 54% FRL vs 34% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.8%/yr); 431 active listings in the ZIP; solid renter incomes; 1,222 units permitted in Thurston County in 2024 (508 in 5+ unit buildings).
• At $8,372/mo this rent would consume 109% of the median local household income ($92k/yr) (locally 259% 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 $6k of loan paydown is wiped out by about $25k of value loss. Plan a longer hold.
• Thurston County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 5.8% rent growth), your $231k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($813k) is reasonable based on typical stale-listing flexibility.

Recommended offer $812,625 (1.5% below list)

Questions for the listing agent

1. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.01% ✓
• Cap rate: 8.55%
• Cash-on-cash: 8.05%
• DSCR: 1.36
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.78% rent growth · sell at horizon

5-year hold

• IRR: -1.2%
• Equity multiple: 0.95×
• Total profit: $-11,133
• Equity at exit: $123,010

10-year hold

• IRR: 11.0%
• Equity multiple: 1.96×
• Total profit: $220,945
• Equity at exit: $71,331

Cash invested: $231,000 (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 98597

• Rents YoY: 5.8%
• Active inventory: 431
• Price-to-rent: 41.1×

Monthly cashflow live

• Estimated rent: $8,372 medium
• Mortgage (P&I): −$4,326
• Tax from tax record: −$393 /mo · $4,719/yr
• Insurance: −$344
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,758
• Net cashflow: $1,550

Break-even live

Break-even rent $6,409

Max offer price $825,000

Occupancy floor 76%

Sensitivity live

Price	-10% $2,017	-5% $1,784	+0% $1,550	+5% $1,317	+10% $1,083
Rent	-10% $889	-5% $1,220	+0% $1,550	+5% $1,881	+10% $2,212
Rate	-1.0pp $1,966	-0.5pp $1,760	base $1,550	+0.5pp $1,337	+1.0pp $1,119

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	1	$8,370
Total (5 units)			$8,372

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: $206,250
• Closing costs: $24,750
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $825,000 Active 30 DOM
2. 2026-06-17
   days on market $825,000 Active 29 DOM
3. 2026-06-16
   days on market $825,000 Active 28 DOM
4. 2026-06-15
   days on market $825,000 Active 27 DOM
5. 2026-06-14
   days on market $825,000 Active 25 DOM
6. 2026-06-13
   days on market $825,000 Active 24 DOM
7. 2026-06-10
   days on market $825,000 Active 22 DOM
8. 2026-06-09
   days on market $825,000 Active 21 DOM
9. 2026-06-08
   days on market $825,000 Active 20 DOM
10. 2026-06-07
    days on market $825,000 Active 19 DOM
11. 2026-06-02
    days on market $825,000 Active 14 DOM
12. 2026-06-01
    days on market $825,000 Active 13 DOM
13. 2026-05-31
    days on market $825,000 Active 12 DOM
14. 2026-05-30
    days on market $825,000 Active 11 DOM
15. 2026-05-19
    listed $825,000 Active

ⓘ 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: $4,719 · $393/mo
• Projected year-2 tax: $8,085 · $674/mo
• Expected delta: +$3,366/yr (+$280/mo · 71.3%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 7 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $100,464
• − Mortgage interest: −$46,213
• − Property taxes: −$4,719
• − Insurance: −$4,125
• − Repairs & maintenance: −$8,037
• − Management: −$8,037
• − Depreciation: −$24,000
• Taxable income: $5,333
• Est. tax owed @ 24.0%: −$1,280
• After-tax cash flow: $17,326/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: Yelm School District
• NCES district ID: 5310140
• Math proficiency: 48% ▲ 1.00%
• Reading proficiency: 59% ▲ 1.00%
• Median HH income: $58,328
• Composite: 48.34/100
• National rank: #4685
• State rank: #108 of 291 in WA

Livability — McKenna

• Score: 67/100
• State rank: #300
• US rank: #10587

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Thurston County · 269,345 people
• City population: 61
• Metro: Olympia-Lacey-Tumwater, WA
• Population (ZIP): 26,669
• Household income: $92,219
• Rent vs Own: 21.8% rent · 78.2% own
• Severe rent burden: 259.0

Population outlook (Thurston County) Hauer SSP2

• Today (2025): 308,239 people
• By 2030: 326,483 · +5.9%
• By 2040: 359,890 · +16.8%
• By 2050: 391,800 · +27.1%
• By 2075: 468,024 · +51.8%
• By 2100: 519,890 · +68.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Two or more races 10% Hispanic / Latino 10% Black 3% Pacific Islander 2% Asian 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Portuguese 5% Romanian 4% Lithuanian 3%
• Foreign-born: 7% · Canada, South Korea
• Languages at home: 90% English-only · Spanish 6% German/W. Germanic 1% Other Asian/Pacific 1%

Political lean MEDSL · Thurston

• 2024 margin: Strong D (+20.4) · D 58.5% · R 38.1% · Other 3.5%
• 2008→2024 swing: -1.3pp toward R · 2008: 21.7pp · 2024: 20.4pp
• All cycles: 2024: D+20.4 2020: D+18.6 2016: D+15.4 2012: D+19.0 2008: D+21.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -192.07%
• Current HPI: 326.4361
• Rent YoY: ▲ 5.78%
• Metro: Olympia-Lacey-Tumwater, 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

1 event — show timeline

• 2026-05-19 Listed $825,000 NWMLS as Distributed by MLS Grid

Property tax history

-0.6%/yr

Latest (2026): $4,719 · -8.6% YoY. Source: county tax records.