130 105th Ave SE #108 · Bellevue, WA 98004

$449,950

2 bd · 1.0 ba · 835 sqft · Condo · 75 Days on market

Built 1959 $539/sqft · 36% below area Est $698k · 36% under $761/mo HOA · 24% 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
• Appreciation +4.8/10.0
• Livability +4.4/5.0
• Cash flow +3.2/30.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• 1% rule +1.9/10.0
• DSCR +0.0/10.0

Listing remarks

Price Reduction! Prime Bellevue Location! Welcome to this move-in ready condo, ideally situated within walking distance to Main Street amenities and Bellevue SQ. Offering 2 bedrooms—or 1 bedroom plus a den/office. This home features a flowing floor plan with an open-concept kitchen, breakfast bar, and a spacious living room that opens to a private deck. In-unit washer and dryer included. The property includes a large tandem 2-car garage with abundant storage, along with ample guest and on-street parking. Community amenities feature a seasonal outdoor pool, while the prime location places you near shopping, parks, freeways, and highly rated Bellevue schools. Recently updated with a bra

Key facts

• Private deck
• Open-concept kitchen
• $761 HOA

Tags

• PRIME BELLEVUE LOCATION
• OPEN-CONCEPT KITCHEN
• PRIVATE DECK
• IN-UNIT WASHER AND DRYER
• SEASONAL OUTDOOR POOL
• RECENTLY UPDATED EXTERIOR

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $450k.

Deal economics

• At list price, monthly cash flow is $-1k ($-17k/yr) — negative.
• To cash-flow at today's rent, offer at most $246k (45.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $311k (30.8% below list).
• Recommended offer: $246k (45.4% below list) — sets the bar for cash-flow.
• Cap rate 2.5% 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 (-0.2%/yr); 350 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 4d 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

• In year one you build about $2k of equity ($3k loan paydown + $-2k appreciation (-0.3% local appreciation)).
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 10, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($423k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y 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 $191k; list at $450k implies a 136% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent; built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $245,886 (45.4% 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 75 days. Have you received any prior offers? Is the seller open to a 45% concession, seller financing, or rate buy-down credit?
3. Built in 1959 — 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: 0.69% ✗
• Cap rate: 2.53%
• Cash-on-cash: -13.43%
• DSCR: 0.40
• GRM: 12.0

CMA / ARV

• ARV (median comp): $698,224
• List price: $449,950
• Delta: -35.56%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-0.34% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -21.5%
• Equity multiple: 0.06×
• Total profit: $-118,682
• Equity at exit: $123,110

10-year hold

• IRR: -17.4%
• Equity multiple: -0.60×
• Total profit: $-201,040
• Equity at exit: $142,092

Cash invested: $125,986 (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 98004

• Home prices YoY: -0.1%
• Rents YoY: -0.2%
• Active inventory: 350
• Price-to-rent: 12.0×

Monthly cashflow live

• Estimated rent: $3,114 high
• Mortgage (P&I): −$2,360
• Tax est. 1.5%: −$562 /mo · $6,749/yr
• Insurance: −$187
• HOA: −$761
• Vacancy / Maint / Mgmt: −$654
• Net cashflow: $-1,410

Break-even live

Break-even rent $4,899

Max offer price $245,886

Occupancy floor —

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: $112,488
• Closing costs: $13,498
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
191 106th Ave SE #2 Bellevue, WA	2.0	1.0	979	$2,495	$2.55	21d	1	0.03mi
10575 Main St Bellevue, WA	3.0	1.0–3.0	1182	$4,672	$3.95	1d	30	0.07mi
10701 Main St Bellevue, WA	1.0	1.0	469	$2,285	$4.87	2d	6	0.08mi
10708 Main St Bellevue, WA	1.0	1.0	604	$2,000	$3.31	24d	1	0.13mi
118 107th Ave NE Unit B105 Bellevue, WA	1.0	1.0	657	$2,295	$3.49	3d	1	0.14mi
111 108th Ave NE #411 Bellevue, WA	1.0	1.0	718	$2,200	$3.06	43d	1	0.15mi
10333 Main St Bellevue, WA	2.0	1.0–2.0	913	$4,962	$5.43	1d	13	0.16mi
10333 NE 1st St Bellevue, WA	2.0	1.0–2.0	907	$4,235	$4.67	1d	18	0.20mi
10245 Main St Bellevue, WA	1.0	1.0	783	$2,650	$3.38	5d	2	0.21mi
188 Bellevue Way NE Bellevue, WA	1.0–2.0	1.5–2.0	1189	$5,995	$5.04	43d	2	0.21mi
417 Bellevue Way SE Unit TH402 Bellevue, WA	2.0	1.0	1065	$2,750	$2.58	43d	1	0.21mi
417 Bellevue Way SE Unit TH202 Bellevue, WA	2.0	1.0	1065	$2,650	$2.49	43d	1	0.21mi
136 102nd Ave SE Bellevue, WA	1.0–2.0	1.0–2.0	911	$3,467	$3.81	1d	4	0.21mi
330 102nd Ave SE Bellevue, WA	2.0	1.5	950	$2,795	$2.94	24d	1	0.25mi
324 102nd Ave SE Bellevue, WA	1.0	1.0	992	$2,450	$2.47	10d	1	0.25mi
433 Bellevue Way SE Bellevue, WA	1.0–2.0	1.0	925	$2,355	$2.55	3d	4	0.26mi
250 Bellevue Way NE #812 Bellevue, WA	1.0–2.0	1.0–2.0	957	$3,620	$3.78	1d	2	0.28mi
410 102nd Ave SE Bellevue, WA	2.0	2.0	895	$2,650	$2.96	43d	2	0.29mi
537 Bellevue Way SE Bellevue, WA	1.0–3.0	1.0–2.0	1030	$2,348	$2.28	7d	6	0.29mi
331 102nd Ave SE Bellevue, WA	2.0	1.5	1044	$2,195	$2.10	21d	1	0.29mi
10410 NE 2nd St Bellevue, WA	3.0	1.0–2.0	1056	$3,208	$3.04	2d	1	0.30mi
550 Bellevue Way SE Bellevue, WA	1.0	1.0	725	$1,950	$2.69	23d	1	0.32mi
308 108th Ave NE Bellevue, WA	1.0	1.0	651	$2,539	$3.90	1d	8	0.32mi
362 Bellevue Way NE Unit 974 Bellevue, WA	1.0	1.0	820	$2,890	$3.52	43d	1	0.33mi
545 Bellevue Way SE Bellevue, WA	1.0	1.0	638	$1,949	$3.05	2d	1	0.33mi
290 106th Pl NE Bellevue, WA	2.0	1.0	531	$2,530	$4.76	2d	14	0.33mi
10000 Main St #403 Bellevue, WA	1.0	1.5	804	$3,800	$4.73	12d	1	0.34mi
10022 Meydenbauer Way SE Bellevue, WA	1.0–2.0	1.0	775	$2,195	$2.83	3d	2	0.34mi
10226 SE 6th St Bellevue, WA	1.0	1.0	700	$1,732	$2.48	21d	3	0.37mi
35 112th Ave NE Bellevue, WA	2.0	1.0–2.0	859	$5,840	$6.79	1d	20	0.37mi
10001 NE 1st St Bellevue, WA	2.0	1.0–2.0	957	$6,061	$6.33	1d	9	0.37mi
11115 NE 2nd St Bellevue, WA	1.0	1.0	546	$2,195	$4.02	1d	6	0.39mi
10485 NE 6th St Bellevue, WA	1.0–3.0	1.0–3.5	2202	$16,662	$7.57	1d	14	0.45mi
317 112th Ave NE Bellevue, WA	2.0	1.0–2.0	905	$4,830	$5.34	2d	22	0.45mi
9906 Lake Washington Blvd NE Bellevue, WA	1.0	1.0	600	$1,795	$2.99	7d	1	0.48mi
688 110th Ave NE Bellevue, WA	3.0	1.0–3.5	2159	$14,953	$6.93	1d	23	0.55mi
511 100th Ave NE Bellevue, WA	1.0	1.0	638	$2,300	$3.61	16d	1	0.59mi
11011 NE 9th St Bellevue, WA	2.0	1.0–2.0	840	$4,303	$5.12	2d	12	0.69mi
10349 NE 10th St Bellevue, WA	2.0	1.0–2.0	985	$4,771	$4.84	1d	1	0.70mi
925 110th Ave NE #306 Bellevue, WA	1.0	1.5	970	$3,000	$3.09	10d	1	0.71mi

HOA detail condo

• Monthly dues: $761 · $9,132/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-18
   days on market $449,950 Active 75 DOM
2. 2026-06-17
   days on market $449,950 Active 74 DOM
3. 2026-06-16
   days on market $449,950 Active 73 DOM
4. 2026-06-15
   days on market $449,950 Active 72 DOM
5. 2026-06-13
   days on market $449,950 Active 70 DOM
6. 2026-06-09
   days on market $449,950 Active 66 DOM
7. 2026-06-08
   days on market $449,950 Active 65 DOM
8. 2026-06-07
   days on market $449,950 Active 64 DOM
9. 2026-06-04
   days on market $449,950 Active 61 DOM
10. 2026-06-03
    days on market $449,950 Active 60 DOM
11. 2026-06-02
    days on market $449,950 Active 59 DOM
12. 2026-06-01
    days on market $449,950 Active 58 DOM
13. 2026-05-31
    days on market $449,950 Active 57 DOM
14. 2026-04-28
    status Active
15. 2026-04-14
    status Pending
16. 2026-03-21
    listed $449,950 Active
17. 2012-09-21
    historical
18. 2012-09-20
    soldstatus $191,000 Sold
19. 2012-08-22
    status Pending
20. 2012-08-01
    status Pending Inspection
21. 2012-07-24
    listed $184,900 Active

ⓘ 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 (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 · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,371
• − Mortgage interest: −$25,204
• − Property taxes: −$6,749
• − Insurance: −$2,250
• − Repairs & maintenance: −$2,990
• − Management: −$2,990
• − HOA: −$9,132
• − Depreciation: −$13,089
• Taxable loss: −$25,033
• Est. tax savings @ 24.0%: +$6,008
• After-tax cash flow: $-10,915/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): 39,897
• Household income: $182,545
• Rent vs Own: 63.6% rent · 36.4% own
• Severe rent burden: 1961.0

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 0.64)
• Race & ethnicity: White 45% Asian 40% Two or more races 9% Hispanic / Latino 6% Black 2%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Italian 3% Romanian 2% Portuguese 2%
• Foreign-born: 42% · China, Canada, South Korea
• Languages at home: 56% English-only · Chinese 14% Other Indo-European 9% Other Asian/Pacific 7%

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: ▼ -0.34%
• Current HPI: 405.5569
• Rent YoY: ▼ -0.24%
• 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

+143.3% since first listed

8 events — show timeline

• 2026-04-28 Relisted — NWMLS as Distributed by MLS Grid
• 2026-04-14 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-21 Listed $449,950 NWMLS as Distributed by MLS Grid
• 2012-09-21 Delisted — NWMLS as Distributed by MLS Grid
• 2012-09-20 Sold (MLS) $191,000 NWMLS as Distributed by MLS Grid
• 2012-08-22 Pending — NWMLS as Distributed by MLS Grid
• 2012-08-01 Pending — NWMLS as Distributed by MLS Grid
• 2012-07-24 Listed $184,900 NWMLS as Distributed by MLS Grid