3055 80th Ave SE #107 · Mercer Island, WA 98040

$459,000

2 bd · 1.0 ba · 866 sqft · Condo · 77 Days on market

Built 1979 $530/sqft · 19% below area Est $565k · 19% under $567/mo HOA · 21% of rent ↓ 7% since listing

---

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 +8.0/10.0
• Appreciation +4.9/10.0
• Livability +3.8/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Cash flow +2.4/30.0
• 1% rule +0.9/10.0
• DSCR +0.0/10.0

Listing remarks

This ground-floor end-unit condo is light, bright, and ready to call home. The updated kitchen—quartz counters, stainless appliances—flows into a cozy family room with a wood-burning fireplace and sliding doors to a private patio. New LVP floors run throughout, leading to two bedrooms with custom closets and oversized windows. An updated bath, full-size in-unit laundry, two storage rooms, and a covered garage space add everyday ease. The building has an elevator and strong curb appeal. Walkable to Starbucks, Metropolitan Market, and local parks—and with Sound Transit's Light Rail Line 2 now crossing Lake Washington, Seattle and Bellevue are each just one stop away. No rent

Key facts

• Private patio
• Covered garage
• Updated kitchen

Tags

• UPDATED KITCHEN
• PRIVATE PATIO
• WOOD BURNING FIREPLACE
• CUSTOM CLOSETS
• IN UNIT LAUNDRY
• COVERED GARAGE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $459k.

Deal economics

• At list price, monthly cash flow is $-2k ($-19k/yr) — negative.
• To cash-flow at today's rent, offer at most $227k (50.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $270k (41.2% below list).
• Recommended offer: $227k (50.6% below list) — sets the bar for cash-flow.
• Cap rate 2.1% vs local median 1.0% in Mercer Island — 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 76/100 on livability (#154 in WA, #3,481 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, commute A+; Watch: amenities F, cost of living F, health & safety F.
• Mercer Island School District (suburban): math 83% / reading 87% proficiency, ranked #1 of 291 in WA (top 0%) — strong family-tenant draw, lease renewals of 3-5y typical; only 3% free/reduced lunch — higher-income household profile.
• Market conditions: Rents flat; 128 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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).
• This rent is only 15% of the median local income ($219k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• In year one you build about $2k of equity ($3k loan paydown + $-1k appreciation (-0.2% local appreciation)).
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($431k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.

Recommended offer $226,580 (50.6% 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 77 days. Have you received any prior offers? Is the seller open to a 51% concession, seller financing, or rate buy-down credit?
3. Built in 1979 — 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: 0.59% ✗
• Cap rate: 2.09%
• Cash-on-cash: -15.00%
• DSCR: 0.33
• GRM: 14.2

CMA / ARV

• ARV (median comp): $564,649
• List price: $459,000
• Delta: -18.71%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-0.25% appreciation · 0.56% rent growth · sell at horizon

5-year hold

• IRR: -22.4%
• Equity multiple: 0.01×
• Total profit: $-127,277
• Equity at exit: $127,462

10-year hold

• IRR: -17.4%
• Equity multiple: -0.65×
• Total profit: $-212,152
• Equity at exit: $148,646

Cash invested: $128,520 (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 98040

• Home prices YoY: -0.1%
• Rents YoY: 0.6%
• Active inventory: 128
• Price-to-rent: 14.2×

Monthly cashflow live

• Estimated rent: $2,700 high
• Mortgage (P&I): −$2,407
• Tax est. 1.5%: −$574 /mo · $6,885/yr
• Insurance: −$191
• HOA: −$567
• Vacancy / Maint / Mgmt: −$567
• Net cashflow: $-1,606

Break-even live

Break-even rent $4,733

Max offer price $226,580

Occupancy floor —

Sensitivity live

Price	-10% $-1,289	-5% $-1,448	+0% $-1,606	+5% $-1,765	+10% $-1,923
Rent	-10% $-1,819	-5% $-1,713	+0% $-1,606	+5% $-1,500	+10% $-1,393
Rate	-1.0pp $-1,375	-0.5pp $-1,489	base $-1,606	+0.5pp $-1,725	+1.0pp $-1,846

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: $114,750
• Closing costs: $13,770
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3015 81st Pl SE Unit 204 Mercer Island, WA	2.0	1.0	825	$2,325	$2.82	0d	1	0.08mi
3011 78th Ave SE Mercer Island, WA	1.0–3.0	1.0–2.0	985	$2,900	$2.94	0d	4	0.10mi
3011 78th Ave SE Mercer Island, WA	1.0	1.0	800	$2,225	$2.78	15d	1	0.10mi
3204 81st Pl SE Unit B201 Mercer Island, WA	1.0	1.0	671	$2,150	$3.20	44d	1	0.14mi
3220 81st Pl SE Unit 110 Mercer Island, WA	2.0	2.0	1091	$2,995	$2.75	0d	1	0.17mi
7930 SE 34th St #306 Mercer Island, WA	2.0	1.5	1061	$3,000	$2.83	3d	1	0.19mi
2758 78th Ave SE Mercer Island, WA	2.0	1.0–2.0	1129	$5,090	$4.51	0d	15	0.22mi
2820 75th Pl SE Apt 103 Mercer Island, WA	2.0	1.0	850	$2,499	$2.94	0d	1	0.31mi
2939 76th Ave SE Unit 43C Mercer Island, WA	2.0	2.0	918	$2,800	$3.05	44d	1	0.31mi
2630 77th Ave SE Mercer Island, WA	3.0	1.0–2.0	1210	$5,093	$4.21	0d	9	0.32mi
7505 SE 28th St Mercer Island, WA	1.0	1.0	750	$2,030	$2.71	44d	1	0.32mi
7650 SE 27th St Mercer Island, WA	1.0	1.0	635	$2,955	$4.65	0d	4	0.33mi
2717 76th Ave SE Unit MM104 Mercer Island, WA	1.0	1.0	725	$2,250	$3.10	0d	1	0.36mi
2717 76th Ave SE Unit MM201 Mercer Island, WA	2.0	1.0	812	$2,300	$2.83	44d	1	0.36mi
2717 76th Ave SE Unit MM207 Mercer Island, WA	2.0	1.0	1015	$2,500	$2.46	0d	1	0.36mi
2717 76th Ave SE Unit MM205 Mercer Island, WA	1.0	1.0	697	$2,000	$2.87	0d	1	0.36mi
2500 81st Ave SE #103 Mercer Island, WA	1.0	1.0	715	$1,950	$2.73	5d	1	0.38mi
2805 75th Pl SE Mercer Island, WA	1.0–2.0	1.0	775	$2,495	$3.22	0d	2	0.38mi
2601 76th Ave SE Mercer Island, WA	2.0	1.0	756	$3,280	$4.34	0d	4	0.41mi
2441 76th Ave SE Mercer Island, WA	1.0	1.0	655	$2,469	$3.77	0d	1	0.48mi
3209 Shorewood Dr Mercer Island, WA	1.0–4.0	1.0–2.0	1022	$2,652	$2.59	0d	48	0.55mi
4701 84th Ave SE Unit B Mercer Island, WA	1.0	1.0	535	$2,200	$4.11	0d	1	1.48mi

HOA detail condo

• Monthly dues: $567 · $6,804/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $459,000 Active 77 DOM
2. 2026-06-17
   days on market $459,000 Active 76 DOM
3. 2026-06-16
   days on market $459,000 Active 75 DOM
4. 2026-06-15
   days on market $459,000 Active 74 DOM
5. 2026-06-13
   days on market $459,000 Active 72 DOM
6. 2026-06-13
   days on market $459,000 Active 71 DOM
7. 2026-06-09
   days on market $459,000 Active 68 DOM
8. 2026-06-08
   days on market $459,000 Active 67 DOM
9. 2026-06-07
   days on market $459,000 Active 66 DOM
10. 2026-06-04
    days on market $459,000 Active 63 DOM
11. 2026-06-03
    days on market $459,000 Active 62 DOM
12. 2026-06-02
    days on market $459,000 Active 61 DOM
13. 2026-06-01
    days on market $459,000 Active 60 DOM
14. 2026-05-31
    days on market $459,000 Active 59 DOM
15. 2026-05-05
    price $459,000
16. 2026-04-10
    price $479,000
17. 2026-04-02
    listed $495,000 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: $32,398
• − Mortgage interest: −$25,711
• − Property taxes: −$6,885
• − Insurance: −$2,295
• − Repairs & maintenance: −$2,592
• − Management: −$2,592
• − HOA: −$6,804
• − Depreciation: −$13,353
• Taxable loss: −$27,834
• Est. tax savings @ 24.0%: +$6,680
• After-tax cash flow: $-12,594/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: Mercer Island School District
• NCES district ID: 5304980
• Math proficiency: 83% ▬ 0.00%
• Reading proficiency: 87% ▬ 0.00%
• Median HH income: $124,902
• Composite: 79.53/100
• National rank: #97
• State rank: #1 of 291 in WA

Livability — Mercer Island

• Score: 76/100
• State rank: #154
• US rank: #3481

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mercer Island, WA
• County: King County · 2,251,916 people
• City population: 25,307
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 25,307
• Household income: $219,069
• Rent vs Own: 33.0% rent · 67.0% own
• Severe rent burden: 847.0

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: Predominantly White (65%)
• Race & ethnicity: White 65% Asian 22% Two or more races 10% Hispanic / Latino 2% Black 1%
• Common ancestry: Italian 4% Portuguese 4% Romanian 3%
• Foreign-born: 24% · China, Canada, South Korea
• Languages at home: 76% English-only · Chinese 9% Other Indo-European 5% Other Asian/Pacific 2%

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: ▼ -0.25%
• Current HPI: 323.6615
• Rent YoY: ▲ 0.56%
• 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

-7.3% since first listed

3 events — show timeline

• 2026-05-05 Price Changed $459,000 NWMLS as Distributed by MLS Grid
• 2026-04-10 Price Changed $479,000 NWMLS as Distributed by MLS Grid
• 2026-04-02 Listed $495,000 NWMLS as Distributed by MLS Grid