905 Landing Way · Centralia, WA 98531

$360,000

2 bd · 2.0 ba · 1,420 sqft · MultiFamily public records · 120 Days on market

Built 1997 4,792 sqft lot $254/sqft · 12% below area Est $410k · 12% under $185/mo HOA · 14% 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 +13.0/15.0
• Cash flow +10.4/30.0
• Schools +4.0/10.0
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• DSCR +3.0/10.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Located in Cooks Hill Landing community; a beautiful 55+ gated neighborhood. 1420 square foot duplex home features two bedrooms, 1.75 bathrooms, private back deck from living space to the primary bedroom. This home is a move-in ready, one level with a 2-car attached garage and garage opener. Gas heat pump and gas hot water tank. Home owners association fee is $185 month include front lawn care, and road maintenance.

Key facts

• Move-in ready
• Private back deck
• One level

Tags

• COOKS HILL LANDING COMMUNITY
• 55 GATED NEIGHBORHOOD
• PRIVATE BACK DECK
• MOVE-IN READY
• ONE LEVEL
• GAS HEAT PUMP

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $360k.

Deal economics

• At list price, monthly cash flow is $-192 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $326k (9.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $273k (24.2% below list).
• Recommended offer: $273k (24.2% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 3.0% in Centralia — 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 81/100 on livability (#81 in WA, #1,497 nationally) — a professional / high-income tenant draw. Strengths: commute A+, health & safety A+, cost of living A; Watch: crime C-, employment F.
• Centralia School District (town): math 39% / reading 52% proficiency, ranked #187 of 291 in WA (top 64%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 65% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Centralia Middle School (549 students, 80% FRL) — zoned schools average 80% FRL vs 65% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.0%/yr); 263 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; 265 units permitted in Lewis County in 2024 (44 in 5+ unit buildings).
• At $2,728/mo this rent would consume 52% of the median local household income ($63k/yr) (locally 1000% 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 $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Lewis County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($328k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y ago; this cycle's ask has dropped $20k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $145k; list at $360k implies a 148% gain — meaningful room to come down on a strong offer.

Recommended offer $272,800 (24.2% 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 120 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.76% ✗
• Cap rate: 5.65%
• Cash-on-cash: -2.29%
• DSCR: 0.90
• GRM: 11.0

CMA / ARV

• ARV (median comp): $410,062
• List price: $360,000
• Delta: -12.21%
• 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: -20.1%
• Equity multiple: 0.30×
• Total profit: $-70,637
• Equity at exit: $53,677

10-year hold

• IRR: -13.2%
• Equity multiple: 0.23×
• Total profit: $-77,475
• Equity at exit: $31,126

Cash invested: $100,800 (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 98531

• Rents YoY: 3.0%
• Active inventory: 263
• Price-to-rent: 22.0×

Monthly cashflow live

• Estimated rent: $2,728 medium
• Mortgage (P&I): −$1,888
• Tax from tax record: −$125 /mo · $1,496/yr
• Insurance: −$150
• HOA: −$185
• Vacancy / Maint / Mgmt: −$573
• Net cashflow: $-192

Break-even live

Break-even rent $2,972

Max offer price $326,004

Occupancy floor —

Sensitivity live

Price	-10% $11	-5% $-91	+0% $-192	+5% $-294	+10% $-396
Rent	-10% $-408	-5% $-300	+0% $-192	+5% $-85	+10% $23
Rate	-1.0pp $-11	-0.5pp $-101	base $-192	+0.5pp $-286	+1.0pp $-381

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.75	$2,728
Total (2 units)			$2,728

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: $90,000
• Closing costs: $10,800
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2711 Niki LN Centralia, WA	3.0	2.0	1250	$2,100	$1.68	45d	1	0.92mi
1405 Lewis St Centralia, WA	2.0	1.5	1150	$1,650	$1.43	15d	1	0.93mi
2711 Niki Ln Bldg D8 Centralia, WA	3.0	2.5	1312	$2,100	$1.60	45d	1	0.97mi
1014 N Scheuber Rd Centralia, WA	2.0	1.0	890	$1,395	$1.57	15d	1	1.11mi
609 S Washington Ave Unit B Centralia, WA	3.0	2.0	1264	$2,300	$1.82	45d	1	1.18mi
507 S Rock St Centralia, WA	3.0	2.0	1100	$2,050	$1.86	45d	1	1.33mi
1413 Nora Ln Unit B Centralia, WA	2.0	2.5	1315	$1,850	$1.41	45d	1	1.43mi
1413 Nora Ln Centralia, WA	2.0	3.0	1315	$1,850	$1.41	45d	1	1.43mi

HOA detail

• Monthly dues: $185 · $2,220/yr
• Likely covers: watergaslandscapingsecurity

Listing history 29 events

1. 2026-06-22
   days on market $360,000 Active 120 DOM
2. 2026-06-21
   days on market $360,000 Active 119 DOM
3. 2026-06-19
   days on market $360,000 Active 117 DOM
4. 2026-06-18
   days on market $360,000 Active 116 DOM
5. 2026-06-17
   days on market $360,000 Active 115 DOM
6. 2026-06-16
   days on market $360,000 Active 114 DOM
7. 2026-06-15
   days on market $360,000 Active 113 DOM
8. 2026-06-14
   days on market $360,000 Active 111 DOM
9. 2026-06-12
   days on market $360,000 Active 110 DOM
10. 2026-06-09
    days on market $360,000 Active 107 DOM
11. 2026-06-08
    days on market $360,000 Active 106 DOM
12. 2026-06-07
    days on market $360,000 Active 105 DOM
13. 2026-06-07
    days on market $360,000 Active 104 DOM
14. 2026-06-03
    days on market $360,000 Active 101 DOM
15. 2026-06-02
    days on market $360,000 Active 100 DOM
16. 2026-06-01
    days on market $360,000 Active 99 DOM
17. 2026-05-31
    days on market $360,000 Active 98 DOM
18. 2026-05-30
    days on market $360,000 Active 97 DOM
19. 2026-04-23
    price $360,000
20. 2026-04-13
    status Active
21. 2026-04-07
    status Pending
22. 2026-02-16
    listed $380,000 Active
23. 2014-10-10
    soldstatus $145,000 Sold
24. 2014-10-10
    soldstatus $145,000
25. 2014-10-07
    status Pending
26. 2014-09-23
    status Pending Inspection
27. 2014-09-19
    status Active
28. 2014-09-08
    status Pending Inspection
29. 2014-09-04
    listed $155,000 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: $1,496 · $125/mo
• Projected year-2 tax: $3,528 · $294/mo
• Expected delta: +$2,032/yr (+$169/mo · 135.8%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥90°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,736
• − Mortgage interest: −$20,166
• − Property taxes: −$1,496
• − Insurance: −$1,800
• − Repairs & maintenance: −$2,619
• − Management: −$2,619
• − HOA: −$2,220
• − Depreciation: −$10,473
• Taxable loss: −$8,656
• Est. tax savings @ 24.0%: +$2,078
• After-tax cash flow: $-232/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: Centralia School District
• NCES district ID: 5301140
• Math proficiency: 39% ▼ -2.00%
• Reading proficiency: 52% ▼ -2.00%
• Median HH income: $38,851
• Composite: 40.17/100
• National rank: #7832
• State rank: #187 of 291 in WA

Livability — Centralia

• Score: 81/100
• State rank: #81
• US rank: #1497

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Centralia, WA
• County: Lewis County · 27,337 people
• City population: 27,337
• Metro: Centralia, WA
• Population (ZIP): 27,337
• Household income: $63,406
• Rent vs Own: 34.3% rent · 65.7% own
• Severe rent burden: 1000.0

Population outlook (Lewis County) Hauer SSP2

• Today (2025): 75,749 people
• By 2030: 74,647 · -1.5%
• By 2040: 71,310 · -5.9%
• By 2050: 67,748 · -10.6%
• By 2075: 59,829 · -21.0%
• By 2100: 52,293 · -31.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 19% Two or more races 10% Asian 1%
• Hispanic origin (detail): Mexican 15% Puerto Rican 1%
• Common ancestry: Portuguese 3% Slovak 3% Lithuanian 2%
• Foreign-born: 9% · Canada, Vietnam
• Languages at home: 83% English-only · Spanish 16% Tagalog/Filipino 1%

Political lean MEDSL · Lewis

• 2024 margin: Solid R (+33.0) · D 32.0% · R 65.0% · Other 3.0%
• 2008→2024 swing: -13.8pp toward R · 2008: -19.2pp · 2024: -33.0pp
• All cycles: 2024: R+33.0 2020: R+32.8 2016: R+36.2 2012: R+23.5 2008: R+19.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -249.98%
• Current HPI: 378.6936
• Rent YoY: ▲ 3.00%
• Metro: Centralia, 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

+132.3% since first listed

11 events — show timeline

• 2026-04-23 Price Changed $360,000 NWMLS as Distributed by MLS Grid
• 2026-04-13 Relisted — NWMLS as Distributed by MLS Grid
• 2026-04-07 Pending — NWMLS as Distributed by MLS Grid
• 2026-02-16 Listed $380,000 NWMLS as Distributed by MLS Grid
• 2014-10-10 Sold (Public Records) $145,000 Public Records
• 2014-10-10 Sold (MLS) $145,000 NWMLS as Distributed by MLS Grid
• 2014-10-07 Pending — NWMLS as Distributed by MLS Grid
• 2014-09-23 Pending — NWMLS as Distributed by MLS Grid
• 2014-09-19 Relisted — NWMLS as Distributed by MLS Grid
• 2014-09-08 Pending — NWMLS as Distributed by MLS Grid
• 2014-09-04 Listed $155,000 NWMLS as Distributed by MLS Grid

Property tax history

+0.0%/yr

Latest (2026): $1,496 · -2.6% YoY. Source: county tax records.