18501 SE Newport Way Unit H136 · Issaquah, WA 98027

$335,000

2 bd · 2.0 ba · 878 sqft · Condo public records · 46 Days on market

Built 1997 $382/sqft · 25% below area Est $445k · 25% under $705/mo HOA · 27% 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 +7.3/10.0
• Cash flow +4.8/30.0
• Livability +4.5/5.0
• Rent growth +2.9/5.0
• 1% rule +2.8/10.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Discover the comfort and convenience of this Issaquah condo! This ground-level 2-bedroom, 2-bath residence features a functional and inviting layout. The updated kitchen offers black stainless steel appliances, abundant cabinetry and generous counter space, flowing into a welcoming open concept living room with a wood-burning fireplace and an adjacent dining area. Both bathrooms have been tastefully updated, and the home includes two well-sized bedrooms along with a walk-out patio complete with a storage closet. The location is highly convenient, providing easy access to shopping, restaurants, theaters, hiking trails, public transit, the freeway, and more. Assigned covered carport parking i

Key facts

• $705 HOA
• Parking
• Built 1997

Property features AI

Finance

• Other: Bus line nearby (route 271); Building name: Sammamish Hills
• Financial info: Financing terms accepted: Cash, Conventional, FHA, VA
• HOA & community: HOA-managed community (Trestle Property Services); Monthly association fee; HOA fee covers water, sewer, trash, common area maintenance, lawn service, road maintenance, earthquake insurance (see remarks); 130 units in community, 9 units in building; Outside entry common areas; Pets allowed per remarks

Exterior

• Parking: 68 parking spaces in complex; Carport (1 covered space)
• Utilities: Electric power; Water and sewer provided through HOA
• Home design: Attached condominium, one level; Ground-floor unit (floor 1); Unit has view; Built in 1997; 3-story building
• Construction: Metal/vinyl and wood exterior; Composition roof
• Exterior features: Balcony/Deck/Patio; Outside patio storage; Curbs, paved, sidewalk

Interior

• Kitchen: Dishwasher; Microwave; Stove/Range; Refrigerator
• Bedrooms: 2 bedrooms (both on main level)
• Flooring: Ceramic tile; Vinyl; Carpet
• Bathrooms: 2 full bathrooms (both on main level)
• Heating & cooling: Baseboard heating; Wall furnace; No central air
• Interior features: Fireplace (wood burning); Cooking - electric; Water heater; Insulated windows; Outside entry
• Laundry & utility: Washer hookup; Dryer hookup (electric); Washer and dryer included; Water heater located in laundry closet (electric)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $335k.

Deal economics

• At list price, monthly cash flow is $-824 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $189k (43.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $261k (22.0% below list).
• Recommended offer: $189k (43.4% below list) — sets the bar for cash-flow.
• Cap rate 3.3% vs local median 1.4% in Issaquah — 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 89/100 on livability (#6 in WA, #104 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• Issaquah School District (suburban): math 77% / reading 81% proficiency, ranked #4 of 291 in WA (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Zoned schools: Sunset Elementary (536 students, 18% FRL); Issaquah High School (2,412 students, 14% FRL).
• Market conditions: Rents rising (+1.4%/yr); 230 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 3d 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

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($325k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 20y 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.

Risks & watch-outs

• Watch-outs: HOA is 27% of rent.

Recommended offer $189,455 (43.4% 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 46 days. Have you received any prior offers? Is the seller open to a 43% 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. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.78% ✗
• Cap rate: 3.34%
• Cash-on-cash: -10.54%
• DSCR: 0.53
• GRM: 10.7

CMA / ARV

• ARV (median comp): $445,379
• List price: $335,000
• Delta: -24.78%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.4% rent growth · sell at horizon

5-year hold

• IRR: -37.6%
• Equity multiple: -0.18×
• Total profit: $-110,508
• Equity at exit: $49,950

10-year hold

• IRR: -70.4%
• Equity multiple: -0.90×
• Total profit: $-178,661
• Equity at exit: $28,965

Cash invested: $93,800 (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 98027

• Rents YoY: 1.4%
• Active inventory: 230
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $2,613 high
• Mortgage (P&I): −$1,757
• Tax from tax record: −$287 /mo · $3,444/yr
• Insurance: −$140
• HOA: −$705
• Vacancy / Maint / Mgmt: −$549
• Net cashflow: $-824

Break-even live

Break-even rent $3,656

Max offer price $189,455

Occupancy floor —

Sensitivity live

Price	-10% $-634	-5% $-729	+0% $-824	+5% $-919	+10% $-1,014
Rent	-10% $-1,030	-5% $-927	+0% $-824	+5% $-721	+10% $-617
Rate	-1.0pp $-655	-0.5pp $-739	base $-824	+0.5pp $-911	+1.0pp $-999

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: $83,750
• Closing costs: $10,050
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
18501 SE Newport Way Unit G133 Issaquah, WA	2.0	2.0	878	$2,500	$2.85	19d	1	0.03mi
18305 SE Newport Way Issaquah, WA	1.0–3.0	1.0–2.0	935	$2,790	$2.98	0d	16	0.18mi
4641 W Lake Sammamish Pkwy SE Issaquah, WA	2.0	2.0	912	$2,600	$2.85	44d	1	0.23mi
4115 178th Ln SE #704 Bellevue, WA	2.0	2.5	962	$2,450	$2.55	3d	1	0.82mi
17238 SE 42nd Pl Bellevue, WA	2.0	2.0	1040	$2,845	$2.74	44d	1	0.89mi
5305 Lakemont Blvd SE Bellevue, WA	1.0–3.0	1.0–2.0	947	$2,806	$2.96	0d	34	1.18mi
1610 Anthology Ave NW Issaquah, WA	1.0–3.0	1.0–2.0	970	$3,120	$3.22	0d	18	1.21mi

HOA detail condo

• Monthly dues: $705 · $8,460/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 35 events

1. 2026-06-21
   days on market $335,000 Active 46 DOM
2. 2026-06-18
   days on market $335,000 Active 43 DOM
3. 2026-06-17
   days on market $335,000 Active 42 DOM
4. 2026-06-16
   days on market $335,000 Active 41 DOM
5. 2026-06-15
   days on market $335,000 Active 40 DOM
6. 2026-06-13
   days on market $335,000 Active 38 DOM
7. 2026-06-13
   days on market $335,000 Active 37 DOM
8. 2026-06-09
   days on market $335,000 Active 34 DOM
9. 2026-06-08
   days on market $335,000 Active 33 DOM
10. 2026-06-07
    days on market $335,000 Active 32 DOM
11. 2026-06-04
    days on market $335,000 Active 29 DOM
12. 2026-06-03
    days on market $335,000 Active 28 DOM
13. 2026-06-02
    days on market $335,000 Active 27 DOM
14. 2026-06-01
    days on market $335,000 Active 26 DOM
15. 2026-05-31
    days on market $335,000 Active 25 DOM
16. 2026-05-06
    listed $335,000 Active
17. 2019-07-01
    soldstatus $329,000 Sold
18. 2019-05-18
    status Pending
19. 2019-05-10
    price $329,000
20. 2019-04-25
    listed $339,000 Active
21. 2012-02-16
    historical
22. 2012-01-30
    soldstatus $123,000
23. 2012-01-27
    soldstatus $123,000 Sold
24. 2011-11-19
    status Pending - Backup Offer Requested
25. 2011-07-21
    status Pending
26. 2011-07-11
    status Pending Inspection
27. 2011-07-02
    price $134,500
28. 2011-06-06
    price $147,500
29. 2011-05-11
    listed $164,900 Active
30. 2007-01-22
    soldstatus $255,000
31. 2007-01-17
    soldstatus $255,000 Closed
32. 2006-12-20
    historical
33. 2006-11-01
    listed $250,000
34. 2000-03-24
    soldstatus $146,900
35. 1997-12-16
    soldstatus $117,950

ⓘ 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: $3,444 · $287/mo
• Projected year-2 tax: $3,444 · $287/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥86°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,358
• − Mortgage interest: −$18,765
• − Property taxes: −$3,444
• − Insurance: −$1,675
• − Repairs & maintenance: −$2,509
• − Management: −$2,509
• − HOA: −$8,460
• − Depreciation: −$9,745
• Taxable loss: −$15,748
• Est. tax savings @ 24.0%: +$3,780
• After-tax cash flow: $-6,107/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: Issaquah School District
• NCES district ID: 5303750
• Math proficiency: 77% ▼ -1.00%
• Reading proficiency: 81% ▲ 1.00%
• Median HH income: $109,747
• Composite: 73.35/100
• National rank: #339
• State rank: #4 of 291 in WA

Livability — Issaquah

• Score: 89/100
• State rank: #6
• US rank: #104

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Issaquah, WA
• County: King County · 2,251,916 people
• City population: 59,541
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 28,955
• Household income: $153,301
• Rent vs Own: 32.4% rent · 67.6% own
• Severe rent burden: 737.0

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 (69%)
• Race & ethnicity: White 69% Asian 16% Two or more races 9% Hispanic / Latino 7% Black 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 5% Portuguese 5% Slovak 3%
• Foreign-born: 18% · China, Canada, South Korea
• Languages at home: 81% English-only · Chinese 5% Spanish 4% Other Indo-European 3%

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: ▼ -862.37%
• Current HPI: 370.0484
• Rent YoY: ▲ 1.40%
• 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

+184.0% since first listed

20 events — show timeline

• 2026-05-06 Listed $335,000 NWMLS as Distributed by MLS Grid
• 2019-07-01 Sold (MLS) $329,000 NWMLS as Distributed by MLS Grid
• 2019-05-18 Pending — NWMLS as Distributed by MLS Grid
• 2019-05-10 Price Changed $329,000 NWMLS as Distributed by MLS Grid
• 2019-04-25 Listed $339,000 NWMLS as Distributed by MLS Grid
• 2012-02-16 Delisted — NWMLS as Distributed by MLS Grid
• 2012-01-30 Sold (Public Records) $123,000 Public Records
• 2012-01-27 Sold (MLS) $123,000 NWMLS as Distributed by MLS Grid
• 2011-11-19 Pending — NWMLS as Distributed by MLS Grid
• 2011-07-21 Pending — NWMLS as Distributed by MLS Grid
• 2011-07-11 Pending — NWMLS as Distributed by MLS Grid
• 2011-07-02 Price Changed $134,500 NWMLS as Distributed by MLS Grid
• 2011-06-06 Price Changed $147,500 NWMLS as Distributed by MLS Grid
• 2011-05-11 Listed $164,900 NWMLS as Distributed by MLS Grid
• 2007-01-22 Sold (Public Records) $255,000 Public Records
• 2007-01-17 Sold (MLS) $255,000 NWMLS as Distributed by MLS Grid
• 2006-12-20 Delisted — NWMLS as Distributed by MLS Grid
• 2006-11-01 Listed $250,000 NWMLS as Distributed by MLS Grid
• 2000-03-24 Sold (Public Records) $146,900 Public Records
• 1997-12-16 Sold (Public Records) $117,950 Public Records

Property tax history

+3.3%/yr

Latest (2025): $3,444 · -10.7% YoY. Source: county tax records.