68 W State Highway 28 · Lakeview, WA 98851

$969,000

None bd · 2.0 ba · 384 sqft · MultiFamily public records · 54 Days on market

Built 1947 0.69 ac lot $2523/sqft · 1476% above area Est $992k · at est.

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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 +28.4/30.0
• DSCR +10.0/10.0
• ARV discount +8.5/15.0
• 1% rule +6.6/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• 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

Located between Ephrata and Soap Lake, this exceptional investment opportunity features 14 studio units between $700-$875 per month, along with an additional rental storage space generating $200 per month. Exterior of the property was repainted in 2025. Tenants enjoy the convenience of all utilities included—water, garbage, and power—making these units highly attractive and easy to maintain. Soap Lake is situated along the southern shore of its namesake lake, and has long been known as a tourist destination, drawing visitors for its unique, mineral-rich waters and their reputed healing properties. This steady influx of visitors and long-term residents alike supports strong renta

Key facts

• Studio units
• Strong rental demand
• Rental storage space

Tags

• STUDIO UNITS
• RENTAL STORAGE SPACE
• UTILITIES INCLUDED
• STRONG RENTAL DEMAND

What this means for you Summary

Snapshot

• This is a ?-bed/2.0-bath multifamily listed at $969k.

Deal economics

• At list price, monthly cash flow is $3k ($37k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $969k).
• Recommended offer: $940k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#412 in WA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety C-, schools F, amenities F.
• Soap Lake School District (rural): math 23% / reading 28% proficiency, ranked #275 of 291 in WA (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 76% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 72 active listings in the ZIP; 559 units permitted in Grant County in 2024 (35 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $29k of value loss. Plan a longer hold.
• Grant County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $271k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($940k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y ago; this cycle's ask has dropped $130k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $174k; list at $969k implies a 458% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $939,930 (3.0% below list)

Questions for the listing agent

1. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 1.16% ✓
• Cap rate: 10.16%
• Cash-on-cash: 13.82%
• DSCR: 1.61
• GRM: 7.2

CMA / ARV

• ARV (median comp): $991,733
• List price: $969,000
• Delta: -2.29%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 4.0%
• Equity multiple: 1.15×
• Total profit: $41,552
• Equity at exit: $144,481

10-year hold

• IRR: 13.4%
• Equity multiple: 2.07×
• Total profit: $290,700
• Equity at exit: $83,781

Cash invested: $271,320 (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 98851

• Home prices YoY: -12.3%
• Active inventory: 72
• Price-to-rent: 100.8×

Monthly cashflow live

• Estimated rent: $11,210 medium
• Mortgage (P&I): −$5,082
• Tax from tax record: −$246 /mo · $2,954/yr
• Insurance: −$404
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,354
• Net cashflow: $3,124

Break-even live

Break-even rent $7,255

Max offer price $969,000

Occupancy floor 67%

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

Units	Beds	Baths	Est. rent
▸ 14× units	1	1	$11,214
Total (14 units)			$11,210

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: $242,250
• Closing costs: $29,070
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-05-17
   status Pending
2. 2026-05-01
   price $969,000
3. 2026-04-07
   price $999,000
4. 2026-03-23
   listed $1,099,000 Active
5. 2010-12-15
   soldstatus $173,800 Sold
6. 2010-12-13
   soldstatus $173,800
7. 2010-12-04
   status Pending
8. 2010-12-03
   listed $269,900 Active
9. 2007-03-12
   soldstatus $210,000
10. 2007-03-02
    soldstatus $315,000
11. 2007-03-02
    soldstatus $315,000
12. 2007-02-22
    historical
13. 2006-12-10
    listed $360,000
14. 2006-03-03
    soldstatus $210,000
15. 2006-03-01
    soldstatus $210,000
16. 2006-02-03
    historical
17. 2005-01-21
    listed $240,000

ⓘ 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: $2,954 · $246/mo
• Projected year-2 tax: $9,496 · $791/mo
• Expected delta: +$6,542/yr (+$545/mo · 221.4%)

ⓘ 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 5/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 18 unhealthy d/yr today · 18 by 30 yrs out

Taxation est. · year 1

• Rental income: $134,520
• − Mortgage interest: −$54,279
• − Property taxes: −$2,954
• − Insurance: −$4,845
• − Repairs & maintenance: −$10,762
• − Management: −$10,762
• − Depreciation: −$28,189
• Taxable income: $22,729
• Est. tax owed @ 24.0%: −$5,455
• After-tax cash flow: $32,038/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: Soap Lake School District
• NCES district ID: 5308070
• Math proficiency: 23% ▼ -4.00%
• Reading proficiency: 28% ▼ -7.00%
• Median HH income: $34,787
• Composite: 24.03/100
• National rank: #13173
• State rank: #275 of 291 in WA

Livability — Lakeview

• Score: 62/100
• State rank: #412
• US rank: #16484

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lakeview, WA
• Population (ZIP): 4,996

Population outlook (Grant County) Hauer SSP2

• Today (2025): 99,356 people
• By 2030: 102,107 · +2.8%
• By 2040: 108,318 · +9.0%
• By 2050: 114,712 · +15.5%
• By 2075: 131,376 · +32.2%
• By 2100: 146,163 · +47.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 27% Two or more races 6% Native American 2%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Portuguese 7% Subsaharan African 4% Dutch 2%
• Foreign-born: 15% · Canada
• Languages at home: 76% English-only · Spanish 19% Russian/Polish/Slavic 5%

Political lean MEDSL · Grant

• 2024 margin: Solid R (+37.5) · D 30.0% · R 67.4% · Other 2.6%
• 2008→2024 swing: -9.9pp toward R · 2008: -27.5pp · 2024: -37.5pp
• All cycles: 2024: R+37.5 2020: R+34.4 2016: R+37.9 2012: R+32.6 2008: R+27.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -31.36%
• Current HPI: 223.5817
• Rent YoY: —
• Metro: —
• 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

+303.8% since first listed

17 events — show timeline

• 2026-05-17 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-01 Price Changed $969,000 NWMLS as Distributed by MLS Grid
• 2026-04-07 Price Changed $999,000 NWMLS as Distributed by MLS Grid
• 2026-03-23 Listed $1,099,000 NWMLS as Distributed by MLS Grid
• 2010-12-15 Sold (MLS) $173,800 NWMLS as Distributed by MLS Grid
• 2010-12-13 Sold (Public Records) $173,800 Public Records
• 2010-12-04 Pending — NWMLS as Distributed by MLS Grid
• 2010-12-03 Listed $269,900 NWMLS as Distributed by MLS Grid
• 2007-03-12 Sold (Public Records) $210,000 Public Records
• 2007-03-02 Sold (Public Records) $315,000 Public Records
• 2007-03-02 Sold (MLS) $315,000 NWMLS as Distributed by MLS Grid
• 2007-02-22 Delisted — NWMLS as Distributed by MLS Grid
• 2006-12-10 Listed $360,000 NWMLS as Distributed by MLS Grid
• 2006-03-03 Sold (MLS) $210,000 NWMLS as Distributed by MLS Grid
• 2006-03-01 Sold (Public Records) $210,000 Public Records
• 2006-02-03 Delisted — NWMLS as Distributed by MLS Grid
• 2005-01-21 Listed $240,000 NWMLS as Distributed by MLS Grid

Property tax history

-0.1%/yr

Latest (2026): $2,954 · +0.2% YoY. Source: county tax records.