6629 204th St SW · Lynnwood, WA 98036

$549,000

5 bd · 2.0 ba · 2,648 sqft · MultiFamily public records · 3 Days on market

Built 1956 0.29 ac lot Est $831k · 34% under

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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
• Cash flow +12.2/30.0
• Schools +5.4/10.0
• Livability +3.9/5.0
• DSCR +3.6/10.0
• Rent growth +3.1/5.0
• 1% rule +3.0/10.0
• 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: 2 units. confirmed

Listing remarks

Contractor/Developer Special! Sold As Is. Unbeatable Location & Endless Potential – Zoned CDM!Unlock the ultimate investment or multi-generational living opportunity with this versatile duplex. Situated on an expansive 12,000+ sq. ft. lot and boasting CDM zoning, this property offers incredible future development potential. Whether you’re looking to build equity through a renovation or explore high-density possibilities, this is the canvas you’ve been waiting for! Unit A: A bright living area, kitchen, dining room, and dedicated laundry space. A convenient half-bath is located here, along with a slider leading to a brand-new deck—perfect for BBQing in the larg

Key facts

• Expansive lot
• Brand-new deck
• Private patio

Tags

• EXPANSIVE LOT
• PRIVATE PATIO
• DEDICATED LAUNDRY SPACE
• BRAND-NEW DECK
• EASY ACCESS TO PUBLIC TRANSIT

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $549k.

Deal economics

• At list price, monthly cash flow is $-112 ($-1k/yr) — negative. Per door: $-56/mo.
• To cash-flow at today's rent, offer at most $529k (3.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $441k (19.7% below list).
• Recommended offer: $441k (19.7% below list) — sets the bar for 1% rule.
• Cap rate 6.0% vs local median 2.2% in Lynnwood — 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 77/100 on livability (#150 in WA, #3,226 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, employment A; Watch: crime F, cost of living F.
• Edmonds School District (suburban): math 54% / reading 65% proficiency, ranked #53 of 291 in WA (top 18%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.2%/yr); 184 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).
• At $4,407/mo this rent would consume 59% of the median local household income ($89k/yr) (locally 1781% 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 $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Snohomish County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 21y 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 $270k; list at $549k implies a 103% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $440,700 (19.7% 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. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 0.80% ✗
• Cap rate: 6.05%
• Cash-on-cash: -0.87%
• DSCR: 0.96
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $831,472
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6629 204th St SW	0.00mi	4/3.0 (-1)	2,648 (0%)	1mo	$565,000	$213	90
6303 194th St SW	0.62mi	4/2.0 (-1)	2,436 (-8%)	2mo	$765,000	$314	51

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.25% rent growth · sell at horizon

5-year hold

• IRR: -18.5%
• Equity multiple: 0.35×
• Total profit: $-99,425
• Equity at exit: $81,858

10-year hold

• IRR: -12.4%
• Equity multiple: 0.29×
• Total profit: $-109,301
• Equity at exit: $47,467

Cash invested: $153,720 (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 98036

• Rents YoY: 2.2%
• Active inventory: 184
• Price-to-rent: 20.8×

Monthly cashflow live

• Estimated rent: $4,407 high
• Mortgage (P&I): −$2,879
• Tax from tax record: −$485 /mo · $5,824/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$925
• Net cashflow: $-112

Break-even live

Break-even rent $4,548

Max offer price $529,292

Occupancy floor 98%

Sensitivity live

Price	-10% $199	-5% $44	+0% $-112	+5% $-267	+10% $-422
Rent	-10% $-460	-5% $-286	+0% $-112	+5% $63	+10% $237
Rate	-1.0pp $165	-0.5pp $28	base $-112	+0.5pp $-254	+1.0pp $-399

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$4,408
Total (2 units)			$4,407

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: $137,250
• Closing costs: $16,470
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7819 203rd St SW Edmonds, WA	5.0	2.0	2312	$3,300	$1.43	44d	1	0.78mi
5608 218th Ct SW Mountlake Terrace, WA	4.0	2.5	2857	$4,695	$1.64	44d	1	1.09mi

Listing history 6 events

1. 2026-04-19
   status Pending
2. 2026-04-15
   listed $549,000 Active
3. 2005-02-08
   soldstatus $270,000
4. 2005-02-08
   soldstatus $270,000
5. 2005-01-05
   listed $269,950
6. 1999-04-26
   soldstatus $172,500

ⓘ 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: $5,824 · $485/mo
• Projected year-2 tax: $5,824 · $485/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 6/10 Major 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $52,884
• − Mortgage interest: −$30,753
• − Property taxes: −$5,824
• − Insurance: −$2,745
• − Repairs & maintenance: −$4,231
• − Management: −$4,231
• − Depreciation: −$15,971
• Taxable loss: −$10,870
• Est. tax savings @ 24.0%: +$2,609
• After-tax cash flow: $1,270/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: Edmonds School District
• NCES district ID: 5302400
• Math proficiency: 54% ▼ -1.00%
• Reading proficiency: 65% ▬ 0.00%
• Median HH income: $67,451
• Composite: 53.94/100
• National rank: #3026
• State rank: #53 of 291 in WA

Livability — Lynnwood

• Score: 77/100
• State rank: #150
• US rank: #3226

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lynnwood, WA
• County: Snohomish County · 786,756 people
• City population: 152,865
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 42,370
• Household income: $88,958
• Rent vs Own: 40.3% rent · 59.7% own
• Severe rent burden: 1781.0

Population outlook (Snohomish County) Hauer SSP2

• Today (2025): 899,800 people
• By 2030: 960,975 · +6.8%
• By 2040: 1,074,447 · +19.4%
• By 2050: 1,171,954 · +30.2%
• By 2075: 1,384,849 · +53.9%
• By 2100: 1,497,296 · +66.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 56% Asian 18% Hispanic / Latino 11% Two or more races 9% Black 9%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 5% Italian 4% Lithuanian 2%
• Foreign-born: 27% · Canada, Vietnam, China
• Languages at home: 65% English-only · Spanish 8% Other Indo-European 4% Other Asian/Pacific 4%

Political lean MEDSL · Snohomish

• 2024 margin: D (+19.0) · D 57.8% · R 38.9% · Other 3.3%
• 2008→2024 swing: +0.1pp no change · 2008: 18.9pp · 2024: 19.0pp
• All cycles: 2024: D+19.0 2020: D+20.6 2016: D+16.6 2012: D+16.2 2008: D+18.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -914.47%
• Current HPI: 354.9913
• Rent YoY: ▲ 2.25%
• 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

+218.3% since first listed

6 events — show timeline

• 2026-04-19 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-15 Listed $549,000 NWMLS as Distributed by MLS Grid
• 2005-02-08 Sold (Public Records) $270,000 Public Records
• 2005-02-08 Sold (MLS) $270,000 NWMLS as Distributed by MLS Grid
• 2005-01-05 Listed $269,950 NWMLS as Distributed by MLS Grid
• 1999-04-26 Sold (Public Records) $172,500 Public Records

Property tax history

+4.1%/yr

Latest (2026): $5,824 · +24.0% YoY. Source: county tax records.