4811 S 252nd Pl

Kent, WA 98032

$900,000D

8 bd · 4.0 ba · 2,688 sqft · Built 1963 · MultiFamily · Active · 116 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,586/mo
• Mortgage (P&I): −$4,720
• Tax + insurance: −$1,031
• HOA: −$0
• Vac / Maint / Mgmt: −$1,593
• Net cashflow: $242/mo
• Annual: $2,907/yr
• Cap rate: 6.62%
• Cash-on-cash: 1.15%
• DSCR: 1.05
• 1% rule: 0.84%
• Cash to close: $252,000

Investor read

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $900k.
• At list price, monthly cash flow is $242 ($3k/yr) — positive. Per door: $61/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $759k (15.7% below list).
• It's been on market 116 days — a 9% lower offer ($819k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $759k (15.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#109 in WA, #2,154 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: crime F, cost of living F.
• Kent School District (urban): math 47% / reading 57% proficiency, ranked #109 of 291 in WA (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Neely O Brien Elementary School (538 students, 76% FRL); Mill Creek Middle School (794 students, 83% FRL); Kent-Meridian High School (2,128 students, 77% FRL) — zoned schools average 78% FRL vs 41% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.7%/yr); 127 active listings in the ZIP; solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $100k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 6.6% vs local median 2.6% in Kent — 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.
• At $7,586/mo this rent would consume 110% of the median local household income ($83k/yr) (locally 2581% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 116 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?