601 Ayers St · Kelso, WA 98626

$369,000

5 bd · 3.0 ba · 2,460 sqft · MultiFamily public records · 67 Days on market

Built 1910 $150/sqft · 9% below area Est $405k · 9% under

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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 +17.5/30.0
• ARV discount +11.5/15.0
• DSCR +5.5/10.0
• 1% rule +4.0/10.0
• Schools +4.0/10.0
• Rent growth +3.5/5.0
• Livability +3.2/5.0
• 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 MLS

Charming and well-maintained duplex on a quiet corner lot, offering excellent investment or owner-occupancy potential! Built in 1910, this classic two-story property blends timeless character with thoughtful updates throughout.The main level unit features 1,120 sq ft, offering 3 bedrooms and 1.5 bathrooms, a spacious layout, and a cozy fireplace. The upper unit includes 864 sq ft with 2 bedrooms and 1 bathroom, also complete with its own fireplace, creating warm and inviting living spaces in both units.Recent exterior paint enhances curb appeal, while interior updates provide modern comfort. The property includes an oversized 6-car garage, a rare find that adds tremendous value and flexibility for parking, storage, or potential rental income.A large unfinished basement offers additional storage or future expansion possibilities. Conveniently located near shopping, dining, and everyday amenities, with a new Amazon distribution center being developed nearby, adding to the area’s growth and rental demand.Don’t miss this versatile property with strong income potential in an increasingly desirable location!

Key facts

• Quiet corner lot
• Cozy fireplace
• 6 garage spots

Tags

• QUIET CORNER LOT
• CLASSIC TWO-STORY PROPERTY
• COZY FIREPLACE
• RECENT EXTERIOR PAINT
• OVERSIZED 6-CAR GARAGE
• LARGE UNFINISHED BASEMENT

What this means for you Summary

Snapshot

• This is a 1×3.0bd/1.5ba + 1×2.0bd/1.0ba units multifamily listed at $369k.

Deal economics

• At list price, monthly cash flow is $281 ($3k/yr) — positive. Per door: $141/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 $330k (10.5% below list).
• Recommended offer: $330k (10.5% below list) — sets the bar for 1% rule.
• Cap rate 7.2% vs local median 3.4% in Kelso — 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 65/100 on livability (#324 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-; Watch: health & safety C-, schools D-, amenities F.
• Kelso School District (suburban): math 35% / reading 53% proficiency, ranked #191 of 291 in WA (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.1%/yr); 217 active listings in the ZIP; solid renter incomes; 348 units permitted in Cowlitz County in 2024 (40 in 5+ unit buildings).
• At $3,303/mo this rent would consume 52% of the median local household income ($76k/yr) (locally 722% 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 $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Cowlitz County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($347k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y 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 $225k; list at $369k implies a 64% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $330,300 (10.5% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.90% ✗
• Cap rate: 7.21%
• Cash-on-cash: 3.26%
• DSCR: 1.15
• GRM: 9.3

CMA / ARV

• ARV (median comp): $404,849
• List price: $369,000
• Delta: -8.85%
• Verdict: FAIR
• Comps: 15 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
612 N 1st Ave	0.27mi	6/4.0 (+1)	2,480 (+1%)	5mo	$515,000	$208	73
306 Alder	0.74mi	6/5.0 (+1)	2,383 (-3%)	14mo	$299,000	$125	36

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 · 4.1% rent growth · sell at horizon

5-year hold

• IRR: -10.1%
• Equity multiple: 0.63×
• Total profit: $-38,282
• Equity at exit: $55,019

10-year hold

• IRR: 0.6%
• Equity multiple: 1.05×
• Total profit: $4,874
• Equity at exit: $31,904

Cash invested: $103,320 (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 98626

• Rents YoY: 4.1%
• Active inventory: 217
• Price-to-rent: 17.7×

Monthly cashflow live

• Estimated rent: $3,303 medium
• Mortgage (P&I): −$1,935
• Tax from tax record: −$239 /mo · $2,873/yr
• Insurance: −$154
• HOA: −$0
• Vacancy / Maint / Mgmt: −$694
• Net cashflow: $281

Break-even live

Break-even rent $2,947

Max offer price $369,000

Occupancy floor 86%

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

Units	Beds	Baths	Est. rent
1× unit	3.0	1.5	$1,738
1× unit	2.0	1	$1,564
Total (2 units)			$3,303

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: $92,250
• Closing costs: $11,070
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $369,000 Active 67 DOM
2. 2026-06-18
   days on market $369,000 Active 66 DOM
3. 2026-06-17
   days on market $369,000 Active 65 DOM
4. 2026-06-16
   days on market $369,000 Active 64 DOM
5. 2026-06-15
   days on market $369,000 Active 63 DOM
6. 2026-06-14
   days on market $369,000 Active 61 DOM
7. 2026-06-13
   days on market $369,000 Active 60 DOM
8. 2026-06-10
   days on market $369,000 Active 58 DOM
9. 2026-06-09
   days on market $369,000 Active 57 DOM
10. 2026-06-08
    days on market $369,000 Active 56 DOM
11. 2026-06-07
    days on market $369,000 Active 55 DOM
12. 2026-06-03
    days on market $369,000 Active 51 DOM
13. 2026-06-03
    price $369,000 Active 50 DOM
14. 2026-06-02
    days on market $379,000 Active 50 DOM
15. 2026-06-01
    days on market $379,000 Active 49 DOM
16. 2026-05-31
    days on market $379,000 Active 48 DOM
17. 2026-05-30
    days on market $379,000 Active 47 DOM
18. 2026-04-13
    listed $379,000 Active 1131-char remark

    Show marketing remark (1131 chars)

    Charming and well-maintained duplex on a quiet corner lot, offering excellent investment or owner-occupancy potential! Built in 1910, this classic two-story property blends timeless character with thoughtful updates throughout.The main level unit features 1,120 sq ft, offering 3 bedrooms and 1.5 bathrooms, a spacious layout, and a cozy fireplace. The upper unit includes 864 sq ft with 2 bedrooms and 1 bathroom, also complete with its own fireplace, creating warm and inviting living spaces in both units.Recent exterior paint enhances curb appeal, while interior updates provide modern comfort. The property includes an oversized 6-car garage, a rare find that adds tremendous value and flexibility for parking, storage, or potential rental income.A large unfinished basement offers additional storage or future expansion possibilities. Conveniently located near shopping, dining, and everyday amenities, with a new Amazon distribution center being developed nearby, adding to the area’s growth and rental demand.Don’t miss this versatile property with strong income potential in an increasingly desirable location!

19. 2019-04-22
    soldstatus $225,000
20. 2019-04-19
    soldstatus $225,000 Sold 394-char remark

    Show marketing remark (394 chars)

    Legal older duplex on corner lot. Lower unit has 3 bedrooms, fireplace on the main level, and a full unfinished basement with fireplace. Upper unit has 2 bedrooms with a fireplace. Property has 3 separate single wide tandem depth garages. This is a great opportunity for owner occupied buyer that wishes to have a rental to help pay the mortgage or make it an investment property with a duplex.

21. 2019-03-14
    status Pending 394-char remark

    Show marketing remark (394 chars)

    Legal older duplex on corner lot. Lower unit has 3 bedrooms, fireplace on the main level, and a full unfinished basement with fireplace. Upper unit has 2 bedrooms with a fireplace. Property has 3 separate single wide tandem depth garages. This is a great opportunity for owner occupied buyer that wishes to have a rental to help pay the mortgage or make it an investment property with a duplex.

22. 2019-03-08
    listed $225,000 Active 394-char remark

    Show marketing remark (394 chars)

    Legal older duplex on corner lot. Lower unit has 3 bedrooms, fireplace on the main level, and a full unfinished basement with fireplace. Upper unit has 2 bedrooms with a fireplace. Property has 3 separate single wide tandem depth garages. This is a great opportunity for owner occupied buyer that wishes to have a rental to help pay the mortgage or make it an investment property with a duplex.

23. 2007-11-20
    soldstatus $175,000

ⓘ 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: $2,873 · $239/mo
• Projected year-2 tax: $3,616 · $301/mo
• Expected delta: +$743/yr (+$62/mo · 25.8%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥89°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,636
• − Mortgage interest: −$20,670
• − Property taxes: −$2,873
• − Insurance: −$1,845
• − Repairs & maintenance: −$3,171
• − Management: −$3,171
• − Depreciation: −$10,735
• Taxable loss: −$2,829
• Est. tax savings @ 24.0%: +$679
• After-tax cash flow: $4,052/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: Kelso School District
• NCES district ID: 5300003
• Math proficiency: 35% ▼ -2.00%
• Reading proficiency: 53% ▼ -1.00%
• Median HH income: $47,840
• Composite: 39.83/100
• National rank: #7963
• State rank: #191 of 291 in WA

Livability — Kelso

• Score: 65/100
• State rank: #324
• US rank: #12232

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kelso, WA
• County: Cowlitz County · 77,527 people
• City population: 26,892
• Metro: Longview, WA
• Population (ZIP): 26,892
• Household income: $75,528
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 722.0

Population outlook (Cowlitz County) Hauer SSP2

• Today (2025): 104,780 people
• By 2030: 103,980 · -0.8%
• By 2040: 100,769 · -3.8%
• By 2050: 96,685 · -7.7%
• By 2075: 86,454 · -17.5%
• By 2100: 74,052 · -29.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 7% Two or more races 7% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 5% Slovak 4% Italian 3%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 3% Tagalog/Filipino 1%

Political lean MEDSL · Cowlitz

• 2024 margin: R (+19.9) · D 38.7% · R 58.6% · Other 2.7%
• 2008→2024 swing: -31.1pp toward R · 2008: 11.2pp · 2024: -19.9pp
• All cycles: 2024: R+19.9 2020: R+17.4 2016: R+13.7 2012: D+4.4 2008: D+11.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -321.36%
• Current HPI: 262.8196
• Rent YoY: ▲ 4.10%
• Metro: Longview, 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

+116.6% since first listed

6 events — show timeline

• 2026-04-13 Listed $379,000 RMLS
• 2019-04-22 Sold (Public Records) $225,000 Public Records
• 2019-04-19 Sold (MLS) $225,000 RMLS
• 2019-03-14 Pending — RMLS
• 2019-03-08 Listed $225,000 RMLS
• 2007-11-20 Sold (Public Records) $175,000 Public Records

Property tax history

+3.2%/yr

Latest (2026): $2,873 · +0.6% YoY. Source: county tax records.