97 S Elderberry Ave

Forks, WA 98331

$1,250,000D-

140 bd · 100.0 ba · 7,126 sqft · Built 1976 · MultiFamily · Active · 96 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,365/mo
• Mortgage (P&I): −$6,555
• Tax + insurance: −$864
• HOA: −$0
• Vac / Maint / Mgmt: −$1,967
• Net cashflow: $-21/mo
• Annual: $-249/yr
• Cap rate: 6.27%
• Cash-on-cash: -0.07%
• DSCR: 1.00
• 1% rule: 0.75%
• Cash to close: $350,000

Investor read

• This is a 10 × 1-bed/1-bath units multifamily listed at $1.25M.
• At list price, monthly cash flow is $-21 ($-249/yr) — negative. Per door: $-2/mo.
• To cash-flow at today's rent, offer at most $1.25M (0.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $936k (25.1% below list).
• It's been on market 96 days — a 9% lower offer ($1.14M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $936k (25.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $9k of loan paydown is wiped out by about $38k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#202 in WA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, commute A; Watch: amenities F, employment F.
• Quillayute Valley School District (town): math 24% / reading 51% proficiency, ranked #239 of 291 in WA (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Forks Elementary School (341 students, 58% FRL); Forks Middle School (273 students, 67% FRL); Forks High School (290 students, 55% FRL) — zoned schools at 60% FRL track the district average.
• Market conditions: 49 active listings in the ZIP; 166 units permitted in Clallam County in 2024 (0 in 5+ unit buildings).
• Clallam County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts 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.

Questions for listing agent

• 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?
• It's been on market 96 days. Have you received any prior offers? Is the seller open to a 25% 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 1976 — 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.
• 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?