119 N Blue N · Walla Walla, WA 99362

$274,900

3 bd · 2.0 ba · 2,284 sqft · MultiFamily public records · 222 Days on market

Built 1905 6,240 sqft lot $120/sqft · 8% below area Est $247k · 11% over

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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 +23.4/30.0
• DSCR +7.5/10.0
• 1% rule +5.3/10.0
• Schools +4.1/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• ARV discount +2.5/15.0
• 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

Nice neighborhood, nice duplex, with 2 plus bedrooms main floor and basement, rent the upstairs for a nice income. Newer siding.

Key facts

• Newer siding
• 6,240 sq ft lot
• 4 parking spots

Tags

• NEWER SIDING

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $509 ($6k/yr) — positive. Per door: $255/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $242k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 2.3% in Walla Walla — 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 79/100 on livability (#105 in WA, #2,015 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools C-.
• Walla Walla Public Schools (urban): math 41% / reading 50% proficiency, ranked #179 of 291 in WA (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.4%/yr); 427 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 206 units permitted in Walla Walla County in 2024 (50 in 5+ unit buildings).
• At $2,842/mo this rent would consume 47% of the median local household income ($72k/yr) (locally 1238% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Walla Walla County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 222 days — a 12% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 3y ago; this cycle's ask has dropped $25k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $46k; list at $275k implies a 498% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $241,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 222 days. Have you received any prior offers? Is the seller open to a 12% 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 1905 — 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. 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.
8. 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.
9. 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: 1.03% ✓
• Cap rate: 8.52%
• Cash-on-cash: 7.94%
• DSCR: 1.35
• GRM: 8.1

CMA / ARV

• ARV (median comp): $247,399
• List price: $274,900
• Delta: 11.12%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.4% rent growth · sell at horizon

5-year hold

• IRR: -4.9%
• Equity multiple: 0.82×
• Total profit: $-13,873
• Equity at exit: $40,988

10-year hold

• IRR: 4.1%
• Equity multiple: 1.29×
• Total profit: $22,537
• Equity at exit: $23,768

Cash invested: $76,972 (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 99362

• Rents YoY: 2.4%
• Active inventory: 427
• Price-to-rent: 16.1×

Monthly cashflow live

• Estimated rent: $2,842 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$180 /mo · $2,157/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$597
• Net cashflow: $509

Break-even live

Break-even rent $2,197

Max offer price $274,900

Occupancy floor 77%

Sensitivity live

Price	-10% $665	-5% $587	+0% $509	+5% $431	+10% $354
Rent	-10% $285	-5% $397	+0% $509	+5% $622	+10% $734
Rate	-1.0pp $648	-0.5pp $579	base $509	+0.5pp $438	+1.0pp $366

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,842
Total (2 units)			$2,842

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: $68,725
• Closing costs: $8,247
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15 S Clinton St Walla Walla, WA	2.0	1.0	1835	$2,230	$1.22	45d	1	0.44mi

Listing history 17 events

1. 2026-05-02
   status Pending
2. 2026-04-02
   price $274,900
3. 2026-03-11
   status Active
4. 2026-03-03
   historical
5. 2025-09-14
   listed $299,900 Active
6. 2024-10-27
   historical $1,065
7. 2024-10-20
   historical $1,065
8. 2024-09-07
   listed $1,065
9. 2024-08-07
   price $1,065
10. 2024-08-01
    historical $1,165
11. 2024-06-27
    listed $1,165
12. 2024-06-15
    listed $1,165
13. 2023-09-17
    historical $1,295
14. 2023-09-07
    historical $1,295
15. 2023-09-06
    listed $1,295
16. 2023-08-24
    listed $1,295
17. 1992-02-04
    soldstatus $46,000

ⓘ 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: $2,157 · $180/mo
• Projected year-2 tax: $2,694 · $225/mo
• Expected delta: +$537/yr (+$45/mo · 24.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 9 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,104
• − Mortgage interest: −$15,399
• − Property taxes: −$2,157
• − Insurance: −$1,374
• − Repairs & maintenance: −$2,728
• − Management: −$2,728
• − Depreciation: −$7,997
• Taxable income: $1,720
• Est. tax owed @ 24.0%: −$413
• After-tax cash flow: $5,699/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: Walla Walla Public Schools
• NCES district ID: 5309450
• Math proficiency: 41% ▲ 3.00%
• Reading proficiency: 50% ▼ -1.00%
• Median HH income: $46,207
• Composite: 40.88/100
• National rank: #7531
• State rank: #179 of 291 in WA

Livability — Walla Walla

• Score: 79/100
• State rank: #105
• US rank: #2015

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Walla Walla, WA
• County: Walla Walla County · 52,990 people
• City population: 42,853
• Metro: Walla Walla, WA
• Population (ZIP): 42,853
• Household income: $72,474
• Rent vs Own: 36.3% rent · 63.7% own
• Severe rent burden: 1238.0

Population outlook (Walla Walla County) Hauer SSP2

• Today (2025): 63,088 people
• By 2030: 64,417 · +2.1%
• By 2040: 66,563 · +5.5%
• By 2050: 68,337 · +8.3%
• By 2075: 73,235 · +16.1%
• By 2100: 74,878 · +18.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 22% Two or more races 9% Black 2% Asian 2% Native American 2%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Slovak 3% Portuguese 3% Lithuanian 3%
• Foreign-born: 9% · Canada, China
• Languages at home: 83% English-only · Spanish 15% Chinese 1%

Political lean MEDSL · Walla Walla

• 2024 margin: Lean R (+8.1) · D 44.6% · R 52.7% · Other 2.7%
• 2008→2024 swing: +8.5pp toward D · 2008: -16.6pp · 2024: -8.1pp
• All cycles: 2024: R+8.1 2020: R+8.7 2016: R+16.4 2012: R+22.3 2008: R+16.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -488.03%
• Current HPI: 321.6891
• Rent YoY: ▲ 2.40%
• Metro: Walla Walla, 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

+497.6% since first listed

17 events — show timeline

• 2026-05-02 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-02 Price Changed $274,900 NWMLS as Distributed by MLS Grid
• 2026-03-11 Relisted — NWMLS as Distributed by MLS Grid
• 2026-03-03 Delisted — NWMLS as Distributed by MLS Grid
• 2025-09-14 Listed $299,900 NWMLS as Distributed by MLS Grid
• 2024-10-27 Rental Removed $1,065 RENT.
• 2024-10-20 Rental Removed $1,065 APPFOLIO
• 2024-09-07 Listed for Rent $1,065 APPFOLIO
• 2024-08-07 Price Changed $1,065 RENT.
• 2024-08-01 Rental Removed $1,165 APPFOLIO
• 2024-06-27 Listed for Rent $1,165 RENT.
• 2024-06-15 Listed for Rent $1,165 APPFOLIO
• 2023-09-17 Rental Removed $1,295 APPFOLIO
• 2023-09-07 Rental Removed $1,295 RENT.
• 2023-09-06 Listed for Rent $1,295 RENT.
• 2023-08-24 Listed for Rent $1,295 APPFOLIO
• 1992-02-04 Sold (Public Records) $46,000 Public Records

Property tax history

+2.2%/yr

Latest (2026): $2,157 · -1.3% YoY. Source: county tax records.