903 N Neel St · Kennewick, WA 99336

$419,900

4 bd · 3.0 ba · 2,564 sqft · MultiFamily public records · 3 Days on market

Built 1961 10,001 sqft lot

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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).

• Cash flow +13.8/30.0
• ARV discount +7.5/15.0
• Schools +4.6/10.0
• DSCR +4.2/10.0
• Livability +3.9/5.0
• Rent growth +3.3/5.0
• 1% rule +3.1/10.0
• 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

MLS #292279-This Kennewick duplex features two spacious units, with a total of 2,564 sq. ft. Each unit includes 3 bedrooms and 1.75 baths. Convenient location & close to shopping & amenities. Hawthorne Elementary School is just around the corner! Units boast central heat and air & carport on the 'A' unit with additional off-street parking. Newer flooring in both units. Each unit also includes it's own back yard area & storage shed. Perfect for investors or owner-occupants looking to generate rental income while enjoying comfortable living space.

Key facts

• Central heat and air
• Carport
• Convenient location

Tags

• CONVENIENT LOCATION
• CLOSE TO SHOPPING
• HAWTHORNE ELEMENTARY SCHOOL
• CENTRAL HEAT AND AIR
• CARPORT
• OFF-STREET PARKING

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.75-bath units multifamily listed at $420k.

Deal economics

• At list price, monthly cash flow is $42 ($499/yr) — positive. Per door: $21/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 $340k (19.0% below list).
• Recommended offer: $340k (19.0% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.3% in Kennewick — 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 78/100 on livability (#131 in WA, #2,599 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A; Watch: amenities D+, crime F.
• Kennewick School District (urban): math 43% / reading 58% proficiency, ranked #141 of 291 in WA (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Hawthorne Elementary School (474 students, 80% FRL); Highlands Middle School (750 students, 84% FRL); Kamiakin High School (1,884 students, 43% FRL) — zoned schools average 69% FRL vs 48% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.4%/yr); 292 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,532 units permitted in Benton County in 2024 (389 in 5+ unit buildings).
• At $3,401/mo this rent would consume 65% of the median local household income ($63k/yr) (locally 2605% 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 $13k of value loss. Plan a longer hold.
• Benton County population projected at +32% 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.

Recommended offer $340,100 (19.0% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.81% ✗
• Cap rate: 6.41%
• Cash-on-cash: 0.42%
• DSCR: 1.02
• GRM: 10.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.39% rent growth · sell at horizon

5-year hold

• IRR: -15.3%
• Equity multiple: 0.45×
• Total profit: $-64,157
• Equity at exit: $62,608

10-year hold

• IRR: -6.2%
• Equity multiple: 0.60×
• Total profit: $-47,345
• Equity at exit: $36,305

Cash invested: $117,572 (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 99336

• Rents YoY: 3.4%
• Active inventory: 292
• Price-to-rent: 20.6×

Monthly cashflow live

• Estimated rent: $3,401 high
• Mortgage (P&I): −$2,202
• Tax from tax record: −$268 /mo · $3,218/yr
• Insurance: −$175
• HOA: −$0
• Vacancy / Maint / Mgmt: −$714
• Net cashflow: $42

Break-even live

Break-even rent $3,348

Max offer price $419,900

Occupancy floor 94%

Sensitivity live

Price	-10% $279	-5% $160	+0% $42	+5% $-77	+10% $-196
Rent	-10% $-227	-5% $-93	+0% $42	+5% $176	+10% $310
Rate	-1.0pp $253	-0.5pp $148	base $42	+0.5pp $-67	+1.0pp $-178

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.75	$3,400
Total (2 units)			$3,401

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: $104,975
• Closing costs: $12,597
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
722 S Union St Kennewick, WA	4.0	2.0	2181	$2,295	$1.05	46d	1	1.32mi
6709 W Octave St Pasco, WA	4.0	2.5	2150	$6,500	$3.02	46d	1	1.35mi

Listing history 2 events

1. 2026-04-24
   status Pending
2. 2026-04-20
   listed $419,900 Active

ⓘ 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: $3,218 · $268/mo
• Projected year-2 tax: $4,115 · $343/mo
• Expected delta: +$897/yr (+$75/mo · 27.9%)

ⓘ 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 1/10 Low
• 🌡 Heat 4/10 Moderate 6 d/yr ≥99°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 14 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,812
• − Mortgage interest: −$23,521
• − Property taxes: −$3,218
• − Insurance: −$2,100
• − Repairs & maintenance: −$3,265
• − Management: −$3,265
• − Depreciation: −$12,215
• Taxable loss: −$6,772
• Est. tax savings @ 24.0%: +$1,625
• After-tax cash flow: $2,125/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: Kennewick School District
• NCES district ID: 5303930
• Math proficiency: 43% ▼ -1.00%
• Reading proficiency: 58% ▬ 0.00%
• Median HH income: $54,191
• Composite: 45.56/100
• National rank: #5667
• State rank: #141 of 291 in WA

Livability — Kennewick

• Score: 78/100
• State rank: #131
• US rank: #2599

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kennewick, WA
• County: Benton County · 186,895 people
• City population: 104,655
• Metro: Kennewick-Richland, WA
• Population (ZIP): 50,735
• Household income: $62,527
• Rent vs Own: 51.7% rent · 48.3% own
• Severe rent burden: 2605.0

Population outlook (Benton County) Hauer SSP2

• Today (2025): 219,421 people
• By 2030: 233,813 · +6.6%
• By 2040: 262,134 · +19.5%
• By 2050: 290,100 · +32.2%
• By 2075: 363,525 · +65.7%
• By 2100: 418,667 · +90.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 55% Hispanic / Latino 37% Two or more races 15% Black 3% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 31% Cuban 2%
• Common ancestry: Portuguese 4% Slovak 3% Romanian 1%
• Foreign-born: 16% · Canada, Jamaica
• Languages at home: 68% English-only · Spanish 29% Arabic 1%

Political lean MEDSL · Benton

• 2024 margin: Strong R (+21.9) · D 37.7% · R 59.6% · Other 2.7%
• 2008→2024 swing: +4.2pp toward D · 2008: -26.1pp · 2024: -21.9pp
• All cycles: 2024: R+21.9 2020: R+21.0 2016: R+26.6 2012: R+27.0 2008: R+26.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -408.26%
• Current HPI: 256.1143
• Rent YoY: ▲ 3.39%
• Metro: Kennewick-Richland, 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

2 events — show timeline

• 2026-04-24 Pending — PACMLS
• 2026-04-20 Listed $419,900 PACMLS

Property tax history

+4.5%/yr

Latest (2026): $3,218 · -3.3% YoY. Source: county tax records.