23746 Old Day Creek Road Rd Unit A & B · Clear Lake, WA 98284

$475,000

4 bd · 2.0 ba · 2,032 sqft · MultiFamily · 12 Days on market

Built 1910 Good condition 0.25 ac 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 +11.5/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Condition / age +3.8/5.0
• DSCR +3.4/10.0
• 1% rule +3.3/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Don't miss this great opportunity!! A distinctive offering with two self-contained living spaces, thoughtfully designed to support elevated multi-use living. Each unit provides private access and full independence, creating an ideal setting for extended living, guests, or income-producing potential. Each living space offers 2 bedrooms and a full bath with sunny kitchen and family rooms! This home has been super well managed & taken care of; Upgrades since 2022 incl exterior and interior paint, basement cleaned, roof replaced, new carpet, updated baths, replaced some appliances, septic pumped & inspected 4/2026. There is a shared washer and dryer in the basement as well. A lovel

Key facts

• Upgrades since 2022
• Private access
• 0.25 acre lot

Tags

• PRIVATE ACCESS
• UPGRADES SINCE 2022
• LEVEL SUNNY GRASSY BACKYARD
• SHORT DRIVE TO SEDRO WOOLLEY
• MINUTES FROM CLEAR LAKES
• MINUTES FROM BIG LAKES

Property features AI

Finance

• Other: Building name: North Park Clear Lake
• Financial info: Listing terms: Cash, Conventional, FHA; Multi-family totals: 2 units; Multi-family expenses listed (example: insurance expense and total expenses reported)

Exterior

• Parking: Uncovered parking for 4 vehicles; Garage (approximately 432 sq ft)
• Security: Partially fenced property (listed under security features)
• Utilities: Public water (PUD); Power provided by PSE; Septic tank sewer
• Home design: Duplex (residential income / multi-family); 2 stories; Has a view; Built/renovated effectively in 1994
• Construction: Wood construction; Composition and metal roofing; Block foundation
• Exterior features: Wood exterior; Partially fenced yard; Paved site

Interior

• Kitchen: Both units include a range/oven; Both units include a refrigerator; No dishwashers
• Bedrooms: Two 2-bedroom units (Unit A and Unit B); a total of 4 possible bedrooms
• Flooring: Laminate; Carpet
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Wall furnace heating; No central cooling
• Interior features: Basement; Storage; Thermal windows; Partially fenced
• Laundry & utility: Electric energy source

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $475k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-619 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $385k (18.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $396k (16.7% below list).
• Recommended offer: $385k (18.8% below list) — sets the bar for cash-flow.
• Cap rate 5.9% vs local median 1.6% in Clear Lake — 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 62/100 on livability (#403 in WA) — a middle-class / working-renter tenant base. Strengths: crime A+, housing B; Watch: health & safety C-, cost of living D+, amenities F.
• Sedro-Woolley School District (suburban): math 47% / reading 58% proficiency, ranked #117 of 291 in WA (top 40%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Clear Lake Elementary School (298 students, 44% FRL); Cascade Middle School (697 students, 58% FRL); Sedro Woolley Senior High School (1,276 students, 49% FRL).
• Market conditions: 232 active listings in the ZIP; solid renter incomes; 561 units permitted in Skagit County in 2024 (270 in 5+ unit buildings).
• At $3,955/mo this rent would consume 51% of the median local household income ($93k/yr) (locally 502% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $51k of equity ($3k loan paydown + $48k appreciation (10.0% local appreciation)).
• Skagit County population projected at +11% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$82k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $385,490 (18.8% below list)

Questions for the listing agent

1. 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?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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?
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: 0.83% ✗
• Cap rate: 5.89%
• Cash-on-cash: -1.43%
• DSCR: 0.94
• GRM: 10.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.4%
• Equity multiple: 2.65×
• Total profit: $219,642
• Equity at exit: $427,918

10-year hold

• IRR: 18.6%
• Equity multiple: 6.10×
• Total profit: $678,474
• Equity at exit: $922,821

Cash invested: $133,000 (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 98284

• Home prices YoY: 3.5%
• Active inventory: 232
• Price-to-rent: 20.0×

Monthly cashflow live

• Estimated rent: $3,955 medium
• Mortgage (P&I): −$2,491
• Tax est. 1.5%: −$594 /mo · $7,125/yr
• Insurance: −$198
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$831
• Net cashflow: $-619

Break-even live

Break-even rent $4,738

Max offer price $385,490

Occupancy floor —

Sensitivity live

Price	-10% $-290	-5% $-454	+0% $-619	+5% $-783	+10% $-947
Rent	-10% $-931	-5% $-775	+0% $-619	+5% $-462	+10% $-306
Rate	-1.0pp $-379	-0.5pp $-498	base $-619	+0.5pp $-742	+1.0pp $-867

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,954
Total (2 units)			$3,955

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-03
   status $475,000 Pending 12 DOM
2. 2026-06-02
   days on market $475,000 Active 12 DOM
3. 2026-06-01
   days on market $475,000 Active 11 DOM
4. 2026-05-31
   days on market $475,000 Active 10 DOM
5. 2026-05-30
   days on market $475,000 Active 9 DOM
6. 2026-05-21
   listed $475,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AE · 72% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥83°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $47,460
• − Mortgage interest: −$26,607
• − Property taxes: −$7,125
• − Insurance: −$7,900
• − Repairs & maintenance: −$3,797
• − Management: −$3,797
• − Depreciation: −$13,818
• Taxable loss: −$15,584
• Est. tax savings @ 24.0%: +$3,740
• After-tax cash flow: $-3,683/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This multi-family home offers two self-contained living spaces with fresh paint and new carpet. While the kitchen and bathrooms need updating, the overall condition is good and the home has been well-maintained.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of updating
• Moderate kitchen appliances — outdated and in need of replacement

Value-add opportunities

• Both update kitchen cabinets and appliances — modernizing the kitchen would appeal to both buyers and renters
• Both paint exterior — fresh paint would improve curb appeal and home value
• Both update bathrooms — updated bathrooms would attract more buyers and renters

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of updating	Moderate	$3,000–15,000
kitchen appliances · outdated and in need of replacement	Moderate	$3,000–15,000
Total estimated repair cost · 2 items		$6,000–30,000

Value-add ROI direction

• Both update kitchen cabinets and appliances — modernizing the kitchen would appeal to both buyers and renters ↑
• Both paint exterior — fresh paint would improve curb appeal and home value ↑
• Both update bathrooms — updated bathrooms would attract more buyers and renters ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Sedro-Woolley School District
• NCES district ID: 5307740
• Math proficiency: 47% ▼ -2.00%
• Reading proficiency: 58% ▬ 0.00%
• Median HH income: $57,385
• Composite: 47.45/100
• National rank: #5005
• State rank: #117 of 291 in WA

Livability — Clear Lake

• Score: 62/100
• State rank: #403
• US rank: #16153

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Clear Lake, WA
• County: Skagit County · 118,108 people
• Metro: Mount Vernon-Anacortes, WA
• Population (ZIP): 27,835
• Household income: $93,006
• Rent vs Own: 27.0% rent · 73.0% own
• Severe rent burden: 502.0

Population outlook (Skagit County) Hauer SSP2

• Today (2025): 131,498 people
• By 2030: 135,556 · +3.1%
• By 2040: 141,717 · +7.8%
• By 2050: 145,714 · +10.8%
• By 2075: 152,201 · +15.7%
• By 2100: 147,980 · +12.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (76%)
• Race & ethnicity: White 76% Hispanic / Latino 14% Two or more races 8% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Portuguese 6% Slovak 4% Italian 3%
• Foreign-born: 5% · Canada, China
• Languages at home: 88% English-only · Spanish 10% German/W. Germanic 1%

Political lean MEDSL · Skagit

• 2024 margin: Lean D (+8.9) · D 52.9% · R 44.0% · Other 3.0%
• 2008→2024 swing: -0.7pp no change · 2008: 9.6pp · 2024: 8.9pp
• All cycles: 2024: D+8.9 2020: D+7.5 2016: D+3.2 2012: D+5.8 2008: D+9.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 43.42%
• Current HPI: 1280.83
• Rent YoY: —
• Metro: Mount Vernon-Anacortes, 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

1 event — show timeline

• 2026-05-21 Listed $475,000 NWMLS as Distributed by MLS Grid