11815 93rd Ln NE #203

Kirkland, WA 98034

$334,500D-

2 bd · 1.5 ba · 895 sqft · Built 1981 · Condo · Active · 164 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,550/mo
• Mortgage (P&I): −$1,754
• Tax + insurance: −$558
• HOA: −$463
• Vac / Maint / Mgmt: −$535
• Net cashflow: $-760/mo
• Annual: $-9,125/yr
• Cap rate: 3.57%
• Cash-on-cash: -9.74%
• DSCR: 0.57
• 1% rule: 0.76%
• Cash to close: $93,660

Investor read

• This is a 2-bed/1.5-bath condo listed at $334k.
• At list price, monthly cash flow is $-760 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $224k (32.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $255k (23.8% below list).
• It's been on market 164 days — a 12% lower offer ($294k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $224k (32.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#46 in WA, #792 nationally) — a professional / high-income tenant draw. Strengths: schools A+, commute A+, employment A+; Watch: cost of living F.
• Lake Washington School District (suburban): math 79% / reading 85% proficiency, ranked #3 of 291 in WA (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising (+1.1%/yr); 338 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $50k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 3.6% vs local median 1.1% in Kirkland — 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.

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 164 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.
• Schools are A-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?
• 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?