4061 FS RD 4832 · Snoqualmie Pass, WA 98068

$99,900

1 bd · 1.0 ba · 1,056 sqft · SingleFamily · 696 Days on market

Built 1944 Fair condition 0.48 ac lot $95/sqft · 5% above area Est $95k · 5% over

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +6.1/10.0
• ARV discount +5.1/15.0
• Schools +3.6/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Listing remarks

This unique off-grid cabin offers rustic living space with a loft and porch featuring views of Keechelus Lake. Surrounded by mountains, it’s perfect for activities like skiing, snowshoeing, snowmobiling, hiking, mountain biking, and fishing. Located only an hour from Seattle, cabin has a federal license to sit on Forest Service leased land and provide a convenient getaway near The Summit at Snoqualmie, Gold Creek, and Boneyard Campgrounds. The property has spring water, and a generator for power. Winter access requires snowshoeing past the gate. Cash-only sale due to Forest Service lease and non-conforming aspects. Buyers to verify all details to their own satisfaction. 20-year renewa

Key facts

• 0.48 acre lot
• Built 1944
• Listed 695 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $100k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $725 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.0% vs local median 0.4% in Snoqualmie Pass — 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 58/100 on livability (#509 in WA) — a working-class tenant base; expect higher turnover. Strengths: employment A+, housing A+, crime A; Watch: schools C-, amenities F, cost of living F.
• Easton School District (rural): math 25% / reading 50% proficiency, ranked #226 of 291 in WA (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 41 active listings in the ZIP; 433 units permitted in Kittitas County in 2024 (23 in 5+ unit buildings).

Forward outlook

• In year one you build about $3k of equity ($691 loan paydown + $2k appreciation (2.2% local appreciation)).
• Kittitas County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.2% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 696 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 696 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1944 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.79% ✓
• Cap rate: 15.01%
• Cash-on-cash: 31.12%
• DSCR: 2.38
• GRM: 4.6

CMA / ARV

• ARV (median comp): $94,833
• List price: $99,900
• Delta: 5.34%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Projected returns pro-forma

2.17% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 35.5%
• Equity multiple: 2.93×
• Total profit: $53,961
• Equity at exit: $40,339

10-year hold

• IRR: 36.5%
• Equity multiple: 5.75×
• Total profit: $132,936
• Equity at exit: $58,817

Cash invested: $27,972 (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 98068

• Home prices YoY: 0.7%
• Active inventory: 41
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,792 medium
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,498/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$376
• Net cashflow: $725

Break-even live

Break-even rent $874

Max offer price $99,900

Occupancy floor 55%

Sensitivity live

Price	-10% $794	-5% $760	+0% $725	+5% $691	+10% $656
Rent	-10% $584	-5% $655	+0% $725	+5% $796	+10% $867
Rate	-1.0pp $776	-0.5pp $751	base $725	+0.5pp $700	+1.0pp $673

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $99,900 Active 696 DOM
2. 2026-06-18
   days on market $99,900 Active 693 DOM
3. 2026-06-17
   days on market $99,900 Active 692 DOM
4. 2026-06-16
   days on market $99,900 Active 691 DOM
5. 2026-06-15
   days on market $99,900 Active 690 DOM
6. 2026-06-13
   days on market $99,900 Active 688 DOM
7. 2026-06-13
   days on market $99,900 Active 687 DOM
8. 2026-06-09
   days on market $99,900 Active 684 DOM
9. 2026-06-08
   days on market $99,900 Active 683 DOM
10. 2026-06-07
    days on market $99,900 Active 682 DOM
11. 2026-06-04
    days on market $99,900 Active 679 DOM
12. 2026-06-03
    days on market $99,900 Active 678 DOM
13. 2026-06-02
    days on market $99,900 Active 677 DOM
14. 2026-06-01
    days on market $99,900 Active 676 DOM
15. 2026-05-31
    days on market $99,900 Active 675 DOM
16. 2024-07-25
    listed $99,900 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 10 d/yr ≥80°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 19 unhealthy d/yr today · 23 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,507
• − Mortgage interest: −$5,596
• − Property taxes: −$1,498
• − Insurance: −$500
• − Repairs & maintenance: −$1,721
• − Management: −$1,721
• − Depreciation: −$2,906
• Taxable income: $7,565
• Est. tax owed @ 24.0%: −$1,816
• After-tax cash flow: $6,890/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 · 13 photos

Fair 45/100 Moderate rehab

This off-grid cabin requires moderate renovations to its kitchen, bathroom, and exterior. Upgrading these areas would significantly increase its resale and rental value.

Repairs flagged

• Major kitchen cabinets — dated and worn
• Major bathroom fixtures — outdated and worn
• Major paint — peeling and worn
• Major windows — old and single-pane

Value-add opportunities

• Resale kitchen renovation — modernizing the kitchen would significantly increase its appeal
• Resale bathroom renovation — updating the bathroom would improve the home's overall appeal
• Both painting — painting the interior and exterior would improve the home's curb appeal and value
• Both HVAC system upgrade — upgrading the HVAC system would improve comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and worn	Major	$15,000–50,000
bathroom fixtures · outdated and worn	Major	$15,000–50,000
paint · peeling and worn	Major	$15,000–50,000
windows · old and single-pane	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Resale kitchen renovation — modernizing the kitchen would significantly increase its appeal ↑
• Resale bathroom renovation — updating the bathroom would improve the home's overall appeal ↑
• Both painting — painting the interior and exterior would improve the home's curb appeal and value ↑
• Both HVAC system upgrade — upgrading the HVAC system would improve comfort and energy efficiency ↑

ⓘ 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: Easton School District
• NCES district ID: 5302340
• Math proficiency: 25% ▲ 10.00%
• Reading proficiency: 50% ▲ 15.00%
• Median HH income: $57,776
• Composite: 35.64/100
• National rank: #9702
• State rank: #226 of 291 in WA

Livability — Snoqualmie Pass

• Score: 58/100
• State rank: #509
• US rank: #20920

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 442

Population outlook (Kittitas County) Hauer SSP2

• Today (2025): 48,605 people
• By 2030: 51,628 · +6.2%
• By 2040: 57,361 · +18.0%
• By 2050: 63,241 · +30.1%
• By 2075: 79,310 · +63.2%
• By 2100: 94,769 · +95.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Hispanic / Latino 2%
• Common ancestry: Portuguese 15% Italian 10% Scottish 10%
• Foreign-born: 3% · Canada
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Kittitas

• 2024 margin: R (+14.6) · D 41.1% · R 55.7% · Other 3.2%
• 2008→2024 swing: -6.5pp toward R · 2008: -8.1pp · 2024: -14.6pp
• All cycles: 2024: R+14.6 2020: R+10.2 2016: R+14.5 2012: R+12.6 2008: R+8.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.17%
• Current HPI: 300.9624
• Rent YoY: —
• Metro: —
• 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

• 2024-07-25 Listed $99,900 NWMLS as Distributed by MLS Grid