303 Gage Blvd #227 · Richland, WA 99352

$1,400

1 bd · 1.0 ba · 704 sqft · Condo public records · 46 Days on market

Built 1979 $2/sqft · 99% below area

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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 +15.0/30.0
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

We do not accept 3rd party applications or viewing requests. 1 Bedroom, 1 Bath 704 sqft Apartment in Richland Fully furnished 1 bedroom, 1-bathroom upstairs unit in a convenient Richland apartment community! Thoughtfully equipped with furniture, linens, and kitchen essentials, this home is move-in ready and perfect for comfortable everyday living or a flexible temporary stay. Inside, the bright living space features oversized windows that bring in abundant natural light, along with a cozy wood-burning fireplace for added charm. The kitchen offers generous cabinet and counter space, plus a dishwasher to make cleanup easy. The spacious bedroom includes a queen-sized bed, and central heat and

Key facts

• Private deck
• Storage closet
• Built 1979

Tags

• WOOD BURNING FIREPLACE
• PRIVATE DECK
• STORAGE CLOSET
• ABUNDANT NATURAL LIGHT

Property features AI

Exterior

• Parking: No garage
• Home design: One-story residence; One level
• Construction: New construction
• Exterior features: Condominium property; Located in a subdivision listed as OTHER; Zoned single family residential

Interior

• Bathrooms: One full bathroom
• Interior features: No basement

🏷️ Possibly a rental listed for sale. The $1,400 price doesn't fit this home's estimated sale value (~$191,802) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $1k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $1k).
• Recommended offer: $1k (3.0% below list) — sets the bar for market timing.
• Cap rate 925.5% vs local median 2.8% in Richland — 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 (#112 in WA, #2,258 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: cost of living C-, amenities F.
• Richland School District (urban): math 52% / reading 64% proficiency, ranked #61 of 291 in WA (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Badger Mountain Elementary (569 students, 39% FRL); Carmichael Middle School (807 students, 55% FRL); Richland High School (2,137 students, 38% FRL) — zoned schools average 44% FRL vs 29% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.6%/yr); 576 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,532 units permitted in Benton County in 2024 (389 in 5+ unit buildings).
• This rent is only 16% of the median local income ($100k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $10 of loan paydown is wiped out by about $42 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.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $392 cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($1k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,358 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 97.83% ✓
• Cap rate: 925.47%
• Cash-on-cash: 3282.77%
• DSCR: 147.06
• GRM: 0.1

CMA / ARV

• ARV (median comp): $191,802
• List price: $1,400
• Delta: -99.27%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.6% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 169.85×
• Total profit: $66,191
• Equity at exit: $209

10-year hold

• IRR: —
• Equity multiple: 353.24×
• Total profit: $138,077
• Equity at exit: $121

Cash invested: $392 (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 99352

• Rents YoY: 1.6%
• Active inventory: 576
• Price-to-rent: 0.1×

Monthly cashflow live

• Estimated rent: $1,370 medium
• Mortgage (P&I): −$7
• Tax est. 1.5%: −$2 /mo · $21/yr
• Insurance: −$1
• HOA: −$0
• Vacancy / Maint / Mgmt: −$288
• Net cashflow: $1,072

Break-even live

Break-even rent $12

Max offer price $1,400

Occupancy floor 17%

Sensitivity live

Price	-10% $1,073	-5% $1,073	+0% $1,072	+5% $1,072	+10% $1,071
Rent	-10% $964	-5% $1,018	+0% $1,072	+5% $1,126	+10% $1,181
Rate	-1.0pp $1,073	-0.5pp $1,073	base $1,072	+0.5pp $1,072	+1.0pp $1,072

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: $350
• Closing costs: $42
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
250 Gage Blvd Richland, WA	1.0–3.0	1.0–2.0	1012	$1,375	$1.36	16d	10	0.15mi
1950 Bellerive Dr Richland, WA	2.0	1.0	710	$1,058	$1.49	16d	5	0.46mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-23
   days on market $1,400 Active 46 DOM
2. 2026-06-22
   days on market $1,400 Active 45 DOM
3. 2026-06-18
   days on market $1,400 Active 42 DOM
4. 2026-06-17
   days on market $1,400 Active 41 DOM
5. 2026-06-16
   days on market $1,400 Active 40 DOM
6. 2026-06-15
   days on market $1,400 Active 39 DOM
7. 2026-06-14
   days on market $1,400 Active 37 DOM
8. 2026-06-13
   days on market $1,400 Active 36 DOM
9. 2026-06-10
   days on market $1,400 Active 34 DOM
10. 2026-06-09
    days on market $1,400 Active 33 DOM
11. 2026-06-08
    days on market $1,400 Active 32 DOM
12. 2026-06-07
    days on market $1,400 Active 31 DOM
13. 2026-06-05
    days on market $1,400 Active 28 DOM
14. 2026-06-03
    days on market $1,400 Active 27 DOM
15. 2026-06-02
    days on market $1,400 Active 26 DOM
16. 2026-06-01
    days on market $1,400 Active 25 DOM
17. 2026-05-31
    days on market $1,400 Active 24 DOM
18. 2026-05-30
    days on market $1,400 Active 23 DOM
19. 2026-05-07
    listed $1,400 Active 1901-char remark
20. 2021-03-23
    soldstatus $149,900
21. 2003-11-07
    soldstatus $51,000

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 13 unhealthy d/yr today · 14 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,436
• − Mortgage interest: −$78
• − Property taxes: −$21
• − Insurance: −$7
• − Repairs & maintenance: −$1,315
• − Management: −$1,315
• − Depreciation: −$41
• Taxable income: $13,659
• Est. tax owed @ 24.0%: −$3,278
• After-tax cash flow: $9,590/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: Richland School District
• NCES district ID: 5307320
• Math proficiency: 52% ▬ 0.00%
• Reading proficiency: 64% ▼ -1.00%
• Median HH income: $70,475
• Composite: 53.04/100
• National rank: #3244
• State rank: #61 of 291 in WA

Livability — Richland

• Score: 79/100
• State rank: #112
• US rank: #2258

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richland, WA
• County: Benton County · 186,895 people
• City population: 62,989
• Metro: Kennewick-Richland, WA
• Population (ZIP): 37,430
• Household income: $100,108
• Rent vs Own: 32.2% rent · 67.8% own
• Severe rent burden: 983.0

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: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 14% Two or more races 10% Asian 7% Black 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Italian 4% Portuguese 4% Slovak 3%
• Foreign-born: 9% · Canada, South Korea, China
• Languages at home: 88% English-only · Spanish 4% Other Indo-European 3% Korean 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: ▼ -323.81%
• Current HPI: 217.3435
• Rent YoY: ▲ 1.60%
• 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

-97.3% since first listed

3 events — show timeline

• 2026-05-07 Listed $1,400 PACMLS
• 2021-03-23 Sold (Public Records) $149,900 Public Records
• 2003-11-07 Sold (Public Records) $51,000 Public Records

Property tax history

+6.3%/yr

Latest (2026): $1,596 · -2.4% YoY. Source: county tax records.