17626 87th Ave SE · Cathcart, WA 98296

$449,000

3 bd · 1.0 ba · 1,222 sqft · SingleFamily public records · 6 Days on market

Built 1924 1.00 ac lot $367/sqft · 41% below area Est $756k · 41% under

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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).

• ARV discount +15.0/15.0
• Cash flow +7.9/30.0
• Schools +5.9/10.0
• Livability +3.0/5.0
• 1% rule +2.5/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits in desirable Clearview. This property offers a rare chance to reimagine and restore a home in a highly convenient Snohomish location, balancing accessibility with a sense of being tucked away - just minutes from local schools, shopping, and everyday amenities. The existing home requires renovation and is being sold as-is. Land, location, and an established footprint make this a strong opportunity for investors, builders, or vision-driven buyers. Bring your plans, creativity, and ambition to unlock the possibilities this unique property has to offer.

Key facts

• 1 acre lot
• Garage
• Built 1924

Property features AI

Finance

• Other: Zoned R5; Site elevation listed in feet
• Financial info: Listing may accept Cash, Rehab Loan, VA Loan, or other terms (see remarks)

Exterior

• Parking: Detached garage; Detached carport; One covered parking space
• Utilities: Electric service; Public water; Septic sewer system; Power provided by Snohomish PUD
• Home design: Single-family residence, 1 story; Entry located on the main level; Built on lot
• Construction: Wood construction; Composition roof; Poured concrete foundation; Effective year built 1924
• Exterior features: Deck; Cable TV and high-speed internet available; Paved site; Wood products exterior

Interior

• Kitchen: Kitchen with eating space; Dishwasher, garbage disposal, microwave, refrigerator, stove/range
• Bedrooms: Three bedrooms (all on the main level)
• Flooring: Carpet
• Bathrooms: One full bathroom (main level) with one shower
• Heating & cooling: Baseboard heating; No cooling system
• Interior features: Entry hall; Wood products exterior noted (see Exterior); Dishwasher, garbage disposal, microwave, refrigerator, stove/range
• Laundry & utility: No specific laundry appliances listed

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $449k.

Deal economics

• At list price, monthly cash flow is $-482 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $364k (19.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $339k (24.6% below list).
• Recommended offer: $339k (24.6% below list) — sets the bar for 1% rule.
• Cap rate 5.0% vs local median 2.2% in Cathcart — 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 60/100 on livability (#452 in WA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, cost of living F.
• Snohomish School District (suburban): math 58% / reading 69% proficiency, ranked #25 of 291 in WA (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Cathcart Elementary (434 students, 28% FRL); Valley View Middle School (637 students, 18% FRL); Glacier Peak High School (1,630 students, 16% FRL) — zoned schools at 21% FRL track the district average.
• Market conditions: 224 active listings in the ZIP; 3,982 units permitted in Snohomish County in 2024 (1,492 in 5+ unit buildings).

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.
• Snohomish County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $338,739 (24.6% 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 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.75% ✗
• Cap rate: 5.00%
• Cash-on-cash: -4.60%
• DSCR: 0.80
• GRM: 11.0

CMA / ARV

• ARV (median comp): $756,309
• List price: $449,000
• Delta: -40.63%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
17626 87th Ave SE	0.00mi	3/1.0	1,222 (0%)	1mo	$568,000	$465	99

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -24.1%
• Equity multiple: 0.18×
• Total profit: $-103,376
• Equity at exit: $66,947

10-year hold

• IRR: -19.2%
• Equity multiple: -0.03×
• Total profit: $-129,208
• Equity at exit: $38,821

Cash invested: $125,720 (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 98296

• Active inventory: 224
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $3,387 medium
• Mortgage (P&I): −$2,355
• Tax from tax record: −$616 /mo · $7,397/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$711
• Net cashflow: $-482

Break-even live

Break-even rent $3,998

Max offer price $363,840

Occupancy floor —

Sensitivity live

Price	-10% $-228	-5% $-355	+0% $-482	+5% $-609	+10% $-736
Rent	-10% $-750	-5% $-616	+0% $-482	+5% $-348	+10% $-214
Rate	-1.0pp $-256	-0.5pp $-368	base $-482	+0.5pp $-598	+1.0pp $-717

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: $112,250
• Closing costs: $13,470
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-13
   listed $449,000 Active
2. 1993-07-22
   soldstatus $130,200
3. 1984-09-11
   soldstatus $80,000
4. 1984-09-11
   soldstatus $25,000

ⓘ 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: $7,397 · $616/mo
• Projected year-2 tax: $7,397 · $616/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 2/10 Low 6 d/yr ≥86°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 9 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,649
• − Mortgage interest: −$25,151
• − Property taxes: −$7,397
• − Insurance: −$2,245
• − Repairs & maintenance: −$3,252
• − Management: −$3,252
• − Depreciation: −$13,062
• Taxable loss: −$13,710
• Est. tax savings @ 24.0%: +$3,290
• After-tax cash flow: $-2,494/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: Snohomish School District
• NCES district ID: 5308020
• Math proficiency: 58% ▬ 0.00%
• Reading proficiency: 69% ▲ 1.00%
• Median HH income: $89,715
• Composite: 59.21/100
• National rank: #1934
• State rank: #25 of 291 in WA

Livability — Cathcart

• Score: 60/100
• State rank: #452
• US rank: #18627

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cathcart, WA
• City population: 27,201
• Population (ZIP): 27,201

Population outlook (Snohomish County) Hauer SSP2

• Today (2025): 899,800 people
• By 2030: 960,975 · +6.8%
• By 2040: 1,074,447 · +19.4%
• By 2050: 1,171,954 · +30.2%
• By 2075: 1,384,849 · +53.9%
• By 2100: 1,497,296 · +66.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Two or more races 9% Asian 8% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Portuguese 6% Lithuanian 3% Italian 3%
• Foreign-born: 13% · Canada, China, Vietnam
• Languages at home: 85% English-only · Other Indo-European 3% Russian/Polish/Slavic 2% Spanish 2%

Political lean MEDSL · Snohomish

• 2024 margin: D (+19.0) · D 57.8% · R 38.9% · Other 3.3%
• 2008→2024 swing: +0.1pp no change · 2008: 18.9pp · 2024: 19.0pp
• All cycles: 2024: D+19.0 2020: D+20.6 2016: D+16.6 2012: D+16.2 2008: D+18.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -915.99%
• Current HPI: 348.9725
• 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

+610.0% since first listed

7 events — show timeline

• 2026-06-01 Sold (Public Records) $568,000 Public Records
• 2026-06-01 Sold (MLS) $568,000 NWMLS as Distributed by MLS Grid
• 2026-05-19 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-13 Listed $449,000 NWMLS as Distributed by MLS Grid
• 1993-07-22 Sold (Public Records) $130,200 Public Records
• 1984-09-11 Sold (Public Records) $25,000 Public Records
• 1984-09-11 Sold (Public Records) $80,000 Public Records

Property tax history

+3.6%/yr

Latest (2026): $7,397 · +1124.9% YoY. Source: county tax records.