12611 NE 145th Pl Unit H90

Kirkland, WA 98034

$269,999D-

2 bd · 1.0 ba · 923 sqft · Built 1979 · Condo · Active · 136 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,355/mo
• Mortgage (P&I): −$1,416
• Tax + insurance: −$450
• HOA: −$662
• Vac / Maint / Mgmt: −$495
• Net cashflow: $-667/mo
• Annual: $-8,009/yr
• Cap rate: 3.33%
• Cash-on-cash: -10.59%
• DSCR: 0.53
• 1% rule: 0.87%
• Cash to close: $75,600

Investor read

• This is a 2-bed/1.0-bath condo listed at $270k.
• At list price, monthly cash flow is $-667 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $173k (35.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $236k (12.8% below list).
• It's been on market 136 days — a 12% lower offer ($238k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $173k (35.8% 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 $8k 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.
• Northshore School District (suburban): math 69% / reading 78% proficiency, ranked #9 of 291 in WA (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Watch-outs: HOA is 28% of rent.
• Market conditions: Rents rising (+1.1%/yr); 345 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals leasing fast (median 7d on market — plan ~1-2 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.
• 7 sale attempts since 26y ago; this cycle's ask has dropped $45k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $215k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 3.3% vs local median 1.2% 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 136 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
• Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?