1056 S Sullivan St · Seattle, WA 98108

$900,000

16 bd · 16.0 ba · 2,040 sqft · MultiFamily public records · 37 Days on market

Built 1901 6,000 sqft lot $441/sqft · 21% above area Est $743k · 21% over

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Why this score? — see what drove the F 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 +11.0/30.0
• Schools +6.1/10.0
• Livability +3.8/5.0
• DSCR +3.2/10.0
• Rent growth +2.6/5.0
• 1% rule +2.5/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Classic craftsman meets 4 plex and a 3 car garage! Income property or redevelopment property. .. .you choose. 4 units of 500 sq ft . 1 bed 1bath. Zoned RSL(M) Turn-Key Investment with Excellent Cash Flow. 2 units STR and 2 LTR. This historic 1901 Craftsman offers a rare, turn-key opportunity for savvy investors in the heart of Seattle’s South Park neighborhood. Well maintained and boasting a strong tenant history, this property is designed for immediate cash flow and long-term value. : Approximately 2,600 sq. ft. of interior space across a well-designed 4-unit layout. Craftsman charm with convenient location, featuring wood exterior finishes and a durable composition roof. Ample Park

Key facts

• Alley access
• Turn key investment
• Corner lot appeal

Tags

• TURN KEY INVESTMENT
• STRONG TENANT HISTORY
• CORNER LOT APPEAL
• ALLEY ACCESS
• WOOD EXTERIOR FINISHES
• DURABLE COMPOSITION ROOF

Property features AI

Finance

• Other: Possible uses: see remarks
• Financial info: Gross scheduled income reported at $78,000; Gross adjusted income reported at $70,200; Total monthly income reported at $6,500; Net operating income reported at $57,472; Total annual expenses reported at $19,943; Electric expense listed at $2,075; Fuel (oil) expense listed at $2,752; Insurance expense listed at $2,976; Other expenses listed at $1,600; Gross rent multiplier reported as 11.5; Vacancy rate reported at 10%; Building contains 4 units total; Listing terms: Cash or Conventional
• HOA & community: Coin-operated laundry (community amenity)

Exterior

• Parking: Three uncovered parking spaces; Three covered parking spaces; Three garage spaces
• Utilities: Electric and oil energy sources; Water service by City of Seattle; Sewer available (City of Seattle); Power provided by Seattle City Light; Water, sewer and garbage combined amount listed
• Home design: Residential income property (multi-family quadruplex); Two stories; Building name: South Park; Property condition: Average
• Construction: Wood construction; Composition roof; Poured concrete foundation; Effective year built: 1986; Structure type: Quadruplex
• Exterior features: Wood exterior; Wood products; Corner lot with curbs, paved streets and sidewalk; Cable TV and high-speed internet available; Gas available; Has a view

Interior

• Kitchen: Each unit includes a range/oven; Refrigerators included in each unit; No dishwashers in units
• Bedrooms: Four 1-bedroom units (each unit listed as 1 bedroom)
• Flooring: Vinyl flooring in portions of the building; Carpet flooring in portions of the building
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Heating provided by stove/free‑standing units; No cooling system
• Interior features: Vinyl and carpet flooring; Has heating (stove/free standing); No central cooling
• Laundry & utility: Coin-operated laundry on site; Individual units do not include washer/dryer

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $900k.

Deal economics

• At list price, monthly cash flow is $-376 ($-5k/yr) — negative. Per door: $-94/mo.
• To cash-flow at today's rent, offer at most $834k (7.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $673k (25.2% below list).
• Recommended offer: $673k (25.2% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 1.6% in Seattle — 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 75/100 on livability (#166 in WA, #4,033 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Seattle Public Schools (urban): math 64% / reading 72% proficiency, ranked #19 of 291 in WA (top 6%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Concord International School (306 students, 71% FRL); Cleveland High School Stem (902 students, 57% FRL) — zoned schools average 64% FRL vs 30% district-wide (33 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 135 active listings in the ZIP; solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• At $6,734/mo this rent would consume 84% of the median local household income ($96k/yr) (locally 813% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($873k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $225k; list at $900k implies a 300% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $673,400 (25.2% 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. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. 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?
10. 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.
11. 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.
12. 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: 0.75% ✗
• Cap rate: 5.79%
• Cash-on-cash: -1.79%
• DSCR: 0.92
• GRM: 11.1

CMA / ARV

• ARV (median comp): $743,422
• List price: $900,000
• Delta: 21.06%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.44% rent growth · sell at horizon

5-year hold

• IRR: -21.9%
• Equity multiple: 0.26×
• Total profit: $-186,923
• Equity at exit: $134,193

10-year hold

• IRR: -22.8%
• Equity multiple: -0.03×
• Total profit: $-260,439
• Equity at exit: $77,816

Cash invested: $252,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City Seattle: 0 Strongly Tenant-Friendly · D+52

Just Cause + Relocation Assistance + Source of Income + First in Time.

Methodology + full state rankings →

ZIP-level market 98108

• Rents YoY: 0.4%
• Active inventory: 135
• Price-to-rent: 44.6×

Monthly cashflow live

• Estimated rent: $6,734 high
• Mortgage (P&I): −$4,720
• Tax from tax record: −$601 /mo · $7,215/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,414
• Net cashflow: $-376

Break-even live

Break-even rent $7,210

Max offer price $833,569

Occupancy floor —

Sensitivity live

Price	-10% $133	-5% $-121	+0% $-376	+5% $-631	+10% $-886
Rent	-10% $-908	-5% $-642	+0% $-376	+5% $-110	+10% $156
Rate	-1.0pp $77	-0.5pp $-147	base $-376	+0.5pp $-609	+1.0pp $-847

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$6,732
Total (4 units)			$6,734

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: $225,000
• Closing costs: $27,000
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-21
   days on market $900,000 Active 37 DOM
2. 2026-06-21
   days on market $900,000 Active 36 DOM
3. 2026-06-19
   days on market $900,000 Active 35 DOM
4. 2026-06-18
   days on market $900,000 Active 34 DOM
5. 2026-06-17
   days on market $900,000 Active 33 DOM
6. 2026-06-16
   days on market $900,000 Active 32 DOM
7. 2026-06-15
   days on market $900,000 Active 31 DOM
8. 2026-06-15
   days on market $900,000 Active 30 DOM
9. 2026-06-13
   days on market $900,000 Active 29 DOM
10. 2026-06-12
    days on market $900,000 Active 28 DOM
11. 2026-06-10
    days on market $900,000 Active 26 DOM
12. 2026-06-09
    days on market $900,000 Active 25 DOM
13. 2026-06-08
    days on market $900,000 Active 24 DOM
14. 2026-06-07
    days on market $900,000 Active 23 DOM
15. 2026-06-07
    days on market $900,000 Active 22 DOM
16. 2026-06-04
    days on market $900,000 Active 20 DOM
17. 2026-06-03
    days on market $900,000 Active 19 DOM
18. 2026-06-02
    days on market $900,000 Active 18 DOM
19. 2026-06-01
    days on market $900,000 Active 17 DOM
20. 2026-05-31
    days on market $900,000 Active 16 DOM
21. 2026-05-15
    listed $900,000 Active
22. 2011-08-20
    historical
23. 2011-08-17
    soldstatus $225,000 Sold
24. 2011-08-16
    soldstatus $229,000
25. 2011-07-12
    status Pending
26. 2011-03-14
    listed $248,000 Active
27. 2005-04-22
    soldstatus $280,000
28. 2005-04-22
    soldstatus $280,000
29. 2005-03-25
    listed $280,000
30. 1997-10-23
    soldstatus $96,500

ⓘ 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: $7,215 · $601/mo
• Projected year-2 tax: $8,820 · $735/mo
• Expected delta: +$1,605/yr (+$134/mo · 22.3%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 27% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 9 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $80,808
• − Mortgage interest: −$50,414
• − Property taxes: −$7,215
• − Insurance: −$4,500
• − Repairs & maintenance: −$6,465
• − Management: −$6,465
• − Depreciation: −$26,182
• Taxable loss: −$20,432
• Est. tax savings @ 24.0%: +$4,904
• After-tax cash flow: $391/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: Seattle Public Schools
• NCES district ID: 5307710
• Math proficiency: 64% ▼ -1.00%
• Reading proficiency: 72% ▬ 0.00%
• Median HH income: $68,695
• Composite: 60.76/100
• National rank: #1649
• State rank: #19 of 291 in WA

Livability — Seattle

• Score: 75/100
• State rank: #166
• US rank: #4033

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Seattle, WA
• County: King County · 2,251,916 people
• City population: 706,262
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 25,529
• Household income: $95,780
• Rent vs Own: 41.8% rent · 58.2% own
• Severe rent burden: 813.0

Population outlook (King County) Hauer SSP2

• Today (2025): 2,576,485 people
• By 2030: 2,803,316 · +8.8%
• By 2040: 3,255,921 · +26.4%
• By 2050: 3,706,444 · +43.9%
• By 2075: 4,746,063 · +84.2%
• By 2100: 5,407,730 · +109.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.75)
• Race & ethnicity: Asian 37% White 25% Black 19% Hispanic / Latino 11% Two or more races 10% Native American 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 2% Slovak 2% Romanian 1%
• Foreign-born: 35% · China, Canada, Vietnam
• Languages at home: 50% English-only · Chinese 16% Spanish 8% Vietnamese 6%

Political lean MEDSL · King

• 2024 margin: Solid D (+51.7) · D 74.2% · R 22.5% · Other 3.4%
• 2008→2024 swing: +9.6pp toward D · 2008: 42.1pp · 2024: 51.7pp
• All cycles: 2024: D+51.7 2020: D+52.7 2016: D+50.4 2012: D+39.9 2008: D+42.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -781.48%
• Current HPI: 337.1308
• Rent YoY: ▲ 0.44%
• Metro: Seattle-Tacoma-Bellevue, 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

+832.6% since first listed

10 events — show timeline

• 2026-05-15 Listed $900,000 NWMLS as Distributed by MLS Grid
• 2011-08-20 Delisted — NWMLS as Distributed by MLS Grid
• 2011-08-17 Sold (MLS) $225,000 NWMLS as Distributed by MLS Grid
• 2011-08-16 Sold (Public Records) $229,000 Public Records
• 2011-07-12 Pending — NWMLS as Distributed by MLS Grid
• 2011-03-14 Listed $248,000 NWMLS as Distributed by MLS Grid
• 2005-04-22 Sold (Public Records) $280,000 Public Records
• 2005-04-22 Sold (MLS) $280,000 NWMLS as Distributed by MLS Grid
• 2005-03-25 Listed $280,000 NWMLS as Distributed by MLS Grid
• 1997-10-23 Sold (Public Records) $96,500 Public Records

Property tax history

+6.6%/yr

Latest (2025): $7,215 · -3.8% YoY. Source: county tax records.