704 N Rose St · Walla Walla, WA 99362

$279,000

4 bd · 1.0 ba · 1,655 sqft · MultiFamily public records · 64 Days on market

Built 1908 3,001 sqft lot $169/sqft · 30% below area Est $399k · 30% under

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Why this score? — see what drove the C- 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 +15.0/15.0
• DSCR +4.6/10.0
• Schools +4.1/10.0
• Livability +4.0/5.0
• 1% rule +3.9/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Prime opportunity near Downtown Walla Walla and Whitman College! This 5-bedroom, 2-bath single-family home sits on a spacious corner lot just blocks from downtown and the college, an ideal location for strong rental demand or convenient in-town living. Currently leased through May, the property offers immediate income with long-term upside. Inside, you’ll find generous living space and a flexible floor plan to suit a variety of needs. Outside, enjoy a detached one-car garage and plenty of yard space. Whether you’re expanding your investment portfolio or searching for a well-located home close to downtown, this is an opportunity you won’t want to miss.

Key facts

• Plenty of yard space
• Flexible floor plan
• Corner lot

Tags

• CORNER LOT
• DETACHED ONE-CAR GARAGE
• GENEROUS LIVING SPACE
• FLEXIBLE FLOOR PLAN
• PLENTY OF YARD SPACE
• NEAR DOWNTOWN WALLA WALLA

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath multifamily listed at $279k.

Deal economics

• At list price, monthly cash flow is $86 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $249k (10.9% below list).
• Recommended offer: $249k (10.9% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 2.3% in Walla Walla — 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 (#105 in WA, #2,015 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools C-.
• Walla Walla Public Schools (urban): math 41% / reading 50% proficiency, ranked #179 of 291 in WA (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.4%/yr); 422 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 206 units permitted in Walla Walla County in 2024 (50 in 5+ unit buildings).
• This rent runs 41% of the median local income ($72k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.
• Walla Walla County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($262k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $72k; list at $279k implies a 288% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $248,626 (10.9% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
2. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 0.89% ✗
• Cap rate: 6.66%
• Cash-on-cash: 1.32%
• DSCR: 1.06
• GRM: 9.4

CMA / ARV

• ARV (median comp): $398,515
• List price: $279,000
• Delta: -29.99%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.4% rent growth · sell at horizon

5-year hold

• IRR: -14.9%
• Equity multiple: 0.47×
• Total profit: $-41,215
• Equity at exit: $41,600

10-year hold

• IRR: -7.2%
• Equity multiple: 0.55×
• Total profit: $-34,855
• Equity at exit: $24,123

Cash invested: $78,120 (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 99362

• Rents YoY: 2.4%
• Active inventory: 422
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $2,486 medium
• Mortgage (P&I): −$1,463
• Tax from tax record: −$299 /mo · $3,585/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$522
• Net cashflow: $86

Break-even live

Break-even rent $2,377

Max offer price $279,000

Occupancy floor 92%

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1055 E Isaacs Ave Unit B Walla Walla, WA	5.0	2.0	1600	$3,000	$1.88	43d	1	0.41mi
643 Ava St Walla Walla, WA	3.0	2.0	1574	$2,495	$1.59	21d	1	0.53mi
425 N 7th Ave Apt 2 Walla Walla, WA	4.0	2.5	1697	$1,795	$1.06	43d	1	0.85mi

Listing history 18 events

1. 2026-06-19
   days on market $279,000 Active 64 DOM
2. 2026-06-18
   days on market $279,000 Active 63 DOM
3. 2026-06-17
   days on market $279,000 Active 62 DOM
4. 2026-06-16
   days on market $279,000 Active 61 DOM
5. 2026-06-15
   days on market $279,000 Active 60 DOM
6. 2026-06-14
   days on market $279,000 Active 58 DOM
7. 2026-06-12
   pricedays on market $279,000 Active 57 DOM
8. 2026-06-09
   days on market $299,000 Active 54 DOM
9. 2026-06-08
   days on market $299,000 Active 53 DOM
10. 2026-06-07
    days on market $299,000 Active 52 DOM
11. 2026-06-02
    days on market $299,000 Active 47 DOM
12. 2026-06-01
    days on market $299,000 Active 46 DOM
13. 2026-05-31
    days on market $299,000 Active 45 DOM
14. 2026-05-30
    days on market $299,000 Active 44 DOM
15. 2026-04-27
    price $299,000
16. 2026-04-16
    listed $369,000 Active
17. 2003-09-05
    soldstatus $72,000
18. 1984-05-07
    soldstatus $25,800

ⓘ 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: $3,585 · $299/mo
• Projected year-2 tax: $3,585 · $299/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 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 9 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,835
• − Mortgage interest: −$15,628
• − Property taxes: −$3,585
• − Insurance: −$1,395
• − Repairs & maintenance: −$2,387
• − Management: −$2,387
• − Depreciation: −$8,116
• Taxable loss: −$3,663
• Est. tax savings @ 24.0%: +$879
• After-tax cash flow: $1,912/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: Walla Walla Public Schools
• NCES district ID: 5309450
• Math proficiency: 41% ▲ 3.00%
• Reading proficiency: 50% ▼ -1.00%
• Median HH income: $46,207
• Composite: 40.88/100
• National rank: #7531
• State rank: #179 of 291 in WA

Livability — Walla Walla

• Score: 79/100
• State rank: #105
• US rank: #2015

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Walla Walla, WA
• County: Walla Walla County · 52,990 people
• City population: 42,853
• Metro: Walla Walla, WA
• Population (ZIP): 42,853
• Household income: $72,474
• Rent vs Own: 36.3% rent · 63.7% own
• Severe rent burden: 1238.0

Population outlook (Walla Walla County) Hauer SSP2

• Today (2025): 63,088 people
• By 2030: 64,417 · +2.1%
• By 2040: 66,563 · +5.5%
• By 2050: 68,337 · +8.3%
• By 2075: 73,235 · +16.1%
• By 2100: 74,878 · +18.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 22% Two or more races 9% Black 2% Asian 2% Native American 2%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Slovak 3% Portuguese 3% Lithuanian 3%
• Foreign-born: 9% · Canada, China
• Languages at home: 83% English-only · Spanish 15% Chinese 1%

Political lean MEDSL · Walla Walla

• 2024 margin: Lean R (+8.1) · D 44.6% · R 52.7% · Other 2.7%
• 2008→2024 swing: +8.5pp toward D · 2008: -16.6pp · 2024: -8.1pp
• All cycles: 2024: R+8.1 2020: R+8.7 2016: R+16.4 2012: R+22.3 2008: R+16.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -488.03%
• Current HPI: 321.6891
• Rent YoY: ▲ 2.40%
• Metro: Walla Walla, 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

+1058.9% since first listed

4 events — show timeline

• 2026-04-27 Price Changed $299,000 NWMLS as Distributed by MLS Grid
• 2026-04-16 Listed $369,000 NWMLS as Distributed by MLS Grid
• 2003-09-05 Sold (Public Records) $72,000 Public Records
• 1984-05-07 Sold (Public Records) $25,800 Public Records

Property tax history

+6.5%/yr

Latest (2026): $3,585 · -1.3% YoY. Source: county tax records.