402 Benham St · Richland, WA 99352

$1,425

3 bd · 2.0 ba · 2,914 sqft · MultiFamily public records · 27 Days on market

Built 1944 $0/sqft · 100% 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

Multi-family units

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

Listing remarks

We do not accept 3rd party applications or viewing requests. 3 Bedrooms, 1 Bath 1457 sqft Home in Central Richland This well-maintained 3-bedroom, 1-bath duplex in Central Richland offers 1,457 sq ft of comfortable living space with a thoughtful layout. The main floor features durable hard-surface flooring and an inviting living area filled with natural light. The kitchen provides ample cabinet and counter space, along with a pantry for added storage and a convenient portable dishwasher topped with a butcher block surface. All three bedrooms are located upstairs. The full bathroom has been tastefully updated and includes a fully tiled shower and newer vanity. The basement adds significant

Key facts

• Built 1944
• Listed 26 days

🏷️ Possibly a rental listed for sale. The $1,425 price doesn't fit this home's estimated sale value (~$398,957) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $1k.

Deal economics

• At list price, monthly cash flow is $3k ($37k/yr) — positive. Per door: $2k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $1k).
• Recommended offer: $1k (1.5% below list) — sets the bar for market timing.
• Cap rate 2613.1% 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.
• Market conditions: Rents rising (+1.6%/yr); 544 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).
• At $3,931/mo this rent would consume 47% of the median local household income ($100k/yr) (locally 983% 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 $10 of loan paydown is wiped out by about $43 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 $399 cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($1k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,403 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1944 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 275.86% ✓
• Cap rate: 2613.15%
• Cash-on-cash: 9310.20%
• DSCR: 415.25
• GRM: 0.0

CMA / ARV

• ARV (median comp): $398,957
• List price: $1,425
• Delta: -99.64%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
312/314 Bernard Ave	0.24mi	4/2.0 (+1)	3,175 (+9%)	5mo	$431,200	$136	65
324 Delafield Ave	0.46mi	3/2.0	2,800 (-4%)	10mo	$460,000	$164	63
220 Cullum Ave #222	0.34mi	4/2.0 (+1)	3,200 (+10%)	0mo	$469,750	$147	62
400/402 Barth Ave	0.31mi	4/3.0 (+1)	3,242 (+11%)	8mo	$525,000	$162	52
311 Casey Ave	0.31mi	4/3.0 (+1)	2,478 (-15%)	2mo	$450,000	$182	50

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 · 1.6% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 481.03×
• Total profit: $191,530
• Equity at exit: $212

10-year hold

• IRR: —
• Equity multiple: 1001.28×
• Total profit: $399,113
• Equity at exit: $123

Cash invested: $399 (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: 544
• Price-to-rent: 0.1×

Monthly cashflow live

• Estimated rent: $3,931 high
• Mortgage (P&I): −$7
• Tax est. 1.5%: −$2 /mo · $21/yr
• Insurance: −$1
• HOA: −$0
• Vacancy / Maint / Mgmt: −$826
• Net cashflow: $3,096

Break-even live

Break-even rent $12

Max offer price $1,425

Occupancy floor 16%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,932
Total (2 units)			$3,931

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: $356
• Closing costs: $43
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
459 Columbia Point Dr Richland, WA	3.0	2.5	2500	$2,595	$1.04	21d	1	0.92mi
711 Sanford Ave Richland, WA	3.0	2.0	2304	$1,650	$0.72	44d	1	1.21mi

Listing history 8 events

1. 2026-06-03
   days on market $1,425 Active 27 DOM
2. 2026-06-02
   days on market $1,425 Active 26 DOM
3. 2026-06-01
   days on market $1,425 Active 25 DOM
4. 2026-05-31
   days on market $1,425 Active 24 DOM
5. 2026-05-30
   days on market $1,425 Active 23 DOM
6. 2026-05-07
   listed $1,425 Active 1781-char remark
7. 2026-05-03
   listed $1,425
8. 2019-05-22
   soldstatus $305,000

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $47,172
• − Mortgage interest: −$80
• − Property taxes: −$21
• − Insurance: −$7
• − Repairs & maintenance: −$3,774
• − Management: −$3,774
• − Depreciation: −$41
• Taxable income: $39,475
• Est. tax owed @ 24.0%: −$9,474
• After-tax cash flow: $27,674/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

-99.5% since first listed

3 events — show timeline

• 2026-05-31 Rental Removed $1,425 APPFOLIO
• 2026-05-03 Listed for Rent $1,425 APPFOLIO
• 2019-05-22 Sold (Public Records) $305,000 Public Records

Property tax history

+6.9%/yr

Latest (2026): $4,159 · +1.2% YoY. Source: county tax records.