203 23rd Ave · Seattle, WA 98122

$675,000

4 bd · 2.0 ba · 2,570 sqft · MultiFamily public records

Built 1900 Fair condition 4,800 sqft lot $263/sqft · 37% below area Est $1.075M · 37% under ↓ 12% since listing

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Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• Schools +6.1/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• 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

Fantastic investment or redevelopment opportunity in Seattle! This 1900-built duplex offers 2,940 total SF, all ready for renovation or reimagining. The 4,800 SF corner lot is zoned LR2(M), providing flexibility for multi-unit potential or redevelopment. Conveniently located near downtown, I-5, I-90, schools, parks, and transit. With strong fundamentals and zoning upside, this classic property is ready for its next chapter. An excellent option for builders, investors, or those seeking a project with vision.

Key facts

• Near schools
• Zoned lr2m
• Near transit

Tags

• CORNER LOT
• ZONED LR2M
• MULTI-UNIT POTENTIAL
• NEAR SCHOOLS
• NEAR PARKS
• NEAR TRANSIT

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $675k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $675k).
• Cap rate 10.9% vs local median 1.7% 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: Thurgood Marshall Elementary (473 students, 45% FRL); Washington Middle School (555 students, 65% FRL); Garfield High School (1,642 students, 40% FRL) — zoned schools average 50% FRL vs 30% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 379 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• At $4,495/mo per unit this rent would consume 50% of the median local household income ($107k/yr) — 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 $5k of loan paydown is wiped out by about $20k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $189k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts; this cycle's ask has dropped $150k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $675,000

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.33% ✓
• Cap rate: 10.91%
• Cash-on-cash: 16.50%
• DSCR: 1.73
• GRM: 6.3

CMA / ARV

• ARV (median comp): $1,074,572
• List price: $675,000
• Delta: -37.18%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2762 S Washington St	0.36mi	5/2.5 (+1)	2,760 (+7%)	17mo	$1,257,500	$456	50
2315 E Spring St	0.53mi	4/2.0	2,100 (-18%)	3mo	$863,000	$411	48
539 26th Ave S	0.50mi	3/3.0 (-1)	2,680 (+4%)	16mo	$800,000	$299	48
1513 19th Ave	0.79mi	4/2.0	2,160 (-16%)	11mo	$1,227,000	$568	31
926 18th Ave	0.59mi	5/6.0 (+1)	2,940 (+14%)	22mo	$1,950,000	$663	10

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: 7.6%
• Equity multiple: 1.30×
• Total profit: $56,138
• Equity at exit: $100,645

10-year hold

• IRR: 16.9%
• Equity multiple: 2.39×
• Total profit: $262,115
• Equity at exit: $58,362

Cash invested: $189,000 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 1 active · 1 under contract
• Months of supply: 6.0 mo (17%/mo absorbed)
• Median asking: $1,099,950 ($397/sqft)
• Median days on market: 34 d
• This list price: lowest-priced of the active set
• ARV vs active asking: +5.3% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 98122

• Active inventory: 379
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $8,990 high
• Mortgage (P&I): −$3,540
• Tax from tax record: −$683 /mo · $8,195/yr
• Insurance: −$281
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,888
• Net cashflow: $2,598

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$8,990
Total (2 units)			$8,990

Break-even live

Break-even rent $5,701

Max offer price $675,000

Occupancy floor 66%

Sensitivity live

Price	-10% $2,980	-5% $2,789	+0% $2,598	+5% $2,407	+10% $2,216
Rent	-10% $1,888	-5% $2,243	+0% $2,598	+5% $2,953	+10% $3,308
Rate	-1.0pp $2,938	-0.5pp $2,770	base $2,598	+0.5pp $2,423	+1.0pp $2,245

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: $168,750
• Closing costs: $20,250
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
219 23rd Ave Seattle, WA	3.0	3.5	1850	$4,495	$2.43	0d	1	0.02mi
221 23rd Ave Seattle, WA	3.0	3.5	1780	$4,000	$2.25	3d	1	0.02mi
206 22nd Ave Unit C Seattle, WA	2.0	2.5	1544	$3,895	$2.52	0d	1	0.03mi
2106 E Terrace St Seattle, WA	2.0	1.5	1320	$3,150	$2.39	5d	1	0.12mi
204 25th Ave Seattle, WA	2.0	2.0	1450	$4,250	$2.93	114d	1	0.16mi
122 20th Ave Seattle, WA	3.0	2.0	1380	$3,595	$2.61	43d	1	0.18mi
114 20th Ave Unit B Seattle, WA	3.0	2.0	1380	$3,995	$2.89	17d	1	0.19mi
418 20th Ave Seattle, WA	4.0	2.5	2018	$4,999	$2.48	0d	1	0.19mi
2215 E Yesler Way Seattle, WA	3.0	3.0	1500	$3,700	$2.47	34d	1	0.19mi
2511 E Yesler Way Unit B Seattle, WA	3.0	1.0	1225	$2,995	$2.44	25d	1	0.24mi
2514 S Washington St Seattle, WA	2.0	1.0	1400	$3,495	$2.50	67d	1	0.27mi
S Washington St Seattle, WA	3.0	3.5	1544	$4,000	$2.59	41d	1	0.27mi
153 18th Ave Seattle, WA	2.0	1.0	1440	$2,945	$2.05	3d	1	0.30mi
1712A E Spruce St Seattle, WA	3.0	2.0	1460	$4,350	$2.98	0d	1	0.30mi
309 27th Ave S Unit B Seattle, WA	3.0	2.5	1610	$3,600	$2.24	32d	1	0.37mi
2406 E Columbia St Seattle, WA	3.0	1.0	1780	$3,600	$2.02	83d	1	0.37mi
2406 E Columbia St Seattle, WA	3.0	1.0	1780	$3,500	$1.97	31d	1	0.37mi
800 20th Ave Seattle, WA	3.0	2.0	1700	$3,145	$1.85	0d	1	0.38mi
111 29th Ave Unit B Seattle, WA	3.0	2.0	1370	$3,300	$2.41	110d	1	0.39mi
205 16th Ave Unit A Seattle, WA	3.0	2.0	1400	$4,800	$3.43	0d	1	0.41mi
205 16th Ave Unit A Seattle, WA	3.0	2.0	1400	$4,800	$3.43	9d	1	0.41mi
424 25th Ave S Seattle, WA	3.0	2.0	1600	$3,495	$2.18	40d	1	0.41mi
1801 S Jackson St Seattle, WA	2.0	1.0–2.0	926	$3,136	$3.39	0d	17	0.44mi
162 15th Ave Seattle, WA	2.0	2.5	1310	$3,295	$2.52	0d	1	0.45mi
724A Martin Luther King Junior Way Seattle, WA	2.0	2.0	1250	$3,295	$2.64	98d	1	0.47mi
724A Martin Luther King Junior Way Seattle, WA	2.0	2.0	1250	$3,095	$2.48	81d	1	0.47mi
532 24th Ave S Unit B Seattle, WA	3.0	4.0	1700	$3,300	$1.94	0d	1	0.49mi
1415 E Fir St Seattle, WA	3.0	2.0	1649	$3,995	$2.42	21d	1	0.50mi
1415 E Fir St Seattle, WA	3.0	2.0	1649	$3,995	$2.42	17d	1	0.50mi
1413 E Yesler Way Unit C Seattle, WA	3.0	3.0	1245	$3,395	$2.73	0d	1	0.52mi
1413 E Yesler Way Unit A Seattle, WA	3.0	2.0	1245	$2,995	$2.41	36d	1	0.52mi
1417 E Yesler Way Unit A Seattle, WA	3.0	3.5	1245	$3,595	$2.89	95d	1	0.52mi
1615 S King St Seattle, WA	3.0	1.5	1530	$2,795	$1.83	139d	1	0.55mi
920 18th Ave Unit A Seattle, WA	3.0	3.5	2260	$5,195	$2.30	51d	1	0.55mi
1426 E Cherry St Seattle, WA	3.0	2.5	1401	$3,995	$2.85	12d	1	0.55mi
709 15th Ave Seattle, WA	2.0	2.0	1366	$3,650	$2.67	0d	1	0.56mi
802 15th Ave Seattle, WA	2.0	1.0	1300	$2,795	$2.15	0d	1	0.58mi
1821 S Lane St Unit A Seattle, WA	3.0	2.5	1550	$4,300	$2.77	7d	1	0.58mi
713 Martin Luther King Jr Way S Seattle, WA	3.0	3.5	1783	$3,795	$2.13	10d	1	0.59mi
833 16th Ave Seattle, WA	2.0	2.0	1600	$2,730	$1.71	26d	1	0.59mi

Listing history 50 events

1. 2026-09-21
   days on market $675,000 Active
2. 2026-09-20
   days on market $675,000 Active 325 DOM
3. 2026-09-19
   days on market $675,000 Active 324 DOM
4. 2026-09-18
   days on market $675,000 Active 323 DOM
5. 2026-09-17
   days on market $675,000 Active 322 DOM
6. 2026-09-16
   days on market $675,000 Active 321 DOM
7. 2026-09-15
   days on market $675,000 Active 320 DOM
8. 2026-09-14
   days on market $675,000 Active 319 DOM
9. 2026-09-13
   days on market $675,000 Active 318 DOM
10. 2026-09-12
    days on market $675,000 Active 317 DOM
11. 2026-09-11
    pricedays on market $675,000 Active 316 DOM
12. 2026-09-06
    days on market $725,000 Active 311 DOM
13. 2026-09-05
    days on market $725,000 Active 310 DOM
14. 2026-09-04
    days on market $725,000 Active 309 DOM
15. 2026-09-03
    days on market $725,000 Active 308 DOM
16. 2026-09-02
    days on market $725,000 Active 307 DOM
17. 2026-08-31
    days on market $725,000 Active 305 DOM
18. 2026-08-30
    days on market $725,000 Active 304 DOM
19. 2026-08-29
    days on market $725,000 Active 303 DOM
20. 2026-08-28
    days on market $725,000 Active 302 DOM
21. 2026-08-27
    days on market $725,000 Active 301 DOM
22. 2026-08-26
    days on market $725,000 Active 300 DOM
23. 2026-08-25
    days on market $725,000 Active 299 DOM
24. 2026-08-24
    days on market $725,000 Active 298 DOM
25. 2026-08-23
    days on market $725,000 Active 297 DOM
26. 2026-08-22
    days on market $725,000 Active 296 DOM
27. 2026-08-21
    days on market $725,000 Active 295 DOM
28. 2026-08-20
    days on market $725,000 Active 294 DOM
29. 2026-08-19
    days on market $725,000 Active 293 DOM
30. 2026-08-18
    days on market $725,000 Active 292 DOM
31. 2026-08-17
    days on market $725,000 Active 291 DOM
32. 2026-08-16
    days on market $725,000 Active 290 DOM
33. 2026-08-15
    days on market $725,000 Active 289 DOM
34. 2026-08-14
    days on market $725,000 Active 288 DOM
35. 2026-08-13
    days on market $725,000 Active 287 DOM
36. 2026-08-12
    days on market $725,000 Active 286 DOM
37. 2026-08-11
    days on market $725,000 Active 285 DOM
38. 2026-08-10
    days on market $725,000 Active 284 DOM
39. 2026-08-09
    days on market $725,000 Active 283 DOM
40. 2026-08-08
    days on market $725,000 Active 282 DOM
41. 2026-08-07
    days on market $725,000 Active 281 DOM
42. 2026-08-06
    days on market $725,000 Active 280 DOM
43. 2026-08-05
    days on market $725,000 Active 279 DOM
44. 2026-08-04
    days on market $725,000 Active 278 DOM
45. 2026-08-03
    days on market $725,000 Active 277 DOM
46. 2026-07-31
    days on market $725,000 Active 274 DOM
47. 2026-07-30
    days on market $725,000 Active 273 DOM
48. 2026-07-29
    days on market $725,000 Active 272 DOM
49. 2026-07-28
    days on market $725,000 Active 271 DOM
50. 2026-07-27
    days on market $725,000 Active 270 DOM

ⓘ 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: $8,195 · $683/mo
• Projected year-2 tax: $8,195 · $683/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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥86°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $107,880
• − Mortgage interest: −$37,810
• − Property taxes: −$8,195
• − Insurance: −$3,375
• − Repairs & maintenance: −$8,630
• − Management: −$8,630
• − Depreciation: −$19,636
• Taxable income: $21,603
• Est. tax owed @ 24.0%: −$5,185
• After-tax cash flow: $25,994/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.

Condition & rehab AI · 9 photos

Fair 45/100 Moderate rehab Est. rehab $64,250–$115,650 screening

This 1900-built duplex requires moderate renovations, including landscaping, flooring, painting, and HVAC upgrades. The property has potential for significant value increase with these improvements.

Components & finishes AI

Roof asphalt shingle · good Flooring carpet

Deferred maintenance Est. $4,000–$16,000 screening

• Minor Roof (roof) — No visible signs of damage or wear
• Minor Hvac (hvac) — No visible signs of damage or wear
• Minor Water_heater (hvac) — No visible signs of damage or wear
• Minor Windows (windows) — No visible signs of damage or wear
• Minor Electrical (electrical) — No visible signs of damage or wear
• Minor Plumbing (plumbing) — No visible signs of damage or wear
• Minor Exterior (exterior) — No visible signs of damage or wear
• Minor Other — No visible signs of damage or wear

Repairs flagged

• Major Landscaping — Overgrown yard and unkempt landscaping
• Major Flooring — Carpeted floors in poor condition
• Major Paint — Paint appears faded
• Moderate HVAC — Exposed ductwork and water heater visible

Value-add opportunities

• Both Landscaping — Improving curb appeal and increasing property value ↑
• Both Flooring — Replacing carpet with hardwood or tile would increase both resale and rental value ↑
• Both Paint — Repainting interior walls would improve the home's appearance and increase its value ↑
• Both HVAC — Upgrading HVAC system would improve comfort and energy efficiency, increasing both resale and rental value ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Zoned Schools

Elementary Thurgood Marshall Elementary Middle Washington Middle School High Garfield High School

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

B Composite livability gradescore 75/100

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 · 2,576,485 people
• City population: 706,262
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 43,234
• Household income: $106,886
• Rent vs Own: 71.6% rent · 28.4% own
• Severe rent burden: 10% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 58% Asian 15% Two or more races 12% Black 9% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 4% Lithuanian 3% Romanian 3%
• Foreign-born: 17% · Canada, China, South Korea
• Languages at home: 80% English-only · Spanish 4% Chinese 4% Other Indo-European 4%

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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: ▼ -986.26%
• Current HPI: 277.8948
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

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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

-12.1% since first listed

10 events — show timeline

• 2026-04-18 Price Changed $725,000 NWMLS as Distributed by MLS Grid
• 2026-04-18 Price Changed $725,000 NWMLS as Distributed by MLS Grid
• 2026-01-09 Relisted — NWMLS as Distributed by MLS Grid
• 2026-01-09 Relisted — NWMLS as Distributed by MLS Grid
• 2026-01-06 Pending — NWMLS as Distributed by MLS Grid
• 2026-01-06 Pending — NWMLS as Distributed by MLS Grid
• 2025-12-20 Price Changed $775,000 NWMLS as Distributed by MLS Grid
• 2025-12-20 Price Changed $775,000 NWMLS as Distributed by MLS Grid
• 2025-10-28 Listed $825,000 NWMLS as Distributed by MLS Grid
• 2025-10-28 Listed $825,000 NWMLS as Distributed by MLS Grid

Property tax history

+5.1%/yr

Latest (2025): $8,195 · +3.3% YoY. Source: county tax records.