203 23rd Ave · Seattle, WA 98122

$725,000

4 bd · 2.0 ba · 2,570 sqft · MultiFamily public records · 232 Days on market

Built 1900 4,800 sqft lot $282/sqft · 35% below area Est $1117k · 35% under ↓ 12% since listing

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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 +15.3/30.0
• ARV discount +15.0/15.0
• Schools +6.1/10.0
• DSCR +4.7/10.0
• 1% rule +3.8/10.0
• Livability +3.8/5.0
• Rent growth +2.8/5.0
• 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

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 $725k.

Deal economics

• At list price, monthly cash flow is $263 ($3k/yr) — positive. Per door: $131/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $639k (11.8% below list).
• Recommended offer: $638k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.7% 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.
• Market conditions: Rents rising (+1.3%/yr); 222 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• At $6,392/mo this rent would consume 72% of the median local household income ($107k/yr) (locally 3225% 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 $5k of loan paydown is wiped out by about $22k 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 232 days — a 12% lower offer ($638k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts; this cycle's ask has dropped $100k (12%) 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 $638,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 232 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
10. 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.
11. 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: 0.88% ✗
• Cap rate: 6.73%
• Cash-on-cash: 1.55%
• DSCR: 1.07
• GRM: 9.5

CMA / ARV

• ARV (median comp): $1,116,734
• List price: $725,000
• Delta: -35.08%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 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%)	14mo	$1,257,500	$456	52
539 26th Ave S	0.50mi	3/3.0 (-1)	2,680 (+4%)	13mo	$800,000	$299	50
926 18th Ave	0.59mi	5/6.0 (+1)	2,940 (+14%)	19mo	$1,950,000	$663	12

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 · 1.3% rent growth · sell at horizon

5-year hold

• IRR: -15.7%
• Equity multiple: 0.45×
• Total profit: $-111,540
• Equity at exit: $108,100

10-year hold

• IRR: -10.3%
• Equity multiple: 0.42×
• Total profit: $-118,383
• Equity at exit: $62,685

Cash invested: $203,000 (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 98122

• Rents YoY: 1.3%
• Active inventory: 222
• Price-to-rent: 18.9×

Monthly cashflow live

• Estimated rent: $6,392 high
• Mortgage (P&I): −$3,802
• Tax from tax record: −$683 /mo · $8,195/yr
• Insurance: −$302
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,342
• Net cashflow: $263

Break-even live

Break-even rent $6,059

Max offer price $725,000

Occupancy floor 91%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$6,392
Total (2 units)			$6,392

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: $181,250
• Closing costs: $21,750
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
707 Lake Washington Blvd S Seattle, WA	3.0	1.5	2200	$5,950	$2.70	18d	1	0.83mi
1708 18th Ave Seattle, WA	3.0	3.5	1780	$4,995	$2.81	1d	1	0.92mi
1415 38th Ave Seattle, WA	4.0	3.0	2696	$6,250	$2.32	44d	1	1.05mi
113 27th Ave E Seattle, WA	3.0	3.0	1928	$4,695	$2.44	43d	1	1.09mi
200 27th Ave E Seattle, WA	4.0	3.0	2080	$3,800	$1.83	1d	1	1.16mi
344 17th Ave E Seattle, WA	5.0	2.0	3000	$3,900	$1.30	1d	1	1.27mi
702 Spring St Seattle, WA	3.0	1.0–2.0	1172	$7,115	$6.07	1d	34	1.31mi

Listing history 28 events

1. 2026-06-19
   days on market $725,000 Active 232 DOM
2. 2026-06-18
   days on market $725,000 Active 231 DOM
3. 2026-06-17
   days on market $725,000 Active 230 DOM
4. 2026-06-16
   days on market $725,000 Active 229 DOM
5. 2026-06-15
   days on market $725,000 Active 228 DOM
6. 2026-06-15
   days on market $725,000 Active 227 DOM
7. 2026-06-13
   days on market $725,000 Active 226 DOM
8. 2026-06-12
   days on market $725,000 Active 225 DOM
9. 2026-06-10
   days on market $725,000 Active 223 DOM
10. 2026-06-09
    days on market $725,000 Active 222 DOM
11. 2026-06-08
    days on market $725,000 Active 221 DOM
12. 2026-06-07
    days on market $725,000 Active 220 DOM
13. 2026-06-07
    days on market $725,000 Active 219 DOM
14. 2026-06-04
    days on market $725,000 Active 217 DOM
15. 2026-06-03
    days on market $725,000 Active 216 DOM
16. 2026-06-02
    days on market $725,000 Active 215 DOM
17. 2026-06-01
    days on market $725,000 Active 214 DOM
18. 2026-05-31
    days on market $725,000 Active 213 DOM
19. 2026-04-18
    price $725,000
20. 2026-04-18
    price $725,000
21. 2026-01-09
    status Active
22. 2026-01-09
    status Active
23. 2026-01-06
    status Pending
24. 2026-01-06
    status Pending
25. 2025-12-20
    price $775,000
26. 2025-12-20
    price $775,000
27. 2025-10-28
    listed $825,000 Active
28. 2025-10-28
    listed $825,000 Active

ⓘ 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: $76,704
• − Mortgage interest: −$40,611
• − Property taxes: −$8,195
• − Insurance: −$3,625
• − Repairs & maintenance: −$6,136
• − Management: −$6,136
• − Depreciation: −$21,091
• Taxable loss: −$9,090
• Est. tax savings @ 24.0%: +$2,182
• After-tax cash flow: $5,334/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): 43,234
• Household income: $106,886
• Rent vs Own: 71.6% rent · 28.4% own
• Severe rent burden: 3225.0

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: 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%

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: ▲ 1.30%
• 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

-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.