317 18th Ave E · Seattle, WA 98112

$1,995,000

18 bd · 6.0 ba · 8,244 sqft · MultiFamily public records · 43 Days on market

Built 1916 4,800 sqft lot $242/sqft · 24% below area Est $2610k · 24% under

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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 +22.2/30.0
• ARV discount +15.0/15.0
• DSCR +7.1/10.0
• Schools +6.1/10.0
• 1% rule +5.6/10.0
• Livability +3.8/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

The Wiltona Apartments consist of six oversized three-bedroom residences. Originally constructed in 1916, the property offers a level of charm and craftsmanship rarely replicated in modern construction. Combining classic architectural appeal with generously sized 1,374 square foot units, the Wiltona presents a rare opportunity for investors seeking stable long-term ownership, rental upside, and enduring demand in one of Seattle’s premier multifamily markets. Building systems include radiant heat served by a gas boiler, a combination of updated and legacy electrical panels, and upgraded double-pane vinyl windows. Additional tenant amenities include four off-street parking spaces, commo

Key facts

• 4,800 sq ft lot
• Built 1916
• Listed 43 days

🏷️ Possibly a rental listed for sale. The $1,995,000 price doesn't fit this home's estimated sale value (~$2,609,823) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 6 × 3-bed/?-bath units multifamily listed at $2.00M.

Deal economics

• At list price, monthly cash flow is $3k ($39k/yr) — positive. Per door: $543/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($21k rent vs $2.00M).
• Recommended offer: $1.94M (3.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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 (+3.0%/yr); 142 active listings in the ZIP; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• At $21,110/mo this rent would consume 148% of the median local household income ($172k/yr) (locally 755% 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 $14k of loan paydown is wiped out by about $60k 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 43 days — a 3% lower offer ($1.94M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $377k; list at $2.00M implies a 429% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,935,150 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% 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 1916 — 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: 1.06% ✓
• Cap rate: 8.25%
• Cash-on-cash: 7.00%
• DSCR: 1.31
• GRM: 7.9

CMA / ARV

• ARV (median comp): $2,609,823
• List price: $1,995,000
• Delta: -23.56%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.95% rent growth · sell at horizon

5-year hold

• IRR: -5.6%
• Equity multiple: 0.79×
• Total profit: $-116,770
• Equity at exit: $297,461

10-year hold

• IRR: 4.0%
• Equity multiple: 1.29×
• Total profit: $161,500
• Equity at exit: $172,491

Cash invested: $558,600 (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 98112

• Rents YoY: 3.0%
• Active inventory: 142
• Price-to-rent: 47.3×

Monthly cashflow live

• Estimated rent: $21,110 high
• Mortgage (P&I): −$10,462
• Tax from tax record: −$2,126 /mo · $25,513/yr
• Insurance: −$831
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,433
• Net cashflow: $3,258

Break-even live

Break-even rent $16,987

Max offer price $1,995,000

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 6× units	3	—	$21,108
Total (6 units)			$21,110

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: $498,750
• Closing costs: $59,850
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-17
   status $1,995,000 Pending 43 DOM
2. 2026-06-17
   days on market $1,995,000 Active 43 DOM
3. 2026-06-16
   days on market $1,995,000 Active 42 DOM
4. 2026-06-15
   days on market $1,995,000 Active 41 DOM
5. 2026-06-15
   days on market $1,995,000 Active 40 DOM
6. 2026-06-13
   days on market $1,995,000 Active 39 DOM
7. 2026-06-12
   days on market $1,995,000 Active 38 DOM
8. 2026-06-10
   days on market $1,995,000 Active 36 DOM
9. 2026-06-09
   days on market $1,995,000 Active 35 DOM
10. 2026-06-08
    days on market $1,995,000 Active 34 DOM
11. 2026-06-07
    days on market $1,995,000 Active 33 DOM
12. 2026-06-07
    days on market $1,995,000 Active 32 DOM
13. 2026-06-04
    days on market $1,995,000 Active 30 DOM
14. 2026-06-03
    days on market $1,995,000 Active 29 DOM
15. 2026-06-02
    days on market $1,995,000 Active 28 DOM
16. 2026-06-01
    days on market $1,995,000 Active 27 DOM
17. 2026-05-31
    days on market $1,995,000 Active 26 DOM
18. 2026-05-05
    listed $1,995,000 Active
19. 1988-08-01
    soldstatus $377,300

ⓘ 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: $25,513 · $2,126/mo
• Projected year-2 tax: $25,513 · $2,126/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 6 d/yr ≥86°F today · 13 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: $253,320
• − Mortgage interest: −$111,751
• − Property taxes: −$25,513
• − Insurance: −$9,975
• − Repairs & maintenance: −$20,266
• − Management: −$20,266
• − Depreciation: −$58,036
• Taxable income: $7,513
• Est. tax owed @ 24.0%: −$1,803
• After-tax cash flow: $37,287/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): 23,921
• Household income: $171,572
• Rent vs Own: 39.8% rent · 60.2% own
• Severe rent burden: 755.0

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: Predominantly White (76%)
• Race & ethnicity: White 76% Asian 10% Two or more races 8% Black 4% Hispanic / Latino 4%
• Common ancestry: Portuguese 6% Lithuanian 4% Italian 4%
• Foreign-born: 11% · Canada, China, South Korea
• Languages at home: 85% English-only · Other Asian/Pacific 3% Spanish 3% German/W. Germanic 2%

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: ▼ -1537.83%
• Current HPI: 262.4214
• Rent YoY: ▲ 2.95%
• 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

+428.8% since first listed

2 events — show timeline

• 2026-05-05 Listed $1,995,000 NWMLS as Distributed by MLS Grid
• 1988-08-01 Sold (Public Records) $377,300 Public Records

Property tax history

+5.6%/yr

Latest (2025): $25,513 · -11.7% YoY. Source: county tax records.