10443 17 Ave SW · White Center, WA 98146

$980,000

28 bd · 16.0 ba · 5,226 sqft · MultiFamily public records · 54 Days on market

Built 1969 0.39 ac lot $188/sqft · 41% below area Est $985k · at est. $11/mo HOA

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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 +18.7/30.0
• ARV discount +7.7/15.0
• DSCR +5.9/10.0
• 1% rule +5.6/10.0
• Livability +4.2/5.0
• Schools +3.9/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

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

Exceptional opportunity to acquire a fully renovated, income-producing 4-plex in Seattle’s highly competitive 98146 rental corridor. Priced aggressively under $1M, this stabilized multifamily asset is expected to generate * * strong immediate interest and multiple offers * * due to its turnkey condition, income stability, and limited availability of similar assets in this price range. Comprehensively renovated in 2025, the property features four well-designed 2BD/1BA units, each offering strong tenant appeal, in-unit washer/dryer, private outdoor space (decks/patios/yards), and reserved parking. All units are occupied by stable long-term tenants at $1,800/month, producing $86,400

Key facts

• Reserved parking
• Long term tenants
• Modern finishes

Tags

• RENOVATED 4-PLEX
• TURNKEY INVESTMENT OPPORTUNITY
• STRONG RENTAL PERFORMANCE
• LONG TERM TENANTS
• MODERN FINISHES
• RESERVED PARKING

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $980k.

Deal economics

• At list price, monthly cash flow is $972 ($12k/yr) — positive. Per door: $243/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $980k).
• Recommended offer: $951k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.5% vs local median 2.3% in White Center — 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 83/100 on livability (#49 in WA, #897 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: cost of living F.
• Highline School District (suburban): math 36% / reading 49% proficiency, ranked #200 of 291 in WA (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-0.3%/yr); 109 active listings in the ZIP; solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• At $10,425/mo this rent would consume 122% of the median local household income ($103k/yr) (locally 816% 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 $7k of loan paydown is wiped out by about $29k 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 54 days — a 3% lower offer ($951k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Recommended offer $950,600 (3.0% below list)

Questions for the listing agent

1. It's been on market 54 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 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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: 7.48%
• Cash-on-cash: 4.25%
• DSCR: 1.19
• GRM: 7.8

CMA / ARV

• ARV (median comp): $984,861
• List price: $980,000
• Delta: -0.49%
• Verdict: FAIR
• Comps: 6 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -13.3%
• Equity multiple: 0.54×
• Total profit: $-127,004
• Equity at exit: $146,121

10-year hold

• IRR: -10.3%
• Equity multiple: 0.46×
• Total profit: $-147,102
• Equity at exit: $84,732

Cash invested: $274,400 (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 98146

• Rents YoY: -0.3%
• Active inventory: 109
• Price-to-rent: 31.3×

Monthly cashflow live

• Estimated rent: $10,425 high
• Mortgage (P&I): −$5,139
• Tax from tax record: −$1,705 /mo · $20,465/yr
• Insurance: −$408
• HOA: −$11
• Vacancy / Maint / Mgmt: −$2,189
• Net cashflow: $972

Break-even live

Break-even rent $9,195

Max offer price $980,000

Occupancy floor 86%

Sensitivity live

Price	-10% $1,526	-5% $1,249	+0% $972	+5% $694	+10% $417
Rent	-10% $148	-5% $560	+0% $972	+5% $1,384	+10% $1,795
Rate	-1.0pp $1,465	-0.5pp $1,221	base $972	+0.5pp $718	+1.0pp $459

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$10,424
Total (4 units)			$10,425

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: $245,000
• Closing costs: $29,400
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $11 · $132/yr

Listing history 25 events

1. 2026-06-21
   days on market $980,000 Active 54 DOM
2. 2026-06-19
   days on market $980,000 Active 53 DOM
3. 2026-06-18
   days on market $980,000 Active 52 DOM
4. 2026-06-17
   days on market $980,000 Active 51 DOM
5. 2026-06-16
   days on market $980,000 Active 50 DOM
6. 2026-06-15
   days on market $980,000 Active 49 DOM
7. 2026-06-15
   days on market $980,000 Active 48 DOM
8. 2026-06-14
   price $980,000 Active 47 DOM
9. 2026-06-13
   days on market $990,000 Active 47 DOM
10. 2026-06-12
    days on market $990,000 Active 46 DOM
11. 2026-06-10
    days on market $990,000 Active 44 DOM
12. 2026-06-09
    days on market $990,000 Active 43 DOM
13. 2026-06-08
    days on market $990,000 Active 42 DOM
14. 2026-06-07
    days on market $990,000 Active 41 DOM
15. 2026-06-07
    days on market $990,000 Active 40 DOM
16. 2026-06-05
    pricestatus $990,000 Active 38 DOM
17. 2026-05-11
    status Pending
18. 2026-04-03
    listed $999,000 Active
19. 2023-08-30
    soldstatus $1,600,000 Closed
20. 2023-08-30
    soldstatus $1,600,000
21. 2023-05-16
    status Pending
22. 2023-05-04
    status Active
23. 2023-04-12
    status Pending
24. 2023-04-03
    listed $1,700,000 Active
25. 1978-09-25
    soldstatus $170,000

ⓘ 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: $20,465 · $1,705/mo
• Projected year-2 tax: $20,465 · $1,705/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 · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $125,100
• − Mortgage interest: −$54,895
• − Property taxes: −$20,465
• − Insurance: −$4,900
• − Repairs & maintenance: −$10,008
• − Management: −$10,008
• − HOA: −$132
• − Depreciation: −$28,509
• Taxable loss: −$3,818
• Est. tax savings @ 24.0%: +$916
• After-tax cash flow: $12,577/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: Highline School District
• NCES district ID: 5303540
• Math proficiency: 36% ▼ -4.00%
• Reading proficiency: 49% ▼ -1.00%
• Median HH income: $52,697
• Composite: 39.12/100
• National rank: #8245
• State rank: #200 of 291 in WA

Livability — White Center

• Score: 83/100
• State rank: #49
• US rank: #897

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: White Center, WA
• County: King County · 2,251,916 people
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 28,573
• Household income: $102,520
• Rent vs Own: 36.0% rent · 64.0% own
• Severe rent burden: 816.0

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: Highly diverse neighborhood (Simpson 0.70)
• Race & ethnicity: White 46% Hispanic / Latino 20% Asian 19% Black 8% Two or more races 8% Native American 1%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Italian 4% Portuguese 3% Lithuanian 3%
• Foreign-born: 26% · Canada, Vietnam, South Korea
• Languages at home: 67% English-only · Spanish 15% Vietnamese 7% Other Asian/Pacific 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: ▼ -958.86%
• Current HPI: 306.8042
• Rent YoY: ▼ -0.35%
• 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

+487.6% since first listed

9 events — show timeline

• 2026-05-11 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-03 Listed $999,000 NWMLS as Distributed by MLS Grid
• 2023-08-30 Sold (Public Records) $1,600,000 Public Records
• 2023-08-30 Sold (MLS) $1,600,000 NWMLS as Distributed by MLS Grid
• 2023-05-16 Pending — NWMLS as Distributed by MLS Grid
• 2023-05-04 Relisted — NWMLS as Distributed by MLS Grid
• 2023-04-12 Pending — NWMLS as Distributed by MLS Grid
• 2023-04-03 Listed $1,700,000 NWMLS as Distributed by MLS Grid
• 1978-09-25 Sold (Public Records) $170,000 Public Records

Property tax history

+6.5%/yr

Latest (2024): $20,465 · +3.7% YoY. Source: county tax records.