11823 SE 274th St · Kent, WA 98030

$250,000

3 bd · 1.0 ba · 1,080 sqft · SingleFamily public records · 2 Days on market

Built 1961 9,594 sqft lot $231/sqft · 49% below area Est $492k · 49% under ↓ 8% 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 +17.3/30.0
• ARV discount +15.0/15.0
• DSCR +5.4/10.0
• 1% rule +5.0/10.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This is an opportunity for an investor to start work with a large flat lot in a great location and good neighborhood without an HOA. Home fire in March of 2026, no clean up work has been done, home is boarded up. Large flat lot size of 9,594 sqft provides a ton of space and potential for a rebuild, tear down and build all new, add a DADU (buyer to verify feasibility). Buyer to confirm condition to own satisfaction, and property is sold in current condition with no warrantees or guarantees.

Key facts

• Great location
• Large flat lot
• Good neighborhood

Tags

• LARGE FLAT LOT
• GREAT LOCATION
• GOOD NEIGHBORHOOD
• NO HOA
• POTENTIAL FOR A REBUILD

Property features AI

Finance

• Other: Lot dimensions approximately 125 x 79 feet; Lot about 0.2202 acres; Lot number 17; MLS square footage source: Realist (finished living area 1,080)
• Financial info: Listing terms: Cash

Exterior

• Parking: Attached garage with 2 covered spaces
• Utilities: Public water (City of Kent); Septic sewer system; Puget Sound Energy power
• Home design: Single-family residence; One story; Main-level entry; Built on lot
• Construction: Effective year built 1961; Poured concrete foundation; See remarks for construction materials and roof
• Exterior features: See remarks for exterior details

Interior

• Kitchen: See remarks for specific kitchen details
• Bedrooms: Three bedrooms on the main level
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Heating available; Cooling available
• Interior features: Main-level entry; One-level living; North-facing
• Laundry & utility: See remarks for heating details; Cooling available

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $250k.

Deal economics

• At list price, monthly cash flow is $183 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $249k (0.3% below list).
• Recommended offer: $249k (0.3% below list) — sets the bar for 1% rule.
• Cap rate 7.2% vs local median 2.7% in Kent — 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 (#109 in WA, #2,154 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: crime F, cost of living F.
• Kent School District (urban): math 47% / reading 57% proficiency, ranked #109 of 291 in WA (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Pine Tree Elementary School (409 students, 76% FRL); Kentlake High School (1,440 students, 54% FRL) — zoned schools average 65% FRL vs 41% district-wide (25 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.7%/yr); 171 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals leasing fast (median 3d 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).
• This rent runs 33% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $249,156 (0.3% below list)

Questions for the listing agent

1. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.00% ✗
• Cap rate: 7.17%
• Cash-on-cash: 3.14%
• DSCR: 1.14
• GRM: 8.4

CMA / ARV

• ARV (median comp): $491,733
• List price: $250,000
• Delta: -49.16%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11823 SE 274th St	0.00mi	3/1.0	1,080 (0%)	0mo	$230,000	$213	100
11802 SE 272nd Pl	0.10mi	3/1.0	1,130 (+5%)	9mo	$514,000	$455	80
27252 121st Ave SE	0.13mi	3/2.0	1,100 (+2%)	11mo	$595,000	$541	78
11831 SE 274th St	0.01mi	3/1.0	1,040 (-4%)	24mo	$450,000	$433	73
11827 SE 276th St	0.13mi	3/2.5	1,130 (+5%)	12mo	$536,000	$474	70
11820 SE 275th St	0.03mi	3/1.5	1,130 (+5%)	23mo	$560,000	$496	70
27630 130 Ave SE	0.71mi	2/2.0 (-1)	1,070 (-1%)	2mo	$525,000	$491	55
26435 SE 124th Ave	0.61mi	3/1.0	1,060 (-2%)	18mo	$690,000	$651	54
27720 128th Pl SE	0.67mi	2/2.0 (-1)	1,190 (+10%)	1mo	$556,100	$467	42
12751 SE 278th Ct	0.66mi	3/2.0	1,230 (+14%)	6mo	$545,000	$443	37

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 · 3.72% rent growth · sell at horizon

5-year hold

• IRR: -10.5%
• Equity multiple: 0.61×
• Total profit: $-26,961
• Equity at exit: $37,276

10-year hold

• IRR: -0.1%
• Equity multiple: 0.99×
• Total profit: $-598
• Equity at exit: $21,615

Cash invested: $70,000 (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 98030

• Rents YoY: 3.7%
• Active inventory: 171
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,492 high
• Mortgage (P&I): −$1,311
• Tax from tax record: −$370 /mo · $4,441/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$523
• Net cashflow: $183

Break-even live

Break-even rent $2,260

Max offer price $250,000

Occupancy floor 88%

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
26313 116th Ave SE Kent, WA	4.0	2.5	1500	$3,495	$2.33	44d	1	0.70mi
26250 114th Ln SE Kent, WA	3.0	2.5	1253	$2,595	$2.07	5d	1	0.76mi
26213 116th Ave SE Unit C201 Kent, WA	4.0	2.0	1140	$2,695	$2.36	44d	1	0.76mi
27400 132nd Ave SE Kent, WA	1.0–2.0	1.0–2.0	842	$2,095	$2.49	2d	7	0.87mi
11305 SE Kent Kangley Rd Kent, WA	2.0–3.0	2.5	1198	$2,745	$2.29	2d	4	0.87mi
10841 SE Kent Kangley Rd Kent, WA	2.0	1.0	900	$1,812	$2.01	5d	3	1.07mi
11020 SE Kent Kangley Rd Kent, WA	2.0	1.0	580	$1,650	$2.84	10d	10	1.11mi
10925 SE 259th St Kent, WA	2.0	1.0	855	$1,783	$2.09	2d	10	1.12mi
10433 SE Kent Kangley Rd Kent, WA	1.0–2.0	1.0–2.0	776	$1,845	$2.38	5d	7	1.29mi
11126 SE 256th St Kent, WA	2.0	2.0	1400	$2,225	$1.59	2d	2	1.34mi
27403 141st Ave SE Kent, WA	3.0	1.5	960	$3,500	$3.65	3d	1	1.37mi
10710 SE 256th St Kent, WA	2.0	2.0	1029	$2,200	$2.14	2d	5	1.39mi
14200 SE 272nd St Kent, WA	2.0	1.5–2.5	1550	$2,866	$1.85	2d	4	1.39mi
10031 SE 258th Pl Kent, WA	3.0	2.0–2.5	1454	$2,968	$2.04	3d	3	1.46mi
25220 109th Pl SE Kent, WA	1.0–3.0	1.0–2.0	800	$2,435	$3.04	2d	21	1.48mi

Listing history 2 events

1. 2026-05-17
   status Pending
2. 2026-05-14
   listed $250,000 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: $4,441 · $370/mo
• Projected year-2 tax: $4,441 · $370/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 ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 12 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,899
• − Mortgage interest: −$14,004
• − Property taxes: −$4,441
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,392
• − Management: −$2,392
• − Depreciation: −$7,273
• Taxable loss: −$1,853
• Est. tax savings @ 24.0%: +$445
• After-tax cash flow: $2,641/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: Kent School District
• NCES district ID: 5303960
• Math proficiency: 47% ▼ -1.00%
• Reading proficiency: 57% ▼ -1.00%
• Median HH income: $69,823
• Composite: 48.25/100
• National rank: #4714
• State rank: #109 of 291 in WA

Livability — Kent

• Score: 79/100
• State rank: #109
• US rank: #2154

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kent, WA
• County: King County · 2,251,916 people
• City population: 119,479
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 38,523
• Household income: $91,761
• Rent vs Own: 47.8% rent · 52.2% own
• Severe rent burden: 1415.0

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 0.74)
• Race & ethnicity: White 41% Asian 24% Hispanic / Latino 15% Black 11% Two or more races 9% Pacific Islander 3%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Subsaharan African 6% Italian 4% Portuguese 2%
• Foreign-born: 36% · Canada, Vietnam, Philippines
• Languages at home: 53% English-only · Spanish 10% Other Indo-European 9% Other Asian/Pacific 8%

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: ▼ -494.18%
• Current HPI: 315.2007
• Rent YoY: ▲ 3.72%
• 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

-8.0% since first listed

4 events — show timeline

• 2026-06-05 Sold (Public Records) $230,000 Public Records
• 2026-06-05 Sold (MLS) $230,000 NWMLS as Distributed by MLS Grid
• 2026-05-17 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-14 Listed $250,000 NWMLS as Distributed by MLS Grid

Property tax history

+3.5%/yr

Latest (2025): $4,441 · +8.4% YoY. Source: county tax records.