10415 10423 Golden Given Rd E

Midland, WA 98445

$799,997C+

10 bd · 5.0 ba · 4,000 sqft · Built 1962 · MultiFamily · Active · 94 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,301/mo
• Mortgage (P&I): −$4,195
• Tax + insurance: −$1,333
• HOA: −$0
• Vac / Maint / Mgmt: −$1,953
• Net cashflow: $1,819/mo
• Annual: $21,830/yr
• Cap rate: 9.02%
• Cash-on-cash: 9.75%
• DSCR: 1.43
• 1% rule: 1.16%
• Cash to close: $223,999

Investor read

• This is a 5 × 2-bed/1-bath units multifamily listed at $800k. Condition is rated fair.
• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $364/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $800k).
• It's been on market 94 days — a 9% lower offer ($728k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $728k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $24k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#208 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+; Watch: crime D, schools F, amenities F.
• Franklin Pierce School District (suburban): math 35% / reading 51% proficiency, ranked #197 of 291 in WA (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.0%/yr); 237 active listings in the ZIP; solid renter incomes; 3,209 units permitted in Pierce County in 2024 (1,269 in 5+ unit buildings).
• Pierce County population projected at +26% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 11y ago; this cycle's ask has dropped $99k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $350k; list at $800k implies a 129% gain — meaningful room to come down on a strong offer.
• Cap rate 9.0% vs local median 3.2% in Midland — 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.
• At $9,301/mo this rent would consume 121% of the median local household income ($93k/yr) (locally 1085% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?

Repairs flagged (vision-AI assessment)

• Major: kitchen cabinets — severely outdated and in poor condition
• Major: bathroom fixtures — dated and in poor condition
• Moderate: exterior paint — some discoloration and peeling
• Major: flooring — dated and worn
• Moderate: interior paint — some discoloration and peeling
• Moderate: windows — frames appear worn