103 Casey Ave · Richland, WA 99352

$1,450

2 bd · 1.0 ba · 609 sqft · SingleFamily public records · 10 Days on market

Built 1944

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Oh WOW! All finished new inside! 2 bed, 1 bath Brand new flooring, texture, paint, carpet, kitchen cabinets, stainless steel appliances, counters, subway tile, pantry, washer dryer hookup, windows, bathroom vanity, tub and surround shower, fixtures! Newer water heater exterior paint, ductless heating and cooling system. Fully fenced yard with nice stick built wood shed and under ground timed sprinklers. Gorgeous large yard! A must to see!

Key facts

• Substantial yard
• Eat-at bar
• Built 1944

Tags

• HARD SURFACE FLOORING
• STAINLESS STEEL APPLIANCES
• EAT-AT BAR
• SEPARATE LAUNDRY CLOSET
• SUBSTANTIAL YARD
• UNDERGROUND SPRINKLERS

Property features AI

Exterior

• Parking: No garage
• Home design: Single family residence, site-built on owned lot; One level / single-story; New construction
• Construction: Built as site-built construction
• Exterior features: Single family residential zoning; Part of PLAT OF RICHLAND subdivision

Interior

• Bathrooms: One full bathroom
• Interior features: No basement

🏷️ Possibly a rental listed for sale. The $1,450 price doesn't fit this home's estimated sale value (~$239,946) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $1k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $1k).
• Cap rate 1078.9% vs local median 2.8% in Richland — 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 (#112 in WA, #2,258 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A+; Watch: cost of living C-, amenities F.
• Richland School District (urban): math 52% / reading 64% proficiency, ranked #61 of 291 in WA (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.6%/yr); 544 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,532 units permitted in Benton County in 2024 (389 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $10 of loan paydown is wiped out by about $44 of value loss. Plan a longer hold.
• Benton County population projected at +32% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $406 cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 13y 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.

Risks & watch-outs

• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,450

Questions for the listing agent

1. Built in 1944 — 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. 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?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 114.02% ✓
• Cap rate: 1078.92%
• Cash-on-cash: 3830.80%
• DSCR: 171.45
• GRM: 0.1

CMA / ARV

• ARV (on-the-fly): $239,946
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
600 Adams St	0.11mi	2/1.0	609 (0%)	4mo	$288,500	$474	92
502 Abbot St	0.15mi	2/1.0	609 (0%)	7mo	$239,950	$394	87
1010 Adams St	0.18mi	2/1.0	624 (+2%)	12mo	$260,000	$417	78
901 Downing St	0.41mi	2/1.0	609 (0%)	6mo	$230,000	$378	76
804 Davenport St	0.38mi	2/1.0	609 (0%)	15mo	$219,900	$361	70
704 Davenport St	0.39mi	2/1.0	609 (0%)	17mo	$259,900	$427	68
902 Davenport St	0.39mi	2/1.0	698 (+15%)	21mo	$270,000	$387	40

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 · 1.6% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 198.15×
• Total profit: $80,041
• Equity at exit: $216

10-year hold

• IRR: —
• Equity multiple: 412.16×
• Total profit: $166,931
• Equity at exit: $125

Cash invested: $406 (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 99352

• Rents YoY: 1.6%
• Active inventory: 544
• Price-to-rent: 0.1×

Monthly cashflow live

• Estimated rent: $1,653 high
• Mortgage (P&I): −$8
• Tax est. 1.5%: −$2 /mo · $22/yr
• Insurance: −$1
• HOA: −$0
• Vacancy / Maint / Mgmt: −$347
• Net cashflow: $1,296

Break-even live

Break-even rent $13

Max offer price $1,450

Occupancy floor 17%

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: $362
• Closing costs: $44
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
850 Aaron Dr Richland, WA	1.0–2.0	1.0	825	$1,399	$1.70	13d	5	0.16mi
900 Aaron Dr Richland, WA	1.0–2.0	1.0–2.0	824	$1,599	$1.94	13d	6	0.20mi
355 Bradley Blvd Richland, WA	2.0	1.0–2.0	725	$1,955	$2.70	13d	9	0.56mi
650 George Washington Way Richland, WA	2.0	1.0–2.0	780	$2,500	$3.20	13d	3	0.71mi
575 Columbia Point Dr Richland, WA	1.0–2.0	1.0–2.0	821	$1,675	$2.04	13d	5	1.25mi
1209 George Washington Way Unit 35 Richland, WA	1.0	1.0	500	$1,025	$2.05	13d	1	1.41mi
1211 George Washington Way Unit 47 Richland, WA	1.0	1.0	700	$1,025	$1.46	21d	1	1.42mi

Listing history 9 events

1. 2026-06-18
   days on market $1,450 Active 10 DOM
2. 2026-06-17
   days on market $1,450 Active 9 DOM
3. 2026-06-16
   days on market $1,450 Active 8 DOM
4. 2026-06-15
   days on market $1,450 Active 7 DOM
5. 2026-06-14
   days on market $1,450 Active 5 DOM
6. 2026-06-13
   days on market $1,450 Active 4 DOM
7. 2026-06-10
   days on market $1,450 Active 2 DOM
8. 2026-06-09
   remarks 699-char remark
9. 2026-06-09
   listed $1,450 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X · 26% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥99°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,840
• − Mortgage interest: −$81
• − Property taxes: −$22
• − Insurance: −$7
• − Repairs & maintenance: −$1,587
• − Management: −$1,587
• − Depreciation: −$42
• Taxable income: $16,513
• Est. tax owed @ 24.0%: −$3,963
• After-tax cash flow: $11,590/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: Richland School District
• NCES district ID: 5307320
• Math proficiency: 52% ▬ 0.00%
• Reading proficiency: 64% ▼ -1.00%
• Median HH income: $70,475
• Composite: 53.04/100
• National rank: #3244
• State rank: #61 of 291 in WA

Livability — Richland

• Score: 79/100
• State rank: #112
• US rank: #2258

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Richland, WA
• County: Benton County · 186,895 people
• City population: 62,989
• Metro: Kennewick-Richland, WA
• Population (ZIP): 37,430
• Household income: $100,108
• Rent vs Own: 32.2% rent · 67.8% own
• Severe rent burden: 983.0

Population outlook (Benton County) Hauer SSP2

• Today (2025): 219,421 people
• By 2030: 233,813 · +6.6%
• By 2040: 262,134 · +19.5%
• By 2050: 290,100 · +32.2%
• By 2075: 363,525 · +65.7%
• By 2100: 418,667 · +90.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 14% Two or more races 10% Asian 7% Black 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Italian 4% Portuguese 4% Slovak 3%
• Foreign-born: 9% · Canada, South Korea, China
• Languages at home: 88% English-only · Spanish 4% Other Indo-European 3% Korean 1%

Political lean MEDSL · Benton

• 2024 margin: Strong R (+21.9) · D 37.7% · R 59.6% · Other 2.7%
• 2008→2024 swing: +4.2pp toward D · 2008: -26.1pp · 2024: -21.9pp
• All cycles: 2024: R+21.9 2020: R+21.0 2016: R+26.6 2012: R+27.0 2008: R+26.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -323.81%
• Current HPI: 217.3435
• Rent YoY: ▲ 1.60%
• Metro: Kennewick-Richland, 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

-98.3% since first listed

7 events — show timeline

• 2026-06-08 Listed $1,450 PACMLS
• 2016-09-16 Sold (Public Records) $130,000 Public Records
• 2016-09-16 Sold (MLS) $130,000 PACMLS
• 2016-08-01 Listed $126,000 PACMLS
• 2013-05-09 Sold (Public Records) $84,000 Public Records
• 2013-05-09 Sold (MLS) $84,000 PACMLS
• 2013-03-26 Listed $84,900 PACMLS

Property tax history

+7.4%/yr

Latest (2026): $2,035 · +3.3% YoY. Source: county tax records.