2413 SW Graham St · Seattle, WA 98106

$715,000

7 bd · 2.0 ba · 2,400 sqft · MultiFamily public records · 187 Days on market

Built 1943 4,970 sqft lot $298/sqft · at area comps Est $726k · at est.

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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 +13.4/30.0
• ARV discount +8.2/15.0
• Schools +6.1/10.0
• DSCR +4.0/10.0
• Livability +3.8/5.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Great investment opportunity in quickly developing West Seattle. This duplex features 4 bedroom 1 bath (1,200 sq ft) upper unit and 3 bedroom 1 bath (1,200 sq ft) lower unit. Solid rental history and occupied, with total monthly income $4727. Updated lower unit with newer flooring, paint, and windows. Many newer appliances: Upper unit - water heater, dryer, range. Lower unit - refrigerator, dryer, washer, and range. Located on a quiet dead-end street, just steps from green space with walking trail, bus stops, and Boren STEM K-8 school.

Key facts

• Newer flooring
• Newer appliances
• Newer windows

Tags

• DUPLEX
• UPDATED LOWER UNIT
• NEWER FLOORING
• NEWER PAINT
• NEWER WINDOWS
• NEWER APPLIANCES

What this means for you Summary

Snapshot

• This is a 1×4bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $715k.

Deal economics

• At list price, monthly cash flow is $8 ($96/yr) — positive. Per door: $4/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $586k (18.0% below list).
• Recommended offer: $586k (18.0% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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.
• Zoned schools: Sanislo Elementary School (173 students, 65% FRL); Madison Middle School (981 students, 20% FRL); Chief Sealth International High School (1,289 students, 63% FRL) — zoned schools average 49% FRL vs 30% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.2%/yr); 155 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 $5,865/mo this rent would consume 57% of the median local household income ($124k/yr) (locally 1460% 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 $5k of loan paydown is wiped out by about $21k 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 187 days — a 12% lower offer ($629k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 21y 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.
• Current owner paid $550k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1943 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $586,500 (18.0% below list)

Questions for the listing agent

1. It's been on market 187 days. Have you received any prior offers? Is the seller open to a 18% 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 1943 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.82% ✗
• Cap rate: 6.31%
• Cash-on-cash: 0.05%
• DSCR: 1.00
• GRM: 10.2

CMA / ARV

• ARV (median comp): $725,720
• List price: $715,000
• Delta: -1.48%
• Verdict: FAIR
• Comps: 5 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -19.5%
• Equity multiple: 0.34×
• Total profit: $-132,646
• Equity at exit: $106,609

10-year hold

• IRR: -19.6%
• Equity multiple: 0.09×
• Total profit: $-181,706
• Equity at exit: $61,820

Cash invested: $200,200 (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 98106

• Rents YoY: -0.2%
• Active inventory: 155
• Price-to-rent: 18.7×

Monthly cashflow live

• Estimated rent: $5,865 high
• Mortgage (P&I): −$3,750
• Tax from tax record: −$578 /mo · $6,935/yr
• Insurance: −$298
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,232
• Net cashflow: $8

Break-even live

Break-even rent $5,855

Max offer price $715,000

Occupancy floor 95%

Sensitivity live

Price	-10% $413	-5% $210	+0% $8	+5% $-194	+10% $-397
Rent	-10% $-455	-5% $-224	+0% $8	+5% $240	+10% $471
Rate	-1.0pp $368	-0.5pp $190	base $8	+0.5pp $-177	+1.0pp $-366

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

Units	Beds	Baths	Est. rent
1× unit	4	1	$3,180
1× unit	3	1	$2,685
Total (2 units)			$5,865

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: $178,750
• Closing costs: $21,450
• Reserves months: —
• Total cash needed: —

Listing history 37 events

1. 2026-06-22
   days on market $715,000 Active 187 DOM
2. 2026-06-21
   days on market $715,000 Active 186 DOM
3. 2026-06-21
   days on market $715,000 Active 185 DOM
4. 2026-06-19
   days on market $715,000 Active 184 DOM
5. 2026-06-18
   days on market $715,000 Active 183 DOM
6. 2026-06-17
   days on market $715,000 Active 182 DOM
7. 2026-06-16
   days on market $715,000 Active 181 DOM
8. 2026-06-15
   days on market $715,000 Active 180 DOM
9. 2026-06-15
   days on market $715,000 Active 179 DOM
10. 2026-06-13
    days on market $715,000 Active 178 DOM
11. 2026-06-12
    days on market $715,000 Active 177 DOM
12. 2026-06-10
    days on market $715,000 Active 175 DOM
13. 2026-06-09
    days on market $715,000 Active 174 DOM
14. 2026-06-08
    days on market $715,000 Active 173 DOM
15. 2026-06-07
    days on market $715,000 Active 172 DOM
16. 2026-06-07
    days on market $715,000 Active 171 DOM
17. 2026-06-04
    days on market $715,000 Active 169 DOM
18. 2026-06-03
    days on market $715,000 Active 168 DOM
19. 2026-06-02
    days on market $715,000 Active 167 DOM
20. 2026-06-01
    days on market $715,000 Active 166 DOM
21. 2026-05-31
    days on market $715,000 Active 165 DOM
22. 2026-04-15
    price $715,000
23. 2026-02-22
    price $729,000
24. 2026-01-15
    status Active
25. 2025-12-03
    listed $745,000 Active
26. 2017-12-29
    soldstatus $550,000
27. 2010-04-01
    soldstatus $339,427
28. 2005-08-25
    soldstatus $379,000
29. 2005-08-25
    soldstatus $379,000 Closed
30. 2005-08-25
    soldstatus $379,000
31. 2005-07-22
    historical
32. 2005-07-15
    listed $389,000
33. 2005-07-15
    listed $389,000
34. 1997-05-22
    soldstatus $136,100
35. 1996-10-30
    soldstatus $118,846
36. 1996-10-11
    soldstatus $118,846
37. 1995-09-05
    soldstatus $154,000

ⓘ 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: $6,935 · $578/mo
• Projected year-2 tax: $7,007 · $584/mo
• Expected delta: +$72/yr (+$6/mo · 1.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 75% 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: $70,380
• − Mortgage interest: −$40,051
• − Property taxes: −$6,935
• − Insurance: −$3,575
• − Repairs & maintenance: −$5,630
• − Management: −$5,630
• − Depreciation: −$20,800
• Taxable loss: −$12,242
• Est. tax savings @ 24.0%: +$2,938
• After-tax cash flow: $3,034/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): 28,690
• Household income: $124,212
• Rent vs Own: 41.3% rent · 58.7% own
• Severe rent burden: 1460.0

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 0.75)
• Race & ethnicity: White 43% Hispanic / Latino 16% Black 15% Two or more races 15% Asian 15% Pacific Islander 1%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Portuguese 3% Slovak 3% Italian 2%
• Foreign-born: 24% · Canada, Vietnam, China
• Languages at home: 69% English-only · Spanish 9% Vietnamese 5% Tagalog/Filipino 4%

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: ▼ -763.07%
• Current HPI: 334.9356
• Rent YoY: ▼ -0.20%
• 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

+364.3% since first listed

16 events — show timeline

• 2026-04-15 Price Changed $715,000 NWMLS as Distributed by MLS Grid
• 2026-02-22 Price Changed $729,000 NWMLS as Distributed by MLS Grid
• 2026-01-15 Relisted — NWMLS as Distributed by MLS Grid
• 2025-12-03 Listed $745,000 NWMLS as Distributed by MLS Grid
• 2017-12-29 Sold (Public Records) $550,000 Public Records
• 2010-04-01 Sold (Public Records) $339,427 Public Records
• 2005-08-25 Sold (Public Records) $379,000 Public Records
• 2005-08-25 Sold (MLS) $379,000 NWMLS as Distributed by MLS Grid
• 2005-08-25 Sold (MLS) $379,000 NWMLS as Distributed by MLS Grid
• 2005-07-22 Delisted — NWMLS as Distributed by MLS Grid
• 2005-07-15 Listed $389,000 NWMLS as Distributed by MLS Grid
• 2005-07-15 Listed $389,000 NWMLS as Distributed by MLS Grid
• 1997-05-22 Sold (Public Records) $136,100 Public Records
• 1996-10-30 Sold (Public Records) $118,846 Public Records
• 1996-10-11 Sold (Public Records) $118,846 Public Records
• 1995-09-05 Sold (Public Records) $154,000 Public Records

Property tax history

+5.6%/yr

Latest (2025): $6,935 · +12.5% YoY. Source: county tax records.