711 N Water St · Ellensburg, WA 98926

$279,000

2 bd · 1.0 ba · 957 sqft · SingleFamily public records · 49 Days on market

Built 1920 5,920 sqft lot $292/sqft · 25% above area Est $364k · 23% under

---

Why this score? — see what drove the F 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).

• ARV discount +15.0/15.0
• Cash flow +5.1/30.0
• Schools +4.5/10.0
• Livability +4.1/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• 1% rule +0.1/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Charming 2-bedroom, 1-bath home situated on a corner lot just minutes from town. This 957 sq ft home features a new furnace with central AC, brand new carpet, and a recently updated sewer line. Enjoy convenient off street parking and a spacious 600 sq ft unfinished basement offering excellent potential for additional living space, storage, or future customization. A great opportunity for comfortable living with room to grow.

Key facts

• Central ac
• Updated sewer line
• New furnace

Tags

• CORNER LOT
• NEW FURNACE
• CENTRAL AC
• NEW CARPET
• UPDATED SEWER LINE
• OFF STREET PARKING

Property features AI

Finance

• Other: Listing is active; Cumulative days on market: 4
• Financial info: Financing accepted: Conventional, FHA, USDA Loan, VA Loan

Exterior

• Parking: 1 uncovered parking space; No designated covered parking
• Utilities: Public water (City of Ellensburg); Sewer available (City of Ellensburg); Electric water heater located in basement; Power provided by City of Ellensburg
• Home design: Single-family residence; One story with basement; House; Faces east; Built on lot; Effective year built 1920; Average condition; Entry level: Main
• Construction: Wood construction; Composition roof; Poured concrete foundation
• Exterior features: Wood exterior; Patio; Corner lot

Interior

• Kitchen: Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Vinyl; Carpet
• Bathrooms: 1 full bathroom (on the main level)
• Heating & cooling: Forced air heating; Forced air cooling; Natural gas energy source
• Interior features: Water heater; Unfinished basement
• Laundry & utility: Washer; Dryer; Utility room on lower level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $279k.

Deal economics

• At list price, monthly cash flow is $-645 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $165k (40.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $141k (49.5% below list).
• Recommended offer: $141k (49.5% below list) — sets the bar for 1% rule.
• Cap rate 3.5% vs local median 2.8% in Ellensburg — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 82/100 on livability (#64 in WA, #1,157 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment D-.
• Ellensburg School District (town): math 47% / reading 55% proficiency, ranked #148 of 291 in WA (top 51%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 302 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 94% of comp listings sitting > 30 days — soft ceiling on asking rent; 433 units permitted in Kittitas County in 2024 (23 in 5+ unit buildings).

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.
• Kittitas County population projected at +30% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($271k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,911 (49.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 49% concession, seller financing, or rate buy-down credit?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 0.51% ✗
• Cap rate: 3.52%
• Cash-on-cash: -9.90%
• DSCR: 0.56
• GRM: 16.5

CMA / ARV

• ARV (median comp): $363,611
• List price: $279,000
• Delta: -23.27%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
606 N Sprague St	0.36mi	2/1.0	940 (-2%)	2mo	$287,950	$306	78
411 W 12th Ave Unit 1 & 2	0.34mi	2/1.0	971 (+2%)	10mo	$460,000	$474	73
311 W University Way	0.05mi	2/1.0	1,086 (+14%)	3mo	$265,000	$244	72
313 W 11th Ave	0.25mi	2/2.0	1,015 (+6%)	3mo	$355,000	$350	72
1009 N Main St	0.23mi	2/1.5	987 (+3%)	14mo	$365,000	$370	71
202 E Capitol Ave	0.62mi	2/1.0	952 (-0%)	8mo	$315,000	$331	63
100 S Sampson St	0.70mi	2/1.0	936 (-2%)	1mo	$329,000	$351	63
1203 N Okanogan St	0.38mi	2/1.0	1,088 (+14%)	2mo	$238,000	$219	57
409 N Pacific St	0.58mi	2/1.0	884 (-8%)	7mo	$287,000	$325	54
418 N Pacific St	0.55mi	2/1.0	1,080 (+13%)	2mo	$275,000	$255	52
600 N Anderson St	0.43mi	2/1.0	1,081 (+13%)	8mo	$324,150	$300	51
308 S Ruby	0.75mi	2/1.5	1,075 (+12%)	7mo	$329,000	$306	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 · 0.57% rent growth · sell at horizon

5-year hold

• IRR: -36.4%
• Equity multiple: -0.15×
• Total profit: $-89,721
• Equity at exit: $41,600

10-year hold

• IRR: -67.1%
• Equity multiple: -0.85×
• Total profit: $-144,489
• Equity at exit: $24,123

Cash invested: $78,120 (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 98926

• Rents YoY: 0.6%
• Active inventory: 302
• Price-to-rent: 16.5×

Monthly cashflow live

• Estimated rent: $1,409 high
• Mortgage (P&I): −$1,463
• Tax from tax record: −$179 /mo · $2,143/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $-645

Break-even live

Break-even rent $2,225

Max offer price $165,104

Occupancy floor —

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1204 N B St Apt A Ellensburg, WA	1.0	1.0	700	$1,025	$1.46	44d	1	0.42mi
406 W 15th Ave Ellensburg, WA	3.0	1.0	1008	$1,600	$1.59	44d	1	0.53mi
101 E 14th Ave Ellensburg, WA	1.0–3.0	1.0–1.5	942	$1,268	$1.35	13d	3	0.56mi
702 E Capitol Ave Ellensburg, WA	1.0	1.0	710	$1,200	$1.69	44d	1	0.80mi
501 E 18th Ave Ellensburg, WA	1.0–2.0	1.0	731	$1,311	$1.79	44d	92	0.93mi
209 W Mount Baker Ct Ellensburg, WA	3.0	2.0	1058	$1,900	$1.80	44d	1	0.97mi
1902 N Walnut St Ellensburg, WA	2.0	1.0	780	$1,287	$1.65	44d	18	1.04mi
804 E Juniper Ave Ellensburg, WA	2.0	1.0	826	$1,225	$1.48	44d	1	1.10mi
904 Juniper Ave Unit 2 Ellensburg, WA	2.0	1.0	826	$1,250	$1.51	44d	1	1.13mi
808 E White Birch Ave Unit 2 Ellensburg, WA	2.0	1.0	850	$1,400	$1.65	44d	1	1.16mi
808 E White Birch Ave Unit 3 Ellensburg, WA	2.0	1.0	850	$1,400	$1.65	44d	1	1.16mi
2102 N Walnut St Ellensburg, WA	1.0–2.0	1.0–2.0	770	$1,280	$1.66	44d	8	1.16mi
2225 Airport Rd Unit 10 Ellensburg, WA	2.0	2.0	900	$1,600	$1.78	44d	1	1.18mi
404 Windsor Ct Unit 2 Ellensburg, WA	1.0	1.0	637	$1,940	$3.05	44d	1	1.22mi
907 E White Birch Ave Unit B Ellensburg, WA	3.0	1.0	1120	$1,500	$1.34	44d	1	1.23mi
1001 S Chestnut St Unit BW0826 Ellensburg, WA	1.0	1.0	675	$1,123	$1.66	44d	1	1.26mi
2420 N Airport Rd Ellensburg, WA	2.0–3.0	2.0–3.0	1025	$724	$0.71	44d	4	1.47mi

Listing history 18 events

1. 2026-06-19
   days on market $279,000 Active 49 DOM
2. 2026-06-18
   days on market $279,000 Active 48 DOM
3. 2026-06-17
   days on market $279,000 Active 47 DOM
4. 2026-06-16
   days on market $279,000 Active 46 DOM
5. 2026-06-15
   days on market $279,000 Active 45 DOM
6. 2026-06-14
   days on market $279,000 Active 43 DOM
7. 2026-06-13
   days on market $279,000 Active 42 DOM
8. 2026-06-10
   days on market $279,000 Active 40 DOM
9. 2026-06-09
   days on market $279,000 Active 39 DOM
10. 2026-06-08
    days on market $279,000 Active 38 DOM
11. 2026-06-07
    days on market $279,000 Active 37 DOM
12. 2026-06-05
    days on market $279,000 Active 34 DOM
13. 2026-06-03
    days on market $279,000 Active 33 DOM
14. 2026-06-02
    days on market $279,000 Active 32 DOM
15. 2026-06-01
    days on market $279,000 Active 31 DOM
16. 2026-05-31
    days on market $279,000 Active 30 DOM
17. 2026-05-30
    days on market $279,000 Active 29 DOM
18. 2026-05-01
    listed $279,000 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: $2,143 · $179/mo
• Projected year-2 tax: $2,734 · $228/mo
• Expected delta: +$591/yr (+$49/mo · 27.6%)

ⓘ 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 6/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 16 unhealthy d/yr today · 17 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,909
• − Mortgage interest: −$15,628
• − Property taxes: −$2,143
• − Insurance: −$1,395
• − Repairs & maintenance: −$1,353
• − Management: −$1,353
• − Depreciation: −$8,116
• Taxable loss: −$13,079
• Est. tax savings @ 24.0%: +$3,139
• After-tax cash flow: $-4,598/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: Ellensburg School District
• NCES district ID: 5302460
• Math proficiency: 47% ▲ 1.00%
• Reading proficiency: 55% ▲ 2.00%
• Median HH income: $39,944
• Composite: 44.61/100
• National rank: #6026
• State rank: #148 of 291 in WA

Livability — Ellensburg

• Score: 82/100
• State rank: #64
• US rank: #1157

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ellensburg, WA
• County: Kittitas County · 34,353 people
• City population: 34,353
• Metro: Ellensburg, WA
• Population (ZIP): 34,353
• Household income: $71,137
• Rent vs Own: 47.5% rent · 52.5% own
• Severe rent burden: 2076.0

Population outlook (Kittitas County) Hauer SSP2

• Today (2025): 48,605 people
• By 2030: 51,628 · +6.2%
• By 2040: 57,361 · +18.0%
• By 2050: 63,241 · +30.1%
• By 2075: 79,310 · +63.2%
• By 2100: 94,769 · +95.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 11% Two or more races 9% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Italian 9% Portuguese 4% Slovak 3%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 6% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Kittitas

• 2024 margin: R (+14.6) · D 41.1% · R 55.7% · Other 3.2%
• 2008→2024 swing: -6.5pp toward R · 2008: -8.1pp · 2024: -14.6pp
• All cycles: 2024: R+14.6 2020: R+10.2 2016: R+14.5 2012: R+12.6 2008: R+8.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -193.62%
• Current HPI: 211.3198
• Rent YoY: ▲ 0.57%
• Metro: Ellensburg, 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

1 event — show timeline

• 2026-05-01 Listed $279,000 NWMLS as Distributed by MLS Grid

Property tax history

+3.6%/yr

Latest (2026): $2,143 · +10.2% YoY. Source: county tax records.