110 N Delaware Ave Unit A/B · Wenatchee, WA 98801

$449,900

4 bd · 2.0 ba · 2,612 sqft · MultiFamily · 93 Days on market

Built 1906 Average condition 6,098 sqft lot $172/sqft · 9% below area Est $494k · 9% under

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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).

• ARV discount +11.5/15.0
• Cash flow +11.2/30.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• 1% rule +3.3/10.0
• DSCR +3.3/10.0
• Condition / age +2.8/5.0
• Rent growth +2.7/5.0
• 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

Investors and home owners!! Great opportunity to own a duplex in the heart of Wenatchee! Two units: main floor is 3 bd, 1 ba; upper unit is 1 bd, 1 ba, plus unfinished basement. Remodeled upstairs, 2019 roof main house, new electrical, two storage units outside, shared laundry downstairs. Fenced yard with nice space. The property has additional off-street parking. Quick access to downtown by foot, car or bus. Come with your vision to complete the remodel of the downstairs, put your own stamp on this outstanding property.

Key facts

• 2019 roof main house
• Fenced yard
• Unfinished basement

Tags

• UNFINISHED BASEMENT
• REMODELED UPSTAIRS
• 2019 ROOF MAIN HOUSE
• NEW ELECTRICAL
• TWO STORAGE UNITS
• FENCED YARD

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $450k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $-177 ($-2k/yr) — negative. Per door: $-88/mo.
• To cash-flow at today's rent, offer at most $424k (5.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $371k (17.5% below list).
• Recommended offer: $371k (17.5% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 2.9% in Wenatchee — 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 72/100 on livability (#211 in WA) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, amenities B; Watch: crime C-, commute F.
• Wenatchee School District (urban): math 38% / reading 54% proficiency, ranked #175 of 291 in WA (top 60%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 326 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 762 units permitted in Chelan County in 2024 (377 in 5+ unit buildings).
• At $3,712/mo this rent would consume 55% of the median local household income ($81k/yr) (locally 1278% 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 $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Chelan County population projected at +13% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($409k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $371,200 (17.5% 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 93 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 0.83% ✗
• Cap rate: 5.82%
• Cash-on-cash: -1.68%
• DSCR: 0.93
• GRM: 10.1

CMA / ARV

• ARV (median comp): $494,310
• List price: $449,900
• Delta: -8.98%
• Verdict: FAIR
• Comps: 16 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
146 S Delaware Ave	0.33mi	4/3.0	2,600 (-0%)	1mo	$560,000	$215	79
226 Pennsylvania Ave	0.12mi	5/3.0 (+1)	2,994 (+15%)	6mo	$375,000	$125	56

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 · 0.75% rent growth · sell at horizon

5-year hold

• IRR: -21.6%
• Equity multiple: 0.27×
• Total profit: $-92,319
• Equity at exit: $67,082

10-year hold

• IRR: -21.8%
• Equity multiple: -0.01×
• Total profit: $-126,891
• Equity at exit: $38,899

Cash invested: $125,972 (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 98801

• Rents YoY: 0.8%
• Active inventory: 326
• Price-to-rent: 20.2×

Monthly cashflow live

• Estimated rent: $3,712 high
• Mortgage (P&I): −$2,359
• Tax est. 1.5%: −$562 /mo · $6,748/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$780
• Net cashflow: $-177

Break-even live

Break-even rent $3,936

Max offer price $424,334

Occupancy floor 100%

Sensitivity live

Price	-10% $134	-5% $-21	+0% $-177	+5% $-332	+10% $-488
Rent	-10% $-470	-5% $-323	+0% $-177	+5% $-30	+10% $117
Rate	-1.0pp $50	-0.5pp $-62	base $-177	+0.5pp $-293	+1.0pp $-412

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,712
Total (2 units)			$3,712

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: $112,475
• Closing costs: $13,497
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1013 Fifth St Wenatchee, WA	3.0	3.5	2152	$2,295	$1.07	44d	1	0.44mi
741 Saddlerock Dr Wenatchee, WA	3.0	2.0	1988	$2,450	$1.23	44d	1	0.88mi
1075 Red Apple Rd Unit B5 Wenatchee, WA	3.0	2.5	1750	$2,600	$1.49	44d	1	1.23mi
1030 Finch Ln Unit H Wenatchee, WA	3.0	2.5	1750	$2,600	$1.49	44d	1	1.25mi
1730 Castlerock Ave Wenatchee, WA	3.0	2.5	2320	$3,650	$1.57	44d	1	1.25mi
1315 Ormiston St Wenatchee, WA	4.0	2.0	1835	$2,995	$1.63	44d	1	1.38mi

Listing history 17 events

1. 2026-06-19
   days on market $449,900 Active 93 DOM
2. 2026-06-18
   days on market $449,900 Active 92 DOM
3. 2026-06-17
   days on market $449,900 Active 91 DOM
4. 2026-06-16
   days on market $449,900 Active 90 DOM
5. 2026-06-15
   days on market $449,900 Active 89 DOM
6. 2026-06-14
   days on market $449,900 Active 87 DOM
7. 2026-06-13
   days on market $449,900 Active 86 DOM
8. 2026-06-10
   days on market $449,900 Active 84 DOM
9. 2026-06-09
   days on market $449,900 Active 83 DOM
10. 2026-06-08
    days on market $449,900 Active 82 DOM
11. 2026-06-07
    days on market $449,900 Active 81 DOM
12. 2026-06-05
    days on market $449,900 Active 78 DOM
13. 2026-06-02
    days on market $449,900 Active 76 DOM
14. 2026-06-01
    days on market $449,900 Active 75 DOM
15. 2026-05-31
    days on market $449,900 Active 74 DOM
16. 2026-05-30
    days on market $449,900 Active 73 DOM
17. 2026-03-18
    listed $449,900 Active

ⓘ 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 1/10 Low FEMA zone X (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 25 unhealthy d/yr today · 25 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,544
• − Mortgage interest: −$25,201
• − Property taxes: −$6,748
• − Insurance: −$2,250
• − Repairs & maintenance: −$3,564
• − Management: −$3,564
• − Depreciation: −$13,088
• Taxable loss: −$9,870
• Est. tax savings @ 24.0%: +$2,369
• After-tax cash flow: $249/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.

Condition & rehab AI · 12 photos

Average 55/100 Moderate rehab

This property requires moderate renovations to improve its condition and increase its value. Focus on painting, exterior siding, flooring, windows, and landscaping to enhance curb appeal and interior aesthetics.

Repairs flagged

• Minor kitchen countertops — Cluttered and items are on countertops.
• Minor bathroom countertops — Cluttered and items are on countertops.
• Moderate exterior siding — Weathered and may need repainting or replacement.
• Moderate flooring — Worn and may need replacement or refinishing.
• Moderate interior walls/paint — Chipped and may need repainting.
• Moderate windows — Not new and may need replacement or caulking.
• Moderate landscaping — Basic and not well-maintained, may need landscaping improvements.

Value-add opportunities

• Both Paint interior walls and trim — Fresh paint enhances curb appeal and interior aesthetics.
• Both Replace exterior siding — New siding improves curb appeal and can increase property value.
• Both Refinish or replace flooring — Fresh flooring improves aesthetics and can increase property value.
• Both Replace windows — New windows improve energy efficiency and curb appeal.
• Both Landscaping and yard maintenance — A well-maintained yard enhances curb appeal and can increase property value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen countertops · Cluttered and items are on countertops.	Minor	$500–3,000
bathroom countertops · Cluttered and items are on countertops.	Minor	$500–3,000
exterior siding · Weathered and may need repainting or replacement.	Moderate	$3,000–15,000
flooring · Worn and may need replacement or refinishing.	Moderate	$3,000–15,000
interior walls/paint · Chipped and may need repainting.	Moderate	$3,000–15,000
windows · Not new and may need replacement or caulking.	Moderate	$3,000–15,000
landscaping · Basic and not well-maintained, may need landscaping improvements.	Moderate	$3,000–15,000
Total estimated repair cost · 7 items		$16,000–81,000

Value-add ROI direction

• Both Paint interior walls and trim — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Replace exterior siding — New siding improves curb appeal and can increase property value. ↑
• Both Refinish or replace flooring — Fresh flooring improves aesthetics and can increase property value. ↑
• Both Replace windows — New windows improve energy efficiency and curb appeal. ↑
• Both Landscaping and yard maintenance — A well-maintained yard enhances curb appeal and can increase property value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Wenatchee School District
• NCES district ID: 5309660
• Math proficiency: 38% ▲ 1.00%
• Reading proficiency: 54% ▲ 2.00%
• Median HH income: $51,059
• Composite: 41.72/100
• National rank: #7189
• State rank: #175 of 291 in WA

Livability — Wenatchee

• Score: 72/100
• State rank: #211
• US rank: #6003

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wenatchee, WA
• County: Chelan County · 53,031 people
• City population: 45,426
• Metro: Wenatchee, WA
• Population (ZIP): 45,426
• Household income: $81,488
• Rent vs Own: 41.2% rent · 58.8% own
• Severe rent burden: 1278.0

Population outlook (Chelan County) Hauer SSP2

• Today (2025): 81,630 people
• By 2030: 84,312 · +3.3%
• By 2040: 88,619 · +8.6%
• By 2050: 91,915 · +12.6%
• By 2075: 99,409 · +21.8%
• By 2100: 100,032 · +22.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (61%)
• Race & ethnicity: White 61% Hispanic / Latino 33% Two or more races 14% Native American 2%
• Hispanic origin (detail): Mexican 28%
• Common ancestry: Portuguese 4% Italian 3% Slovak 3%
• Foreign-born: 14% · Canada, Dominican Republic
• Languages at home: 72% English-only · Spanish 27%

Political lean MEDSL · Chelan

• 2024 margin: Lean R (+9.5) · D 43.9% · R 53.4% · Other 2.7%
• 2008→2024 swing: +2.5pp toward D · 2008: -12.0pp · 2024: -9.5pp
• All cycles: 2024: R+9.5 2020: R+7.8 2016: R+15.7 2012: R+16.9 2008: R+12.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -569.39%
• Current HPI: 227.1555
• Rent YoY: ▲ 0.75%
• Metro: Wenatchee, 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

• 2026-03-18 Listed $449,900 NWMLS as Distributed by MLS Grid