146 S Delaware Ave · Wenatchee, WA 98801

$595,000

12 bd · 9.0 ba · 2,600 sqft · MultiFamily · 23 Days on market

Built 1920 6,098 sqft lot

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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 +9.5/30.0
• ARV discount +7.5/15.0
• Schools +4.2/10.0
• Livability +3.6/5.0
• 1% rule +2.9/10.0
• DSCR +2.7/10.0
• Rent growth +2.7/5.0
• 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: 3 units. confirmed

Listing remarks

Historic Downtown Wenatchee Triplex Across from Chase Park Located in Wenatchee’s Grandview Historic District, this charming 1922 triplex offers a rare opportunity to own an income property in a prime location. Situated directly across from Chase Park and just blocks from downtown restaurants, shops, and the riverfront, the setting is hard to beat. The property features three units: a 2 bed/1 bath main unit and two 1 bed/1 bath units, plus a detached garage for added income or storage. Each unit has been updated while preserving historic charm. Ideal for investors or owner-occupants looking to live in one unit and rent the others.

Key facts

• Updated units
• Chase park
• Income property

Tags

• HISTORIC DOWNTOWN WENATCHEE
• CHASE PARK
• GRANDVIEW HISTORIC DISTRICT
• INCOME PROPERTY
• DETACHED GARAGE
• UPDATED UNITS

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 2×1bd/1.0ba units multifamily listed at $595k.

Deal economics

• At list price, monthly cash flow is $-414 ($-5k/yr) — negative. Per door: $-138/mo.
• To cash-flow at today's rent, offer at most $535k (10.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $468k (21.3% below list).
• Recommended offer: $468k (21.3% below list) — sets the bar for 1% rule.
• Cap rate 5.5% 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.
• Zoned schools: Washington Elementary School (494 students, 46% FRL); Wenatchee High School (2,076 students, 56% FRL) — zoned schools at 51% FRL track the district average.
• Market conditions: Rents flat; 326 active listings in the ZIP; solid renter incomes; 762 units permitted in Chelan County in 2024 (377 in 5+ unit buildings).
• At $4,681/mo this rent would consume 69% 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 $4k of loan paydown is wiped out by about $18k 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 23 days — a 2% lower offer ($586k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 3y 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 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 $468,100 (21.3% 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. 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.79% ✗
• Cap rate: 5.46%
• Cash-on-cash: -2.98%
• DSCR: 0.87
• GRM: 10.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.75% rent growth · sell at horizon

5-year hold

• IRR: -23.8%
• Equity multiple: 0.20×
• Total profit: $-133,073
• Equity at exit: $88,716

10-year hold

• IRR: -26.5%
• Equity multiple: -0.14×
• Total profit: $-190,192
• Equity at exit: $51,445

Cash invested: $166,600 (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: 29.9×

Monthly cashflow live

• Estimated rent: $4,681 high
• Mortgage (P&I): −$3,120
• Tax est. 1.5%: −$744 /mo · $8,925/yr
• Insurance: −$248
• HOA: −$0
• Vacancy / Maint / Mgmt: −$983
• Net cashflow: $-414

Break-even live

Break-even rent $5,205

Max offer price $535,105

Occupancy floor —

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,659
▸ 2× units	1	1	$3,022
Total (3 units)			$4,681

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: $148,750
• Closing costs: $17,850
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-04-23
   status Pending
2. 2026-04-17
   status Active
3. 2026-02-21
   status Pending
4. 2026-02-21
   status Active
5. 2026-02-20
   status Pending
6. 2026-02-03
   listed $595,000 Active
7. 2023-11-27
   soldstatus $560,000 Closed
8. 2023-10-21
   status Pending
9. 2023-10-21
   status Pending
10. 2023-10-20
    status Active
11. 2023-10-20
    status Active
12. 2023-08-24
    status Active
13. 2023-08-18
    status Pending
14. 2023-08-14
    listed $549,000 Active
15. 2023-08-14
    listed 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 · 13 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: $56,172
• − Mortgage interest: −$33,329
• − Property taxes: −$8,925
• − Insurance: −$2,975
• − Repairs & maintenance: −$4,494
• − Management: −$4,494
• − Depreciation: −$17,309
• Taxable loss: −$15,354
• Est. tax savings @ 24.0%: +$3,685
• After-tax cash flow: $-1,282/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: 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

+8.4% since first listed

15 events — show timeline

• 2026-04-23 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-17 Relisted — NWMLS as Distributed by MLS Grid
• 2026-02-21 Pending — NWMLS as Distributed by MLS Grid
• 2026-02-21 Relisted — NWMLS as Distributed by MLS Grid
• 2026-02-20 Pending — NWMLS as Distributed by MLS Grid
• 2026-02-03 Listed $595,000 NWMLS as Distributed by MLS Grid
• 2023-11-27 Sold (MLS) $560,000 NWMLS as Distributed by MLS Grid
• 2023-10-21 Pending — NWMLS as Distributed by MLS Grid
• 2023-10-21 Pending — NWMLS as Distributed by MLS Grid
• 2023-10-20 Relisted — NWMLS as Distributed by MLS Grid
• 2023-10-20 Relisted — NWMLS as Distributed by MLS Grid
• 2023-08-24 Relisted — NWMLS as Distributed by MLS Grid
• 2023-08-18 Pending — NWMLS as Distributed by MLS Grid
• 2023-08-14 Listed — NWMLS as Distributed by MLS Grid
• 2023-08-14 Listed $549,000 NWMLS as Distributed by MLS Grid