1201 Vandenberg Ave #1203 · Moses Lake North, WA 98837

$350,000

6 bd · 2.0 ba · 3,226 sqft · MultiFamily · 6 Days on market

Built 1951 Good condition 0.29 ac lot Est $371k · 6% 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).

• Cash flow +15.6/30.0
• ARV discount +10.0/15.0
• DSCR +4.8/10.0
• 1% rule +4.3/10.0
• Condition / age +4.0/5.0
• Schools +3.9/10.0
• Livability +3.2/5.0
• Rent growth +2.1/5.0
• 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

Charming 3 bedroom 1 bathroom, on each side, duplex featuring gleaming hardwood floors throughout. This bright and inviting unit offers a seamless layout, perfect for comfortable living. Ideally located and move-in ready! Fantastic investment opportunity with garage units being rented out as well. Come see today!

Key facts

• 0.29 acre lot
• 5 garage spots
• Built 1951

Property features AI

Finance

• Other: Two total units; No units below grade; Calculated building area: 3,226 square feet; Lot approximately 0.2879 acres
• Financial info: Listing accepted with Cash, Conventional, FHA, or VA financing; Gross scheduled income: $33,000; Total monthly income: $2,750; Net operating income: $25,832; Total expenses: $7,168; Electric expense: $2,400; Insurance expense: $1,200; Gross rent multiplier: 10.6; Actual rent: Unit 1201 $1,300; Unit 1203 $1,300

Exterior

• Parking: Five covered spaces; Five garage spaces; Seven uncovered spaces
• Utilities: Electric service; Public water; Sewer connected
• Home design: Duplex; Single-story; Residential income / Multi-family property
• Construction: Metal roof; Constructed with metal/vinyl materials; Poured concrete foundation
• Exterior features: Metal/vinyl exterior; Sidewalk

Interior

• Kitchen: Unit 1201: Range/oven, refrigerator; Unit 1203: Range/oven, refrigerator, dishwasher
• Bedrooms: Two units each with 3 bedrooms (Units 1201 and 1203)
• Flooring: Hardwood
• Bathrooms: Two units each with 1 bathroom
• Heating & cooling: Forced air heating; Window unit cooling
• Interior features: Hardwood flooring; Forced air heating; Window cooling units
• Laundry & utility: Unit 1203: Washer and dryer included; Unit 1201: No washer/dryer included

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $350k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $146 ($2k/yr) — positive. Per door: $73/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 $325k (7.3% below list).
• Recommended offer: $325k (7.3% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 1.8% in Moses Lake North — 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 65/100 on livability (#351 in WA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities F, commute F.
• Moses Lake School District (town): math 38% / reading 48% proficiency, ranked #198 of 291 in WA (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Larson Heights Elementary (337 students, 87% FRL); Endeavor Middle School (267 students, 96% FRL); Moses Lake High School (1,984 students, 64% FRL) — zoned schools average 82% FRL vs 53% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-1.7%/yr); 590 active listings in the ZIP; 559 units permitted in Grant County in 2024 (35 in 5+ unit buildings).
• At $3,246/mo this rent would consume 52% of the median local household income ($75k/yr) (locally 1064% 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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Grant County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $324,600 (7.3% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1951 — 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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 0.93% ✗
• Cap rate: 6.79%
• Cash-on-cash: 1.78%
• DSCR: 1.08
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $370,990
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9035 Forrestal Ln	0.31mi	6/4.0	3,184 (-1%)	2mo	$351,000	$110	74
428 430 Biggs Dr	0.41mi	6/4.0	2,873 (-11%)	3mo	$330,000	$115	52
1029 W Northwest Ln	0.65mi	6/6.0	2,832 (-12%)	16mo	$560,000	$198	20

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -16.9%
• Equity multiple: 0.42×
• Total profit: $-56,907
• Equity at exit: $52,186

10-year hold

• IRR: -15.5%
• Equity multiple: 0.24×
• Total profit: $-74,180
• Equity at exit: $30,262

Cash invested: $98,000 (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 98837

• Rents YoY: -1.7%
• Active inventory: 590
• Price-to-rent: 18.0×

Monthly cashflow live

• Estimated rent: $3,246 high
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$438 /mo · $5,250/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$682
• Net cashflow: $146

Break-even live

Break-even rent $3,062

Max offer price $350,000

Occupancy floor 91%

Sensitivity live

Price	-10% $387	-5% $267	+0% $146	+5% $25	+10% $-96
Rent	-10% $-111	-5% $17	+0% $146	+5% $274	+10% $402
Rate	-1.0pp $322	-0.5pp $235	base $146	+0.5pp $55	+1.0pp $-37

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$3,246
Total (2 units)			$3,246

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: $87,500
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-18
   remarks 314-char remark
2. 2026-06-18
   listed $350,000 Pending 6 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 18 unhealthy d/yr today · 18 by 30 yrs out

Taxation est. · year 1

• Rental income: $38,952
• − Mortgage interest: −$19,605
• − Property taxes: −$5,250
• − Insurance: −$1,750
• − Repairs & maintenance: −$3,116
• − Management: −$3,116
• − Depreciation: −$10,182
• Taxable loss: −$4,068
• Est. tax savings @ 24.0%: +$976
• After-tax cash flow: $2,723/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 · 13 photos

Good 80/100 Cosmetic rehab

This move-in ready, well-maintained multi-family property offers a seamless layout and modern updates, making it an excellent investment opportunity.

Value-add opportunities

• Both landscaping — improves curb appeal and adds value
• Both paint exterior — enhances curb appeal and adds value
• Both update landscaping — enhances curb appeal and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — improves curb appeal and adds value ↑
• Both paint exterior — enhances curb appeal and adds value ↑
• Both update landscaping — enhances curb appeal and adds 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: Moses Lake School District
• NCES district ID: 5305220
• Math proficiency: 38% ▬ 0.00%
• Reading proficiency: 48% ▼ -1.00%
• Median HH income: $49,033
• Composite: 39.17/100
• National rank: #8232
• State rank: #198 of 291 in WA

Livability — Moses Lake North

• Score: 65/100
• State rank: #351
• US rank: #13402

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Moses Lake North, WA
• County: Grant County · 61,643 people
• City population: 49,455
• Metro: Moses Lake, WA
• Population (ZIP): 49,455
• Household income: $74,586
• Rent vs Own: 33.4% rent · 66.6% own
• Severe rent burden: 1064.0

Population outlook (Grant County) Hauer SSP2

• Today (2025): 99,356 people
• By 2030: 102,107 · +2.8%
• By 2040: 108,318 · +9.0%
• By 2050: 114,712 · +15.5%
• By 2075: 131,376 · +32.2%
• By 2100: 146,163 · +47.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 58% Hispanic / Latino 33% Two or more races 15% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 30%
• Common ancestry: Portuguese 3% Subsaharan African 2% Lithuanian 2%
• Foreign-born: 10% · Canada
• Languages at home: 76% English-only · Spanish 21% Russian/Polish/Slavic 2%

Political lean MEDSL · Grant

• 2024 margin: Solid R (+37.5) · D 30.0% · R 67.4% · Other 2.6%
• 2008→2024 swing: -9.9pp toward R · 2008: -27.5pp · 2024: -37.5pp
• All cycles: 2024: R+37.5 2020: R+34.4 2016: R+37.9 2012: R+32.6 2008: R+27.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -384.29%
• Current HPI: 208.4574
• Rent YoY: ▼ -1.72%
• Metro: Moses Lake, 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

2 events — show timeline

• 2026-05-18 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-12 Listed $350,000 NWMLS as Distributed by MLS Grid