1325 Fairview Ave N · Seattle, WA 98102

$150,000

1 bd · 1.0 ba · 527 sqft · SingleFamily · 358 Days on market

Built 1984 Good condition 480 sqft lot $285/sqft · 53% below area

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Why this score? — see what drove the B- 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 +26.6/30.0
• DSCR +9.1/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Schools +6.1/10.0
• Condition / age +4.0/5.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• Appreciation +0.0/10.0

Listing remarks

Updated, City-registered houseboat (FOWR 975) on Lake Union offering comfort, charm, and flexibility. Step inside to refinished hardwood floors leading to an updated galley kitchen with seating, fresh paint, new appliances, and fixtures. The light-filled living area features a new propane fireplace for cozy evenings. Below is a private bedroom and updated full bath with new VacuFlush toilet; above, a heated upper deck enclosure with generous seating for guests. All exterior decks have new carpet. Also new: water heater. It can't stay at this location; the seller will assist with relocation—ask your agent for a marina list. Includes 207 sf heated patio within 527 sf total.

Key facts

• Lake union
• New appliances
• New fixtures

Tags

• CITY REGISTERED HOUSEBOAT
• LAKE UNION
• REFINISHED HARDWOOD FLOORS
• UPDATED GALLEY KITCHEN
• NEW APPLIANCES
• NEW FIXTURES

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $150k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $402 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.5% vs local median 1.7% 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: Hazel Wolf K-8 (720 students, 22% FRL); Washington Middle School (555 students, 65% FRL); Garfield High School (1,642 students, 40% FRL).
• Market conditions: Rents rising (+2.5%/yr); 259 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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 358 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.

Recommended offer $132,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 358 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 1.21% ✓
• Cap rate: 9.51%
• Cash-on-cash: 11.49%
• DSCR: 1.51
• GRM: 6.9

CMA / ARV

• ARV (median comp): $320,000
• List price: $150,000
• Delta: -53.12%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
530 Broadway E #314	0.63mi	1/1.0	547 (+4%)	1mo	$365,000	$667	64
124 Warren Ave N #208	1.48mi	1/1.0	531 (+1%)	0mo	$275,000	$518	63
1726 15th Ave #14	1.21mi	1/1.0	520 (-1%)	1mo	$245,000	$471	62
2770 Westlake Ave N #3	1.32mi	1/1.0	500 (-5%)	1mo	$689,000	$1,378	56
300 Virginia St #1311	1.43mi	1/1.0	586 (+11%)	0mo	$500,000	$853	46
2720 3rd Ave #603	1.40mi	1/1.0	585 (+11%)	1mo	$385,000	$658	46
701 Galer St #504	0.72mi	1/1.0	617 (+17%)	1mo	$370,000	$600	40
1105 Spring St #1011	1.49mi	1/1.0	630 (+20%)	0mo	$220,000	$349	40
2829 Franklin Ave E Unit N2	1.05mi	1/1.0	656 (+24%)	1mo	$330,000	$503	40
232 Belmont Ave E #202	0.77mi	1/1.0	634 (+20%)	1mo	$349,950	$552	39
1323 Boren Ave #412	1.34mi	1/1.0	440 (-16%)	1mo	$250,000	$568	39
1808 Minor Ave #912	1.00mi	1/1.0	652 (+24%)	1mo	$450,000	$690	39

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 · 2.52% rent growth · sell at horizon

5-year hold

• IRR: 0.3%
• Equity multiple: 1.01×
• Total profit: $450
• Equity at exit: $22,365

10-year hold

• IRR: 9.4%
• Equity multiple: 1.71×
• Total profit: $29,915
• Equity at exit: $12,969

Cash invested: $42,000 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 2 active · 1 under contract
• Months of supply: 4.0 mo (25%/mo absorbed)
• Median asking: $455,000 ($925/sqft)
• Median days on market: 26 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -34.4% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 98102

• Rents YoY: 2.5%
• Active inventory: 259
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,821 high
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $402

Break-even live

Break-even rent $1,312

Max offer price $150,000

Occupancy floor 73%

Sensitivity live

Price	-10% $506	-5% $454	+0% $402	+5% $350	+10% $298
Rent	-10% $258	-5% $330	+0% $402	+5% $474	+10% $546
Rate	-1.0pp $478	-0.5pp $440	base $402	+0.5pp $363	+1.0pp $324

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: $37,500
• Closing costs: $4,500
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1520 Eastlake Ave E #212 Seattle, WA	2.0	1.0–2.0	823	$2,835	$3.44	0d	2	0.12mi
1524 Eastlake Ave E Seattle, WA	2.0	1.0–2.0	813	$2,870	$3.53	0d	7	0.14mi
1800 Eastlake Ave E Seattle, WA	1.0	1.0	549	$1,925	$3.50	0d	2	0.26mi
210 E Blaine St Seattle, WA	1.0–2.0	1.0–1.5	752	$1,950	$2.59	0d	2	0.27mi
1027 Bellevue Ct E Seattle, WA	1.0	1.0	692	$1,695	$2.45	32d	1	0.31mi
1027 Bellevue Ct E Seattle, WA	1.0	1.0	692	$1,695	$2.45	36d	1	0.31mi
1940 Yale Ave. E. Seattle, WA	1.0	1.0	720	$1,975	$2.74	93d	1	0.32mi
1940 Yale Ave. E. Seattle, WA	—	1.0	500	$1,595	$3.19	0d	1	0.32mi
1917 Eastlake Ave E Apt H Seattle, WA	—	1.0	350	$1,195	$3.41	64d	1	0.32mi
1917 Eastlake Ave E Unit K Seattle, WA	—	1.0	350	$1,295	$3.70	64d	1	0.32mi
1917 Eastlake Ave E Apt E Seattle, WA	—	1.0	350	$995	$2.84	64d	1	0.32mi
1925 Eastlake Ave E Unit 306 Seattle, WA	1.0	1.0	693	$1,945	$2.81	7d	1	0.33mi
1925 Eastlake Ave E Unit 204 Seattle, WA	1.0	1.0	693	$1,695	$2.45	21d	1	0.33mi
1925 Eastlake Ave E Apt 202 Seattle, WA	1.0	1.0	693	$1,845	$2.66	7d	1	0.33mi
1004 Belmont Ave E Seattle, WA	1.0	1.0	740	$2,095	$2.83	0d	1	0.33mi
1909 Franklin Ave E Seattle, WA	1.0	1.0	720	$1,795	$2.49	0d	1	0.33mi
2001 Eastlake Ave E Seattle, WA	1.0	1.0	550	$1,495	$2.72	0d	1	0.35mi
768 Bellevue Ave E Unit 12 Seattle, WA	—	1.0	380	$1,395	$3.67	93d	1	0.36mi
768 Bellevue Ave E Unit 20 Seattle, WA	1.0	1.0	600	$1,795	$2.99	16d	1	0.36mi
2020 Minor Ave E Seattle, WA	1.0	1.0	690	$2,000	$2.90	47d	1	0.38mi
752 Bellevue Ave E Seattle, WA	1.0	1.0	450	$1,700	$3.78	0d	1	0.38mi
752 Bellevue Ave E #110 Seattle, WA	1.0	1.0	448	$1,850	$4.13	50d	1	0.38mi
752 Bellevue Ave E Seattle, WA	1.0	1.0	448	$1,700	$3.79	9d	1	0.38mi
752 Bellevue Ave E Seattle, WA	1.0	1.0	448	$1,775	$3.96	51d	2	0.38mi
258 E Newton St Apt 1 Seattle, WA	1.0	1.0	700	$1,895	$2.71	93d	1	0.38mi
745 Summit Ave E Seattle, WA	2.0	1.0–2.0	700	$2,095	$2.99	0d	4	0.40mi
736 Bellevue Pl E Seattle, WA	2.0	1.0–2.0	590	$2,178	$3.69	0d	16	0.40mi
744 Belmont Pl E Unit 104 Seattle, WA	1.0	1.0	650	$2,025	$3.12	7d	1	0.41mi
1132 10th Ave E Apt C Seattle, WA	1.0	1.0	550	$1,199	$2.18	93d	1	0.41mi
1132 10th Ave E Unit 6 Seattle, WA	—	1.0	386	$1,150	$2.98	17d	1	0.41mi
1101 10th Ave E Seattle, WA	1.0	1.0	520	$1,581	$3.04	0d	1	0.41mi
2038 Yale Ave E Seattle, WA	—	1.0	362	$1,225	$3.38	0d	1	0.41mi
2031 Franklin Ave E Seattle, WA	1.0	1.0	718	$1,895	$2.64	50d	1	0.41mi
733 Summit Ave E Seattle, WA	1.0	1.0	631	$1,795	$2.84	0d	2	0.43mi
100 E Boston St Unit 12 Seattle, WA	1.0	1.0	595	$1,695	$2.85	21d	1	0.45mi
2046 Franklin Ave E Unit 3 Seattle, WA	1.0	1.0	450	$1,695	$3.77	34d	1	0.45mi
2037 Boylston Ave E Unit A Seattle, WA	2.0	1.0	750	$2,495	$3.33	46d	1	0.45mi
2037 Boylston Ave E Seattle, WA	2.0	1.0	750	$2,745	$3.66	0d	1	0.45mi
269 E Boston St Seattle, WA	1.0	1.0	570	$1,925	$3.38	2d	1	0.46mi
2201 Eastlake Ave E Seattle, WA	1.0–2.0	1.0–2.0	714	$2,089	$2.92	0d	3	0.47mi

Listing history 50 events

1. 2026-08-06
   days on market $150,000 Active 358 DOM
2. 2026-08-05
   days on market $150,000 Active 357 DOM
3. 2026-08-04
   days on market $150,000 Active 356 DOM
4. 2026-08-03
   days on market $150,000 Active 355 DOM
5. 2026-07-31
   days on market $150,000 Active 352 DOM
6. 2026-07-30
   days on market $150,000 Active 351 DOM
7. 2026-07-29
   days on market $150,000 Active 350 DOM
8. 2026-07-28
   days on market $150,000 Active 349 DOM
9. 2026-07-27
   days on market $150,000 Active 348 DOM
10. 2026-07-26
    days on market $150,000 Active 347 DOM
11. 2026-07-25
    days on market $150,000 Active 346 DOM
12. 2026-07-24
    days on market $150,000 Active 345 DOM
13. 2026-07-23
    days on market $150,000 Active 344 DOM
14. 2026-07-22
    days on market $150,000 Active 343 DOM
15. 2026-07-21
    days on market $150,000 Active 342 DOM
16. 2026-07-20
    days on market $150,000 Active 341 DOM
17. 2026-07-18
    days on market $150,000 Active 339 DOM
18. 2026-07-17
    days on market $150,000 Active 338 DOM
19. 2026-07-16
    days on market $150,000 Active 337 DOM
20. 2026-07-15
    days on market $150,000 Active 336 DOM
21. 2026-07-14
    days on market $150,000 Active 335 DOM
22. 2026-07-13
    days on market $150,000 Active 334 DOM
23. 2026-07-12
    days on market $150,000 Active 333 DOM
24. 2026-07-11
    days on market $150,000 Active 332 DOM
25. 2026-07-10
    days on market $150,000 Active 331 DOM
26. 2026-07-09
    days on market $150,000 Active 330 DOM
27. 2026-07-08
    days on market $150,000 Active 329 DOM
28. 2026-07-07
    days on market $150,000 Active 328 DOM
29. 2026-07-06
    days on market $150,000 Active 327 DOM
30. 2026-07-05
    days on market $150,000 Active 326 DOM
31. 2026-07-04
    days on market $150,000 Active 325 DOM
32. 2026-07-03
    days on market $150,000 Active 324 DOM
33. 2026-07-02
    days on market $150,000 Active 323 DOM
34. 2026-07-01
    days on market $150,000 Active 322 DOM
35. 2026-06-30
    days on market $150,000 Active 321 DOM
36. 2026-06-29
    days on market $150,000 Active 320 DOM
37. 2026-06-28
    days on market $150,000 Active 319 DOM
38. 2026-06-27
    days on market $150,000 Active 318 DOM
39. 2026-06-26
    days on market $150,000 Active 317 DOM
40. 2026-06-26
    days on market $150,000 Active 316 DOM
41. 2026-06-24
    days on market $150,000 Active 315 DOM
42. 2026-06-23
    days on market $150,000 Active 314 DOM
43. 2026-06-22
    days on market $150,000 Active 313 DOM
44. 2026-06-21
    days on market $150,000 Active 312 DOM
45. 2026-06-21
    days on market $150,000 Active 311 DOM
46. 2026-06-19
    days on market $150,000 Active 310 DOM
47. 2026-06-18
    days on market $150,000 Active 309 DOM
48. 2026-06-17
    days on market $150,000 Active 308 DOM
49. 2026-06-16
    days on market $150,000 Active 307 DOM
50. 2026-06-15
    days on market $150,000 Active 306 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $21,852
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$1,748
• − Management: −$1,748
• − Depreciation: −$4,364
• Taxable income: $2,590
• Est. tax owed @ 24.0%: −$622
• After-tax cash flow: $4,202/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 · 14 photos

Good 80/100 Cosmetic rehab Est. rehab $2,635–$7,905 screening

This houseboat is in excellent condition with recent updates, making it move-in ready for both resale and rental.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Re-carpeting the exterior decks — New carpet improves comfort and adds value for both resale and rental. ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Zoned Schools

Elementary Lowell Elementary School Middle Washington Middle School High Garfield High School

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

B Composite livability gradescore 75/100

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 · 2,576,485 people
• City population: 706,262
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 27,333
• Household income: $114,925
• Rent vs Own: 73.0% rent · 27.0% own
• Severe rent burden: 11% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Asian 12% Two or more races 12% Hispanic / Latino 8% Black 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 4% Portuguese 3% Slovak 3%
• Foreign-born: 15% · Canada, China, South Korea
• Languages at home: 84% English-only · Spanish 4% Chinese 3% Other Indo-European 2%

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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: ▼ -386.18%
• Current HPI: 213.5569
• Rent YoY: ▲ 2.52%
• Metro: Seattle-Tacoma-Bellevue, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

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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

• 2025-08-13 Listed $150,000 NWMLS as Distributed by MLS Grid