16737 Aurora Ave N · Shoreline, WA 98133

$409,999

2 bd · 1.5 ba · 900 sqft · MultiFamily · 14 Days on market

Built 1947 Fair condition 3,688 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 +16.7/30.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• DSCR +5.2/10.0
• 1% rule +4.5/10.0
• Livability +4.2/5.0
• Rent growth +2.9/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Front building finished with new roof, 30x30, mobile home two bedroom, two bath in back on same property. Great location close to downtown, on bus line, restaurants all around and Fred Meyer a mile away, call or text 425-501-1933

Key facts

• On bus line
• New roof
• Close to downtown

Tags

• NEW ROOF
• CLOSE TO DOWNTOWN
• ON BUS LINE
• RESTAURANTS ALL AROUND

Property features AI

Exterior

• Home design: Multi-family property
• Construction: Approximately 900 sq ft living area
• Exterior features: Lot of approximately 3,688 sq ft

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath multifamily listed at $410k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $252 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $391k (4.7% below list).
• Recommended offer: $391k (4.7% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 1.8% in Shoreline — 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 84/100 on livability (#38 in WA, #681 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: cost of living F.
• Shoreline School District (suburban): math 67% / reading 77% proficiency, ranked #13 of 291 in WA (top 4%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: Rents rising (+1.6%/yr); 242 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• At $3,906/mo this rent would consume 50% of the median local household income ($94k/yr) (locally 3152% 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 $12k 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

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $390,600 (4.7% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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 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: 0.95% ✗
• Cap rate: 7.03%
• Cash-on-cash: 2.64%
• DSCR: 1.12
• GRM: 8.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.56% rent growth · sell at horizon

5-year hold

• IRR: -13.7%
• Equity multiple: 0.51×
• Total profit: $-55,887
• Equity at exit: $61,132

10-year hold

• IRR: -7.3%
• Equity multiple: 0.56×
• Total profit: $-49,974
• Equity at exit: $35,449

Cash invested: $114,800 (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 98133

• Rents YoY: 1.6%
• Active inventory: 242
• Price-to-rent: 17.5×

Monthly cashflow live

• Estimated rent: $3,906 medium
• Mortgage (P&I): −$2,150
• Tax est. 1.5%: −$512 /mo · $6,150/yr
• Insurance: −$171
• HOA: −$0
• Vacancy / Maint / Mgmt: −$820
• Net cashflow: $252

Break-even live

Break-even rent $3,587

Max offer price $409,999

Occupancy floor 89%

Sensitivity live

Price	-10% $536	-5% $394	+0% $252	+5% $111	+10% $-31
Rent	-10% $-56	-5% $98	+0% $252	+5% $407	+10% $561
Rate	-1.0pp $459	-0.5pp $357	base $252	+0.5pp $146	+1.0pp $38

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,906
Total (2 units)			$3,906

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: $102,500
• Closing costs: $12,300
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17202 Aurora Ave N Shoreline, WA	2.0	1.0–2.0	724	$2,477	$3.42	0d	11	0.15mi
17319 Stone Ct N Unit B Shoreline, WA	2.0	1.0	1080	$2,295	$2.12	18d	1	0.26mi
17520 Linden Ave N Shoreline, WA	1.0	1.0	559	$1,727	$3.09	15d	4	0.30mi
1311 N 175th St Shoreline, WA	1.0–2.0	1.0	722	$2,240	$3.10	0d	8	0.31mi
16154 Stone Ave N Shoreline, WA	1.0	1.0	670	$1,600	$2.39	44d	1	0.37mi
17888 Linden Ave N Shoreline, WA	2.0	1.0–2.0	896	$3,640	$4.06	0d	186	0.37mi
911 N 163rd St Unit B25 Shoreline, WA	2.0	2.0	1000	$2,950	$2.95	44d	1	0.39mi
1225 N 178th St Unit 108 Shoreline, WA	1.0	1.0	750	$1,395	$1.86	15d	1	0.39mi
17305 Dayton Ave N Unit B Shoreline, WA	2.0	2.0	1080	$2,650	$2.45	25d	1	0.40mi
17305 Dayton Ave N Unit A Shoreline, WA	2.0	2.0	1080	$2,770	$2.56	44d	1	0.40mi
16100 Linden Ave N Shoreline, WA	1.0–2.0	1.0	758	$1,553	$2.05	0d	5	0.42mi
710 N 160th St Unit B204 Shoreline, WA	2.0	2.0	862	$2,150	$2.49	5d	1	0.48mi
700 N 160th St Shoreline, WA	2.0	2.0	906	$2,295	$2.53	0d	1	0.49mi
17990 Midvale Ave N Shoreline, WA	2.0	1.0–2.0	840	$2,695	$3.21	0d	11	0.50mi
17925 Linden Ave N Shoreline, WA	1.0	1.0	700	$2,000	$2.86	22d	1	0.50mi
17921 Linden Ave N Shoreline, WA	2.0	1.0	1040	$2,000	$1.92	22d	1	0.51mi
18004 Midvale Ave N Shoreline, WA	2.0	1.0–2.0	781	$3,150	$4.03	2d	27	0.55mi
15560 Westminster Way N Shoreline, WA	2.0	1.0–2.0	872	$3,293	$3.77	0d	20	0.67mi
18110 Midvale Ave N Shoreline, WA	1.0	1.0	574	$2,116	$3.68	2d	11	0.67mi
1719 N 185th St Unit 305 Shoreline, WA	2.0	1.0	800	$1,980	$2.48	44d	1	0.84mi
18524 Linden Ave N Shoreline, WA	2.0	1.0	1000	$1,650	$1.65	20d	1	0.85mi
1302 N 152nd St Unit 1 Shoreline, WA	2.0	2.0	820	$2,099	$2.56	25d	1	0.87mi
1210 N 152nd St Shoreline, WA	2.0	1.0–2.0	747	$2,395	$3.20	17d	3	0.90mi
1210 N 152nd St Shoreline, WA	1.0–2.0	1.0–2.0	879	$2,295	$2.61	3d	3	0.90mi
18815 Aurora Ave N Shoreline, WA	2.0	1.0–2.0	807	$3,403	$4.22	0d	29	0.90mi
706 N 188th St Shoreline, WA	1.0	1.0	900	$1,600	$1.78	44d	1	0.94mi
16121 3rd Ave NE Shoreline, WA	1.0	1.0	600	$1,250	$2.08	44d	1	0.98mi
15135 Stone Ln N Shoreline, WA	2.0	1.0	765	$1,995	$2.61	3d	1	1.02mi
19022 Aurora Ave N Shoreline, WA	4.0	1.0–2.0	745	$2,002	$2.69	3d	9	1.06mi
604 NE 165th St Shoreline, WA	2.0	1.0	850	$1,795	$2.11	44d	1	1.13mi
1140 N 192nd St Shoreline, WA	2.0	1.0	561	$2,161	$3.85	3d	9	1.13mi
14555 Whitman Ave N Shoreline, WA	1.0	1.0	515	$1,550	$3.01	44d	1	1.13mi
301 NW Richmond Beach Rd Unit 249 Seattle, WA	1.0	1.0	803	$1,795	$2.24	44d	1	1.14mi
301 NW Richmond Beach Rd Unit 108 Seattle, WA	1.0	1.0	744	$1,795	$2.41	13d	1	1.14mi
1022 N 192nd St Unit 2C Shoreline, WA	2.0	1.0	950	$1,750	$1.84	24d	1	1.15mi
1022 N 192nd St Shoreline, WA	2.0	1.0	950	$1,750	$1.84	0d	2	1.15mi
1150 N 192nd St Shoreline, WA	2.0	1.0–2.0	777	$2,295	$2.95	0d	12	1.18mi
19428 Aurora Ave N #433 Shoreline, WA	1.0	1.0	605	$1,790	$2.96	44d	1	1.23mi
15642 5th Ave NE Shoreline, WA	3.0	2.0	1030	$3,490	$3.39	15d	1	1.24mi
19414 Aurora Ave N Shoreline, WA	2.0	1.0	850	$1,750	$2.06	5d	1	1.25mi

Listing history 12 events

1. 2026-06-18
   price $409,999 Active 14 DOM
2. 2026-06-18
   days on market $510,000 Active 14 DOM
3. 2026-06-17
   days on market $510,000 Active 13 DOM
4. 2026-06-16
   days on market $510,000 Active 12 DOM
5. 2026-06-15
   days on market $510,000 Active 11 DOM
6. 2026-06-13
   days on market $510,000 Active 9 DOM
7. 2026-06-13
   days on market $510,000 Active 8 DOM
8. 2026-06-09
   days on market $510,000 Active 5 DOM
9. 2026-06-08
   days on market $510,000 Active 4 DOM
10. 2026-06-07
    days on market $510,000 Active 3 DOM
11. 2026-06-04
    remarks 230-char remark
12. 2026-06-04
    listed $510,000 Active 1 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥86°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,872
• − Mortgage interest: −$22,966
• − Property taxes: −$6,150
• − Insurance: −$2,050
• − Repairs & maintenance: −$3,750
• − Management: −$3,750
• − Depreciation: −$11,927
• Taxable loss: −$3,721
• Est. tax savings @ 24.0%: +$893
• After-tax cash flow: $3,921/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 · 5 photos

Fair 45/100 Moderate rehab

The property requires significant repairs and maintenance, including a new roof, exterior siding, and concrete surface, as well as a replacement HVAC unit. These improvements would significantly increase its value.

Repairs flagged

• Major roof — Significant damage visible in the independent image.
• Major exterior siding — Peeling paint and siding issues.
• Major concrete surface — Cracked and uneven concrete surface.
• Major HVAC unit — Older unit, likely in need of replacement or repair.

Value-add opportunities

• Both repair roof — A new roof would significantly improve the home's appearance and value.
• Both repair exterior siding — A fresh coat of paint and new siding would enhance curb appeal and value.
• Both repair concrete surface — A smooth and level concrete surface would improve the home's curb appeal and functionality.
• Both replace HVAC unit — A new HVAC unit would improve comfort and energy efficiency, enhancing both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Significant damage visible in the independent image.	Major	$15,000–50,000
exterior siding · Peeling paint and siding issues.	Major	$15,000–50,000
concrete surface · Cracked and uneven concrete surface.	Major	$15,000–50,000
HVAC unit · Older unit, likely in need of replacement or repair.	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both repair roof — A new roof would significantly improve the home's appearance and value. ↑
• Both repair exterior siding — A fresh coat of paint and new siding would enhance curb appeal and value. ↑
• Both repair concrete surface — A smooth and level concrete surface would improve the home's curb appeal and functionality. ↑
• Both replace HVAC unit — A new HVAC unit would improve comfort and energy efficiency, enhancing both resale and rental 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: Shoreline School District
• NCES district ID: 5307920
• Math proficiency: 67% ▼ -1.00%
• Reading proficiency: 77% ▼ -1.00%
• Median HH income: $73,008
• Composite: 64.32/100
• National rank: #1156
• State rank: #13 of 291 in WA

Livability — Shoreline

• Score: 84/100
• State rank: #38
• US rank: #681

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shoreline, WA
• County: King County · 2,251,916 people
• City population: 110,850
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 53,249
• Household income: $93,662
• Rent vs Own: 51.6% rent · 48.4% own
• Severe rent burden: 3152.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 56% Asian 15% Two or more races 12% Hispanic / Latino 11% Black 9%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 4% Italian 4% Slovak 3%
• Foreign-born: 23% · Canada, China, South Korea
• Languages at home: 72% English-only · Spanish 7% Chinese 4% Other Asian/Pacific 3%

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: ▼ -1155.41%
• Current HPI: 344.45
• Rent YoY: ▲ 1.56%
• Metro: Seattle-Tacoma-Bellevue, 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

• 2026-06-04 Listed $510,000 ForSaleByOwner.com