3104 Western Ave #522 · Seattle, WA 98121

$309,995

1 bd · 1.0 ba · 506 sqft · Condo public records · 66 Days on market

Built 2007 $613/sqft · 15% below area Est $364k · 15% under $455/mo HOA · 23% of rent

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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 +14.2/15.0
• Schools +6.1/10.0
• Appreciation +4.6/10.0
• Cash flow +4.1/30.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.5/10.0
• DSCR +0.0/10.0

Listing remarks

Enjoy refined city living in this beautifully designed 5th-floor 1-bedroom, 1-bath residence. This condo offers a seamless blend of modern style and functionality, featuring a sleek kitchen with quartz countertops, stainless steel appliances, a breakfast bar, and hardwood floors. The open layout flows freely with frosted sliding panels for an open or closed private bedroom, an in-unit washer and dryer, and air conditioning. Also includes a storage unit. Residents enjoy premium amenities including a welcoming lobby with concierge service, secure parking with elevator access, and an impressive rooftop deck complete with BBQs, landscaped spaces, and views of Elliott Bay and the Space Need

Key facts

• Air conditioning
• Breakfast bar
• Hardwood floors

Tags

• STAINLESS STEEL APPLIANCES
• BREAKFAST BAR
• HARDWOOD FLOORS
• FROSTED SLIDING PANELS
• IN-UNIT WASHER AND DRYER
• AIR CONDITIONING

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $310k.

Deal economics

• At list price, monthly cash flow is $-860 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $158k (49.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $202k (34.9% below list).
• Recommended offer: $158k (49.0% below list) — sets the bar for cash-flow.
• Cap rate 3.0% vs local median 1.6% 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.
• Market conditions: Rents flat; 229 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 1d 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).
• This rent is only 16% of the median local income ($152k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-0.8%/yr); year-one equity from $2k of loan paydown is wiped out by about $3k 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 66 days — a 6% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 18y 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.
• Current owner paid $250k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 23% of rent.

Recommended offer $158,096 (49.0% 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 66 days. Have you received any prior offers? Is the seller open to a 49% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.65% ✗
• Cap rate: 2.96%
• Cash-on-cash: -11.89%
• DSCR: 0.47
• GRM: 12.8

CMA / ARV

• ARV (median comp): $364,478
• List price: $309,995
• Delta: -14.95%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-0.81% appreciation · 0.05% rent growth · sell at horizon

5-year hold

• IRR: -22.3%
• Equity multiple: 0.07×
• Total profit: $-81,096
• Equity at exit: $77,606

10-year hold

• IRR: -18.6%
• Equity multiple: -0.55×
• Total profit: $-134,790
• Equity at exit: $83,882

Cash invested: $86,799 (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 →

ZIP-level market 98121

• Home prices YoY: -0.5%
• Rents YoY: 0.1%
• Active inventory: 229
• Price-to-rent: 12.8×

Monthly cashflow live

• Estimated rent: $2,020 high
• Mortgage (P&I): −$1,626
• Tax from tax record: −$245 /mo · $2,946/yr
• Insurance: −$129
• HOA: −$455
• Vacancy / Maint / Mgmt: −$424
• Net cashflow: $-860

Break-even live

Break-even rent $3,108

Max offer price $158,096

Occupancy floor —

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: $77,499
• Closing costs: $9,300
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3104 Western Ave #213 Seattle, WA	1.0	1.0	506	$2,000	$3.95	18d	1	0.01mi
107 1st Ave N Seattle, WA	—	1.0	450	$1,375	$3.06	1d	1	0.05mi
3028 1st Ave Seattle, WA	—	1.0	308	$1,110	$3.60	1d	3	0.07mi
3028 1st Ave Seattle, WA	—	1.0	794	$1,402	$1.77	43d	5	0.07mi
3016 1st Ave Seattle, WA	—	1.0	387	$1,449	$3.74	1d	3	0.08mi
100 Denny Way Seattle, WA	2.0	1.0–2.0	911	$3,159	$3.47	1d	8	0.09mi
105 Warren Ave N Seattle, WA	1.0–2.0	1.0–2.0	767	$1,809	$2.36	1d	5	0.09mi
115 Warren Ave N Seattle, WA	1.0	1.0	705	$2,049	$2.90	1d	5	0.11mi
159 Denny Way Seattle, WA	1.0	1.0–1.5	696	$2,900	$4.16	1d	3	0.11mi
109 John St Seattle, WA	1.0	1.0	532	$1,795	$3.37	1d	4	0.12mi
101 John St Seattle, WA	1.0–2.0	1.0–2.0	845	$1,650	$1.95	1d	4	0.12mi
2929 1st Ave #721 Seattle, WA	—	1.0	438	$1,600	$3.65	1d	1	0.12mi
2922 Western Ave Seattle, WA	2.0	1.0–2.0	684	$2,118	$3.10	1d	12	0.14mi
2933 2nd Ave Seattle, WA	—	1.0	429	$1,375	$3.21	1d	3	0.14mi
151 John St Seattle, WA	1.0	1.0	608	$1,995	$3.28	1d	2	0.15mi
215 Queen Anne Ave N Seattle, WA	1.0	1.0	389	$1,745	$4.48	1d	4	0.16mi
222 Queen Anne Ave N Seattle, WA	1.0–2.0	1.0–2.0	781	$1,899	$2.43	1d	2	0.17mi
2900 1st Ave Seattle, WA	1.0–2.0	1.0	732	$2,629	$3.59	1d	3	0.17mi
219 1st Ave N Seattle, WA	1.0	1.0	452	$1,750	$3.87	1d	2	0.17mi
2911 2nd Ave Seattle, WA	1.0	1.0	603	$1,795	$2.98	1d	1	0.17mi
229 1st Ave N Apt 200 Seattle, WA	—	1.0	400	$1,295	$3.24	1d	1	0.18mi
215 1st Ave W Seattle, WA	2.0	1.0–2.0	625	$2,260	$3.62	1d	7	0.19mi
200 2nd Ave W Seattle, WA	—	1.0	509	$1,795	$3.53	1d	3	0.20mi
19 W Thomas St Seattle, WA	1.0	1.0	625	$1,595	$2.55	1d	2	0.21mi
2801 1st Ave Seattle, WA	1.0	1.0	719	$2,500	$3.48	1d	1	0.22mi
2801 1st Ave Seattle, WA	1.0	1.0	721	$2,500	$3.47	17d	1	0.22mi
2800 Western Ave Seattle, WA	2.0	1.0–2.0	869	$2,629	$3.02	1d	6	0.22mi
2801 Western Ave Seattle, WA	3.0	1.0–2.0	1409	$2,753	$1.95	1d	22	0.23mi
306 Queen Anne Ave N Seattle, WA	1.0	1.0	659	$2,650	$4.02	1d	1	0.23mi
307 Queen Anne Ave N Seattle, WA	1.0	1.0	660	$1,425	$2.16	1d	1	0.23mi
10 Clay St Seattle, WA	1.0	1.0	625	$2,895	$4.63	1d	2	0.23mi
10 Clay St Seattle, WA	2.0	1.0–2.0	830	$1,975	$2.38	13d	1	0.23mi
300 1st Ave W Seattle, WA	3.0	1.0–2.0	916	$2,824	$3.08	1d	10	0.24mi
81 Clay St Unit 774 Seattle, WA	—	1.0	486	$2,130	$4.38	19d	1	0.24mi
81 Clay St #526 Seattle, WA	1.0	1.0	652	$2,150	$3.30	1d	1	0.24mi
2721 1st Ave Seattle, WA	1.0	1.0	617	$2,022	$3.28	43d	3	0.24mi
315 1st Ave N Seattle, WA	1.0	1.0	571	$2,428	$4.25	1d	11	0.24mi
2716 Elliott Ave Seattle, WA	—	1.0	500	$1,625	$3.25	1d	1	0.25mi
320 Queen Anne Ave N Seattle, WA	1.0	1.0–2.0	576	$2,940	$5.10	1d	5	0.25mi
2721 1st Ave Seattle, WA	1.0	1.0	657	$2,150	$3.27	1d	1	0.25mi

HOA detail condo

• Monthly dues: $455 · $5,460/yr
• Likely covers: doorman
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-19
   days on market $309,995 Active 66 DOM
2. 2026-06-18
   days on market $309,995 Active 65 DOM
3. 2026-06-17
   days on market $309,995 Active 64 DOM
4. 2026-06-16
   days on market $309,995 Active 63 DOM
5. 2026-06-15
   days on market $309,995 Active 62 DOM
6. 2026-06-15
   days on market $309,995 Active 61 DOM
7. 2026-06-13
   days on market $309,995 Active 60 DOM
8. 2026-06-12
   days on market $309,995 Active 59 DOM
9. 2026-06-10
   days on market $309,995 Active 57 DOM
10. 2026-06-09
    days on market $309,995 Active 56 DOM
11. 2026-06-08
    days on market $309,995 Active 55 DOM
12. 2026-06-07
    days on market $309,995 Active 54 DOM
13. 2026-06-07
    days on market $309,995 Active 53 DOM
14. 2026-06-04
    days on market $309,995 Active 51 DOM
15. 2026-06-03
    days on market $309,995 Active 50 DOM
16. 2026-06-02
    days on market $309,995 Active 49 DOM
17. 2026-06-01
    days on market $309,995 Active 48 DOM
18. 2026-05-31
    days on market $309,995 Active 47 DOM
19. 2026-05-09
    price $309,995
20. 2026-04-14
    listed $324,995 Active
21. 2008-07-09
    soldstatus $249,950 Sold
22. 2008-07-09
    soldstatus $249,950
23. 2008-05-20
    historical
24. 2008-05-16
    listed $249,950

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

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $2,946 · $245/mo
• Projected year-2 tax: $3,038 · $253/mo
• Expected delta: +$92/yr (+$8/mo · 3.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 7/10 Severe 11 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,234
• − Mortgage interest: −$17,365
• − Property taxes: −$2,946
• − Insurance: −$1,550
• − Repairs & maintenance: −$1,939
• − Management: −$1,939
• − HOA: −$5,460
• − Depreciation: −$9,018
• Taxable loss: −$15,981
• Est. tax savings @ 24.0%: +$3,836
• After-tax cash flow: $-6,483/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: 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

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 · 2,251,916 people
• City population: 706,262
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 21,166
• Household income: $152,019
• Rent vs Own: 77.4% rent · 22.6% own
• Severe rent burden: 1835.0

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 0.65)
• Race & ethnicity: White 47% Asian 34% Two or more races 9% Hispanic / Latino 8% Black 3%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 3% Italian 3% Slovak 2%
• Foreign-born: 40% · China, Canada, South Korea
• Languages at home: 59% English-only · Other Indo-European 13% Chinese 10% Spanish 5%

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: ▼ -0.81%
• Current HPI: 165.0124
• Rent YoY: ▬ 0.05%
• 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

+24.0% since first listed

6 events — show timeline

• 2026-05-09 Price Changed $309,995 NWMLS as Distributed by MLS Grid
• 2026-04-14 Listed $324,995 NWMLS as Distributed by MLS Grid
• 2008-07-09 Sold (Public Records) $249,950 Public Records
• 2008-07-09 Sold (MLS) $249,950 NWMLS as Distributed by MLS Grid
• 2008-05-20 Delisted — NWMLS as Distributed by MLS Grid
• 2008-05-16 Listed $249,950 NWMLS as Distributed by MLS Grid

Property tax history

+2.7%/yr

Latest (2025): $2,946 · -11.6% YoY. Source: county tax records.