24842 96th Ave S · Kent, WA 98030

$635,000

4 bd · 4.0 ba · 2,240 sqft · MultiFamily public records · 87 Days on market

Built 1974 7,199 sqft lot $283/sqft · 63% above area Est $779k · 19% 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).

• ARV discount +15.0/15.0
• Cash flow +6.6/30.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• 1% rule +1.2/10.0
• DSCR +0.9/10.0
• 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

Nestled in the heart of Kent, Washington, this exceptional duplex is a rare gem for both investors and homeowners. Its prime location, spacious layout, and thoughtful details make it a standout in today’s competitive market. Each unit is bathed in natural light, creating a warm and inviting ambiance. The open-concept living and dining areas are ideal for entertaining or unwinding, while fully equipped kitchens with ample cabinetry and counter space make meal prep a breeze. Both units feature generously sized bedrooms and the everyday convenience of in-unit laundry. One of this property’s standout features is the rare inclusion of a two-car garage for each unit—offering unp

Key facts

• Large shared yard
• In unit laundry
• Two car garage

Tags

• TWO CAR GARAGE
• LARGE SHARED YARD
• PRIME LOCATION
• QUICK ACCESS TO HIGHWAYS
• IN UNIT LAUNDRY

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $635k.

Deal economics

• At list price, monthly cash flow is $-1k ($-12k/yr) — negative. Per door: $-515/mo.
• To cash-flow at today's rent, offer at most $453k (28.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $395k (37.8% below list).
• Recommended offer: $395k (37.8% below list) — sets the bar for 1% rule.
• Cap rate 4.3% vs local median 2.7% in Kent — 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 79/100 on livability (#109 in WA, #2,154 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools C-, crime F, cost of living F.
• Kent School District (urban): math 47% / reading 57% proficiency, ranked #109 of 291 in WA (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.7%/yr); 171 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• At $3,947/mo this rent would consume 52% of the median local household income ($92k/yr) (locally 1415% 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 $19k 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 87 days — a 6% lower offer ($597k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 23y ago; this cycle's ask has dropped $34k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $262k; list at $635k implies a 142% gain — meaningful room to come down on a strong offer.

Recommended offer $394,700 (37.8% 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 87 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.62% ✗
• Cap rate: 4.34%
• Cash-on-cash: -6.96%
• DSCR: 0.69
• GRM: 13.4

CMA / ARV

• ARV (median comp): $779,227
• List price: $635,000
• Delta: -18.51%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.72% rent growth · sell at horizon

5-year hold

• IRR: -27.7%
• Equity multiple: 0.07×
• Total profit: $-165,762
• Equity at exit: $94,681

10-year hold

• IRR: -23.9%
• Equity multiple: -0.22×
• Total profit: $-217,251
• Equity at exit: $54,903

Cash invested: $177,800 (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 98030

• Rents YoY: 3.7%
• Active inventory: 171
• Price-to-rent: 26.8×

Monthly cashflow live

• Estimated rent: $3,947 high
• Mortgage (P&I): −$3,330
• Tax from tax record: −$554 /mo · $6,653/yr
• Insurance: −$265
• HOA: −$0
• Vacancy / Maint / Mgmt: −$829
• Net cashflow: $-1,031

Break-even live

Break-even rent $5,252

Max offer price $452,891

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$3,948
Total (2 units)			$3,947

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: $158,750
• Closing costs: $19,050
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1220 E Laurel St Kent, WA	3.0	2.0	1580	$2,995	$1.90	12d	1	0.38mi
10031 SE 258th Pl Kent, WA	3.0	2.0–2.5	1454	$2,968	$2.04	2d	3	0.71mi
23533 97th Ave S Kent, WA	4.0	2.5	2040	$3,300	$1.62	43d	1	0.80mi
10217 SE 237th St Kent, WA	3.0	3.0	2412	$3,200	$1.33	24d	1	0.84mi
11226 SE 254th St Kent, WA	5.0	3.0	2960	$4,890	$1.65	43d	1	1.08mi
11226 SE 254th St Lot 1 Kent, WA	5.0	3.0	2960	$4,990	$1.69	43d	1	1.08mi
401 3rd Ave S Unit Lower Kent, WA	3.0	2.0	2000	$2,780	$1.39	43d	1	1.10mi
11506 SE 253rd Pl Kent, WA	4.0	2.5	2812	$4,200	$1.49	24d	1	1.21mi
11220 SE 264th St Kent, WA	4.0	3.0	2350	$3,650	$1.55	21d	1	1.39mi
22720 101st Pl SE Kent, WA	4.0	3.5	2461	$10,500	$4.27	21d	1	1.40mi
507 W Concord St Unit 507 Kent, WA	4.0	2.5	2090	$4,500	$2.15	43d	1	1.41mi
24115 118th Pl SE Kent, WA	4.0	3.0	2378	$3,700	$1.56	12d	1	1.44mi

Listing history 7 events

1. 2026-04-23
   price $635,000
2. 2026-02-25
   listed $669,000 Active
3. 2003-03-25
   soldstatus $262,500
4. 2003-03-25
   soldstatus $262,500
5. 2003-02-01
   listed $270,000
6. 1987-12-29
   soldstatus $120,000
7. 1978-12-07
   soldstatus $73,000

ⓘ 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: $6,653 · $554/mo
• Projected year-2 tax: $6,653 · $554/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥87°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 12 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $47,364
• − Mortgage interest: −$35,570
• − Property taxes: −$6,653
• − Insurance: −$3,175
• − Repairs & maintenance: −$3,789
• − Management: −$3,789
• − Depreciation: −$18,473
• Taxable loss: −$24,085
• Est. tax savings @ 24.0%: +$5,780
• After-tax cash flow: $-6,590/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: Kent School District
• NCES district ID: 5303960
• Math proficiency: 47% ▼ -1.00%
• Reading proficiency: 57% ▼ -1.00%
• Median HH income: $69,823
• Composite: 48.25/100
• National rank: #4714
• State rank: #109 of 291 in WA

Livability — Kent

• Score: 79/100
• State rank: #109
• US rank: #2154

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kent, WA
• County: King County · 2,251,916 people
• City population: 119,479
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 38,523
• Household income: $91,761
• Rent vs Own: 47.8% rent · 52.2% own
• Severe rent burden: 1415.0

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: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: White 41% Asian 24% Hispanic / Latino 15% Black 11% Two or more races 9% Pacific Islander 3%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Subsaharan African 6% Italian 4% Portuguese 2%
• Foreign-born: 36% · Canada, Vietnam, Philippines
• Languages at home: 53% English-only · Spanish 10% Other Indo-European 9% Other Asian/Pacific 8%

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: ▼ -494.18%
• Current HPI: 315.2007
• Rent YoY: ▲ 3.72%
• 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

+769.9% since first listed

7 events — show timeline

• 2026-04-23 Price Changed $635,000 NWMLS as Distributed by MLS Grid
• 2026-02-25 Listed $669,000 NWMLS as Distributed by MLS Grid
• 2003-03-25 Sold (Public Records) $262,500 Public Records
• 2003-03-25 Sold (MLS) $262,500 NWMLS as Distributed by MLS Grid
• 2003-02-01 Listed $270,000 NWMLS as Distributed by MLS Grid
• 1987-12-29 Sold (Public Records) $120,000 Public Records
• 1978-12-07 Sold (Public Records) $73,000 Public Records

Property tax history

+3.8%/yr

Latest (2025): $6,653 · +7.3% YoY. Source: county tax records.