8830 Nesbit Ave N · Seattle, WA 98103

$1,400,000

9 bd · 6.0 ba · 5,412 sqft · MultiFamily public records · 76 Days on market

Built 1995 5,125 sqft lot $259/sqft · 30% below area Est $1991k · 30% 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 +8.1/30.0
• Schools +6.1/10.0
• Livability +3.8/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0
• 1% rule +2.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Located in the up and coming neighborhood north of Green Lake. This offering contains 6 spacious apartments, including two, 2-story townhouse style units. The units contain washer/dryers and various other updates. The basement contains a secure parking garage with one space per unit. Located less than 2-blocks from major transit, near Green Lake, as well as Northgate shopping center and light rail station. The property offers a value add opportunity via full renovations, with some work already done for you. Easy building to maintain, has a refreshed landscape, new fence, all the decks and roof were replaced roughly 5-years ago. Rents are slightly below market, with room to increase.

Key facts

• Full renovations
• Washer dryers
• Refreshed landscape

Tags

• SPACIOUS APARTMENTS
• 2 STORY TOWNHOUSE STYLE UNITS
• WASHER DRYERS
• SECURE PARKING GARAGE
• FULL RENOVATIONS
• REFRESHED LANDSCAPE

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1-bath units multifamily listed at $1.40M.

Deal economics

• At list price, monthly cash flow is $-1k ($-16k/yr) — negative. Per door: $-450/mo.
• To cash-flow at today's rent, offer at most $1.16M (17.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $992k (29.1% below list).
• Recommended offer: $992k (29.1% below list) — sets the bar for 1% rule.
• Cap rate 5.1% 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.
• Zoned schools: Hazel Wolf K-8 (720 students, 22% FRL); Robert Eagle Staff Middle School (676 students, 31% FRL); Ingraham High School (1,452 students, 33% FRL) — zoned schools at 29% FRL track the district average.
• Market conditions: Rents rising (+2.2%/yr); 361 active listings in the ZIP; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• At $9,923/mo this rent would consume 91% of the median local household income ($131k/yr) (locally 2586% 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 $10k of loan paydown is wiped out by about $42k 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 76 days — a 6% lower offer ($1.32M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $650k; list at $1.40M implies a 115% gain — meaningful room to come down on a strong offer.

Recommended offer $992,300 (29.1% 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 76 days. Have you received any prior offers? Is the seller open to a 29% 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. 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: 0.71% ✗
• Cap rate: 5.14%
• Cash-on-cash: -4.14%
• DSCR: 0.82
• GRM: 11.8

CMA / ARV

• ARV (median comp): $1,991,400
• List price: $1,400,000
• Delta: -29.70%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.2% rent growth · sell at horizon

5-year hold

• IRR: -24.1%
• Equity multiple: 0.18×
• Total profit: $-320,968
• Equity at exit: $208,745

10-year hold

• IRR: -21.7%
• Equity multiple: -0.08×
• Total profit: $-422,877
• Equity at exit: $121,046

Cash invested: $392,000 (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 →

ZIP-level market 98103

• Rents YoY: 2.2%
• Active inventory: 361
• Price-to-rent: 35.3×

Monthly cashflow live

• Estimated rent: $9,923 high
• Mortgage (P&I): −$7,342
• Tax from tax record: −$1,265 /mo · $15,179/yr
• Insurance: −$583
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,084
• Net cashflow: $-1,351

Break-even live

Break-even rent $11,633

Max offer price $1,161,372

Occupancy floor —

Sensitivity live

Price	-10% $-558	-5% $-955	+0% $-1,351	+5% $-1,747	+10% $-2,143
Rent	-10% $-2,135	-5% $-1,743	+0% $-1,351	+5% $-959	+10% $-567
Rate	-1.0pp $-646	-0.5pp $-995	base $-1,351	+0.5pp $-1,714	+1.0pp $-2,083

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$9,924
Total (3 units)			$9,923

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: $350,000
• Closing costs: $42,000
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-22
   days on market $1,400,000 Active 76 DOM
2. 2026-06-21
   days on market $1,400,000 Active 75 DOM
3. 2026-06-21
   days on market $1,400,000 Active 74 DOM
4. 2026-06-19
   days on market $1,400,000 Active 73 DOM
5. 2026-06-18
   days on market $1,400,000 Active 72 DOM
6. 2026-06-17
   days on market $1,400,000 Active 71 DOM
7. 2026-06-16
   days on market $1,400,000 Active 70 DOM
8. 2026-06-15
   days on market $1,400,000 Active 69 DOM
9. 2026-06-15
   days on market $1,400,000 Active 68 DOM
10. 2026-06-13
    days on market $1,400,000 Active 67 DOM
11. 2026-06-12
    days on market $1,400,000 Active 66 DOM
12. 2026-06-10
    days on market $1,400,000 Active 64 DOM
13. 2026-06-09
    days on market $1,400,000 Active 63 DOM
14. 2026-06-08
    days on market $1,400,000 Active 62 DOM
15. 2026-06-07
    days on market $1,400,000 Active 61 DOM
16. 2026-06-07
    days on market $1,400,000 Active 60 DOM
17. 2026-06-04
    days on market $1,400,000 Active 58 DOM
18. 2026-06-03
    days on market $1,400,000 Active 57 DOM
19. 2026-06-02
    days on market $1,400,000 Active 56 DOM
20. 2026-06-01
    days on market $1,400,000 Active 55 DOM
21. 2026-05-31
    days on market $1,400,000 Active 54 DOM
22. 2026-04-07
    listed $1,400,000 Active
23. 2004-09-15
    soldstatus $650,000
24. 1994-08-02
    soldstatus $120,000
25. 1989-09-07
    soldstatus $79,000

ⓘ 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: $15,179 · $1,265/mo
• Projected year-2 tax: $15,179 · $1,265/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 ≥86°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $119,076
• − Mortgage interest: −$78,422
• − Property taxes: −$15,179
• − Insurance: −$7,000
• − Repairs & maintenance: −$9,526
• − Management: −$9,526
• − Depreciation: −$40,727
• Taxable loss: −$41,304
• Est. tax savings @ 24.0%: +$9,913
• After-tax cash flow: $-6,297/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): 52,671
• Household income: $131,154
• Rent vs Own: 55.6% rent · 44.4% own
• Severe rent burden: 2586.0

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: Predominantly White (70%)
• Race & ethnicity: White 70% Two or more races 11% Asian 11% Hispanic / Latino 8% Black 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 4% Portuguese 4% Romanian 3%
• Foreign-born: 15% · Canada, China, South Korea
• Languages at home: 83% English-only · Spanish 4% Other Indo-European 3% Chinese 2%

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: ▼ -1970.58%
• Current HPI: 314.4545
• Rent YoY: ▲ 2.20%
• 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

+1672.2% since first listed

4 events — show timeline

• 2026-04-07 Listed $1,400,000 NWMLS as Distributed by MLS Grid
• 2004-09-15 Sold (Public Records) $650,000 Public Records
• 1994-08-02 Sold (Public Records) $120,000 Public Records
• 1989-09-07 Sold (Public Records) $79,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $15,179 · -3.0% YoY. Source: county tax records.