302 W Prasch Ave Unit A & B

Yakima, WA 98902

$325,000C

5 bd · 3.0 ba · 3,344 sqft · Built 1920 · MultiFamily · Active · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,113/mo
• Mortgage (P&I): −$1,704
• Tax + insurance: −$542
• HOA: −$0
• Vac / Maint / Mgmt: −$654
• Net cashflow: $213/mo
• Annual: $2,559/yr
• Cap rate: 7.08%
• Cash-on-cash: 2.81%
• DSCR: 1.13
• 1% rule: 0.96%
• Cash to close: $91,000

Investor read

• This is a 1×2.0bd/1.0ba + 1×3.0bd/2.0ba units multifamily listed at $325k. Condition is rated fair.
• At list price, monthly cash flow is $213 ($3k/yr) — positive. Per door: $107/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $311k (4.2% below list).
• It's been on market 39 days — a 3% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $311k (4.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#98 in WA, #1,912 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: employment D, crime F.
• Yakima School District (urban): math 34% / reading 42% proficiency, ranked #238 of 291 in WA (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 76% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.1%/yr); 185 active listings in the ZIP; 468 units permitted in Yakima County in 2024 (23 in 5+ unit buildings).
• Yakima County population projected at +6% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Cap rate 7.1% vs local median 3.4% in Yakima — 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.
• At $3,113/mo this rent would consume 59% of the median local household income ($63k/yr) (locally 1607% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior fencing — Needs replacement
• Major: exterior siding — Needs repainting or replacement
• Major: exterior landscaping — Overgrown and needs trimming