5022 Martin Luther King Jr Way S · Seattle, WA 98118

$165,000

None bd · 1.0 ba · 34,179 sqft · Townhouse public records · 230 Days on market

Built 2025 $5/sqft · 99% below area $280/mo HOA · 16% of rent

---

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 +14.0/30.0
• ARV discount +7.5/15.0
• Schools +6.1/10.0
• 1% rule +5.5/10.0
• DSCR +4.2/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

New studio homes with brand new appliances (including full kitchen & washer/dryer), HVAC systems for heating and cooling, and an abundance of natural light! Homeowners will also enjoy a community courtyard, an elevator, and bike storage. Exact floor plans will vary. Nestled in southeast Seattle, Columbia City is a vibrant, historic neighborhood known for its diverse community, charming architecture, and lively arts and dining scene. Positioned near four other bus routes (connecting to Downtown Seattle, Capitol Hill, SODO, West Seattle, & Renton), these homes are ideal for city dwellers who value public transit access. Also within walking distance are plenty of family-owned restaurants, coffee shops, and other local businesses. These homes are for sale through Habitat for Humanity's affordable homeownership program for as low as 1% down payment, below market interest rates, and guaranteed 1.5% annual appreciation. If your household income is between $40,000-$96,000, you may qualify depending on your household size and other program criteria. Visit buyhabitat.org for more information. This is an active construction site. Please do not enter the construction site.

Key facts

• Brand new appliances
• Natural light
• Community courtyard

Tags

• BRAND NEW APPLIANCES
• COMMUNITY COURTYARD
• NATURAL LIGHT
• PUBLIC TRANSIT ACCESS
• VIBRANT HISTORIC NEIGHBORHOOD
• LIVELY ARTS AND DINING SCENE

What this means for you Summary

Snapshot

• This is a ?-bed/1.0-bath townhouse listed at $165k.

Deal economics

• At list price, monthly cash flow is $21 ($251/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $145k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.4% 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 soft (-0.6%/yr); 264 active listings in the ZIP; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 230 days — a 12% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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.

Recommended offer $145,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 230 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.05% ✓
• Cap rate: 6.45%
• Cash-on-cash: 0.54%
• DSCR: 1.02
• GRM: 7.9

CMA / ARV

• ARV (median comp): $348,576
• List price: $165,000
• Delta: -52.66%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -19.4%
• Equity multiple: 0.34×
• Total profit: $-30,329
• Equity at exit: $24,602

10-year hold

• IRR: -22.0%
• Equity multiple: 0.05×
• Total profit: $-43,693
• Equity at exit: $14,266

Cash invested: $46,200 (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 98118

• Rents YoY: -0.6%
• Active inventory: 264
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $1,733 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$134 /mo · $1,607/yr
• Insurance: −$69
• HOA: −$280
• Vacancy / Maint / Mgmt: −$364
• Net cashflow: $21

Break-even live

Break-even rent $1,706

Max offer price $165,000

Occupancy floor 94%

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $280 · $3,360/yr

Listing history 23 events

1. 2026-06-19
   days on market $165,000 Active 230 DOM
2. 2026-06-18
   days on market $165,000 Active 229 DOM
3. 2026-06-17
   days on market $165,000 Active 228 DOM
4. 2026-06-16
   days on market $165,000 Active 227 DOM
5. 2026-06-15
   days on market $165,000 Active 226 DOM
6. 2026-06-15
   days on market $165,000 Active 225 DOM
7. 2026-06-13
   days on market $165,000 Active 224 DOM
8. 2026-06-12
   days on market $165,000 Active 223 DOM
9. 2026-06-10
   days on market $165,000 Active 221 DOM
10. 2026-06-09
    days on market $165,000 Active 220 DOM
11. 2026-06-08
    days on market $165,000 Active 219 DOM
12. 2026-06-07
    days on market $165,000 Active 218 DOM
13. 2026-06-07
    days on market $165,000 Active 217 DOM
14. 2026-06-04
    days on market $165,000 Active 215 DOM
15. 2026-06-03
    days on market $165,000 Active 214 DOM
16. 2026-06-02
    days on market $165,000 Active 213 DOM
17. 2026-06-01
    days on market $165,000 Active 212 DOM
18. 2026-05-31
    days on market $165,000 Active 211 DOM
19. 2025-11-02
    listed $165,000 Active 1190-char remark

    Show marketing remark (1190 chars)

    New studio homes with brand new appliances (including full kitchen & washer/dryer), HVAC systems for heating and cooling, and an abundance of natural light! Homeowners will also enjoy a community courtyard, an elevator, and bike storage. Exact floor plans will vary. Nestled in southeast Seattle, Columbia City is a vibrant, historic neighborhood known for its diverse community, charming architecture, and lively arts and dining scene. Positioned near four other bus routes (connecting to Downtown Seattle, Capitol Hill, SODO, West Seattle, & Renton), these homes are ideal for city dwellers who value public transit access. Also within walking distance are plenty of family-owned restaurants, coffee shops, and other local businesses. These homes are for sale through Habitat for Humanity's affordable homeownership program for as low as 1% down payment, below market interest rates, and guaranteed 1.5% annual appreciation. If your household income is between $40,000-$96,000, you may qualify depending on your household size and other program criteria. Visit buyhabitat.org for more information. This is an active construction site. Please do not enter the construction site.

20. 2022-06-02
    soldstatus $1,350,000 Closed
21. 2022-03-24
    status Pending
22. 2022-03-04
    listed $1,750,000 Active
23. 2017-07-13
    soldstatus $1,200,000

ⓘ 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: $1,607 · $134/mo
• Projected year-2 tax: $1,617 · $135/mo
• Expected delta: +$10/yr (+$1/mo · 0.7%)

ⓘ 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 · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,792
• − Mortgage interest: −$9,243
• − Property taxes: −$1,607
• − Insurance: −$825
• − Repairs & maintenance: −$1,663
• − Management: −$1,663
• − HOA: −$3,360
• − Depreciation: −$4,800
• Taxable loss: −$2,369
• Est. tax savings @ 24.0%: +$568
• After-tax cash flow: $820/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): 50,500
• Household income: $113,762
• Rent vs Own: 42.9% rent · 57.1% own
• Severe rent burden: 1953.0

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 0.75)
• Race & ethnicity: White 38% Asian 24% Black 18% Hispanic / Latino 12% Two or more races 9% Native American 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 2% Italian 2% Slovak 1%
• Foreign-born: 27% · Vietnam, Canada, China
• Languages at home: 66% English-only · Spanish 7% Vietnamese 5% Chinese 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: ▼ -1195.89%
• Current HPI: 325.4155
• Rent YoY: ▼ -0.61%
• 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

-86.2% since first listed

5 events — show timeline

• 2025-11-02 Listed $165,000 Zillow
• 2022-06-02 Sold (MLS) $1,350,000 NWMLS as Distributed by MLS Grid
• 2022-03-24 Pending — NWMLS as Distributed by MLS Grid
• 2022-03-04 Listed $1,750,000 NWMLS as Distributed by MLS Grid
• 2017-07-13 Sold (Public Records) $1,200,000 Public Records

Property tax history

-8.9%/yr

Latest (2025): $1,607 · +5.7% YoY. Source: county tax records.