17110 NE 45th St #30

Redmond, WA 98052

$298,000D

1 bd · 1.0 ba · 770 sqft · Built 1968 · Condo · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,262/mo
• Mortgage (P&I): −$1,563
• Tax + insurance: −$343
• HOA: −$447
• Vac / Maint / Mgmt: −$475
• Net cashflow: $-566/mo
• Annual: $-6,792/yr
• Cap rate: 4.01%
• Cash-on-cash: -8.14%
• DSCR: 0.64
• 1% rule: 0.76%
• Cash to close: $83,440

Investor read

• This is a 1-bed/1.0-bath condo listed at $298k.
• At list price, monthly cash flow is $-566 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $198k (33.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $226k (24.1% below list).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $198k (33.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 88/100 on livability (#10 in WA, #186 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• Lake Washington School District (suburban): math 79% / reading 85% proficiency, ranked #3 of 291 in WA (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: John J. Audubon Elementary (517 students, 9% FRL); Redmond High School (2,218 students, 15% FRL) — zoned schools at 12% FRL track the district average.
• Market conditions: Rents flat; 337 active listings in the ZIP; 23 comparable units currently listed for rent nearby; rentals leasing fast (median 6d 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).
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts 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 $90k; list at $298k implies a 231% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.0% vs local median 1.4% in Redmond — 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.
• This rent is only 17% of the median local income ($163k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• 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?
• Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.