1350 Rohman Dr

Prosser, WA 99350

$599,900D

6 bd · 4.0 ba · 4,270 sqft · Built 2001 · MultiFamily · Pending · 97 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,744/mo
• Mortgage (P&I): −$3,146
• Tax + insurance: −$754
• HOA: −$0
• Vac / Maint / Mgmt: −$996
• Net cashflow: $-153/mo
• Annual: $-1,831/yr
• Cap rate: 5.99%
• Cash-on-cash: -1.09%
• DSCR: 0.95
• 1% rule: 0.79%
• Cash to close: $167,972

Investor read

• This is a 2 × 4-bed/3.0-bath units multifamily listed at $600k.
• At list price, monthly cash flow is $-153 ($-2k/yr) — negative. Per door: $-76/mo.
• To cash-flow at today's rent, offer at most $573k (4.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $474k (20.9% below list).
• It's been on market 97 days — a 9% lower offer ($546k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $474k (20.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#91 in WA, #1,785 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities D+, employment D.
• Prosser School District (town): math 36% / reading 46% proficiency, ranked #208 of 291 in WA (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Keene-Riverview Elementary (392 students, 82% FRL); Housel Middle School (576 students, 83% FRL); Prosser High School (834 students, 81% FRL) — zoned schools average 82% FRL vs 60% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 233 active listings in the ZIP; 1,532 units permitted in Benton County in 2024 (389 in 5+ unit buildings).
• Benton County population projected at +32% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 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 $222k; list at $600k implies a 170% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wildfire risk; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.0% vs local median 2.7% in Prosser — 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.

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?
• It's been on market 97 days. Have you received any prior offers? Is the seller open to a 21% 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.