204 SE 12th St · College Place, WA 99324

$995,000

96 bd · 64.0 ba · 5,610 sqft · MultiFamily public records · 295 Days on market

Built 1925 0.62 ac lot $177/sqft · 32% above area Est $755k · 32% over

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Why this score? — see what drove the C- 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 +25.0/30.0
• DSCR +8.1/10.0
• 1% rule +5.5/10.0
• Schools +4.2/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 8 units. confirmed

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 MLS

TURN-KEY APARTMENT INVESTMENT PROPERTY with professional property management and tenants in place. Eight Unit Apartment includes SIX 2 bedroom & 1 bath units, ONE 1 bedroom one bath unit, and ONE studio unit. Open kitchen with renovated fixtures, paint, floorings and all units have new Heat/AC mini-split systems. Property is 100% rented after 2 years of renovations and stabilization.  Property is conditionally underwritten for a 30 Year - 70% LTV loan.  Excellent 1031 Exchange opportunity!

Key facts

• Turn-key apartment
• Renovated fixtures
• Open kitchen

Tags

• TURN-KEY APARTMENT
• RENOVATED FIXTURES
• OPEN KITCHEN

What this means for you Summary

Snapshot

• This is a 6×2bd/1ba + 1×1bd/1ba + 1×?bd/1ba units multifamily listed at $995k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $270/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $995k).
• Recommended offer: $876k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 2.5% in College Place — 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 82/100 on livability (#71 in WA, #1,277 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: employment D, amenities D-.
• College Place School District (suburban): math 41% / reading 53% proficiency, ranked #170 of 291 in WA (top 58%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 103 active listings in the ZIP; 206 units permitted in Walla Walla County in 2024 (50 in 5+ unit buildings).
• At $10,465/mo this rent would consume 200% of the median local household income ($63k/yr) (locally 400% 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 $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Walla Walla County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 295 days — a 12% lower offer ($876k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 7y ago; this cycle's ask has dropped $155k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $450k; list at $995k implies a 121% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $875,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 295 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
8. 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.
9. 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: 1.05% ✓
• Cap rate: 8.90%
• Cash-on-cash: 9.30%
• DSCR: 1.41
• GRM: 7.9

CMA / ARV

• ARV (median comp): $754,639
• List price: $995,000
• Delta: 31.85%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -2.3%
• Equity multiple: 0.91×
• Total profit: $-23,985
• Equity at exit: $148,358

10-year hold

• IRR: 7.4%
• Equity multiple: 1.56×
• Total profit: $154,970
• Equity at exit: $86,029

Cash invested: $278,600 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

Just-cause statewide (2021); Seattle layers rent control restrictions + relocation assistance; very tenant-friendly.

Methodology + full state rankings →

ZIP-level market 99324

• Home prices YoY: -17.6%
• Active inventory: 103
• Price-to-rent: 61.5×

Monthly cashflow live

• Estimated rent: $10,465 high
• Mortgage (P&I): −$5,218
• Tax from tax record: −$475 /mo · $5,700/yr
• Insurance: −$415
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,198
• Net cashflow: $2,160

Break-even live

Break-even rent $7,731

Max offer price $995,000

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1	$8,088
1× unit	1	1	$1,184
1× unit	0	1	$1,193
Total (8 units)			$10,465

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: $248,750
• Closing costs: $29,850
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-19
   days on market $995,000 Active 295 DOM
2. 2026-06-18
   days on market $995,000 Active 294 DOM
3. 2026-06-17
   days on market $995,000 Active 293 DOM
4. 2026-06-16
   days on market $995,000 Active 292 DOM
5. 2026-06-15
   days on market $995,000 Active 291 DOM
6. 2026-06-14
   days on market $995,000 Active 289 DOM
7. 2026-06-12
   days on market $995,000 Active 288 DOM
8. 2026-06-09
   days on market $995,000 Active 285 DOM
9. 2026-06-08
   days on market $995,000 Active 284 DOM
10. 2026-06-07
    days on market $995,000 Active 283 DOM
11. 2026-06-05
    days on market $995,000 Active 280 DOM
12. 2026-06-03
    days on market $995,000 Active 279 DOM
13. 2026-06-02
    days on market $995,000 Active 278 DOM
14. 2026-06-01
    days on market $995,000 Active 277 DOM
15. 2026-05-31
    days on market $995,000 Active 276 DOM
16. 2026-05-30
    days on market $995,000 Active 275 DOM
17. 2025-11-26
    price $995,000 510-char remark

    Show marketing remark (510 chars)

    TURN-KEY APARTMENT INVESTMENT PROPERTY with professional property management and tenants in place. Eight Unit Apartment includes SIX 2 bedroom & 1 bath units, ONE 1 bedroom one bath unit, and ONE studio unit. Open kitchen with renovated fixtures, paint, floorings and all units have new Heat/AC mini-split systems. Property is 100% rented after 2 years of renovations and stabilization.  Property is conditionally underwritten for a 30 Year - 70% LTV loan.  Excellent 1031 Exchange opportunity!

18. 2025-10-01
    price $1,050,000 510-char remark

    Show marketing remark (510 chars)

    TURN-KEY APARTMENT INVESTMENT PROPERTY with professional property management and tenants in place. Eight Unit Apartment includes SIX 2 bedroom & 1 bath units, ONE 1 bedroom one bath unit, and ONE studio unit. Open kitchen with renovated fixtures, paint, floorings and all units have new Heat/AC mini-split systems. Property is 100% rented after 2 years of renovations and stabilization.  Property is conditionally underwritten for a 30 Year - 70% LTV loan.  Excellent 1031 Exchange opportunity!

19. 2025-08-27
    listed $1,150,000 Active 510-char remark

    Show marketing remark (510 chars)

    TURN-KEY APARTMENT INVESTMENT PROPERTY with professional property management and tenants in place. Eight Unit Apartment includes SIX 2 bedroom & 1 bath units, ONE 1 bedroom one bath unit, and ONE studio unit. Open kitchen with renovated fixtures, paint, floorings and all units have new Heat/AC mini-split systems. Property is 100% rented after 2 years of renovations and stabilization.  Property is conditionally underwritten for a 30 Year - 70% LTV loan.  Excellent 1031 Exchange opportunity!

20. 2024-11-29
    historical $950
21. 2024-10-29
    price $950
22. 2024-10-19
    price $1,195
23. 2024-08-15
    listed $1,175
24. 2024-05-23
    historical $1,295
25. 2024-04-12
    listed $1,295
26. 2024-01-29
    historical $1,195
27. 2024-01-18
    price $1,195
28. 2023-11-02
    listed $1,295
29. 2021-03-08
    listed $655,000
30. 2019-05-01
    soldstatus $450,000
31. 2019-05-01
    soldstatus $523,529
32. 2019-02-15
    listed $400,000
33. 1990-03-12
    soldstatus $60,000

ⓘ 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: $5,700 · $475/mo
• Projected year-2 tax: $9,751 · $813/mo
• Expected delta: +$4,051/yr (+$338/mo · 71.1%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 10 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $125,580
• − Mortgage interest: −$55,735
• − Property taxes: −$5,700
• − Insurance: −$4,975
• − Repairs & maintenance: −$10,046
• − Management: −$10,046
• − Depreciation: −$28,945
• Taxable income: $10,131
• Est. tax owed @ 24.0%: −$2,431
• After-tax cash flow: $23,487/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: College Place School District
• NCES district ID: 5301470
• Math proficiency: 41% ▲ 2.00%
• Reading proficiency: 53% ▬ 0.00%
• Median HH income: $48,045
• Composite: 42.23/100
• National rank: #6997
• State rank: #170 of 291 in WA

Livability — College Place

• Score: 82/100
• State rank: #71
• US rank: #1277

Category grades

Amenities D- Commute A+ Cost of living A- Crime A- Employment D Housing A+ Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: College Place, WA
• County: Walla Walla County · 52,990 people
• City population: 10,137
• Metro: Walla Walla, WA
• Population (ZIP): 10,137
• Household income: $62,839
• Rent vs Own: 35.5% rent · 64.5% own
• Severe rent burden: 400.0

Population outlook (Walla Walla County) Hauer SSP2

• Today (2025): 63,088 people
• By 2030: 64,417 · +2.1%
• By 2040: 66,563 · +5.5%
• By 2050: 68,337 · +8.3%
• By 2075: 73,235 · +16.1%
• By 2100: 74,878 · +18.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 20% Two or more races 8% Asian 3%
• Hispanic origin (detail): Mexican 16%
• Common ancestry: Italian 6% Lithuanian 4% Portuguese 4%
• Foreign-born: 9% · Canada, China
• Languages at home: 84% English-only · Spanish 12% French/Haitian/Cajun 1% Other Asian/Pacific 1%

Political lean MEDSL · Walla Walla

• 2024 margin: Lean R (+8.1) · D 44.6% · R 52.7% · Other 2.7%
• 2008→2024 swing: +8.5pp toward D · 2008: -16.6pp · 2024: -8.1pp
• All cycles: 2024: R+8.1 2020: R+8.7 2016: R+16.4 2012: R+22.3 2008: R+16.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -69.73%
• Current HPI: 326.0923
• Rent YoY: —
• Metro: Walla Walla, 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

+1558.3% since first listed

17 events — show timeline

• 2025-11-26 Price Changed $995,000 RMLS
• 2025-10-01 Price Changed $1,050,000 RMLS
• 2025-08-27 Listed $1,150,000 RMLS
• 2024-11-29 Rental Removed $950 RENT.
• 2024-10-29 Price Changed $950 RENT.
• 2024-10-19 Price Changed $1,195 RENT.
• 2024-08-15 Listed for Rent $1,175 RENT.
• 2024-05-23 Rental Removed $1,295 APPFOLIO
• 2024-04-12 Listed for Rent $1,295 APPFOLIO
• 2024-01-29 Rental Removed $1,195 APPFOLIO
• 2024-01-18 Price Changed $1,195 APPFOLIO
• 2023-11-02 Listed for Rent $1,295 APPFOLIO
• 2021-03-08 Listed $655,000 PACMLS
• 2019-05-01 Sold (Public Records) $523,529 Public Records
• 2019-05-01 Sold (MLS) $450,000 NWMLS as Distributed by MLS Grid
• 2019-02-15 Listed $400,000 NWMLS as Distributed by MLS Grid
• 1990-03-12 Sold (Public Records) $60,000 Public Records

Property tax history

+3.7%/yr

Latest (2026): $5,700 · +2.6% YoY. Source: county tax records.