7 Neilton Ln · Neilton, WA 98552

$375,000

None bd · None ba · 3,472 sqft · MultiFamily · 393 Days on market

Built 1965 Fair condition 0.31 ac lot

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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 +22.1/30.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• 1% rule +5.8/10.0
• Appreciation +5.0/10.0
• Schools +3.1/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Attention investors! 4 unit building in Neilton WA that has not had a vacancy in Years and has below market rent. Fantastic income potential and close to lake Quinault. 4th Unit has an unfinished 3rd bedroom/ 2nd bath addition, rent was planned on being set at 1200. each unit right now has 2 bedrooms one bath up with kitchen, dining & living downstairs. W/ D hook ups in kitchen. additional huge shed/ shop in back for additional storage / rental income

Key facts

• 4 unit building
• 0.31 acre lot
• 13 parking spots

Tags

• 4 UNIT BUILDING
• FANTASTIC INCOME POTENTIAL
• CLOSE TO LAKE QUINAULT

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $375k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $605 ($7k/yr) — positive. Per door: $151/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $375k).
• Recommended offer: $330k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 57/100 on livability (#535 in WA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+; Watch: health & safety C-, schools F, crime F.
• Lake Quinault School District (rural): math 30% / reading 35% proficiency, ranked #260 of 291 in WA (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 83% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 10 active listings in the ZIP; 297 units permitted in Grays Harbor County in 2024 (17 in 5+ unit buildings).

Forward outlook

• In year one you build about $14k of equity ($3k loan paydown + $11k appreciation (3.0% local appreciation)).
• Grays Harbor County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $105k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 393 days — a 12% lower offer ($330k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y ago; this cycle's ask has dropped $20k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; list at $375k implies a 168% gain — meaningful room to come down on a strong offer.

Recommended offer $330,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 393 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. 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?
10. 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.
11. 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.
12. 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: 1.08% ✓
• Cap rate: 8.23%
• Cash-on-cash: 6.91%
• DSCR: 1.31
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 14.0%
• Equity multiple: 1.80×
• Total profit: $83,755
• Equity at exit: $168,616

10-year hold

• IRR: 15.8%
• Equity multiple: 3.33×
• Total profit: $244,319
• Equity at exit: $259,858

Cash invested: $105,000 (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 98552

• Active inventory: 10
• Price-to-rent: 30.9×

Monthly cashflow live

• Estimated rent: $4,046 medium
• Mortgage (P&I): −$1,967
• Tax est. 1.5%: −$469 /mo · $5,625/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$850
• Net cashflow: $605

Break-even live

Break-even rent $3,280

Max offer price $375,000

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,048
Total (4 units)			$4,046

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-19
   days on market $375,000 Active 393 DOM
2. 2026-06-18
   days on market $375,000 Active 392 DOM
3. 2026-06-17
   days on market $375,000 Active 391 DOM
4. 2026-06-16
   days on market $375,000 Active 390 DOM
5. 2026-06-15
   days on market $375,000 Active 389 DOM
6. 2026-06-14
   days on market $375,000 Active 387 DOM
7. 2026-06-12
   days on market $375,000 Active 386 DOM
8. 2026-06-08
   days on market $375,000 Active 382 DOM
9. 2026-06-07
   days on market $375,000 Active 381 DOM
10. 2026-06-02
    days on market $375,000 Active 376 DOM
11. 2026-06-01
    days on market $375,000 Active 375 DOM
12. 2026-05-31
    days on market $375,000 Active 374 DOM
13. 2026-05-30
    days on market $375,000 Active 373 DOM
14. 2025-12-12
    status Active
15. 2025-01-22
    price $375,000
16. 2024-10-08
    listed $395,000 Active
17. 2018-01-18
    soldstatus $140,000 Sold
18. 2017-10-26
    status Pending
19. 2017-10-04
    status Pending Inspection
20. 2017-07-18
    status Active
21. 2017-06-14
    historical Expired
22. 2016-12-27
    listed $160,000 Active
23. 2005-05-06
    soldstatus $122,500
24. 2005-01-10
    listed $125,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone D · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥84°F today · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $48,552
• − Mortgage interest: −$21,006
• − Property taxes: −$5,625
• − Insurance: −$1,875
• − Repairs & maintenance: −$3,884
• − Management: −$3,884
• − Depreciation: −$10,909
• Taxable income: $1,369
• Est. tax owed @ 24.0%: −$329
• After-tax cash flow: $6,929/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.

Condition & rehab AI · 11 photos

Fair 45/100 Moderate rehab

This 4-unit property requires moderate renovations to improve its exterior, interior, and systems, significantly enhancing its resale and rental value.

Repairs flagged

• Major exterior siding — Severe weathering
• Major exterior paint — Peeling and fading
• Major flooring — Worn and outdated carpet
• Moderate kitchen cabinets — Old and dated design
• Moderate bathroom fixtures — Old and outdated design

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace flooring — Improves living space and value
• Both Update kitchen cabinets — Modernizes space and value
• Both Update bathroom fixtures — Modernizes space and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Severe weathering	Major	$15,000–50,000
exterior paint · Peeling and fading	Major	$15,000–50,000
flooring · Worn and outdated carpet	Major	$15,000–50,000
kitchen cabinets · Old and dated design	Moderate	$3,000–15,000
bathroom fixtures · Old and outdated design	Moderate	$3,000–15,000
Total estimated repair cost · 5 items		$51,000–180,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace flooring — Improves living space and value ↑
• Both Update kitchen cabinets — Modernizes space and value ↑
• Both Update bathroom fixtures — Modernizes space and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Lake Quinault School District
• NCES district ID: 5307050
• Math proficiency: 30% ▬ 0.00%
• Reading proficiency: 35% ▲ 5.00%
• Median HH income: $45,478
• Composite: 30.57/100
• National rank: #11467
• State rank: #260 of 291 in WA

Livability — Neilton

• Score: 57/100
• State rank: #535
• US rank: #22276

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Neilton, WA
• Population (ZIP): 207

Population outlook (Grays Harbor County) Hauer SSP2

• Today (2025): 66,443 people
• By 2030: 63,255 · -4.8%
• By 2040: 56,466 · -15.0%
• By 2050: 50,516 · -24.0%
• By 2075: 39,296 · -40.9%
• By 2100: 31,142 · -53.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 58% Two or more races 14% Hispanic / Latino 14% Native American 12%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Iranian 5% Lithuanian 3% Slovak 2%
• Foreign-born: 8% · Canada
• Languages at home: 85% English-only · Spanish 15%

Political lean MEDSL · Grays Harbor

• 2024 margin: Lean R (+6.0) · D 45.6% · R 51.6% · Other 2.8%
• 2008→2024 swing: -20.6pp toward R · 2008: 14.6pp · 2024: -6.0pp
• All cycles: 2024: R+6.0 2020: R+6.6 2016: R+7.1 2012: D+14.0 2008: D+14.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• 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

+200.0% since first listed

11 events — show timeline

• 2025-12-12 Relisted — NWMLS as Distributed by MLS Grid
• 2025-01-22 Price Changed $375,000 NWMLS as Distributed by MLS Grid
• 2024-10-08 Listed $395,000 NWMLS as Distributed by MLS Grid
• 2018-01-18 Sold (MLS) $140,000 NWMLS as Distributed by MLS Grid
• 2017-10-26 Pending — NWMLS as Distributed by MLS Grid
• 2017-10-04 Pending — NWMLS as Distributed by MLS Grid
• 2017-07-18 Relisted — NWMLS as Distributed by MLS Grid
• 2017-06-14 Delisted — NWMLS as Distributed by MLS Grid
• 2016-12-27 Listed $160,000 NWMLS as Distributed by MLS Grid
• 2005-05-06 Sold (MLS) $122,500 NWMLS as Distributed by MLS Grid
• 2005-01-10 Listed $125,000 NWMLS as Distributed by MLS Grid