14510 NE 31st St Unit H306

Bellevue, WA 98007

$245,000D

1 bd · 1.0 ba · 680 sqft · Built 1978 · Condo · Pending · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,092/mo
• Mortgage (P&I): −$1,285
• Tax + insurance: −$277
• HOA: −$541
• Vac / Maint / Mgmt: −$439
• Net cashflow: $-450/mo
• Annual: $-5,399/yr
• Cap rate: 4.09%
• Cash-on-cash: -7.87%
• DSCR: 0.65
• 1% rule: 0.85%
• Cash to close: $68,600

Investor read

• This is a 1-bed/1.0-bath condo listed at $245k.
• At list price, monthly cash flow is $-450 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $166k (32.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $209k (14.6% below list).
• It's been on market 21 days — a 2% lower offer ($241k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $166k (32.4% 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 $7k of value loss. Plan a longer hold.
• Location reads 87/100 on livability (#15 in WA, #314 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• Bellevue School District (urban): math 73% / reading 79% proficiency, ranked #7 of 291 in WA (top 2%) — strong family-tenant draw, lease renewals of 3-5y typical; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Ardmore Elementary School (358 students, 50% FRL); Interlake Senior High School (1,543 students, 26% FRL) — zoned schools average 38% FRL vs 15% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 26% of rent.
• Market conditions: Rents soft (-1.7%/yr); 133 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals leasing fast (median 0d 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.
• 2 sale attempts since 25y 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.
• Current owner paid $86k; list at $245k implies a 185% gain — meaningful room to come down on a strong offer.
• Cap rate 4.1% vs local median 1.1% in Bellevue — 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?
• Built in 1978 — 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.