321 Maringo Rd · Ephrata, WA 98823

$230,000

3 bd · 2.0 ba · 1,513 sqft · SingleFamily public records · 137 Days on market

Built 1949 10,084 sqft lot $152/sqft · 30% below area Est $328k · 30% under

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +13.5/30.0
• Schools +5.2/10.0
• DSCR +4.1/10.0
• Livability +4.0/5.0
• 1% rule +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Have you been looking for a home with one of the best views in Ephrata? This is your opportunity to own a property with sweeping city views and incredible sunrise and sunset scenery. Large windows throughout the home provide an abundance of natural light while perfectly framing the beautiful views overlooking the city below. This 3-bedroom, 1.75-bath home offers 1,513 square feet of living space and is ready for your vision. With solid bones and a desirable layout, this fixer-upper is ideal for buyers looking to customize and add value. Bring your tool belt and imagination to transform this home into something truly special and uniquely yours. Located in an established area, this property o

Key facts

• Desirable layout
• Space and potential
• Sweeping city views

Tags

• SWEEPING CITY VIEWS
• ABUNDANCE OF NATURAL LIGHT
• DESIRABLE LAYOUT
• RARE COMBINATION OF VIEWS
• SPACE AND POTENTIAL

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $10 ($123/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $186k (19.1% below list).
• Recommended offer: $186k (19.1% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.4% in Ephrata — 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 80/100 on livability (#83 in WA, #1,613 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities F.
• Ephrata School District (town): math 56% / reading 62% proficiency, ranked #72 of 291 in WA (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 232 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 559 units permitted in Grant County in 2024 (35 in 5+ unit buildings).
• This rent runs 31% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.
• Grant County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 137 days — a 12% lower offer ($202k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 22y ago; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $109k; list at $230k implies a 111% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $186,058 (19.1% below list)

Questions for the listing agent

1. It's been on market 137 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
2. Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.81% ✗
• Cap rate: 6.35%
• Cash-on-cash: 0.19%
• DSCR: 1.01
• GRM: 10.3

CMA / ARV

• ARV (median comp): $327,890
• List price: $230,000
• Delta: -29.85%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
329 Maringo Rd	0.01mi	3/1.5	1,540 (+2%)	22mo	$293,000	$190	76
481 Patrick Rd	0.33mi	3/2.0	1,470 (-3%)	17mo	$349,900	$238	66
203 Columbia Rd	0.19mi	3/1.5	1,712 (+13%)	6mo	$355,000	$207	62
209 Maringo Rd	0.18mi	4/2.0 (+1)	1,712 (+13%)	10mo	$245,000	$143	56
411 Patrick Rd	0.21mi	3/1.0	1,352 (-11%)	18mo	$275,000	$203	54
221 Statter Rd	0.19mi	3/2.0	1,296 (-14%)	17mo	$355,000	$274	53
258 D St SW	0.70mi	2/2.0 (-1)	1,440 (-5%)	12mo	$290,000	$201	44
246 E St SW	0.65mi	3/2.0	1,444 (-5%)	23mo	$310,000	$215	43
303 C St NW	0.56mi	2/1.0 (-1)	1,357 (-10%)	22mo	$245,000	$181	29

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -16.0%
• Equity multiple: 0.43×
• Total profit: $-36,671
• Equity at exit: $34,294

10-year hold

• IRR: -7.7%
• Equity multiple: 0.51×
• Total profit: $-31,306
• Equity at exit: $19,886

Cash invested: $64,400 (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 98823

• Active inventory: 232
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $1,861 high
• Mortgage (P&I): −$1,206
• Tax from tax record: −$158 /mo · $1,892/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $10

Break-even live

Break-even rent $1,848

Max offer price $230,000

Occupancy floor 94%

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: $57,500
• Closing costs: $6,900
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
613 3rd Ave NE Apt 5 Ephrata, WA	3.0	2.5	1300	$1,650	$1.27	43d	1	0.99mi
707 3rd Ave NE Unit 5 Ephrata, WA	3.0	2.5	1300	$1,650	$1.27	43d	1	1.00mi
710 7th Ave NE Ephrata, WA	3.0	2.5	1925	$2,195	$1.14	43d	1	1.01mi
711 3rd Ave NE Unit 5 Ephrata, WA	3.0	2.5	1360	$1,650	$1.21	43d	1	1.02mi
713 3rd Ave NE Unit 4 Ephrata, WA	3.0	2.5	1350	$1,395	$1.03	43d	1	1.03mi
807 3rd Ave NE Unit 5 Ephrata, WA	3.0	2.5	1350	$1,600	$1.19	43d	1	1.06mi
370 Ivy St NE Ephrata, WA	3.0	2.5	1500	$2,300	$1.53	43d	1	1.12mi
255 J St NE Ephrata, WA	3.0	1.5	1400	$1,550	$1.11	43d	1	1.15mi
1311 2nd Ave Ephrata, WA	3.0	2.5	1294	$1,900	$1.47	43d	1	1.36mi

Listing history 24 events

1. 2026-06-19
   days on market $230,000 Active 137 DOM
2. 2026-06-18
   days on market $230,000 Active 136 DOM
3. 2026-06-17
   days on market $230,000 Active 135 DOM
4. 2026-06-16
   days on market $230,000 Active 134 DOM
5. 2026-06-15
   pricedays on market $230,000 Active 133 DOM
6. 2026-06-14
   days on market $240,000 Active 131 DOM
7. 2026-06-13
   days on market $240,000 Active 130 DOM
8. 2026-06-10
   days on market $240,000 Active 128 DOM
9. 2026-06-09
   days on market $240,000 Active 127 DOM
10. 2026-06-08
    days on market $240,000 Active 126 DOM
11. 2026-06-07
    days on market $240,000 Active 125 DOM
12. 2026-06-05
    days on market $240,000 Active 122 DOM
13. 2026-06-03
    days on market $240,000 Active 121 DOM
14. 2026-06-02
    days on market $240,000 Active 120 DOM
15. 2026-06-01
    days on market $240,000 Active 119 DOM
16. 2026-05-31
    days on market $240,000 Active 118 DOM
17. 2026-05-30
    days on market $240,000 Active 117 DOM
18. 2026-03-17
    status Active
19. 2026-03-08
    status Pending
20. 2026-02-18
    price $240,000
21. 2026-01-24
    listed $250,000 Active
22. 2005-02-08
    soldstatus $109,000
23. 2005-02-04
    soldstatus $109,000
24. 2004-10-04
    listed $115,000

ⓘ 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: $1,892 · $158/mo
• Projected year-2 tax: $2,254 · $188/mo
• Expected delta: +$362/yr (+$30/mo · 19.1%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 18 unhealthy d/yr today · 18 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,327
• − Mortgage interest: −$12,884
• − Property taxes: −$1,892
• − Insurance: −$1,150
• − Repairs & maintenance: −$1,786
• − Management: −$1,786
• − Depreciation: −$6,691
• Taxable loss: −$3,862
• Est. tax savings @ 24.0%: +$927
• After-tax cash flow: $1,049/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: Ephrata School District
• NCES district ID: 5302610
• Math proficiency: 56% ▼ -1.00%
• Reading proficiency: 62% ▲ 1.00%
• Median HH income: $49,652
• Composite: 51.86/100
• National rank: #3574
• State rank: #72 of 291 in WA

Livability — Ephrata

• Score: 80/100
• State rank: #83
• US rank: #1613

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ephrata, WA
• County: Grant County · 61,643 people
• City population: 12,188
• Metro: Moses Lake, WA
• Population (ZIP): 12,188
• Household income: $73,074
• Rent vs Own: 32.7% rent · 67.3% own
• Severe rent burden: 182.0

Population outlook (Grant County) Hauer SSP2

• Today (2025): 99,356 people
• By 2030: 102,107 · +2.8%
• By 2040: 108,318 · +9.0%
• By 2050: 114,712 · +15.5%
• By 2075: 131,376 · +32.2%
• By 2100: 146,163 · +47.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 30% Two or more races 13%
• Hispanic origin (detail): Mexican 29%
• Common ancestry: Italian 4% Scottish 3% Portuguese 3%
• Foreign-born: 7% · Canada
• Languages at home: 77% English-only · Spanish 23%

Political lean MEDSL · Grant

• 2024 margin: Solid R (+37.5) · D 30.0% · R 67.4% · Other 2.6%
• 2008→2024 swing: -9.9pp toward R · 2008: -27.5pp · 2024: -37.5pp
• All cycles: 2024: R+37.5 2020: R+34.4 2016: R+37.9 2012: R+32.6 2008: R+27.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -356.36%
• Current HPI: 219.8763
• Rent YoY: —
• Metro: Moses Lake, 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

+108.7% since first listed

7 events — show timeline

• 2026-03-17 Relisted — NWMLS as Distributed by MLS Grid
• 2026-03-08 Pending — NWMLS as Distributed by MLS Grid
• 2026-02-18 Price Changed $240,000 NWMLS as Distributed by MLS Grid
• 2026-01-24 Listed $250,000 NWMLS as Distributed by MLS Grid
• 2005-02-08 Sold (Public Records) $109,000 Public Records
• 2005-02-04 Sold (MLS) $109,000 NWMLS as Distributed by MLS Grid
• 2004-10-04 Listed $115,000 NWMLS as Distributed by MLS Grid

Property tax history

+0.3%/yr

Latest (2026): $1,892 · +0.0% YoY. Source: county tax records.