11004 NE 11th St #404

Bellevue, WA 98004

$559,000D-

1 bd · 1.0 ba · 788 sqft · Built 2001 · Condo · Active · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,825/mo
• Mortgage (P&I): −$2,931
• Tax + insurance: −$579
• HOA: −$520
• Vac / Maint / Mgmt: −$593
• Net cashflow: $-1,799/mo
• Annual: $-21,591/yr
• Cap rate: 2.43%
• Cash-on-cash: -13.79%
• DSCR: 0.39
• 1% rule: 0.51%
• Cash to close: $156,520

Investor read

• This is a 1-bed/1.0-bath condo listed at $559k.
• At list price, monthly cash flow is $-2k ($-22k/yr) — negative.
• To cash-flow at today's rent, offer at most $241k (56.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $282k (49.5% below list).
• It's been on market 34 days — a 3% lower offer ($542k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $241k (56.9% below list) — sets the bar for cash-flow.
• In year one you build about $2k of equity ($4k loan paydown + $-2k appreciation (-0.3% local appreciation)).
• 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: Clyde Hill Elementary (459 students, 14% FRL); Bellevue High School (1,517 students, 15% FRL) — zoned schools at 14% FRL track the district average.
• Market conditions: Rents soft (-0.2%/yr); 350 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 3d 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.
• 6 sale attempts since 23y 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.
• By year 9, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 2.4% 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?
• It's been on market 34 days. Have you received any prior offers? Is the seller open to a 57% concession, seller financing, or rate buy-down credit?
• 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.