1003 N 1st St · Renton, WA 98057

$1,450,000

78 bd · 169.0 ba · 7,383 sqft · MultiFamily public records · 22 Days on market

Built 1929 6,760 sqft lot

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +4.2/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 13 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

This is a rare opportunity to acquire The Riverside Apartments, a classic building located at 1003 N 1st Street, just blocks from downtown Renton. This 13-Unit property offers investors the opportunity to own a character-rich multifamily property in a tightly held Renton location. The Riverside Apartments feature a mix of studio and one-bedroom units. Current in-place rents average $1,229 for studios and $1,284 for one-bedroom units, while comparable properties in Renton are achieving $1,350-$1,450 for studios and $1,400-$1,550 for one-bedrooms. This gap presents a clear opportunity for a new owner to capture meaningful rental upside through light interior renovations and operational improv

Key facts

• 6,760 sq ft lot
• Built 1929
• Listed 22 days

Tags

• LIGHT INTERIOR RENOVATIONS
• OPERATIONAL IMPROVEMENTS
• HIGH-DEMAND RENTAL CORRIDOR
• IMMEDIATE ACCESS TO I-405

Property features AI

Finance

• Other: Calculated building area about 6,735 square feet; Lot roughly 0.1552 acres (approx. 6,760 sq ft); Vacancy rate listed as 5%
• Financial info: Total of 13 units; Gross scheduled income approximately $198,952; Gross adjusted income approximately $189,169; Total monthly income approximately $16,579; Net operating income approximately $97,936; Total expenses approximately $91,234; Insurance expense approximately $8,596; Other expenses approximately $36,168; Gross rent multiplier 7.67; Listing terms: Cash or Conventional

Exterior

• Utilities: Electric energy source; Public water; Sewer connected
• Home design: Residential income property (multi-family); 10+ unit style code; 3 stories
• Construction: Brick construction; Flat roof; Poured concrete foundation; Built as a multi-family structure
• Exterior features: Brick exterior

Interior

• Kitchen: Range/oven in units; Refrigerator in units; No dishwashers in listed units
• Bedrooms: Multiple 1-bedroom units (several units listed as 1 bedroom)
• Flooring: Carpet
• Bathrooms: Each unit includes 1 bathroom
• Heating & cooling: Wall furnace heating; No cooling
• Interior features: Carpet flooring; Basement
• Laundry & utility: No in-unit washer/dryer in listed units

What this means for you Summary

Snapshot

• This is a 13 × 6-bed/1.0-bath units multifamily listed at $1.45M.

Deal economics

• At list price, monthly cash flow is $16k ($191k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($33k rent vs $1.45M).
• Recommended offer: $1.43M (1.5% below list) — sets the bar for market timing.
• Cap rate 19.5% vs local median 2.3% in Renton — 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 83/100 on livability (#52 in WA, #949 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime D-, cost of living F.
• Renton School District (urban): math 47% / reading 55% proficiency, ranked #119 of 291 in WA (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.9%/yr); 52 active listings in the ZIP; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• At $33,302/mo this rent would consume 583% of the median local household income ($69k/yr) (locally 1628% 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 $10k of loan paydown is wiped out by about $44k of value loss. Plan a longer hold.
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.9% rent growth), your $406k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($1.43M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 26y 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 $550k; list at $1.45M implies a 164% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,428,250 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-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?
7. Crime grade is D 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?
8. 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.
9. 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.
10. 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: 2.30% ✓
• Cap rate: 19.53%
• Cash-on-cash: 47.27%
• DSCR: 3.10
• GRM: 3.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.86% rent growth · sell at horizon

5-year hold

• IRR: 43.1%
• Equity multiple: 2.83×
• Total profit: $742,375
• Equity at exit: $216,200

10-year hold

• IRR: 48.7%
• Equity multiple: 5.44×
• Total profit: $1,804,098
• Equity at exit: $125,369

Cash invested: $406,000 (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 98057

• Rents YoY: 1.9%
• Active inventory: 52
• Price-to-rent: 47.2×

Monthly cashflow live

• Estimated rent: $33,302 medium
• Mortgage (P&I): −$7,604
• Tax from tax record: −$2,107 /mo · $25,287/yr
• Insurance: −$604
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$6,993
• Net cashflow: $15,927

Break-even live

Break-even rent $13,142

Max offer price $1,450,000

Occupancy floor 47%

Sensitivity live

Price	-10% $16,748	-5% $16,337	+0% $15,927	+5% $15,516	+10% $15,106
Rent	-10% $13,296	-5% $14,611	+0% $15,927	+5% $17,242	+10% $18,558
Rate	-1.0pp $16,657	-0.5pp $16,296	base $15,927	+0.5pp $15,551	+1.0pp $15,169

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

Units	Beds	Baths	Est. rent
▸ 13× units	6	1	$33,306
Total (13 units)			$33,302

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: $362,500
• Closing costs: $43,500
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-13
   statusdays on market $1,450,000 Pending 22 DOM
2. 2026-06-09
   days on market $1,450,000 Active 20 DOM
3. 2026-06-08
   days on market $1,450,000 Active 19 DOM
4. 2026-06-07
   days on market $1,450,000 Active 18 DOM
5. 2026-06-04
   days on market $1,450,000 Active 15 DOM
6. 2026-06-03
   days on market $1,450,000 Active 14 DOM
7. 2026-06-02
   days on market $1,450,000 Active 13 DOM
8. 2026-06-01
   days on market $1,450,000 Active 12 DOM
9. 2026-05-31
   days on market $1,450,000 Active 11 DOM
10. 2026-05-20
    listed $1,450,000 Active
11. 2000-07-28
    soldstatus $550,000
12. 2000-07-28
    soldstatus $550,000
13. 2000-05-26
    historical
14. 2000-05-08
    listed $550,000

ⓘ 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: $25,287 · $2,107/mo
• Projected year-2 tax: $25,287 · $2,107/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $399,624
• − Mortgage interest: −$81,223
• − Property taxes: −$25,287
• − Insurance: −$8,048
• − Repairs & maintenance: −$31,970
• − Management: −$31,970
• − Depreciation: −$42,182
• Taxable income: $178,946
• Est. tax owed @ 24.0%: −$42,947
• After-tax cash flow: $148,174/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: Renton School District
• NCES district ID: 5307230
• Math proficiency: 47% ▼ -1.00%
• Reading proficiency: 55% ▼ -1.00%
• Median HH income: $66,354
• Composite: 47.13/100
• National rank: #5108
• State rank: #119 of 291 in WA

Livability — Renton

• Score: 83/100
• State rank: #52
• US rank: #949

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Renton, WA
• County: King County · 2,251,916 people
• City population: 158,600
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 12,705
• Household income: $68,552
• Rent vs Own: 74.7% rent · 25.3% own
• Severe rent burden: 1628.0

Population outlook (King County) Hauer SSP2

• Today (2025): 2,576,485 people
• By 2030: 2,803,316 · +8.8%
• By 2040: 3,255,921 · +26.4%
• By 2050: 3,706,444 · +43.9%
• By 2075: 4,746,063 · +84.2%
• By 2100: 5,407,730 · +109.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.75)
• Race & ethnicity: White 40% Black 19% Asian 19% Hispanic / Latino 14% Two or more races 12% Native American 2%
• Hispanic origin (detail): Mexican 9% Puerto Rican 1%
• Common ancestry: Lithuanian 3% Romanian 2% Slovak 2%
• Foreign-born: 25% · Vietnam, Canada, China
• Languages at home: 71% English-only · Spanish 7% Tagalog/Filipino 4% Vietnamese 3%

Political lean MEDSL · King

• 2024 margin: Solid D (+51.7) · D 74.2% · R 22.5% · Other 3.4%
• 2008→2024 swing: +9.6pp toward D · 2008: 42.1pp · 2024: 51.7pp
• All cycles: 2024: D+51.7 2020: D+52.7 2016: D+50.4 2012: D+39.9 2008: D+42.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -278.02%
• Current HPI: 321.0942
• Rent YoY: ▲ 1.86%
• Metro: Seattle-Tacoma-Bellevue, 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

+163.6% since first listed

5 events — show timeline

• 2026-05-20 Listed $1,450,000 NWMLS as Distributed by MLS Grid
• 2000-07-28 Sold (Public Records) $550,000 Public Records
• 2000-07-28 Sold (MLS) $550,000 NWMLS as Distributed by MLS Grid
• 2000-05-26 Delisted — NWMLS as Distributed by MLS Grid
• 2000-05-08 Listed $550,000 NWMLS as Distributed by MLS Grid

Property tax history

+5.3%/yr

Latest (2025): $25,287 · -8.6% YoY. Source: county tax records.