12631 NE 9th Pl Unit C305 · Bellevue, WA 98005

$330,000

1 bd · 1.0 ba · 687 sqft · Condo public records · 136 Days on market

Built 1969 $480/sqft · 9% below area Est $361k · 9% under $468/mo HOA · 19% of rent

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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 +11.4/15.0
• Schools +6.9/10.0
• Cash flow +6.3/30.0
• Livability +4.4/5.0
• Appreciation +4.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +0.6/10.0

Listing remarks

Fabulous NEW price! Enjoy living in a complex that is conveniently located with easy access to I-405, I-90, 520, light rail coming very soon and downtown Bellevue for shopping & restaurants, surrounded by mature landscape in the heart of Bellevue!. Beautifully landscaped grounds complete with walkways, swimming pool and hot tub with plenty of lounging area, Cabana with exercise room, game room and kitchen as each building in the complex overlooks this tranquil centerpiece. Cozy Top floor one bedroom unit features a remodeled bathroom, newer appliances, new hot water tank, new washer & dryer. Secured Building. Professionally done new textured white ceiling throughout condo (no po

Key facts

• Hot tub
• Landscaped grounds
• Remodeled bathroom

Tags

• LANDSCAPED GROUNDS
• SWIMMING POOL
• HOT TUB
• EXERCISE ROOM
• GAME ROOM
• REMODELED BATHROOM

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $330k.

Deal economics

• At list price, monthly cash flow is $-583 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $227k (31.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $246k (25.6% below list).
• Recommended offer: $227k (31.2% below list) — sets the bar for cash-flow.
• Cap rate 4.2% 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.

Location & tenants

• Location reads 87/100 on livability (#15 in WA, #314 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute 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.
• Market conditions: Rents soft (-0.2%/yr); 136 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 1d 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).

Forward outlook

• Local home prices are declining (-1.9%/yr); year-one equity from $2k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 136 days — a 12% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 21y ago; this cycle's ask has dropped $60k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $136k; list at $330k implies a 142% gain — meaningful room to come down on a strong offer.

Recommended offer $226,938 (31.2% below list)

Questions for the listing agent

1. 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?
2. It's been on market 136 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
3. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
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 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?
9. 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?
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: 0.74% ✗
• Cap rate: 4.17%
• Cash-on-cash: -7.58%
• DSCR: 0.66
• GRM: 11.2

CMA / ARV

• ARV (median comp): $361,054
• List price: $330,000
• Delta: -8.60%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-1.9% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -23.7%
• Equity multiple: 0.11×
• Total profit: $-82,213
• Equity at exit: $65,618

10-year hold

• IRR: -23.2%
• Equity multiple: -0.44×
• Total profit: $-132,659
• Equity at exit: $57,539

Cash invested: $92,400 (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 98005

• Home prices YoY: -0.4%
• Rents YoY: -0.2%
• Active inventory: 136
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $2,455 high
• Mortgage (P&I): −$1,731
• Tax from tax record: −$187 /mo · $2,246/yr
• Insurance: −$138
• HOA: −$468
• Vacancy / Maint / Mgmt: −$516
• Net cashflow: $-583

Break-even live

Break-even rent $3,194

Max offer price $226,938

Occupancy floor —

Sensitivity live

Price	-10% $-397	-5% $-490	+0% $-583	+5% $-677	+10% $-770
Rent	-10% $-777	-5% $-680	+0% $-583	+5% $-486	+10% $-389
Rate	-1.0pp $-417	-0.5pp $-499	base $-583	+0.5pp $-669	+1.0pp $-756

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: $82,500
• Closing costs: $9,900
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1328 130th Ave NE Bellevue, WA	1.0–2.0	1.0–2.0	883	$2,651	$3.00	0d	3	0.33mi
12258 NE 12th Ln #152 Bellevue, WA	1.0	1.0	617	$2,980	$4.83	0d	2	0.36mi
12219 Bel-Red Rd Apt D102 Bellevue, WA	1.0	1.0	662	$1,875	$2.83	0d	1	0.37mi
12219 Bel-Red Rd Apt D102 Bellevue, WA	1.0	1.0	662	$1,875	$2.83	3d	1	0.37mi
12282 NE 12th Ln Bellevue, WA	2.0	2.0	819	$2,984	$3.64	0d	13	0.38mi
558 121st Pl NE Bellevue, WA	1.0–2.0	1.0	757	$2,195	$2.90	0d	6	0.42mi
701 122nd Ave NE Bellevue, WA	1.0–2.0	1.0–1.5	773	$2,395	$3.10	25d	3	0.43mi
701 122nd Ave NE #408 Bellevue, WA	1.0	1.0	624	$2,395	$3.84	0d	1	0.44mi
13166 NE 15th St Bellevue, WA	3.0	1.0–2.5	959	$3,167	$3.30	3d	49	0.48mi
1375 121st Ave NE Bellevue, WA	3.0	1.0–2.0	986	$3,404	$3.45	0d	15	0.49mi
1201 121st Ave NE Bellevue, WA	3.0	1.0–2.0	981	$2,803	$2.86	0d	16	0.50mi
13238 NE Spring Blvd Bellevue, WA	2.0	1.0–2.0	696	$2,948	$4.23	0d	21	0.56mi
898 137th Ave NE Bellevue, WA	1.0–2.0	1.0–2.0	875	$1,849	$2.11	0d	20	0.59mi
13700 NE 10th Pl Bellevue, WA	3.0	1.0–2.0	773	$2,190	$2.83	0d	17	0.59mi
1955 129th Ave NE Bellevue, WA	1.0–3.0	1.0–3.5	1354	$2,531	$1.87	0d	14	0.65mi
13808 NE 12th St Bellevue, WA	1.0–2.0	1.0–2.0	860	$2,067	$2.40	0d	8	0.67mi
13831 NE 8th St Bellevue, WA	1.0–2.0	1.0	830	$1,700	$2.05	0d	6	0.69mi
1100 112th Ave NE Unit 1280462P Bellevue, WA	1.0	1.0	581	$6,236	$10.73	4d	1	0.95mi
11130 NE 10th St Bellevue, WA	1.0–2.0	1.0–2.0	856	$2,505	$2.92	0d	11	1.02mi
958 111th Ave NE Bellevue, WA	2.0	1.0–2.0	645	$3,037	$4.71	0d	25	1.02mi
11011 NE 9th St Bellevue, WA	2.0	1.0–2.0	840	$3,436	$4.09	3d	12	1.05mi
688 110th Ave NE Bellevue, WA	3.0	1.0–3.5	2159	$8,980	$4.16	0d	24	1.06mi
317 112th Ave NE Bellevue, WA	2.0	1.0–2.0	905	$3,605	$3.98	0d	21	1.06mi
211 112th Ave NE Bellevue, WA	—	1.0	580	$1,500	$2.59	45d	1	1.07mi
11101 NE 12th St Bellevue, WA	1.0	1.0	581	$2,451	$4.21	0d	2	1.07mi
938 110th Ave NE Bellevue, WA	1.0–2.0	1.0–2.0	835	$2,170	$2.60	0d	6	1.08mi
11000 NE 10th St Bellevue, WA	2.0	1.0–2.0	1036	$3,214	$3.10	0d	1	1.10mi
11115 NE 2nd St Bellevue, WA	1.0	1.0	546	$2,195	$4.02	3d	6	1.11mi
35 112th Ave NE Bellevue, WA	2.0	1.0–2.0	859	$4,096	$4.77	3d	20	1.13mi
308 108th Ave NE Bellevue, WA	1.0	1.0	651	$2,529	$3.88	0d	8	1.22mi
14111 SE 6th St Bellevue, WA	1.0–3.0	1.0–2.0	975	$2,033	$2.09	0d	26	1.27mi
10688 NE 10th St Bellevue, WA	2.0	1.0–2.0	848	$2,858	$3.37	0d	9	1.32mi
290 106th Pl NE Bellevue, WA	2.0	1.0	485	$2,140	$4.41	0d	11	1.35mi
111 108th Ave NE #411 Bellevue, WA	1.0	1.0	718	$2,200	$3.06	45d	1	1.35mi
1100 106th Ave NE #801 Bellevue, WA	—	1.0	485	$1,975	$4.07	25d	1	1.35mi
1100 106th Ave NE #801 Bellevue, WA	—	1.0	485	$1,975	$4.07	9d	1	1.35mi
10708 Main St Bellevue, WA	1.0	1.0	604	$2,000	$3.31	25d	1	1.37mi
118 107th Ave NE Unit B105 Bellevue, WA	1.0	1.0	657	$2,295	$3.49	4d	1	1.37mi
288 106th Ave NE Bellevue, WA	4.0	1.0–3.0	1203	$4,020	$3.34	0d	27	1.38mi
991 118th Ave Se Bellevue, WA	1.0–2.0	1.0–2.0	725	$2,156	$2.97	0d	21	1.40mi

HOA detail condo

• Monthly dues: $468 · $5,616/yr
• Likely covers: waterlandscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-21
   days on market $330,000 Active 136 DOM
2. 2026-06-18
   days on market $330,000 Active 133 DOM
3. 2026-06-17
   days on market $330,000 Active 132 DOM
4. 2026-06-16
   days on market $330,000 Active 131 DOM
5. 2026-06-15
   days on market $330,000 Active 130 DOM
6. 2026-06-13
   pricedays on market $330,000 Active 128 DOM
7. 2026-06-09
   days on market $364,950 Active 124 DOM
8. 2026-06-08
   days on market $364,950 Active 123 DOM
9. 2026-06-07
   days on market $364,950 Active 122 DOM
10. 2026-06-04
    days on market $364,950 Active 119 DOM
11. 2026-06-03
    days on market $364,950 Active 118 DOM
12. 2026-06-02
    days on market $364,950 Active 117 DOM
13. 2026-06-01
    days on market $364,950 Active 116 DOM
14. 2026-05-31
    days on market $364,950 Active 115 DOM
15. 2026-05-05
    price $364,950
16. 2026-04-07
    price $379,950
17. 2026-02-05
    listed $389,950 Active
18. 2005-11-23
    soldstatus $136,500 Closed
19. 2005-11-23
    soldstatus $136,500
20. 2005-10-26
    historical
21. 2005-10-20
    price $132,800
22. 2005-10-17
    listed $139,000
23. 1999-11-04
    soldstatus $89,000

ⓘ 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: $2,246 · $187/mo
• Projected year-2 tax: $3,234 · $270/mo
• Expected delta: +$988/yr (+$82/mo · 44.0%)

ⓘ 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 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 · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,466
• − Mortgage interest: −$18,485
• − Property taxes: −$2,246
• − Insurance: −$1,650
• − Repairs & maintenance: −$2,357
• − Management: −$2,357
• − HOA: −$5,616
• − Depreciation: −$9,600
• Taxable loss: −$12,846
• Est. tax savings @ 24.0%: +$3,083
• After-tax cash flow: $-3,918/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: Bellevue School District
• NCES district ID: 5300390
• Math proficiency: 73% ▼ -2.00%
• Reading proficiency: 79% ▬ 0.00%
• Median HH income: $92,676
• Composite: 69.36/100
• National rank: #622
• State rank: #7 of 291 in WA

Livability — Bellevue

• Score: 87/100
• State rank: #15
• US rank: #314

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellevue, WA
• County: King County · 2,251,916 people
• City population: 156,686
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 21,846
• Household income: $160,849
• Rent vs Own: 49.3% rent · 50.7% own
• Severe rent burden: 1163.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Asian 44% White 42% Two or more races 10% Hispanic / Latino 7%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 2% Romanian 2% Italian 2%
• Foreign-born: 42% · China, Canada, South Korea
• Languages at home: 51% English-only · Chinese 12% Other Indo-European 12% Other Asian/Pacific 11%

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: ▼ -1.90%
• Current HPI: 476.2876
• Rent YoY: ▼ -0.20%
• 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

+310.1% since first listed

9 events — show timeline

• 2026-05-05 Price Changed $364,950 NWMLS as Distributed by MLS Grid
• 2026-04-07 Price Changed $379,950 NWMLS as Distributed by MLS Grid
• 2026-02-05 Listed $389,950 NWMLS as Distributed by MLS Grid
• 2005-11-23 Sold (Public Records) $136,500 Public Records
• 2005-11-23 Sold (MLS) $136,500 NWMLS as Distributed by MLS Grid
• 2005-10-26 Delisted — NWMLS as Distributed by MLS Grid
• 2005-10-20 Price Changed $132,800 NWMLS as Distributed by MLS Grid
• 2005-10-17 Listed $139,000 NWMLS as Distributed by MLS Grid
• 1999-11-04 Sold (Public Records) $89,000 Public Records

Property tax history

+4.0%/yr

Latest (2025): $2,246 · -2.0% YoY. Source: county tax records.