12631 NE 9th Pl Unit C305

Bellevue, WA 98005

$330,000D

1 bd · 1.0 ba · 687 sqft · Built 1969 · Condo · Active · 136 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,455/mo
• Mortgage (P&I): −$1,731
• Tax + insurance: −$325
• HOA: −$468
• Vac / Maint / Mgmt: −$516
• Net cashflow: $-583/mo
• Annual: $-7,001/yr
• Cap rate: 4.17%
• Cash-on-cash: -7.58%
• DSCR: 0.66
• 1% rule: 0.74%
• Cash to close: $92,400

Investor read

• This is a 1-bed/1.0-bath condo listed at $330k.
• 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).
• It's been on market 136 days — a 12% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $227k (31.2% below list) — sets the bar for cash-flow.
• 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.
• 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: Jing Mei Elementary School (477 students, 8% FRL); Chinook Middle School (814 students, 21% FRL); Bellevue High School (1,517 students, 15% FRL) — zoned schools at 15% FRL track the district average.
• 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).
• King County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.

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 136 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
• Built in 1969 — 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?