206 208 March St · Moses Lake North, WA 98837

$290,000

6 bd · 4.0 ba · 2,432 sqft · MultiFamily · 9 Days on market

Built 1961 Fair condition 0.48 ac lot $119/sqft · 8% below area Est $314k · 8% under

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Why this score? — see what drove the C+ 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 +25.5/30.0
• ARV discount +10.9/15.0
• DSCR +8.4/10.0
• 1% rule +6.7/10.0
• Schools +3.9/10.0
• Livability +3.2/5.0
• Rent growth +2.1/5.0
• Condition / age +2.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Duplex features spacious 3-bedroom, 1.5-bathroom units. Each unit offers a living space with dining space, kitchen, and ample storage. The units include a convenient carport, providing protected parking and easy access. These units combine functionality, and convenience. Don't miss the opportunity to own this fantastic property!---

Key facts

• 0.48 acre lot
• 2 parking spots
• Built 1961

Property features AI

Finance

• Financial info: Listing terms: Cash or Conventional; Gross scheduled income: $26,135; Gross adjusted income: $24,829; Total monthly income: $2,125; Net operating income: $18,520; Total expenses: $6,308.48; Insurance expense: $2,000; Other expense: $2,121.59; Gross rent multiplier: 11.68; Vacancy rate: 5%; Two units total

Exterior

• Parking: 2 uncovered parking spaces; 2 covered spaces; 2 carport spaces
• Security: Partially fenced
• Utilities: Electric energy source; Public water (City of Moses Lake); Sewer connected (City of Moses Lake); Power by Grant County PUD
• Home design: Duplex (residential income, multi-family); Single-story; Has a view; Located in Larson Subdivision
• Construction: Wood construction; Composition roof; Effective year built 1961; Poured concrete/slab foundation
• Exterior features: Wood exterior products; Partially fenced; Paved site

Interior

• Kitchen: Each unit includes a range/oven and refrigerator
• Bedrooms: Two 3-bedroom units (Units 206 and 208)
• Flooring: Vinyl; Carpet
• Bathrooms: Each unit has 2 bathrooms
• Heating & cooling: Baseboard heating; Wall unit cooling
• Interior features: Vinyl and carpet flooring; Wall unit cooling; Baseboard heating; Partially fenced property

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $290k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $673 ($8k/yr) — positive. Per door: $337/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $290k).
• Cap rate 9.1% vs local median 1.8% in Moses Lake North — 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 65/100 on livability (#351 in WA) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities F, commute F.
• Moses Lake School District (town): math 38% / reading 48% proficiency, ranked #198 of 291 in WA (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Larson Heights Elementary (337 students, 87% FRL); Endeavor Middle School (267 students, 96% FRL); Moses Lake High School (1,984 students, 64% FRL) — zoned schools average 82% FRL vs 53% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-1.7%/yr); 589 active listings in the ZIP; 559 units permitted in Grant County in 2024 (35 in 5+ unit buildings).
• At $3,389/mo this rent would consume 55% of the median local household income ($75k/yr) (locally 1064% 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 $2k of loan paydown is wiped out by about $9k 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

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $290,000

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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.
8. 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.
9. 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: 1.17% ✓
• Cap rate: 9.08%
• Cash-on-cash: 9.95%
• DSCR: 1.44
• GRM: 7.1

CMA / ARV

• ARV (median comp): $314,057
• List price: $290,000
• Delta: -7.66%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
206 208 March St	0.00mi	6/4.0	2,432 (0%)	0mo	$294,000	$121	100
8958 Tinkerloop Unit A & B	0.14mi	6/2.0	2,288 (-6%)	4mo	$320,000	$140	72

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -4.8%
• Equity multiple: 0.83×
• Total profit: $-13,998
• Equity at exit: $43,240

10-year hold

• IRR: 1.0%
• Equity multiple: 1.06×
• Total profit: $4,845
• Equity at exit: $25,074

Cash invested: $81,200 (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 98837

• Rents YoY: -1.7%
• Active inventory: 589
• Price-to-rent: 14.3×

Monthly cashflow live

• Estimated rent: $3,389 high
• Mortgage (P&I): −$1,521
• Tax est. 1.5%: −$362 /mo · $4,350/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$712
• Net cashflow: $673

Break-even live

Break-even rent $2,537

Max offer price $290,000

Occupancy floor 75%

Sensitivity live

Price	-10% $874	-5% $773	+0% $673	+5% $573	+10% $473
Rent	-10% $405	-5% $539	+0% $673	+5% $807	+10% $941
Rate	-1.0pp $819	-0.5pp $747	base $673	+0.5pp $598	+1.0pp $522

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$3,390
Total (2 units)			$3,389

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: $72,500
• Closing costs: $8,700
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-13
   status Pending
2. 2026-05-04
   listed $290,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥96°F today · 14 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: $40,668
• − Mortgage interest: −$16,245
• − Property taxes: −$4,350
• − Insurance: −$1,450
• − Repairs & maintenance: −$3,253
• − Management: −$3,253
• − Depreciation: −$8,436
• Taxable income: $3,680
• Est. tax owed @ 24.0%: −$883
• After-tax cash flow: $7,195/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.

Condition & rehab AI · 1 photo

Fair 40/100 Moderate rehab

This multi-family property requires significant exterior repairs and maintenance, including siding, roof, and landscaping, to improve its condition and value.

Repairs flagged

• Major exterior siding — Significant wear and tear
• Major roof — No visible damage, but condition is unknown
• Major landscaping — Overgrown and unkempt

Value-add opportunities

• Both repair and paint exterior siding — Enhances curb appeal and property value
• Both repair and replace roof — Improves structural integrity and property value
• Both landscaping and curb appeal improvements — Enhances property value and appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant wear and tear	Major	$15,000–50,000
roof · No visible damage, but condition is unknown	Major	$15,000–50,000
landscaping · Overgrown and unkempt	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both repair and paint exterior siding — Enhances curb appeal and property value ↑
• Both repair and replace roof — Improves structural integrity and property value ↑
• Both landscaping and curb appeal improvements — Enhances property value and appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Moses Lake School District
• NCES district ID: 5305220
• Math proficiency: 38% ▬ 0.00%
• Reading proficiency: 48% ▼ -1.00%
• Median HH income: $49,033
• Composite: 39.17/100
• National rank: #8232
• State rank: #198 of 291 in WA

Livability — Moses Lake North

• Score: 65/100
• State rank: #351
• US rank: #13402

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Moses Lake North, WA
• County: Grant County · 61,643 people
• Metro: Moses Lake, WA
• Population (ZIP): 49,455
• Household income: $74,586
• Rent vs Own: 33.4% rent · 66.6% own
• Severe rent burden: 1064.0

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: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 58% Hispanic / Latino 33% Two or more races 15% Black 2% Asian 1%
• Hispanic origin (detail): Mexican 30%
• Common ancestry: Portuguese 3% Subsaharan African 2% Lithuanian 2%
• Foreign-born: 10% · Canada
• Languages at home: 76% English-only · Spanish 21% Russian/Polish/Slavic 2%

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: ▼ -384.29%
• Current HPI: 208.4574
• Rent YoY: ▼ -1.72%
• 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

+1.4% since first listed

3 events — show timeline

• 2026-06-15 Sold (MLS) $294,000 NWMLS as Distributed by MLS Grid
• 2026-05-13 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-04 Listed $290,000 NWMLS as Distributed by MLS Grid