877 5th Pl NE · Issaquah, WA 98029

$655,000

4 bd · 2.0 ba · 1,370 sqft · Townhouse public records · 78 Days on market

Built 2008 877 sqft lot $478/sqft · 14% below area Est $814k · 20% under $407/mo HOA · 10% 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 +15.0/15.0
• Schools +7.3/10.0
• Cash flow +5.8/30.0
• Livability +4.5/5.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• 1% rule +1.3/10.0
• DSCR +0.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Freshly updated and move-in ready, this 4-bedroom, 2-bath townhome offers a functional and inviting layout in the sought-after Issaquah Highlands neighborhood. Light-filled living spaces and a seamless connection between the kitchen, dining, and main living area create a comfortable setting for both everyday living and entertaining. With four bedrooms, the home provides flexibility for guests, a home office, hobbies, or changing lifestyle needs. Conveniently located approximately . 4 miles from Swedish Issaquah Campus, the home also offers easy access to parks, scenic trails, shopping, dining, and transit options nearby.

Key facts

• Nearby trails
• Nearby parks
• Nearby dining

Tags

• ISSAQUAH HIGHLANDS COMMUNITY
• NEARBY PARKS
• NEARBY TRAILS
• NEARBY SHOPPING
• NEARBY DINING
• NEARBY TRANSIT OPTIONS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $655k.

Deal economics

• At list price, monthly cash flow is $-1k ($-16k/yr) — negative.
• To cash-flow at today's rent, offer at most $421k (35.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $411k (37.3% below list).
• Recommended offer: $411k (37.3% below list) — sets the bar for 1% rule.
• Cap rate 3.9% vs local median 1.4% in Issaquah — 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 89/100 on livability (#6 in WA, #104 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: cost of living F.
• Issaquah School District (suburban): math 77% / reading 81% proficiency, ranked #4 of 291 in WA (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Market conditions: Rents soft (-0.9%/yr); 211 active listings in the ZIP; 14 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k 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 78 days — a 6% lower offer ($616k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 18y 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 $265k; list at $655k implies a 148% gain — meaningful room to come down on a strong offer.

Recommended offer $410,518 (37.3% 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 78 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.63% ✗
• Cap rate: 3.87%
• Cash-on-cash: -8.66%
• DSCR: 0.61
• GRM: 13.3

CMA / ARV

• ARV (median comp): $813,951
• List price: $655,000
• Delta: -19.53%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
807 5th Pl NE	0.08mi	4/2.0	1,460 (+7%)	2mo	$675,000	$462	83
364 NE Darby Ln	0.05mi	3/2.5 (-1)	1,307 (-5%)	0mo	$685,000	$524	82
841 5th Pl NE	0.04mi	3/2.0 (-1)	1,290 (-6%)	1mo	$620,000	$481	82
1027 6th Walk NE	0.10mi	3/3.0 (-1)	1,515 (+11%)	3mo	$950,000	$627	66
561 NE Ellis Dr	0.08mi	3/3.0 (-1)	1,519 (+11%)	5mo	$940,000	$619	65
966 6th Walk NE	0.08mi	3/3.0 (-1)	1,519 (+11%)	6mo	$919,999	$606	64
1088 6th Ave NE Unit 18.6	0.15mi	3/3.0 (-1)	1,515 (+11%)	6mo	$965,000	$637	61
1210 6th Ave NE Unit 17.4	0.15mi	3/3.0 (-1)	1,515 (+11%)	8mo	$960,000	$634	59
1408 7th Ave NE	0.18mi	3/3.0 (-1)	1,515 (+11%)	10mo	$947,500	$625	57
956 6th Walk NE	0.09mi	3/3.0 (-1)	1,568 (+14%)	8mo	$950,000	$606	56
23300 SE Black Nugget Rd Unit D3	0.72mi	3/2.0 (-1)	1,462 (+7%)	3mo	$780,000	$534	48
23120 SE Black Nugget Rd Unit X2	0.65mi	3/2.5 (-1)	1,479 (+8%)	11mo	$787,000	$532	40

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: -35.0%
• Equity multiple: -0.10×
• Total profit: $-202,379
• Equity at exit: $97,663

10-year hold

• IRR: -69.0%
• Equity multiple: -0.80×
• Total profit: $-330,916
• Equity at exit: $56,632

Cash invested: $183,400 (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 98029

• Rents YoY: -0.9%
• Active inventory: 211
• Price-to-rent: 13.3×

Monthly cashflow live

• Estimated rent: $4,105 high
• Mortgage (P&I): −$3,435
• Tax from tax record: −$452 /mo · $5,422/yr
• Insurance: −$273
• HOA: −$407
• Vacancy / Maint / Mgmt: −$862
• Net cashflow: $-1,324

Break-even live

Break-even rent $5,781

Max offer price $421,192

Occupancy floor —

Sensitivity live

Price	-10% $-953	-5% $-1,138	+0% $-1,324	+5% $-1,509	+10% $-1,694
Rent	-10% $-1,648	-5% $-1,486	+0% $-1,324	+5% $-1,161	+10% $-999
Rate	-1.0pp $-994	-0.5pp $-1,157	base $-1,324	+0.5pp $-1,493	+1.0pp $-1,666

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: $163,750
• Closing costs: $19,650
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
580 8th Ave NE Issaquah, WA	1.0–3.0	1.0–3.0	1272	$4,581	$3.60	0d	3	0.33mi
1320 Chelsea Walk NE Issaquah, WA	4.0	3.0	1804	$4,000	$2.22	22d	1	0.43mi
942 Discovery Cir NE Issaquah, WA	1.0–3.0	1.0–3.0	1199	$3,957	$3.30	0d	16	0.48mi
906 NE Lilac St Issaquah, WA	1.0–3.0	1.0–2.5	1081	$4,727	$4.37	0d	17	0.60mi
23425 SE Black Nugget Rd Issaquah, WA	1.0–3.0	1.0–3.0	1270	$4,490	$3.53	0d	26	0.62mi
441 NE Alder St #2 Issaquah, WA	3.0	2.5	1580	$3,900	$2.47	20d	1	0.67mi
441 NE Alder St #1 Issaquah, WA	3.0	2.5	1580	$3,900	$2.47	25d	1	0.67mi
1380 NE Hickory Ln Issaquah, WA	3.0	2.5	1630	$3,700	$2.27	25d	1	0.74mi
1460 NE Hawthorne St Issaquah, WA	1.0–3.0	1.0–2.0	1220	$3,889	$3.19	0d	9	0.82mi
40 Newport Way SW Issaquah, WA	3.0	1.0	1193	$2,599	$2.18	2d	1	0.96mi
145 Newport Way NW Issaquah, WA	2.0–3.0	1.0–2.0	1099	$3,495	$3.18	5d	1	1.02mi
22500 SE 56th St Issaquah, WA	3.0	1.0–2.5	1046	$3,179	$3.04	0d	10	1.07mi
600 Front St S Issaquah, WA	2.0–3.0	1.0–2.0	987	$3,467	$3.51	0d	3	1.20mi
2587 NE Julep St Issaquah, WA	3.0	3.0	1630	$3,450	$2.12	44d	1	1.43mi

HOA detail

• Monthly dues: $407 · $4,884/yr

Listing history 5 events

1. 2026-03-12
   price $655,000
2. 2026-03-12
   listed $650,000 Active
3. 2008-10-28
   soldstatus $264,570 Sold
4. 2008-10-05
   historical
5. 2008-08-04
   listed $264,570

ⓘ 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: $5,422 · $452/mo
• Projected year-2 tax: $6,419 · $535/mo
• Expected delta: +$997/yr (+$83/mo · 18.4%)

ⓘ 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 2/10 Low 7 d/yr ≥86°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 16 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,262
• − Mortgage interest: −$36,690
• − Property taxes: −$5,422
• − Insurance: −$3,275
• − Repairs & maintenance: −$3,941
• − Management: −$3,941
• − HOA: −$4,884
• − Depreciation: −$19,055
• Taxable loss: −$27,945
• Est. tax savings @ 24.0%: +$6,707
• After-tax cash flow: $-9,176/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: Issaquah School District
• NCES district ID: 5303750
• Math proficiency: 77% ▼ -1.00%
• Reading proficiency: 81% ▲ 1.00%
• Median HH income: $109,747
• Composite: 73.35/100
• National rank: #339
• State rank: #4 of 291 in WA

Livability — Issaquah

• Score: 89/100
• State rank: #6
• US rank: #104

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Issaquah, WA
• County: King County · 2,251,916 people
• City population: 59,541
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 30,586
• Household income: $170,759
• Rent vs Own: 37.7% rent · 62.3% own
• Severe rent burden: 1018.0

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 0.63)
• Race & ethnicity: White 50% Asian 34% Two or more races 9% Hispanic / Latino 4% Black 2%
• Common ancestry: Romanian 3% Scotch-Irish 2% Portuguese 2%
• Foreign-born: 34% · China, Canada, South Korea
• Languages at home: 61% English-only · Chinese 10% Other Indo-European 9% Other Asian/Pacific 7%

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: ▼ -334.27%
• Current HPI: 378.2891
• Rent YoY: ▼ -0.91%
• 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

+147.6% since first listed

5 events — show timeline

• 2026-03-12 Price Changed $655,000 NWMLS as Distributed by MLS Grid
• 2026-03-12 Listed $650,000 NWMLS as Distributed by MLS Grid
• 2008-10-28 Sold (MLS) $264,570 NWMLS as Distributed by MLS Grid
• 2008-10-05 Delisted — NWMLS as Distributed by MLS Grid
• 2008-08-04 Listed $264,570 NWMLS as Distributed by MLS Grid

Property tax history

+5.7%/yr

Latest (2025): $5,422 · +18.2% YoY. Source: county tax records.