309 E Sumach St · Walla Walla, WA 99362

$550,000

24 bd · 16.0 ba · 3,036 sqft · MultiFamily public records · 66 Days on market

Built 1900 7,200 sqft lot $181/sqft · 65% above area Est $478k · 15% over

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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 +24.8/30.0
• DSCR +8.0/10.0
• 1% rule +5.4/10.0
• Schools +4.1/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• ARV discount +0.7/15.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Rare 4-plex investment opportunity in the heart of Walla Walla. Within walking distance to Whitman College, Main Street and a vibrant selection of restaurants, tasting rooms, boutique retail shops and hotels. Exceptional rental demand and long term stability due to it's central location and appeal to students. Two 2 bed/1 bath units & two 1 bed/1 bath units. Ground floor units are equipped with in-unit washer dryers, dishwashers, PTAC AC and a shared front porch. Top 2 units share laundry and have window AC units. Ground floor units have been fully remodeled and upper units have been cosmetically remodeled. 2 on-site garages with add value opportunity. $75/mo RUBS for 3 units, $65/mo

Key facts

• Fully remodeled
• Central location
• On-site garages

Tags

• 4-PLEX INVESTMENT OPPORTUNITY
• CENTRAL LOCATION
• IN-UNIT WASHER DRYERS
• FULLY REMODELED
• ON-SITE GARAGES

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 2×1bd/1ba units multifamily listed at $550k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $289/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $550k).
• Recommended offer: $517k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 2.3% in Walla Walla — 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 79/100 on livability (#105 in WA, #2,015 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools C-.
• Walla Walla Public Schools (urban): math 41% / reading 50% proficiency, ranked #179 of 291 in WA (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+2.4%/yr); 422 active listings in the ZIP; 206 units permitted in Walla Walla County in 2024 (50 in 5+ unit buildings).
• At $5,701/mo this rent would consume 94% of the median local household income ($72k/yr) (locally 1238% 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 $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Walla Walla County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($517k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $290k; list at $550k implies a 90% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $516,999 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.04% ✓
• Cap rate: 8.81%
• Cash-on-cash: 9.01%
• DSCR: 1.40
• GRM: 8.0

CMA / ARV

• ARV (median comp): $478,000
• List price: $550,000
• Delta: 15.06%
• Verdict: OVERPRICED
• Comps: 9 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.4% rent growth · sell at horizon

5-year hold

• IRR: -3.3%
• Equity multiple: 0.88×
• Total profit: $-19,119
• Equity at exit: $82,007

10-year hold

• IRR: 5.7%
• Equity multiple: 1.41×
• Total profit: $63,495
• Equity at exit: $47,554

Cash invested: $154,000 (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 99362

• Rents YoY: 2.4%
• Active inventory: 422
• Price-to-rent: 29.9×

Monthly cashflow live

• Estimated rent: $5,701 high
• Mortgage (P&I): −$2,884
• Tax from tax record: −$234 /mo · $2,814/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,197
• Net cashflow: $1,156

Break-even live

Break-even rent $4,238

Max offer price $550,000

Occupancy floor 75%

Sensitivity live

Price	-10% $1,467	-5% $1,312	+0% $1,156	+5% $1,000	+10% $845
Rent	-10% $705	-5% $931	+0% $1,156	+5% $1,381	+10% $1,606
Rate	-1.0pp $1,433	-0.5pp $1,296	base $1,156	+0.5pp $1,013	+1.0pp $868

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,068
▸ 2× units	1	1	$2,632
Total (4 units)			$5,701

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: $137,500
• Closing costs: $16,500
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-19
   days on market $550,000 Active 66 DOM
2. 2026-06-18
   days on market $550,000 Active 65 DOM
3. 2026-06-18
   pricestatusdays on market $550,000 Active 64 DOM
4. 2020-07-30
   soldstatus $290,000
5. 2020-01-21
   listed $325,000
6. 2005-06-22
   soldstatus $145,000
7. 1999-01-29
   soldstatus $270,000

ⓘ 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: $2,814 · $234/mo
• Projected year-2 tax: $5,390 · $449/mo
• Expected delta: +$2,576/yr (+$215/mo · 91.6%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 9 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $68,412
• − Mortgage interest: −$30,809
• − Property taxes: −$2,814
• − Insurance: −$2,750
• − Repairs & maintenance: −$5,473
• − Management: −$5,473
• − Depreciation: −$16,000
• Taxable income: $5,094
• Est. tax owed @ 24.0%: −$1,222
• After-tax cash flow: $12,648/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: Walla Walla Public Schools
• NCES district ID: 5309450
• Math proficiency: 41% ▲ 3.00%
• Reading proficiency: 50% ▼ -1.00%
• Median HH income: $46,207
• Composite: 40.88/100
• National rank: #7531
• State rank: #179 of 291 in WA

Livability — Walla Walla

• Score: 79/100
• State rank: #105
• US rank: #2015

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Walla Walla, WA
• County: Walla Walla County · 52,990 people
• City population: 42,853
• Metro: Walla Walla, WA
• Population (ZIP): 42,853
• Household income: $72,474
• Rent vs Own: 36.3% rent · 63.7% own
• Severe rent burden: 1238.0

Population outlook (Walla Walla County) Hauer SSP2

• Today (2025): 63,088 people
• By 2030: 64,417 · +2.1%
• By 2040: 66,563 · +5.5%
• By 2050: 68,337 · +8.3%
• By 2075: 73,235 · +16.1%
• By 2100: 74,878 · +18.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (69%)
• Race & ethnicity: White 69% Hispanic / Latino 22% Two or more races 9% Black 2% Asian 2% Native American 2%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Slovak 3% Portuguese 3% Lithuanian 3%
• Foreign-born: 9% · Canada, China
• Languages at home: 83% English-only · Spanish 15% Chinese 1%

Political lean MEDSL · Walla Walla

• 2024 margin: Lean R (+8.1) · D 44.6% · R 52.7% · Other 2.7%
• 2008→2024 swing: +8.5pp toward D · 2008: -16.6pp · 2024: -8.1pp
• All cycles: 2024: R+8.1 2020: R+8.7 2016: R+16.4 2012: R+22.3 2008: R+16.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -488.03%
• Current HPI: 321.6891
• Rent YoY: ▲ 2.40%
• Metro: Walla Walla, 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

+7.4% since first listed

4 events — show timeline

• 2020-07-30 Sold (MLS) $290,000 NWMLS as Distributed by MLS Grid
• 2020-01-21 Listed $325,000 NWMLS as Distributed by MLS Grid
• 2005-06-22 Sold (Public Records) $145,000 Public Records
• 1999-01-29 Sold (Public Records) $270,000 Public Records

Property tax history

+3.2%/yr

Latest (2026): $2,814 · -1.3% YoY. Source: county tax records.