2250 I St NE · Auburn, WA 98002

$900,000

8 bd · 4.0 ba · 3,000 sqft · MultiFamily public records · 110 Days on market

Built 1978 8,800 sqft lot Est $999k · 10% under

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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).

• Cash flow +12.9/30.0
• ARV discount +12.0/15.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• DSCR +3.9/10.0
• 1% rule +3.0/10.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• 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

This fully rented fourplex offers an incredible opportunity for investors seeking steady cash flow in the heart of Auburn. Each of the four units features 2 bedrooms, 1 bathroom, and 750 sqft, appealing to a wide range of tenants. The property includes assigned parking for convenience and a community coin-operated laundry room for added income potential. Situated in a prime location near shopping, dining, and events, this investment is perfectly positioned for growth. Don't miss out on this turnkey rental property!

Key facts

• Assigned parking
• Prime location
• 8,800 sq ft lot

Tags

• ASSIGNED PARKING
• PRIME LOCATION

Property features AI

Finance

• Other: Calculated building area: 3,000 square feet; Units in building: 4; No units below grade; Unit sizes approximately 750 square feet each; Current actual rents: Unit 1 $1,250; Unit 2 $1,425; Unit 3 $1,525; Unit 4 $1,295
• Financial info: Gross scheduled income: $72,180; Total monthly income: $6,015; Net operating income: $53,846; Total expenses: $18,334; Insurance expense: $2,318; Gross rent multiplier: 12.47; Listing terms: Cash or Conventional

Exterior

• Parking: Eight uncovered parking spaces
• Utilities: Public water; Sewer connected; Puget Sound Energy provides power
• Home design: Residential income property (multi-family); Quadruplex; 2 stories
• Construction: Wood construction; Composition roof; Poured concrete foundation; Built with electric energy source
• Exterior features: Wood exterior; Located on a cul-de-sac; Paved lot with sidewalk

Interior

• Kitchen: Range/oven in each unit; Refrigerator in each unit; Dishwasher in each unit
• Bedrooms: Four 2-bedroom units (each unit has 2 bedrooms)
• Flooring: Laminate flooring; Carpet flooring
• Bathrooms: Four 1-bath units (each unit has 1 bathroom)
• Heating & cooling: Wall unit heating; No central air conditioning
• Interior features: Laminate and carpet flooring
• Laundry & utility: Coin-operated laundry available; Individual units do not include washer/dryer hookups

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $900k.

Deal economics

• At list price, monthly cash flow is $-67 ($-799/yr) — negative. Per door: $-17/mo.
• To cash-flow at today's rent, offer at most $888k (1.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $724k (19.5% below list).
• Recommended offer: $724k (19.5% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 2.7% in Auburn — 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 81/100 on livability (#75 in WA, #1,371 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime F, cost of living F.
• Auburn School District (urban): math 47% / reading 56% proficiency, ranked #125 of 291 in WA (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Dick Scobee Elementary School (825 students, 84% FRL); Cascade Middle School (899 students, 70% FRL); Auburn Mountainview High School (1,581 students, 63% FRL) — zoned schools average 72% FRL vs 44% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.5%/yr); 176 active listings in the ZIP; solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• At $7,243/mo this rent would consume 110% of the median local household income ($79k/yr) (locally 2202% 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 $6k of loan paydown is wiped out by about $27k 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 110 days — a 9% lower offer ($819k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 24y 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 $575k; list at $900k implies a 57% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $724,300 (19.5% 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 110 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 0.80% ✗
• Cap rate: 6.20%
• Cash-on-cash: -0.32%
• DSCR: 0.99
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $999,000
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2302 I St NE	0.01mi	8/4.0	3,124 (+4%)	15mo	$1,040,000	$333	80

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 · 1.51% rent growth · sell at horizon

5-year hold

• IRR: -18.4%
• Equity multiple: 0.36×
• Total profit: $-160,935
• Equity at exit: $134,193

10-year hold

• IRR: -13.8%
• Equity multiple: 0.25×
• Total profit: $-188,843
• Equity at exit: $77,816

Cash invested: $252,000 (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 98002

• Rents YoY: 1.5%
• Active inventory: 176
• Price-to-rent: 41.4×

Monthly cashflow live

• Estimated rent: $7,243 high
• Mortgage (P&I): −$4,720
• Tax from tax record: −$694 /mo · $8,326/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,521
• Net cashflow: $-67

Break-even live

Break-even rent $7,327

Max offer price $888,240

Occupancy floor 96%

Sensitivity live

Price	-10% $443	-5% $188	+0% $-67	+5% $-321	+10% $-576
Rent	-10% $-639	-5% $-353	+0% $-67	+5% $220	+10% $506
Rate	-1.0pp $387	-0.5pp $162	base $-67	+0.5pp $-300	+1.0pp $-537

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$7,244
Total (4 units)			$7,243

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: $225,000
• Closing costs: $27,000
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-21
   days on market $900,000 Active 110 DOM
2. 2026-06-18
   days on market $900,000 Active 107 DOM
3. 2026-06-17
   days on market $900,000 Active 106 DOM
4. 2026-06-16
   days on market $900,000 Active 105 DOM
5. 2026-06-15
   days on market $900,000 Active 104 DOM
6. 2026-06-13
   days on market $900,000 Active 102 DOM
7. 2026-06-13
   days on market $900,000 Active 101 DOM
8. 2026-06-09
   days on market $900,000 Active 98 DOM
9. 2026-06-08
   days on market $900,000 Active 97 DOM
10. 2026-06-07
    days on market $900,000 Active 96 DOM
11. 2026-06-04
    days on market $900,000 Active 93 DOM
12. 2026-06-03
    days on market $900,000 Active 92 DOM
13. 2026-06-02
    days on market $900,000 Active 91 DOM
14. 2026-06-01
    days on market $900,000 Active 90 DOM
15. 2026-05-31
    days on market $900,000 Active 89 DOM
16. 2026-03-03
    listed $900,000 Active
17. 2018-12-20
    soldstatus $575,000 Sold
18. 2018-12-20
    soldstatus $575,000
19. 2018-12-06
    status Pending
20. 2018-11-27
    status Pending Inspection
21. 2018-11-22
    listed $550,000 Active
22. 2002-11-14
    soldstatus $250,000
23. 2002-11-12
    soldstatus $250,000
24. 2002-07-14
    listed $279,000
25. 1995-07-13
    soldstatus $160,000
26. 1980-05-02
    soldstatus $130,000

ⓘ 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: $8,326 · $694/mo
• Projected year-2 tax: $8,820 · $735/mo
• Expected delta: +$494/yr (+$41/mo · 5.9%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 27% 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 · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $86,916
• − Mortgage interest: −$50,414
• − Property taxes: −$8,326
• − Insurance: −$4,500
• − Repairs & maintenance: −$6,953
• − Management: −$6,953
• − Depreciation: −$26,182
• Taxable loss: −$16,413
• Est. tax savings @ 24.0%: +$3,939
• After-tax cash flow: $3,140/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: Auburn School District
• NCES district ID: 5300300
• Math proficiency: 47% ▼ -3.00%
• Reading proficiency: 56% ▼ -1.00%
• Median HH income: $58,048
• Composite: 46.73/100
• National rank: #5240
• State rank: #125 of 291 in WA

Livability — Auburn

• Score: 81/100
• State rank: #75
• US rank: #1371

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Auburn, WA
• County: King County · 2,251,916 people
• City population: 74,969
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 37,509
• Household income: $78,684
• Rent vs Own: 51.1% rent · 48.9% own
• Severe rent burden: 2202.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: White 46% Hispanic / Latino 24% Two or more races 13% Black 12% Asian 6% Pacific Islander 4% Native American 2%
• Hispanic origin (detail): Mexican 20%
• Common ancestry: Portuguese 4% Subsaharan African 4% Lithuanian 3%
• Foreign-born: 24% · Canada, Vietnam
• Languages at home: 63% English-only · Spanish 19% Russian/Polish/Slavic 6% Other Asian/Pacific 3%

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: ▼ -677.96%
• Current HPI: 298.0849
• Rent YoY: ▲ 1.51%
• 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

+592.3% since first listed

11 events — show timeline

• 2026-03-03 Listed $900,000 NWMLS as Distributed by MLS Grid
• 2018-12-20 Sold (Public Records) $575,000 Public Records
• 2018-12-20 Sold (MLS) $575,000 NWMLS as Distributed by MLS Grid
• 2018-12-06 Pending — NWMLS as Distributed by MLS Grid
• 2018-11-27 Pending — NWMLS as Distributed by MLS Grid
• 2018-11-22 Listed $550,000 NWMLS as Distributed by MLS Grid
• 2002-11-14 Sold (MLS) $250,000 NWMLS as Distributed by MLS Grid
• 2002-11-12 Sold (Public Records) $250,000 Public Records
• 2002-07-14 Listed $279,000 NWMLS as Distributed by MLS Grid
• 1995-07-13 Sold (Public Records) $160,000 Public Records
• 1980-05-02 Sold (Public Records) $130,000 Public Records

Property tax history

+3.5%/yr

Latest (2025): $8,326 · -6.2% YoY. Source: county tax records.