103 S E Main, 806 & 808 E Main St #806

Dayton, WA 99328

$649,000F

16 bd · 16.0 ba · 8,832 sqft · Built 1946 · MultiFamily · Active · 123 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,713/mo
• Mortgage (P&I): −$3,403
• Tax + insurance: −$1,082
• HOA: −$0
• Vac / Maint / Mgmt: −$990
• Net cashflow: $-762/mo
• Annual: $-9,142/yr
• Cap rate: 4.88%
• Cash-on-cash: -5.03%
• DSCR: 0.78
• 1% rule: 0.73%
• Cash to close: $181,720

Investor read

• This is a 4 × 1-bed/1-bath units multifamily listed at $649k. Condition is rated good.
• At list price, monthly cash flow is $-762 ($-9k/yr) — negative. Per door: $-190/mo.
• To cash-flow at today's rent, offer at most $539k (17.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $471k (27.4% below list).
• It's been on market 123 days — a 12% lower offer ($571k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $471k (27.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#86 in WA, #1,643 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, commute F.
• Dayton School District (town): math 54% / reading 67% proficiency, ranked #66 of 291 in WA (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1946 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 61 active listings in the ZIP; 2 units permitted in Columbia County in 2024 (0 in 5+ unit buildings).
• Columbia County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 4.9% vs local median 2.1% in Dayton — 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 123 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1946 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 B-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?

Repairs flagged (vision-AI assessment)

• Minor: Paint — Some scuffing and discoloration visible.
• Minor: Flooring — Some wear visible in three units.
• Minor: Cabinetry — Dated appearance in kitchen and bathrooms.