3714 D St SE · Auburn, WA 98801

$1,800,000

24 bd · 18.0 ba · 12,792 sqft · MultiFamily public records · 14 Days on market

Built 1985 0.61 ac lot

---

Why this score? — see what drove the B- 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 +27.4/30.0
• DSCR +9.6/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• 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: 12 units. estimate disagrees with records

Listing remarks

Auburn Oaks Apartments - 12-unit value-add apartment complex. With 10 / 12 units currently vacant, the property offers an ideal opportunity for immediate renovation and repositioning without the typical challenge of tenant displacement. Built in 1985, the property features functional 2 Bed / 1.5 Bath (1,066SqFt) layouts with in-unit W/ D, covered parking, fireplaces, balconies/patios, and floor plans well suited for modernization. A buyer may find the opportunity to improve the bathroom mix and open up kitchen/living areas, buyer to verify. Current rents shown are proforma based on projected post-renovation performance.

Key facts

• Fireplaces
• Covered parking
• In-unit w d

Tags

• COVERED PARKING
• IN-UNIT W D
• FIREPLACES
• BALCONIES PATIOS
• FLOOR PLANS
• OPEN UP KITCHEN LIVING AREAS

Property features AI

Finance

• Other: Possible use: Multi-family
• Financial info: Listing terms: Cash; Gross scheduled income: $302,400; Gross adjusted income: $287,280; Total monthly income: $25,200; Net operating income: $199,396; Total expenses: $87,884; Electric expense: $5,000; Insurance expense: $7,000; Other expenses: $34,737; Gross rent multiplier: 6; Vacancy rate: 5%; Total units: 12

Exterior

• Parking: 24 covered parking spaces; 20 carport spaces; 4 uncovered parking spaces
• Security: Partially fenced (security feature)
• Utilities: Electric energy source; Community water (city); Sewer connected (city); Power provided by PSE
• Home design: Residential income property (multi-family); Multi-family structure; 2 stories; Has view; Style: 10+ units; Property condition: fixer
• Construction: Standard frame construction; Wood construction materials; Tile roof; Slab foundation; Effective year built: 1990
• Exterior features: Wood exterior and wood products; Deck; Partially fenced; Paved with sidewalk

Interior

• Kitchen: Each unit includes a range/oven; Each unit includes a refrigerator; Each unit includes a dishwasher
• Bedrooms: Twelve 2-bedroom units (each unit listed as 2 bedrooms)
• Flooring: Vinyl flooring; Carpet flooring
• Bathrooms: Twelve 2-bath units (each unit listed as 2 bathrooms)
• Heating & cooling: Baseboard heating; No central cooling
• Interior features: Vinyl and carpet flooring
• Laundry & utility: Each unit includes washer and dryer

What this means for you Summary

Snapshot

• This is a 12 × 2.0-bed/1.5-bath units multifamily listed at $1.80M.

Deal economics

• At list price, monthly cash flow is $5k ($63k/yr) — positive. Per door: $440/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($22k rent vs $1.80M).
• Cap rate 9.8% 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: Gildo Rey Elementary School (412 students, 76% FRL); Auburn Riverside High School (1,909 students, 50% FRL) — zoned schools average 63% FRL vs 44% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 326 active listings in the ZIP; solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• At $22,403/mo this rent would consume 330% of the median local household income ($81k/yr) (locally 1278% 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 $12k of loan paydown is wiped out by about $54k 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

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 26y 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 $767k; list at $1.80M implies a 135% gain — meaningful room to come down on a strong offer.

Recommended offer $1,800,000

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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.24% ✓
• Cap rate: 9.82%
• Cash-on-cash: 12.58%
• DSCR: 1.56
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.75% rent growth · sell at horizon

5-year hold

• IRR: -0.2%
• Equity multiple: 0.99×
• Total profit: $-4,462
• Equity at exit: $268,386

10-year hold

• IRR: 6.9%
• Equity multiple: 1.47×
• Total profit: $236,149
• Equity at exit: $155,631

Cash invested: $504,000 (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 98801

• Rents YoY: 0.8%
• Active inventory: 326
• Price-to-rent: 80.3×

Monthly cashflow live

• Estimated rent: $22,403 high
• Mortgage (P&I): −$9,439
• Tax from tax record: −$2,226 /mo · $26,708/yr
• Insurance: −$750
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,705
• Net cashflow: $5,283

Break-even live

Break-even rent $15,715

Max offer price $1,800,000

Occupancy floor 71%

Sensitivity live

Price	-10% $6,302	-5% $5,793	+0% $5,283	+5% $4,774	+10% $4,264
Rent	-10% $3,513	-5% $4,398	+0% $5,283	+5% $6,168	+10% $7,053
Rate	-1.0pp $6,190	-0.5pp $5,741	base $5,283	+0.5pp $4,817	+1.0pp $4,342

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

Units	Beds	Baths	Est. rent
▸ 12× units	2.0	1.5	$22,404
Total (12 units)			$22,403

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: $450,000
• Closing costs: $54,000
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-14
   listed $1,800,000 Active
2. 2004-01-29
   soldstatus $767,000
3. 2000-06-01
   soldstatus $649,950
4. 2000-05-31
   historical
5. 2000-03-10
   listed $649,950

ⓘ 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: $26,708 · $2,226/mo
• Projected year-2 tax: $26,708 · $2,226/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 4/10 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: $268,836
• − Mortgage interest: −$100,828
• − Property taxes: −$26,708
• − Insurance: −$9,000
• − Repairs & maintenance: −$21,507
• − Management: −$21,507
• − Depreciation: −$52,364
• Taxable income: $36,923
• Est. tax owed @ 24.0%: −$8,861
• After-tax cash flow: $54,538/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: Chelan County · 53,031 people
• City population: 74,969
• Metro: Wenatchee, WA
• Population (ZIP): 45,426
• Household income: $81,488
• Rent vs Own: 41.2% rent · 58.8% own
• Severe rent burden: 1278.0

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: Majority White (61%)
• Race & ethnicity: White 61% Hispanic / Latino 33% Two or more races 14% Native American 2%
• Hispanic origin (detail): Mexican 28%
• Common ancestry: Portuguese 4% Italian 3% Slovak 3%
• Foreign-born: 14% · Canada, Dominican Republic
• Languages at home: 72% English-only · Spanish 27%

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: ▼ -569.39%
• Current HPI: 227.1555
• Rent YoY: ▲ 0.75%
• Metro: Wenatchee, 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

+176.9% since first listed

5 events — show timeline

• 2026-05-14 Listed $1,800,000 NWMLS as Distributed by MLS Grid
• 2004-01-29 Sold (Public Records) $767,000 Public Records
• 2000-06-01 Sold (MLS) $649,950 NWMLS as Distributed by MLS Grid
• 2000-05-31 Delisted — NWMLS as Distributed by MLS Grid
• 2000-03-10 Listed $649,950 NWMLS as Distributed by MLS Grid

Property tax history

+4.2%/yr

Latest (2025): $26,708 · -7.1% YoY. Source: county tax records.