306 2nd St NE · Auburn, WA 98002

$995,000

5 bd · 3.0 ba · 3,120 sqft · MultiFamily public records · 371 Days on market

Built 1922 6,608 sqft lot Est $699k · 42% 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 +29.9/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 5 units. estimate disagrees with records

Listing remarks

Turn-key 5 unit rental property in the heart of Auburn! This fully rented investment property is walking distance to Main Street with all the shops, restaurants and public transportation. The building has a brand new roof and siding, and all units have been recently updated—no major work needed. 100% occupancy with zero vacancies and a waitlist. Some tenants have been here for over 7 years and would love to stay. There’s off-street parking in back for up to 6 cars, plus an on-site coin-op laundry room that brings in an extra $200/month. This is a solid, low-maintenance rental property in a great location with strong tenant demand. Ready to go from day one.

Key facts

• Brand new roof
• Brand new siding
• Off-street parking

Tags

• TURN-KEY RENTAL PROPERTY
• BRAND NEW ROOF
• BRAND NEW SIDING
• RECENTLY UPDATED UNITS
• OFF-STREET PARKING
• ON-SITE COIN-OP LAUNDRY

Property features AI

Finance

• Other: Units in building: 5 (includes units below grade); Individual unit rents (actual): Unit 1 $1,225; Unit 2 $1,180; Unit 3 $1,090; Unit 4 $1,000; Unit 5 $850
• Financial info: Gross scheduled income: $66,303 annually; Gross adjusted income: $66,303; Total monthly income: $5,545; Total expenses: $32,519 annually; Net operating income: $33,784 annually; Fuel expense: $1,550 annually; Electric expense: $1,000 annually; Insurance expense: $1,570 annually; Other expenses: $20,292 annually; Gross rent multiplier: 16.44; Listing terms: Cash or Conventional

Exterior

• Parking: Six open/uncovered parking spaces
• Utilities: Electric and natural gas service; Community water (City of Auburn); Sewer connected (City of Auburn); Power by PSE
• Home design: Residential income property (multi-family/quadruplex); Quadruplex / 3 stories; Good condition; Possible use: Multi-family
• Construction: Wood construction; Composition (asphalt) roof; Poured concrete foundation; Effective year built 1922
• Exterior features: Wood exterior; Wood product accents

Interior

• Kitchen: Unit 1: Range/oven, Refrigerator, Dishwasher; Unit 2: Range/oven, Refrigerator; Unit 3: Range/oven, Refrigerator, Dishwasher; Unit 4: Range/oven, Refrigerator; Unit 5: Range/oven, Refrigerator
• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 2 bedrooms; Unit 3: 1 bedroom; Unit 4: 1 bedroom; Unit 5: studio/efficiency or unspecified bedrooms
• Flooring: Laminate
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Baseboard heating; Forced air heating; No central cooling
• Interior features: Laminate flooring; Basement; Storage
• Laundry & utility: Coin-operated laundry; Unit 1 has washer and dryer; other units do not have in-unit washer/dryer

What this means for you Summary

Snapshot

• This is a 5 × 7-bed/5.0-bath units multifamily listed at $995k.

Deal economics

• At list price, monthly cash flow is $4k ($44k/yr) — positive. Per door: $738/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $995k).
• Recommended offer: $876k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.7% 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: Washington Elementary School (491 students, 74% FRL); Auburn Senior High School (1,844 students, 67% FRL) — zoned schools average 70% FRL vs 44% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.5%/yr); 171 active listings in the ZIP; solid renter incomes; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• At $12,695/mo this rent would consume 194% 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 $7k of loan paydown is wiped out by about $30k 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.
• At projected returns (-3.0% appreciation + 1.5% rent growth), your $279k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 371 days — a 12% lower offer ($876k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 25y ago; this cycle's ask has dropped $95k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $176k; list at $995k implies a 464% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $875,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 371 days. Have you received any prior offers? Is the seller open to a 12% 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 1922 — 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. 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?
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 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: 1.28% ✓
• Cap rate: 10.75%
• Cash-on-cash: 15.90%
• DSCR: 1.71
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $698,880
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
214 J St NE	0.39mi	4/2.0 (-1)	2,660 (-15%)	1mo	$596,940	$224	48

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: 5.2%
• Equity multiple: 1.20×
• Total profit: $55,000
• Equity at exit: $148,358

10-year hold

• IRR: 13.3%
• Equity multiple: 1.99×
• Total profit: $275,404
• Equity at exit: $86,029

Cash invested: $278,600 (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: 171
• Price-to-rent: 32.7×

Monthly cashflow live

• Estimated rent: $12,695 medium
• Mortgage (P&I): −$5,218
• Tax from tax record: −$705 /mo · $8,458/yr
• Insurance: −$415
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,666
• Net cashflow: $3,692

Break-even live

Break-even rent $8,022

Max offer price $995,000

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
▸ 5× units	7	5	$12,695
Total (5 units)			$12,695

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: $248,750
• Closing costs: $29,850
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-18
   days on market $995,000 Active 371 DOM
2. 2026-06-17
   days on market $995,000 Active 370 DOM
3. 2026-06-16
   days on market $995,000 Active 369 DOM
4. 2026-06-15
   days on market $995,000 Active 368 DOM
5. 2026-06-13
   days on market $995,000 Active 366 DOM
6. 2026-06-13
   days on market $995,000 Active 365 DOM
7. 2026-06-09
   days on market $995,000 Active 362 DOM
8. 2026-06-08
   days on market $995,000 Active 361 DOM
9. 2026-06-07
   days on market $995,000 Active 360 DOM
10. 2026-06-04
    days on market $995,000 Active 357 DOM
11. 2026-06-03
    days on market $995,000 Active 356 DOM
12. 2026-06-02
    days on market $995,000 Active 355 DOM
13. 2026-06-01
    days on market $995,000 Active 354 DOM
14. 2026-05-31
    days on market $995,000 Active 353 DOM
15. 2026-02-05
    price $995,000
16. 2025-09-12
    price $999,000
17. 2025-08-28
    price $1,025,000
18. 2025-06-12
    listed $1,090,000 Active
19. 2013-12-06
    soldstatus $176,299 Sold
20. 2013-11-14
    status Pending
21. 2013-11-08
    listed $180,000 Active
22. 2005-09-16
    soldstatus $300,000
23. 2003-10-24
    soldstatus $257,000
24. 2003-10-23
    soldstatus $257,500
25. 2003-03-08
    listed $249,950
26. 2001-08-09
    soldstatus $225,000
27. 2001-08-09
    soldstatus $225,000
28. 2001-03-01
    historical
29. 2001-01-08
    listed $224,950
30. 2001-01-08
    listed
31. 1994-11-02
    soldstatus $260,000

ⓘ 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: $8,458 · $705/mo
• Projected year-2 tax: $9,751 · $813/mo
• Expected delta: +$1,293/yr (+$108/mo · 15.3%)

ⓘ 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 3/10 Moderate 7 d/yr ≥88°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: $152,340
• − Mortgage interest: −$55,735
• − Property taxes: −$8,458
• − Insurance: −$4,975
• − Repairs & maintenance: −$12,187
• − Management: −$12,187
• − Depreciation: −$28,945
• Taxable income: $29,851
• Est. tax owed @ 24.0%: −$7,164
• After-tax cash flow: $37,136/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

+282.7% since first listed

17 events — show timeline

• 2026-02-05 Price Changed $995,000 NWMLS as Distributed by MLS Grid
• 2025-09-12 Price Changed $999,000 NWMLS as Distributed by MLS Grid
• 2025-08-28 Price Changed $1,025,000 NWMLS as Distributed by MLS Grid
• 2025-06-12 Listed $1,090,000 NWMLS as Distributed by MLS Grid
• 2013-12-06 Sold (MLS) $176,299 NWMLS as Distributed by MLS Grid
• 2013-11-14 Pending — NWMLS as Distributed by MLS Grid
• 2013-11-08 Listed $180,000 NWMLS as Distributed by MLS Grid
• 2005-09-16 Sold (Public Records) $300,000 Public Records
• 2003-10-24 Sold (MLS) $257,000 NWMLS as Distributed by MLS Grid
• 2003-10-23 Sold (Public Records) $257,500 Public Records
• 2003-03-08 Listed $249,950 NWMLS as Distributed by MLS Grid
• 2001-08-09 Sold (Public Records) $225,000 Public Records
• 2001-08-09 Sold (MLS) $225,000 NWMLS as Distributed by MLS Grid
• 2001-03-01 Delisted — NWMLS as Distributed by MLS Grid
• 2001-01-08 Listed — NWMLS as Distributed by MLS Grid
• 2001-01-08 Listed $224,950 NWMLS as Distributed by MLS Grid
• 1994-11-02 Sold (Public Records) $260,000 Public Records

Property tax history

+5.4%/yr

Latest (2025): $8,458 · +28.0% YoY. Source: county tax records.