24405 137th Ave SE · Kent, WA 98042

$321,000

5 bd · 3.0 ba · 2,940 sqft · SingleFamily public records · 1 Days on market

Built 1975

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Pretty home in cute neighborhood.

Key facts

• Built 1975

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath single-family listed at $321k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $321k).
• Cap rate 12.1% vs local median 2.7% in Kent — 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 (#109 in WA, #2,154 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, housing A+; Watch: schools C-, crime F, cost of living F.
• Kent School District (urban): math 47% / reading 57% proficiency, ranked #109 of 291 in WA (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 332 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 10,555 units permitted in King County in 2024 (7,119 in 5+ unit buildings).
• At $5,093/mo this rent would consume 48% of the median local household income ($128k/yr) (locally 892% 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 $2k of loan paydown is wiped out by about $10k 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 + 0.2% rent growth), your $90k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 17y ago; this cycle's ask has dropped $504k (61%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $321,000

Questions for the listing agent

1. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.59% ✓
• Cap rate: 12.14%
• Cash-on-cash: 20.87%
• DSCR: 1.93
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $908,460
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
24516 137th Ct SE	0.11mi	5/3.0	3,014 (+2%)	5mo	$915,000	$304	87
24519 137th Ct SE	0.12mi	5/3.0	3,240 (+10%)	3mo	$972,500	$300	75
13228 SE 238th Pl #9	0.43mi	5/3.0	3,078 (+5%)	3mo	$949,900	$309	70
13232 SE 238th Pl #8	0.42mi	5/3.0	3,078 (+5%)	4mo	$969,900	$315	70
13307 SE 238th Pl #11	0.40mi	5/3.0	3,078 (+5%)	5mo	$959,900	$312	70
13302 SE 238th Pl #7	0.41mi	5/3.0	3,078 (+5%)	4mo	$929,800	$302	69
25216 138th Pl SE	0.53mi	5/3.0	3,004 (+2%)	3mo	$1,015,000	$338	69
13329 SE 238th Pl #16	0.38mi	5/3.0	2,726 (-7%)	2mo	$929,900	$341	69
14126 SE 240th Pl	0.31mi	5/4.0	3,120 (+6%)	4mo	$865,000	$277	68
25223 136th Ave SE	0.61mi	4/2.5 (-1)	2,828 (-4%)	1mo	$840,000	$297	58
25231 133rd Pl SE	0.66mi	4/2.5 (-1)	2,810 (-4%)	0mo	$862,000	$307	55
24517 145th Pl SE	0.49mi	4/2.5 (-1)	2,504 (-15%)	1mo	$815,000	$325	45

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 · 0.19% rent growth · sell at horizon

5-year hold

• IRR: 9.9%
• Equity multiple: 1.38×
• Total profit: $33,779
• Equity at exit: $47,862

10-year hold

• IRR: 16.4%
• Equity multiple: 2.16×
• Total profit: $104,218
• Equity at exit: $27,754

Cash invested: $89,880 (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 98042

• Rents YoY: 0.2%
• Active inventory: 332
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $5,093 high
• Mortgage (P&I): −$1,683
• Tax from tax record: −$643 /mo · $7,712/yr
• Insurance: −$134
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,069
• Net cashflow: $1,563

Break-even live

Break-even rent $3,114

Max offer price $321,000

Occupancy floor 64%

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: $80,250
• Closing costs: $9,630
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
24115 118th Pl SE Kent, WA	4.0	3.0	2378	$3,700	$1.56	12d	1	1.22mi
13720 SE 266th St Kent, WA	4.0	4.5	3000	$7,995	$2.67	18d	1	1.40mi
13720 SE 266th St Unit NA Kent, WA	4.0	4.5	3000	$7,995	$2.67	3d	1	1.40mi
25506 157th Ave SE Covington, WA	4.0	2.5	2190	$3,600	$1.64	44d	1	1.44mi
25517 158th Ave SE Kent, WA	4.0	3.0	2626	$4,200	$1.60	44d	1	1.47mi

Listing history 13 events

1. 2023-04-06
   soldstatus $850,000 Closed
2. 2023-04-06
   soldstatus $850,000
3. 2023-03-08
   status Pending
4. 2023-03-03
   listed $825,000 Active
5. 2010-03-15
   soldstatus $345,000 Sold
6. 2010-03-15
   soldstatus $345,000
7. 2010-02-24
   status Pending
8. 2010-01-20
   status Pending - Backup Offer Requested
9. 2009-12-20
   price $345,000
10. 2009-11-13
    price $375,000
11. 2009-10-19
    price $389,950
12. 2009-09-20
    listed $459,950 Active
13. 1984-03-20
    soldstatus $139,900

ⓘ 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: $7,712 · $643/mo
• Projected year-2 tax: $7,712 · $643/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 3/10 Moderate 7 d/yr ≥87°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 12 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $61,112
• − Mortgage interest: −$17,981
• − Property taxes: −$7,712
• − Insurance: −$1,605
• − Repairs & maintenance: −$4,889
• − Management: −$4,889
• − Depreciation: −$9,338
• Taxable income: $14,698
• Est. tax owed @ 24.0%: −$3,527
• After-tax cash flow: $15,234/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: Kent School District
• NCES district ID: 5303960
• Math proficiency: 47% ▼ -1.00%
• Reading proficiency: 57% ▼ -1.00%
• Median HH income: $69,823
• Composite: 48.25/100
• National rank: #4714
• State rank: #109 of 291 in WA

Livability — Kent

• Score: 79/100
• State rank: #109
• US rank: #2154

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kent, WA
• County: King County · 2,251,916 people
• City population: 119,479
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 50,216
• Household income: $127,552
• Rent vs Own: 17.7% rent · 82.3% own
• Severe rent burden: 892.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 62% Asian 13% Hispanic / Latino 12% Two or more races 12% Black 6%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 4% Subsaharan African 3% Italian 3%
• Foreign-born: 19% · Canada, Vietnam, China
• Languages at home: 75% English-only · Spanish 7% Russian/Polish/Slavic 4% Other Indo-European 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: ▼ -635.61%
• Current HPI: 297.7991
• Rent YoY: ▲ 0.19%
• 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

+507.6% since first listed

13 events — show timeline

• 2023-04-06 Sold (Public Records) $850,000 Public Records
• 2023-04-06 Sold (MLS) $850,000 NWMLS as Distributed by MLS Grid
• 2023-03-08 Pending — NWMLS as Distributed by MLS Grid
• 2023-03-03 Listed $825,000 NWMLS as Distributed by MLS Grid
• 2010-03-15 Sold (Public Records) $345,000 Public Records
• 2010-03-15 Sold (MLS) $345,000 NWMLS as Distributed by MLS Grid
• 2010-02-24 Pending — NWMLS as Distributed by MLS Grid
• 2010-01-20 Pending — NWMLS as Distributed by MLS Grid
• 2009-12-20 Price Changed $345,000 NWMLS as Distributed by MLS Grid
• 2009-11-13 Price Changed $375,000 NWMLS as Distributed by MLS Grid
• 2009-10-19 Price Changed $389,950 NWMLS as Distributed by MLS Grid
• 2009-09-20 Listed $459,950 NWMLS as Distributed by MLS Grid
• 1984-03-20 Sold (Public Records) $139,900 Public Records

Property tax history

+2.4%/yr

Latest (2025): $7,712 · +7.4% YoY. Source: county tax records.