RentalCalcs Editorial · washington-2026-10-19-v1 · Reviewed 2026-10-19

Washington: evidence to offer worksheet

Free property worksheet. Entries remain in this browser page and are not submitted or saved. Print or save your completed worksheet before closing. The worked example is hypothetical, not a property quote or market forecast.

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1. Match the evidence

Seattle’s published average moved down 10 basis points from both Q2 2026 and Q3 2025. Eastern Washington’s rounded regional series moved from 6.5% to 6.2% quarterly, while remaining above its prior-year quarter. The eastern report calculates changes from greater precision, so its printed basis-point labels can differ from rounded arithmetic. Do not infer a Spokane premium solely from these different cohorts. Thin local sales and the unresolved Tri-Cities column are reasons to inspect actual closing income.

2. Complete the local document checks

Seattle: modest compression does not settle the lease-up question

Map actual competitor openings, concessions and lease expirations. Confirm Seattle notice and compliance obligations, and model the cash delay before any lawful, achievable increase.

Bellevue, Issaquah and Redmond: match the commute and the competing product

Build a short list of direct competitors and document their opening dates and incentives. Check the applicable city’s notice rules rather than assuming Seattle’s local ordinance governs every Eastside address.

Spokane County: a local sale series with a small cap denominator

Request closing price and consistent NOI for similar local sales. Quote replacement coverage and income restoration, and test lower collections with a wider exit rather than relying on the county point alone.

Yakima, Wenatchee Valley and Tri-Cities: keep thin evidence and source errors visible

Verify sale dates, income definitions and unit counts for local comps. Obtain a current insurance quote and collection history; leave the terminal cap subject to evidence rather than filling the missing cell.

Tacoma, Everett, Vancouver and smaller markets: local transactions are not local cap rates

Obtain local tax estimates, current lease documents, ordinance guidance and comparable NOI. Allow for marketing time and lender restrictions if the likely exit buyer pool is small.

3. Reconcile the buyer budget

Worked example · annual dollars except acquisition amounts
ItemExample
Purchase price$4,800,000
Scheduled annual rent$504,000
Other recurring income$8,000
Collection / concession / vacancy loss-$40,000
Effective income$472,000
taxes$55,000
insurance$24,000
utilities$24,000
maintenance$36,000
management$32,000
administration$13,000
Recurring expense total$184,000
NOI before debt and reserve$288,000
Annual debt service$218,443
Annual replacement reserve$16,000
Cash after debt and reserve$53,557
Down payment + closing + initial work$2,176,000

Loan $2,880,000 at an assumed 6.5% for 30 years, monthly amortization. Going-in cap 6.00%; DSCR 1.32× before reserve, 1.25× after reserve; cash-on-cash 2.46%. Cash basis excludes an initial reserve deposit; add any lender-required deposit. No loan quote is implied.

4. Test the exit and invalidate the thesis

Value = annual NOI ÷ (cap percent ÷ 100). Keep cumulative NOI change separate from annual rent growth. A simple value comparison excludes debt payoff, sale costs, income tax and interim cash flows.

Map the lawful collection path

Read leases, prior increases, exemptions and local notice rules. Schedule when achievable rent can actually become cash.

Match the property to the evidence

Separate Seattle market averages from eastern county sales. Check cap count, vintage, condition and income date before using a comparable.

Fund the gap before relying on an exit

Include buyer taxes, insurance, initial work and lease-up cash. Test a wider yield and lower income independently of a policy-rate forecast.

Evidence ledger