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4516 2nd Ave NW, Seattle, WA, USA
Priced too high to cash-flow with a loan — an equity or tax play, not income.
Investment potential
Your scenario · adjust the levers below or open advanced settings to see how returns change
$68,609
$5,717/mo · at 65% occupancy & $427/night
-$57,866
-$4,822/mo after costs & mortgage
Cap rate
1.4%
Cash-on-cash
-16.5%
DSCR
0.24
Confidence
Your assumptions
Revenue
$68,609/yr
Market avg: $68,609/yr · 65% occ · $427 ADR
Financing
$76,068/yr
Operating costs
$50,407/yr
How this property compares to similar short-term rentals nearby.
Comparable set · 38 properties
$272–$668
Median $423
32%–88%
Median 65%
$40.2K–$156.8K
Median $61.6K
164–365
Median 281
This property · $68.6K
Comparable properties (38)
Cash flow potential Low · Appreciation potential Medium
365 days available · 287 days booked ·
314 days available · 205 days booked ·
365 days available · 264 days booked ·
313 days available · 222 days booked ·
226 days available · 167 days booked ·
365 days available · 275 days booked ·
365 days available · 245 days booked ·
239 days available · 151 days booked ·
269 days available · 151 days booked ·
334 days available · 203 days booked ·
301 days available · 111 days booked ·
212 days available · 126 days booked ·
312 days available · 164 days booked ·
270 days available · 130 days booked ·
288 days available · 163 days booked ·
365 days available · 219 days booked ·
336 days available · 196 days booked ·
226 days available · 129 days booked ·
272 days available · 163 days booked ·
268 days available · 196 days booked ·
225 days available · 155 days booked ·
290 days available · 187 days booked ·
266 days available · 138 days booked ·
231 days available · 103 days booked ·
289 days available · 197 days booked ·
340 days available · 192 days booked ·
164 days available · 130 days booked ·
294 days available · 145 days booked ·
296 days available · 124 days booked ·
252 days available · 124 days booked ·
318 days available · 103 days booked ·
199 days available · 98 days booked ·
239 days available · 149 days booked ·
258 days available · 145 days booked ·
274 days available · 126 days booked ·
270 days available · 117 days booked ·
253 days available · 110 days booked ·
315 days available · 136 days booked ·
Revenue and occupancy reflect Chalet's modeled estimates from observed booking activity for comparable active listings. Individual results vary with management, seasonality, and pricing.
Who this property is for
The same property is a great buy for one investor and a trap for another. Here's the honest read.
1031 / high-equity buyer
~$313.8K
Year-1 tax shield
Buying with cash or low leverage removes the debt-coverage problem entirely, so the thesis rests on appreciation plus a large first-year write-off. At roughly 25% of purchase price, the shield is substantial enough to carry the deal on its own.
Price-disciplined buyer
—
Break-even purchase price
Even a deep discount doesn't get this deal to break even within a realistic range, so there's no price anchor to negotiate toward. A price-disciplined buyer should pass unless the revenue assumptions change.
DSCR cash-flow buyer
0.24
DSCR at asking
At asking price the property doesn't cover its own debt service, so it won't qualify for DSCR financing as modeled. If you need cash flow from day one, look at a mid-term-rental fallback or a different Seattle submarket.
For a buyer who materially participates and qualifies for the STR tax treatment.
$313.8K
Estimated first-year deduction · range $260.4K–$357.7K
Why this matters here
At a marginal bracket, this deduction can be worth $96.4K–$132.4K in estimated federal tax saved.
This only applies if you meet the IRS material-participation tests for short-term rentals and are not using a full-service property manager.
Estimate, subject to CPA review. Cost-segregation percentages shown here are illustrative and depend on an actual study of the property.
Some states do not conform to federal bonus depreciation, so your state may not allow the same first-year treatment shown above.
Chalet can introduce a cost-segregation partner — this is not tax, legal, or financial advice.
How cash-on-cash return moves with purchase price. The marked line is break-even (1.0 DSCR).
At this price: cash-on-cash -16.5%, DSCR 0.24, cash flow -$57,866/yr
| Price vs asking | Price | Cash-on-cash | DSCR | Band |
|---|---|---|---|---|
| -25% | $952,800 | -14.5% | 0.32 | Below break-even |
| -22% | $990,912 | -14.8% | 0.31 | Below break-even |
| -15% | $1,079,840 | -15.4% | 0.28 | Below break-even |
| -8% | $1,168,768 | -16.0% | 0.26 | Below break-even |
| Asking | $1,270,400 | -16.5% | 0.24 | Below break-even |
| +8% | $1,372,032 | -17.0% | 0.22 | Below break-even |
| +15% | $1,460,960 | -17.3% | 0.21 | Below break-even |
Break-even price
Out of range
This deal does not reach break-even within ±25% of asking.
Discount needed
—
The gap between asking and the price a cash-flow buyer can underwrite.
If refi to 5.5% in 24 mo
+$11,149/yr
Illustrative cash-flow improvement at asking price if rates fall. Planning figure, not a forecast.
Annual avg $5,717 · peaks at $7,363 in Mar
Annual avg 58% · peaks at 79% in Jul
−$4,822/mo after all expenses
Cash to close
Down payment, closing costs, and furnishing
$368,416
Return on cash:1.5%
DSCR below 1.0 — but you can still qualify
Your DSCR is 0.24 · lenders typically require 1.0+.
Get matched with 2–3 vetted STR lenders, free.
What the deal returns over the hold — including the tax shield, which is the whole point for an appreciation buyer.
Levered IRR
4.5%
over 5-yr hold, with tax shield
Equity multiple
1.3×
total proceeds vs. $368,416 invested
Projected value at exit
$1,621,388
year 5 · 5.0% annual appreciation
Tax shield contribution
+5.4 pts
of IRR comes from year-1 depreciation
| Year | Equity | Appreciation | Cumulative cash flow | Total value |
|---|---|---|---|---|
| Year 1 | $327,279 | $63,520 | $58,236 | $449,034 |
| Year 2 | $337,657 | $130,216 | $1,399 | $469,272 |
| Year 3 | $348,785 | $200,247 | -$54,393 | $494,639 |
| Year 4 | $360,719 | $273,779 | -$109,125 | $525,372 |
| Year 5 | $373,514 | $350,988 | -$162,781 | $561,721 |
Projection, not a promise.
Assumes 5.0% annual appreciation, 1.5% rent growth (operating costs held flat), and that the property qualifies for short-term-rental tax treatment. The year-1 depreciation shield depends on a real cost-segregation study and your tax situation — consult a CPA.
Appreciation is the dominant driver of this return. When cash flow is negative, the deal depends on the property gaining value — it is not paying for itself from income.
Appreciation, rent growth, and financing rates are editable under Edit financials.
STR deals turn on local rules and demand that a generalist agent misses. Chalet matches you with a vetted Seattle agent who knows which properties actually cash flow — and which to avoid.
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Real Estate Investment Analysis & Market Insights
Disclaimer. This page and the data presented are for informational purposes only. The information provided should not be construed as financial, legal, or investment advice. Market conditions can change rapidly, and past performance does not guarantee future results. Always consult with qualified professionals before making investment decisions.
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