Moses Lake, WA Cap Rate: 3.30% — Rental Property Analysis
Moses Lake is a higher-priced market in the West with a small but investable metro of 50,000. At a 3.30% estimated cap rate, this is a appreciation-focused market where rents of $1,560/mo lag behind home prices. With a median home price of $355,000 and steady population growth supports long-term rental demand, Moses Lake is primarily an appreciation play that requires creative strategies to generate positive cash flow.
Market data powered by Zillow Home Value Index (ZHVI) and Zillow Observed Rent Index (ZORI) · Updated Feb 2026
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Challenging for pure cash flow
Based on $355,000 median price and $1,560/mo median rent
Est. Cap Rate
3.30%
1% Rule
0.44%
Fails
GRM
19.0x
Price / Income
5.7x
Market Data
Median Home Price$355,000
Median Monthly Rent$1,560
Property Tax Rate0.93%
Population50,000
Population Growth1.1% / yr
Median Household Income$62,750
Vacancy Rate4.6%
Annual Appreciation2.8%
2026 Market Update: Moses Lake
Moses Lake's 0.4% rent-to-price ratio is well below the 1% rule. At median prices of $355,000, the $1,560/mo rent produces only $976/mo in NOI. Investors here need to target below-median properties or pursue value-add strategies to make the numbers work.
At current rates, a 20% down conventional loan ($71K at 7%) would result in approximately $-913/mo cash flow — negative at median prices. Larger down payments, seller financing, or buying 15–25% below median are strategies to turn the numbers positive.
The 19.0x gross rent multiplier and 4.6% vacancy rate position Moses Lake as a growth-dependent market. With annual appreciation at 2.8%, total returns (cash flow + equity growth) run approximately 6.1% before financing leverage.
Cap Rate Calculator — Moses Lake
Pre-filled with Moses Lake medians. Adjust to match a specific property.
Property Details
$
$
3–8% typical
%
Monthly Expenses
0.93% rate
$
$
8–10% of rent
$
8–12% of rent
$
Cap Rate
2.75%Low
Net Operating Income ÷ Purchase Price
NOI / Year
$9,771
net operating income
Gross Rent Multiplier
19.0x
High (>15)
1% Rule
0.44%
✗ Fails
Monthly Cash Flow
$814
before debt service
Annual Breakdown
Gross Rental Income$18,720
Less Vacancy−$861
Effective Income$17,859
Less Operating Expenses−$8,088
Net Operating Income$9,771
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Factor in financing to see your actual return on invested capital in Moses Lake.
$
$88,750
%
%
years
$
taxes + ins + maint + mgmt
$
$
Cash-on-Cash Return
-10.03%Weak
Annual Cash Flow ÷ Total Cash Invested
Total Cash Invested
$99,400
$88,750 down + $10,650 closing
Monthly Mortgage
$1,736
on $266K loan
Monthly Cash Flow
$-831
after all expenses
Annual Cash Flow
$-9,969
before taxes
Cash Flow Breakdown
Monthly Rent$1,560
Less Expenses−$655
Less Mortgage−$1,736
Monthly Cash Flow$-831
Is Moses Lake a Good Place to Invest in Rental Property?
Moses Lake, WA has a population of 50,000 and has been growing at 1.1% annually — above the national average, suggesting steady demand pressure on housing. The median home price of $355,000 paired with median rents of $1,560/mo produces an estimated cap rate of 3.30%.
Property taxes at 0.93% fall within the national average range and shouldn't present unusual challenges. The vacancy rate of 4.6% is impressively low, indicating tight rental supply and strong tenant demand — favorable for landlords.
At a price-to-income ratio of 5.7x, homes cost about 5.7 times the local median income of $62,750. This moderate ratio indicates a balanced rent-vs-buy market. Home values have appreciated at roughly 2.8% annually. Steady appreciation means total returns will be primarily cash flow-driven — the more sustainable model for long-term wealth building.
Bottom line: At current median prices, Moses Lake is challenging for pure cash flow investing. Consider BRRRR strategies with below-market purchases, or look at neighboring metros with stronger price-to-rent ratios.
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