Pasco’s current Zillow frame is a $423,113 ZHVI typical value and $1,665 monthly ZORI typical observed rent. Gross yield is 4.72%, before vacancy, taxes, insurance, maintenance, management and financing. ZHVI fell 0.09% annually while ZORI rose 2.56%, leaving recent rent momentum firmer than value movement without indicating what follows. ZHVI is 4.94x ACS median household income, while annualized ZORI is 23.35% of that income; both are affordability screens, not household budgets or tenant qualifications.
Pasco has 25,678 housing units. Renters occupy 29.06% of occupied units, and citywide vacancy is 3.62%; neither predicts property lease-up. Single-family homes comprise 77.54% of stock. ACS reports a $376,300 owner-reported median home value and $1,227 median gross rent for occupied rentals, including contract rent and selected utilities. These surveyed measures differ in concept and period from Zillow’s typical value and observed rent; averaging them would weaken underwriting.
City rent burden affects 52.74% of renters for whom it is calculated; large multifamily buildings are 6.31% of units. Of vacant units, 37.31% are classified for rent, a vacancy-reason share, not available investment inventory. Population is 9.16% higher between overlapping ACS five-year vintages; this is not annualized and may reflect boundary changes. Median household income is $85,586, poverty is 12.59%, and unemployment is 5.32%. These describe demand capacity and labor constraints, not causation, tenant quality, achievable rent or lease-up speed.
In county context for Franklin County, 19.44% of active listings had reductions, informing seller-flexibility tests without measuring Pasco transactions. In the broader Kennewick metro, employment grew 1.15% annually and housing had 3 months of supply; these metro gauges pair labor support with buyer choice, not city outcomes. The national Freddie Mac 30-year mortgage rate was 6.58%, which can compress leveraged cash flow but does not measure local rents.
Property gaps include condition, unit mix, legal use, tenant history, concessions, utilities and capital needs. Obtain leases and rent roll; verify signed-rent comparables; inspect systems; confirm permits and zoning; quote insurance. Reconcile the county tax bill, title and assessments, then model vacancy, turnover, maintenance, management, utilities and financing. Gross yield is only a screen; decide from property-specific net operating income, debt service and cash reserves.