1608 Ruddell Rd SE · Lacey, WA 98053

$1,175,000

3 bd · 2.0 ba · 2,164 sqft · MultiFamily public records · 77 Days on market

Built 1978 0.98 ac lot

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Why this score? — see what drove the C 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 +23.7/30.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +5.6/10.0
• Schools +5.1/10.0
• Livability +4.2/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Rare add-value multifamily investment opportunity in Lacey! Features fully occupied a single-family home and a 4-plex with strong rental history. Conveniently located near I-5, JBLM, shopping, and schools. Great mix of unit types, stable income, and future upside. Ideal for both seasoned and new investors looking for scale and long-term growth in a strong rental market.

Key facts

• Strong rental market
• Stable income
• 0.98 acre lot

Tags

• CONVENIENTLY LOCATED NEAR I-5
• GREAT MIX OF UNIT TYPES
• STABLE INCOME
• STRONG RENTAL MARKET

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $1.18M.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $1.18M).
• Recommended offer: $1.10M (6.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 3.0% in Lacey — 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 85/100 on livability (#33 in WA, #581 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: cost of living D+.
• North Thurston Public Schools (suburban): math 51% / reading 62% proficiency, ranked #80 of 291 in WA (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 164 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 1,222 units permitted in Thurston County in 2024 (508 in 5+ unit buildings).
• At $12,417/mo this rent would consume 77% of the median local household income ($192k/yr) (locally 375% 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 $8k of loan paydown is wiped out by about $35k of value loss. Plan a longer hold.
• Thurston County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($1.10M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $1.48M (56%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $910k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $1,104,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.06% ✓
• Cap rate: 8.59%
• Cash-on-cash: 8.19%
• DSCR: 1.36
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $512,868
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1502 Yonkers Dr SE Unit A&B	0.57mi	4/3.0 (+1)	2,486 (+15%)	6mo	$590,000	$237	35

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 · 0.36% rent growth · sell at horizon

5-year hold

• IRR: -6.7%
• Equity multiple: 0.76×
• Total profit: $-79,728
• Equity at exit: $175,196

10-year hold

• IRR: -0.5%
• Equity multiple: 0.97×
• Total profit: $-11,045
• Equity at exit: $101,593

Cash invested: $329,000 (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 98053

• Rents YoY: 0.4%
• Active inventory: 164
• Price-to-rent: 47.3×

Monthly cashflow live

• Estimated rent: $12,417 medium
• Mortgage (P&I): −$6,162
• Tax from tax record: −$913 /mo · $10,961/yr
• Insurance: −$490
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,608
• Net cashflow: $2,245

Break-even live

Break-even rent $9,576

Max offer price $1,175,000

Occupancy floor 77%

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 6× units	2	1	$12,414
Total (6 units)			$12,417

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: $293,750
• Closing costs: $35,250
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4821 27th Ln SE Lacey, WA	3.0	2.0	1718	$2,625	$1.53	43d	1	0.55mi
2134 Diamond Loop SE Lacey, WA	4.0	3.0	2582	$2,795	$1.08	43d	1	0.97mi
6103 Carmel Ln SE Lacey, WA	3.0	2.5	1500	$2,350	$1.57	21d	1	1.18mi
1330 Fones Rd SE Olympia, WA	2.0	2.5	1406	$2,250	$1.60	21d	4	1.34mi
3725 Wildspitz Ln SE Lacey, WA	3.0–4.0	3.0	1774	$2,695	$1.52	43d	4	1.36mi
4820 41st Ln SE Lacey, WA	3.0	2.5	1716	$2,395	$1.40	13d	1	1.50mi

Listing history 19 events

1. 2026-06-18
   days on market $1,175,000 Active 77 DOM
2. 2026-06-17
   days on market $1,175,000 Active 76 DOM
3. 2026-06-16
   days on market $1,175,000 Active 75 DOM
4. 2026-06-15
   days on market $1,175,000 Active 74 DOM
5. 2026-06-14
   days on market $1,175,000 Active 72 DOM
6. 2026-06-13
   days on market $1,175,000 Active 71 DOM
7. 2026-06-10
   days on market $1,175,000 Active 69 DOM
8. 2026-06-09
   days on market $1,175,000 Active 68 DOM
9. 2026-06-08
   days on market $1,175,000 Active 67 DOM
10. 2026-06-07
    days on market $1,175,000 Active 66 DOM
11. 2026-06-03
    days on market $1,175,000 Active 62 DOM
12. 2026-06-02
    days on market $1,175,000 Active 61 DOM
13. 2026-06-01
    days on market $1,175,000 Active 60 DOM
14. 2026-05-31
    days on market $1,175,000 Active 59 DOM
15. 2026-05-30
    days on market $1,175,000 Active 58 DOM
16. 2026-04-02
    listed $1,175,000 Active
17. 2026-04-02
    listed $2,650,000 Active
18. 2015-06-30
    soldstatus $910,000
19. 1984-03-30
    soldstatus $170,800

ⓘ 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: $10,961 · $913/mo
• Projected year-2 tax: $11,515 · $960/mo
• Expected delta: +$554/yr (+$46/mo · 5.1%)

ⓘ 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 ≥88°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 7 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $149,004
• − Mortgage interest: −$65,818
• − Property taxes: −$10,961
• − Insurance: −$5,875
• − Repairs & maintenance: −$11,920
• − Management: −$11,920
• − Depreciation: −$34,182
• Taxable income: $8,328
• Est. tax owed @ 24.0%: −$1,999
• After-tax cash flow: $24,937/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: North Thurston Public Schools
• NCES district ID: 5305850
• Math proficiency: 51% ▬ 0.00%
• Reading proficiency: 62% ▬ 0.00%
• Median HH income: $62,338
• Composite: 51.09/100
• National rank: #3798
• State rank: #80 of 291 in WA

Livability — Lacey

• Score: 85/100
• State rank: #33
• US rank: #581

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lacey, WA
• County: King County · 2,251,916 people
• City population: 108,850
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 22,765
• Household income: $192,292
• Rent vs Own: 15.2% rent · 84.8% own
• Severe rent burden: 375.0

Population outlook (Thurston County) Hauer SSP2

• Today (2025): 308,239 people
• By 2030: 326,483 · +5.9%
• By 2040: 359,890 · +16.8%
• By 2050: 391,800 · +27.1%
• By 2075: 468,024 · +51.8%
• By 2100: 519,890 · +68.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 59% Asian 28% Two or more races 9% Hispanic / Latino 6% Black 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Portuguese 4% Italian 4% Slovak 3%
• Foreign-born: 30% · Canada, China, South Korea
• Languages at home: 68% English-only · Other Indo-European 13% Other Asian/Pacific 7% Chinese 3%

Political lean MEDSL · Thurston

• 2024 margin: Strong D (+20.4) · D 58.5% · R 38.1% · Other 3.5%
• 2008→2024 swing: -1.3pp toward R · 2008: 21.7pp · 2024: 20.4pp
• All cycles: 2024: D+20.4 2020: D+18.6 2016: D+15.4 2012: D+19.0 2008: D+21.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -466.89%
• Current HPI: 362.4257
• Rent YoY: ▲ 0.36%
• 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

+1451.5% since first listed

4 events — show timeline

• 2026-04-02 Listed $2,650,000 NWMLS as Distributed by MLS Grid
• 2026-04-02 Listed $1,175,000 NWMLS as Distributed by MLS Grid
• 2015-06-30 Sold (Public Records) $910,000 Public Records
• 1984-03-30 Sold (Public Records) $170,800 Public Records

Property tax history

+5.5%/yr

Latest (2026): $10,961 · -7.6% YoY. Source: county tax records.