1827 Cyrene Dr NW · Olympia, WA 98502

$549,900

3 bd · 2.5 ba · 2,808 sqft · SingleFamily public records · 100 Days on market

Built 2016 6,997 sqft lot $196/sqft · 9% below area Est $604k · 9% under $25/mo HOA · 1% of rent

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Why this score? — see what drove the D 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).

• ARV discount +11.5/15.0
• Appreciation +10.0/10.0
• Schools +6.2/10.0
• Livability +4.2/5.0
• Cash flow +4.1/30.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks

Spacious and inviting home in the desirable NW Olympia! This well thought out design features 3 large bedrooms upstairs. The primary bedrooms suite includes a super large walk-in closet and bathroom with tub and separate shower. There is also a generous sized recreation room—perfect for media space, playroom, or home gym. The main level offers a versatile den ideal for a home office, plus an open-concept living area where the kitchen, dining, and family room flow seamlessly together. Step out from the dining area onto a large deck, perfect for entertaining or relaxing outdoors while looking at the trees and green space behind your lot. A great blend of function and comfort in a sought

Key facts

• Large deck
• Green space
• Versatile den

Tags

• WALK-IN CLOSET
• RECREATION ROOM
• VERSATILE DEN
• OPEN-CONCEPT LIVING AREA
• LARGE DECK
• GREEN SPACE

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $550k.

Deal economics

• At list price, monthly cash flow is $-2k ($-18k/yr) — negative.
• To cash-flow at today's rent, offer at most $281k (48.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $272k (50.6% below list).
• Recommended offer: $272k (50.6% below list) — sets the bar for 1% rule.
• Cap rate 3.0% vs local median 2.4% in Olympia — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 83/100 on livability (#58 in WA, #1,036 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living D-.
• Olympia School District (urban): math 66% / reading 75% proficiency, ranked #17 of 291 in WA (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Leland P Brown Elementary (316 students, 63% FRL); Jefferson Middle School (447 students, 54% FRL); Capital High School (1,326 students, 38% FRL) — zoned schools average 52% FRL vs 25% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.2%/yr); 306 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,222 units permitted in Thurston County in 2024 (508 in 5+ unit buildings).
• This rent runs 35% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $59k of equity ($4k loan paydown + $55k appreciation (10.0% local appreciation)).
• Thurston County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$95k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($500k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 10y ago; this cycle's ask has dropped $46k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $271,518 (50.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 51% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-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?
7. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.49% ✗
• Cap rate: 2.97%
• Cash-on-cash: -11.86%
• DSCR: 0.47
• GRM: 16.9

CMA / ARV

• ARV (median comp): $603,576
• List price: $549,900
• Delta: -8.89%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1610 Easthill Pl NW	0.28mi	4/3.0 (+1)	2,720 (-3%)	19mo	$730,000	$268	59
2537 Walnut Loop NW	0.49mi	4/2.5 (+1)	2,557 (-9%)	0mo	$630,000	$246	57
3715 Goldcrest Hts NW	0.50mi	4/3.0 (+1)	2,562 (-9%)	2mo	$640,000	$250	54
2619 NW Walnut Loop	0.40mi	4/2.5 (+1)	2,504 (-11%)	6mo	$570,000	$228	53
2732 Langridge Loop NW	0.50mi	4/3.0 (+1)	2,678 (-5%)	13mo	$695,000	$260	52
3901 Cooper Crest Dr NW	0.70mi	4/2.5 (+1)	2,650 (-6%)	4mo	$584,900	$221	50
1719 Easthill Pl NW	0.18mi	4/3.0 (+1)	2,529 (-10%)	22mo	$685,000	$271	49
2322 Cooper Crest Pl NW	0.58mi	4/2.5 (+1)	2,473 (-12%)	1mo	$515,000	$208	47
2316 Bowman Ave NW	0.69mi	3/2.0	2,538 (-10%)	11mo	$605,000	$238	41
2228 Crestwood Pl NW	0.66mi	4/2.5 (+1)	3,045 (+8%)	17mo	$625,000	$205	36
3726 Cooper Crest Dr NW	0.68mi	4/2.5 (+1)	2,438 (-13%)	20mo	$575,000	$236	25
2530 Conger Ct NW	0.62mi	4/3.0 (+1)	2,405 (-14%)	20mo	$610,000	$254	24

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.16% rent growth · sell at horizon

5-year hold

• IRR: 16.0%
• Equity multiple: 2.32×
• Total profit: $202,972
• Equity at exit: $495,393

10-year hold

• IRR: 15.4%
• Equity multiple: 5.38×
• Total profit: $674,745
• Equity at exit: $1,068,335

Cash invested: $153,972 (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 98502

• Home prices YoY: 1.8%
• Rents YoY: 3.2%
• Active inventory: 306
• Price-to-rent: 16.9×

Monthly cashflow live

• Estimated rent: $2,715 medium
• Mortgage (P&I): −$2,884
• Tax from tax record: −$529 /mo · $6,345/yr
• Insurance: −$229
• HOA: −$25
• Vacancy / Maint / Mgmt: −$570
• Net cashflow: $-1,522

Break-even live

Break-even rent $4,641

Max offer price $281,094

Occupancy floor —

Sensitivity live

Price	-10% $-1,210	-5% $-1,366	+0% $-1,522	+5% $-1,677	+10% $-1,833
Rent	-10% $-1,736	-5% $-1,629	+0% $-1,522	+5% $-1,414	+10% $-1,307
Rate	-1.0pp $-1,245	-0.5pp $-1,382	base $-1,522	+0.5pp $-1,664	+1.0pp $-1,809

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: $137,475
• Closing costs: $16,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4407 Goldcrest Dr NW Olympia, WA	4.0	2.5	2615	$2,950	$1.13	45d	1	0.89mi

HOA detail

• Monthly dues: $25 · $300/yr
• Likely covers: gym

Listing history 27 events

1. 2026-06-22
   days on market $549,900 Active 100 DOM
2. 2026-06-18
   days on market $549,900 Active 97 DOM
3. 2026-06-18
   status $549,900 Active 96 DOM
4. 2026-06-10
   status $549,900 Pending 96 DOM
5. 2026-06-09
   days on market $549,900 Active 96 DOM
6. 2026-06-08
   days on market $549,900 Active 95 DOM
7. 2026-06-07
   days on market $549,900 Active 94 DOM
8. 2026-06-05
   days on market $549,900 Active 91 DOM
9. 2026-06-02
   days on market $549,900 Active 89 DOM
10. 2026-06-01
    days on market $549,900 Active 88 DOM
11. 2026-05-31
    price $549,900 Active 87 DOM
12. 2026-05-31
    days on market $570,000 Active 87 DOM
13. 2026-05-30
    days on market $570,000 Active 86 DOM
14. 2026-04-27
    price $570,000
15. 2026-04-06
    status Active
16. 2026-03-26
    status Pending
17. 2026-02-20
    listed $595,500 Active
18. 2022-05-20
    soldstatus $600,000 Closed
19. 2022-04-11
    status Pending
20. 2022-04-08
    listed $565,000 Active
21. 2019-04-09
    soldstatus $364,950 Sold
22. 2019-04-09
    soldstatus $364,950
23. 2019-03-13
    status Pending Inspection
24. 2019-03-12
    listed $364,950 Active
25. 2017-04-28
    soldstatus $314,500 Sold
26. 2017-03-02
    status Pending
27. 2016-10-05
    listed $319,950 Active

ⓘ 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: $6,345 · $529/mo
• Projected year-2 tax: $6,345 · $529/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 13 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,582
• − Mortgage interest: −$30,803
• − Property taxes: −$6,345
• − Insurance: −$2,750
• − Repairs & maintenance: −$2,607
• − Management: −$2,607
• − HOA: −$300
• − Depreciation: −$15,997
• Taxable loss: −$28,826
• Est. tax savings @ 24.0%: +$6,918
• After-tax cash flow: $-11,342/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: Olympia School District
• NCES district ID: 5306180
• Math proficiency: 66% ▼ -2.00%
• Reading proficiency: 75% ▼ -2.00%
• Median HH income: $63,852
• Composite: 62.27/100
• National rank: #1438
• State rank: #17 of 291 in WA

Livability — Olympia

• Score: 83/100
• State rank: #58
• US rank: #1036

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Olympia, WA
• County: Thurston County · 269,345 people
• City population: 98,428
• Metro: Olympia-Lacey-Tumwater, WA
• Population (ZIP): 35,398
• Household income: $92,207
• Rent vs Own: 42.6% rent · 57.4% own
• Severe rent burden: 1811.0

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: Predominantly White (71%)
• Race & ethnicity: White 71% Two or more races 13% Hispanic / Latino 11% Asian 6% Black 3% Native American 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4%
• Common ancestry: Italian 5% Portuguese 4% Iranian 3%
• Foreign-born: 8% · Vietnam, Canada, China
• Languages at home: 90% English-only · Spanish 3% Vietnamese 2% Other Asian/Pacific 1%

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: ▲ 18.49%
• Current HPI: 1056.49
• Rent YoY: ▲ 3.16%
• Metro: Olympia-Lacey-Tumwater, 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

+78.2% since first listed

14 events — show timeline

• 2026-04-27 Price Changed $570,000 NWMLS as Distributed by MLS Grid
• 2026-04-06 Relisted — NWMLS as Distributed by MLS Grid
• 2026-03-26 Pending — NWMLS as Distributed by MLS Grid
• 2026-02-20 Listed $595,500 NWMLS as Distributed by MLS Grid
• 2022-05-20 Sold (MLS) $600,000 NWMLS as Distributed by MLS Grid
• 2022-04-11 Pending — NWMLS as Distributed by MLS Grid
• 2022-04-08 Listed $565,000 NWMLS as Distributed by MLS Grid
• 2019-04-09 Sold (Public Records) $364,950 Public Records
• 2019-04-09 Sold (MLS) $364,950 NWMLS as Distributed by MLS Grid
• 2019-03-13 Pending — NWMLS as Distributed by MLS Grid
• 2019-03-12 Listed $364,950 NWMLS as Distributed by MLS Grid
• 2017-04-28 Sold (MLS) $314,500 NWMLS as Distributed by MLS Grid
• 2017-03-02 Pending — NWMLS as Distributed by MLS Grid
• 2016-10-05 Listed $319,950 NWMLS as Distributed by MLS Grid

Property tax history

+25.5%/yr

Latest (2026): $6,345 · +5.2% YoY. Source: county tax records.