710 S Hancock Ave Unit 422-23

Westport, WA 98595

$30,000D+

2 bd · 2.0 ba · 614 sqft · Built 1969 · Condo · Active · 57 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,298/mo
• Mortgage (P&I): −$157
• Tax + insurance: −$50
• HOA: −$500
• Vac / Maint / Mgmt: −$273
• Net cashflow: $318/mo
• Annual: $3,819/yr
• Cap rate: 19.02%
• Cash-on-cash: 45.46%
• DSCR: 3.02
• 1% rule: 4.33%
• Cash to close: $8,400

Investor read

• This is a 2-bed/2.0-bath condo listed at $30k. Condition is rated good.
• At list price, monthly cash flow is $318 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $30k).
• It's been on market 57 days — a 3% lower offer ($29k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $29k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $207 of loan paydown is wiped out by about $900 of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#251 in WA) — a middle-class / working-renter tenant base. Strengths: crime A, cost of living A-, housing A-; Watch: commute C-, health & safety C-, schools D+.
• Ocosta School District (rural): math 39% / reading 50% proficiency, ranked #196 of 291 in WA (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: HOA is 39% of rent.
• Market conditions: 120 active listings in the ZIP; 297 units permitted in Grays Harbor County in 2024 (17 in 5+ unit buildings).
• Grays Harbor County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 19.0% vs local median 1.5% in Westport — 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.

Questions for listing agent

• It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.