643 Ocean Shores Blvd NW #303 · Ocean Shores, WA 98569

$50,000

1 bd · 1.0 ba · 672 sqft · Condo · 214 Days on market

Built 1966 Good condition $74/sqft · 18% below area Est $61k · 18% under ↓ 9% since listing

---

Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Condition / age +4.0/5.0
• Schools +3.4/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

TOP FLOOR OCEAN/DUNES Front/View HOTEL Condo! Located on the 3rd-floor #303 in the Canterbury Inn in downtown Ocean Shores. Relax in this light and bright Condo, beautifully Fully-Furnished, 1 BD, 1 BA, 672sf. Comfortable Living Room with Propane Fireplace and a Private Deck overlooking the Dunes and Ocean. Fully-equipped Kitchen with Eating Bar, Stainless Steel appliances, dishes, etc. Bedroom with Ocean views and 2 queen beds. Ran as a Hotel, so NO HOA Dues. Owners can stay up to 2 WEEKS/YEAR + up to 4-6 additional days. Service Fee = $20/night-stayed. The Canterbury Inn offers a heated indoor pool, hot tub, exercise room, social room, outdoor dog area, backyard lawn area and patio, and a

Key facts

• Private deck
• Hot tub
• Exercise room

Tags

• PRIVATE DECK
• HEATED INDOOR POOL
• HOT TUB
• EXERCISE ROOM
• SOCIAL ROOM
• OUTDOOR DOG AREA

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $50k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $609 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Recommended offer: $44k (12.0% below list) — sets the bar for market timing.
• Cap rate 20.9% vs local median 3.1% in Ocean Shores — 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 62/100 on livability (#424 in WA) — a middle-class / working-renter tenant base. Strengths: housing A; Watch: schools C-, crime C-, health & safety C-.
• North Beach School District (rural): math 32% / reading 44% proficiency, ranked #236 of 291 in WA (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 653 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 297 units permitted in Grays Harbor County in 2024 (17 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• 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 $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 214 days — a 12% lower offer ($44k) is reasonable based on typical stale-listing flexibility.

Recommended offer $44,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 214 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. 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?
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. 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: 2.42% ✓
• Cap rate: 20.90%
• Cash-on-cash: 52.18%
• DSCR: 3.32
• GRM: 3.4

CMA / ARV

• ARV (median comp): $61,019
• List price: $50,000
• Delta: -18.06%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 50.1%
• Equity multiple: 3.19×
• Total profit: $30,691
• Equity at exit: $7,455

10-year hold

• IRR: 55.6%
• Equity multiple: 6.48×
• Total profit: $76,727
• Equity at exit: $4,323

Cash invested: $14,000 (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 98569

• Home prices YoY: -3.4%
• Active inventory: 653
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,208 medium
• Mortgage (P&I): −$262
• Tax est. 1.5%: −$62 /mo · $750/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $609

Break-even live

Break-even rent $437

Max offer price $50,000

Occupancy floor 45%

Sensitivity live

Price	-10% $643	-5% $626	+0% $609	+5% $592	+10% $574
Rent	-10% $513	-5% $561	+0% $609	+5% $657	+10% $704
Rate	-1.0pp $634	-0.5pp $622	base $609	+0.5pp $596	+1.0pp $583

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
672 Ocean Shores Blvd NW Ocean Shores, WA	1.0	1.0	700	$1,150	$1.64	44d	1	0.17mi
165 Barnacle St Unit 503 Ocean Shores, WA	1.0	1.0	725	$950	$1.31	44d	1	0.54mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-19
   days on market $50,000 Active 214 DOM
2. 2026-06-18
   days on market $50,000 Active 213 DOM
3. 2026-06-17
   days on market $50,000 Active 212 DOM
4. 2026-06-16
   days on market $50,000 Active 211 DOM
5. 2026-06-15
   days on market $50,000 Active 210 DOM
6. 2026-06-14
   days on market $50,000 Active 208 DOM
7. 2026-06-12
   days on market $50,000 Active 207 DOM
8. 2026-06-09
   days on market $50,000 Active 204 DOM
9. 2026-06-08
   days on market $50,000 Active 203 DOM
10. 2026-06-07
    days on market $50,000 Active 202 DOM
11. 2026-06-05
    days on market $50,000 Active 199 DOM
12. 2026-06-03
    days on market $50,000 Active 198 DOM
13. 2026-06-02
    days on market $50,000 Active 197 DOM
14. 2026-06-01
    days on market $50,000 Active 196 DOM
15. 2026-05-31
    days on market $50,000 Active 195 DOM
16. 2026-05-30
    days on market $50,000 Active 194 DOM
17. 2026-04-25
    price $50,000
18. 2025-11-17
    listed $55,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $14,496
• − Mortgage interest: −$2,801
• − Property taxes: −$750
• − Insurance: −$250
• − Repairs & maintenance: −$1,160
• − Management: −$1,160
• − Depreciation: −$1,455
• Taxable income: $6,922
• Est. tax owed @ 24.0%: −$1,661
• After-tax cash flow: $5,644/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained, fully-furnished condo is located on the 3rd floor with ocean and dunes views. It is in good condition with minor cosmetic updates needed for increased resale and rental value.

Value-add opportunities

• Both Paint the exterior walls — Enhances curb appeal and resale value
• Both Replace the carpet in the living area — Improves comfort and aesthetics

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior walls — Enhances curb appeal and resale value ↑
• Both Replace the carpet in the living area — Improves comfort and aesthetics ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: North Beach School District
• NCES district ID: 5305700
• Math proficiency: 32% ▼ -4.00%
• Reading proficiency: 44% ▬ 0.00%
• Median HH income: $40,966
• Composite: 34.46/100
• National rank: #10153
• State rank: #236 of 291 in WA

Livability — Ocean Shores

• Score: 62/100
• State rank: #424
• US rank: #16852

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ocean Shores, WA
• County: Grays Harbor County · 44,693 people
• City population: 7,187
• Metro: Aberdeen, WA
• Population (ZIP): 7,489
• Household income: $58,378
• Rent vs Own: 17.0% rent · 83.0% own
• Severe rent burden: 172.0

Population outlook (Grays Harbor County) Hauer SSP2

• Today (2025): 66,443 people
• By 2030: 63,255 · -4.8%
• By 2040: 56,466 · -15.0%
• By 2050: 50,516 · -24.0%
• By 2075: 39,296 · -40.9%
• By 2100: 31,142 · -53.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 5% Hispanic / Latino 4% Asian 3% Native American 3%
• Common ancestry: Portuguese 8% Iranian 5% Lithuanian 4%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 3% Tagalog/Filipino 2% German/W. Germanic 2%

Political lean MEDSL · Grays Harbor

• 2024 margin: Lean R (+6.0) · D 45.6% · R 51.6% · Other 2.8%
• 2008→2024 swing: -20.6pp toward R · 2008: 14.6pp · 2024: -6.0pp
• All cycles: 2024: R+6.0 2020: R+6.6 2016: R+7.1 2012: D+14.0 2008: D+14.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -13.33%
• Current HPI: 380.05
• Rent YoY: —
• Metro: Aberdeen, 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

-9.1% since first listed

2 events — show timeline

• 2026-04-25 Price Changed $50,000 NWMLS as Distributed by MLS Grid
• 2025-11-17 Listed $55,000 NWMLS as Distributed by MLS Grid