1813 Franklin St SE · Olympia, WA 98501

$549,900

3 bd · 3.0 ba · 2,018 sqft · MultiFamily public records · 20 Days on market

Built 1926 5,000 sqft lot $272/sqft · 33% above area Est $597k · 8% under

---

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 +11.0/15.0
• Cash flow +7.8/30.0
• Schools +6.2/10.0
• Livability +4.2/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• 1% rule +1.9/10.0
• DSCR +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Great Olympia investment opportunity featuring 2 tenant-occupied units plus a partially finished basement with future rental potential once completed! Charming property with strong income-producing possibilities in a convenient location near downtown Olympia, shopping, restaurants, parks, & I-5 access. Each unit offers functional living spaces with included appliances: refrigerator, stove, dishwasher, washer & dryer. Property features classic character, ample parking, & flexibility for investors or owner-occupants looking to offset expenses. Basement space provides additional upside opportunity for added income or expanded living area with an already finished third full size

Key facts

• Ample parking
• Expanded living area
• Included appliances

Tags

• PARTIALLY FINISHED BASEMENT
• INCLUDED APPLIANCES
• AMPLE PARKING
• EXPANDED LIVING AREA
• VERSATILE MULTI UNIT PROPERTY

Property features AI

Finance

• Financial info: Gross scheduled income: $37,800/year; Gross adjusted income: $37,800/year; Total monthly income: $3,150; Actual rents: Unit M $1,750/month; Unit U $1,400/month; Net operating income: $25,840/year; Total expenses: $11,960/year; Fuel expense: $1,320/year; Insurance expense: $1,296/year; Gross rent multiplier: 14.5; Listing terms: Cash, Conventional, FHA, VA Loan

Exterior

• Parking: 2 uncovered parking spaces
• Security: Partially fenced
• Utilities: Electric and natural gas energy sources; Sewer connected; Water/sewer/garbage fee listed
• Home design: Duplex (Residential income, Multi Family); Has a view; 2 stories; Effective year built 1981; Entry level details not specified
• Construction: Wood construction; Composition roof; Poured concrete foundation; Effective year built 1981
• Exterior features: Partially fenced; Deck; Outbuildings; Cable TV available; High speed internet available; Gas available; Curbs; Paved; Sidewalk; Wood exterior/wood products

Interior

• Kitchen: Unit M: Range/Oven, Refrigerator, Dishwasher; Unit U: Range/Oven, Refrigerator, Dishwasher
• Bedrooms: Unit M: 2 bedrooms; Unit U: 1 bedroom
• Flooring: Laminate; Vinyl; Carpet
• Bathrooms: Unit M: 1 bathroom; Unit U: 1 bathroom
• Heating & cooling: Forced air heating; No cooling
• Interior features: Basement; Laminate flooring; Vinyl flooring; Carpet flooring; Has heating (Forced Air); No central cooling
• Laundry & utility: Unit M: Washer and dryer included; Unit U: Washer and dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath multifamily listed at $550k.

Deal economics

• At list price, monthly cash flow is $-603 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $443k (19.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $378k (31.2% below list).
• Recommended offer: $378k (31.2% below list) — sets the bar for 1% rule.
• Cap rate 5.0% vs local median 2.4% in Olympia — 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 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.
• Market conditions: Rents rising (+3.9%/yr); 301 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,222 units permitted in Thurston County in 2024 (508 in 5+ unit buildings).
• At $3,783/mo this rent would consume 47% of the median local household income ($97k/yr) (locally 1653% 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 $4k of loan paydown is wiped out by about $16k 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 20 days — a 2% lower offer ($542k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $378,300 (31.2% 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. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.69% ✗
• Cap rate: 4.98%
• Cash-on-cash: -4.70%
• DSCR: 0.79
• GRM: 12.1

CMA / ARV

• ARV (median comp): $596,954
• List price: $549,900
• Delta: -7.88%
• Verdict: FAIR
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.89% rent growth · sell at horizon

5-year hold

• IRR: -23.4%
• Equity multiple: 0.19×
• Total profit: $-124,162
• Equity at exit: $81,992

10-year hold

• IRR: -16.1%
• Equity multiple: 0.07×
• Total profit: $-143,573
• Equity at exit: $47,545

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 98501

• Rents YoY: 3.9%
• Active inventory: 301
• Price-to-rent: 24.2×

Monthly cashflow live

• Estimated rent: $3,783 high
• Mortgage (P&I): −$2,884
• Tax from tax record: −$479 /mo · $5,744/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$794
• Net cashflow: $-603

Break-even live

Break-even rent $4,546

Max offer price $443,391

Occupancy floor —

Sensitivity live

Price	-10% $-292	-5% $-447	+0% $-603	+5% $-759	+10% $-914
Rent	-10% $-902	-5% $-752	+0% $-603	+5% $-453	+10% $-304
Rate	-1.0pp $-326	-0.5pp $-463	base $-603	+0.5pp $-745	+1.0pp $-890

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,784
Total (2 units)			$3,783

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 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
407 N 5th Ave SW Unit A Tumwater, WA	3.0	1.5	1650	$2,250	$1.36	44d	1	1.10mi
407 N 5th Ave SW Tumwater, WA	3.0	1.5	1650	$2,250	$1.36	44d	1	1.10mi

Listing history 7 events

1. 2026-06-18
   days on market $549,900 Active 20 DOM
2. 2026-06-17
   days on market $549,900 Active 19 DOM
3. 2026-06-16
   days on market $549,900 Active 18 DOM
4. 2026-06-15
   days on market $549,900 Active 17 DOM
5. 2026-06-14
   days on market $549,900 Active 15 DOM
6. 2026-06-13
   status $549,900 Active 14 DOM
7. 2026-05-07
   listed $549,900 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: $5,744 · $479/mo
• Projected year-2 tax: $5,744 · $479/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $45,396
• − Mortgage interest: −$30,803
• − Property taxes: −$5,744
• − Insurance: −$2,750
• − Repairs & maintenance: −$3,632
• − Management: −$3,632
• − Depreciation: −$15,997
• Taxable loss: −$17,160
• Est. tax savings @ 24.0%: +$4,119
• After-tax cash flow: $-3,117/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): 48,067
• Household income: $97,198
• Rent vs Own: 38.3% rent · 61.7% own
• Severe rent burden: 1653.0

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 (74%)
• Race & ethnicity: White 74% Two or more races 11% Hispanic / Latino 9% Asian 5% Black 2% Pacific Islander 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Portuguese 4% Lithuanian 4% Slovak 3%
• Foreign-born: 6% · Canada, South Korea, China
• Languages at home: 90% English-only · Spanish 3% Other Asian/Pacific 2% Korean 2%

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: ▼ -413.86%
• Current HPI: 340.9379
• Rent YoY: ▲ 3.89%
• 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

3 events — show timeline

• 2026-06-12 Relisted — NWMLS as Distributed by MLS Grid
• 2026-05-21 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-07 Listed $549,900 NWMLS as Distributed by MLS Grid

Property tax history

+5.1%/yr

Latest (2026): $5,744 · +8.5% YoY. Source: county tax records.