1399 Ocean Shores Blvd SW Unit 1N-A · Ocean Shores, WA 98569

$3,800

2 bd · 2.0 ba · 1,100 sqft · Condo · 98 Days on market

Built 1985 $3/sqft · 12% below area Est $4k · 12% under $245/mo HOA · 15% 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).

• Cash flow +15.0/30.0
• ARV discount +12.9/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +3.4/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

With an amazing unobstructed view and a walking path to the bluff, this charming unit is perfectly located on the west side of Ocean Shores Blvd. Enjoy the first week of every new year, with the option to trade on your RCI membership. You never have to worry about finding a place to stay in Ocean Shores on this popular weekend. This light, bright, and comfortable unit offers a relaxed coastal lifestyle with easy access to local shops, dining, and the new Event Center at Oyhut Seaside Village. The beautiful beach is just minutes away. The unit features a well-maintained kitchen and living areas, a primary bedroom, and a 2nd bedroom, and 2 bathrooms. This unit is an excellent opportunity as a

Key facts

• Unobstructed view
• Parking
• Built 1985

Tags

• UNOBSTRUCTED VIEW
• WALKING PATH TO THE BLUFF
• WELL MAINTAINED KITCHEN
• EASY ACCESS TO LOCAL SHOPS
• EASY ACCESS TO DINING
• EASY ACCESS TO EVENT CENTER

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $4k.

Deal economics

• At list price, monthly cash flow is $951 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $4k).
• Recommended offer: $3k (9.0% below list) — sets the bar for market timing.
• Cap rate 327.7% 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; 297 units permitted in Grays Harbor County in 2024 (17 in 5+ unit buildings).
• This rent runs 34% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $26 of loan paydown is wiped out by about $114 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 $1k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($3k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $3,458 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 42.94% ✓
• Cap rate: 327.72%
• Cash-on-cash: 1147.94%
• DSCR: 52.08
• GRM: 0.2

CMA / ARV

• ARV (median comp): $4,321
• List price: $3,800
• Delta: -12.06%
• 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: —
• Equity multiple: 57.57×
• Total profit: $60,194
• Equity at exit: $567

10-year hold

• IRR: —
• Equity multiple: 124.42×
• Total profit: $131,318
• Equity at exit: $329

Cash invested: $1,064 (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: 0.2×

Monthly cashflow live

• Estimated rent: $1,632 medium
• Mortgage (P&I): −$20
• Tax est. 1.5%: −$5 /mo · $57/yr
• Insurance: −$2
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$245
• Vacancy / Maint / Mgmt: −$343
• Net cashflow: $951

Break-even live

Break-even rent $427

Max offer price $3,800

Occupancy floor 37%

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: $950
• Closing costs: $114
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $245 · $2,940/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-18
   days on market $3,800 Active 98 DOM
2. 2026-06-17
   days on market $3,800 Active 97 DOM
3. 2026-06-16
   days on market $3,800 Active 96 DOM
4. 2026-06-15
   days on market $3,800 Active 95 DOM
5. 2026-06-14
   days on market $3,800 Active 93 DOM
6. 2026-06-12
   days on market $3,800 Active 92 DOM
7. 2026-06-09
   days on market $3,800 Active 89 DOM
8. 2026-06-08
   days on market $3,800 Active 88 DOM
9. 2026-06-07
   days on market $3,800 Active 87 DOM
10. 2026-06-05
    days on market $3,800 Active 84 DOM
11. 2026-06-03
    days on market $3,800 Active 83 DOM
12. 2026-06-02
    days on market $3,800 Active 82 DOM
13. 2026-06-01
    days on market $3,800 Active 81 DOM
14. 2026-05-31
    days on market $3,800 Active 80 DOM
15. 2026-05-30
    days on market $3,800 Active 79 DOM
16. 2026-02-17
    listed $3,800 Active

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 6 d/yr ≥72°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,581
• − Mortgage interest: −$213
• − Property taxes: −$57
• − Insurance: −$816
• − Repairs & maintenance: −$1,566
• − Management: −$1,566
• − HOA: −$2,940
• − Depreciation: −$111
• Taxable income: $12,311
• Est. tax owed @ 24.0%: −$2,955
• After-tax cash flow: $8,462/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 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

1 event — show timeline

• 2026-02-17 Listed $3,800 NWMLS as Distributed by MLS Grid