2940 Westside Dr NW · Olympia, WA 98502

$510,000

3 bd · 2.5 ba · 2,100 sqft · SingleFamily public records · 48 Days on market

Built 2001 5,775 sqft lot $243/sqft · 7% below area Est $547k · 7% under $50/mo HOA · 2% 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 +10.6/15.0
• Appreciation +10.0/10.0
• Schools +6.2/10.0
• Cash flow +4.7/30.0
• Livability +4.2/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• 1% rule +0.3/10.0
• DSCR +0.0/10.0

Listing remarks

Welcome to this beautiful Westside Olympia home offering the perfect balance of comfort, space, and privacy. With 4 bedrooms, 2.5 baths, and over 2,100 square feet, this home features laminate flooring throughout and a layout designed for both everyday living and entertaining. The kitchen is the heart of the home, complete with granite countertops, abundant cabinetry, a pantry for extra storage, and an open flow into the living room with a cozy gas fireplace. Enjoy both a formal dining area and a casual breakfast space, giving you flexibility for any occasion. Upstairs, the spacious primary suite includes a walk-in closet, while an additional bedroom also features its own walk-in rare and h

Key facts

• Cozy gas fireplace
• Laminate flooring
• Formal dining area

Tags

• LAMINATE FLOORING
• GRANITE COUNTERTOPS
• ABUNDANT CABINETRY
• COZY GAS FIREPLACE
• FORMAL DINING AREA
• CASUAL BREAKFAST SPACE

Property features AI

Finance

• Other: Lot features include curbs, dead-end street, paved, and sidewalk; Lot is level; Lot number 20; Zoning: RLI 2-4
• Financial info: Acceptable financing: Cash, Conventional, FHA, VA
• HOA & community: HOA: Hidden Ridge HOA Management; Annual association fee of $600 (covers common area maintenance); Community features: Athletic court, CCRs, park, playground

Exterior

• Parking: 3 covered spaces; 3 uncovered spaces; Driveway; Attached garage (has garage)
• Utilities: Public water; Sewer connected; Electric and natural gas energy sources; Power provided by PSE
• Home design: Single family residence; Two-story; Entry at main level; Has view
• Construction: Built on lot; Built in 2001 (effective year); Cement plank and wood construction materials; Composition roof; Poured concrete foundation
• Exterior features: Cement planked and wood exterior; Patio; Wood products

Interior

• Kitchen: Dishwasher; Garbage disposal; Refrigerator; Stove/Range
• Bedrooms: 4 bedrooms (1 on main level, 3 on upper level)
• Flooring: Ceramic tile; Laminate
• Bathrooms: 2 full baths; 1 half bath; 2 bathtubs; 2 showers
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Dining room; Fireplace (gas); Walk-in closet(s); Water heater
• Laundry & utility: Washer; Dryer; Water heater in garage (gas)

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $510k.

Deal economics

• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• To cash-flow at today's rent, offer at most $288k (43.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $271k (46.9% below list).
• Recommended offer: $271k (46.9% below list) — sets the bar for 1% rule.
• Cap rate 3.3% 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.
• Zoned schools: Julia Butler Hansen Elementary (484 students, 48% FRL); Thurgood Marshall Middle School (441 students, 54% FRL); Capital High School (1,326 students, 38% FRL) — zoned schools average 47% FRL vs 25% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.2%/yr); 306 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $55k of equity ($4k loan paydown + $51k 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 ~$88k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($495k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 25y ago 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.
• Current owner paid $280k; list at $510k implies a 82% gain — meaningful room to come down on a strong offer.

Recommended offer $270,942 (46.9% 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 48 days. Have you received any prior offers? Is the seller open to a 47% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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 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: 0.53% ✗
• Cap rate: 3.33%
• Cash-on-cash: -10.58%
• DSCR: 0.53
• GRM: 15.7

CMA / ARV

• ARV (median comp): $547,490
• List price: $510,000
• Delta: -6.85%
• 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
2404 Cooper Crest Pl NW	0.57mi	3/2.5	2,153 (+2%)	3mo	$440,000	$204	66
2316 Cooper Crest Pl NW	0.61mi	3/2.5	2,153 (+2%)	4mo	$460,000	$214	64
2319 Crestwood Pl NW	0.54mi	4/2.5 (+1)	2,078 (-1%)	5mo	$505,000	$243	64
3426 Lady Fern Loop NW	0.40mi	4/2.5 (+1)	1,954 (-7%)	2mo	$580,000	$297	64
3124 Yewtrails Dr NW	0.46mi	3/2.0	1,940 (-8%)	3mo	$510,000	$263	61
2304 Cooper Crest Pl NW	0.62mi	4/2.5 (+1)	2,068 (-2%)	6mo	$500,000	$242	59
3923 Cooper Crest Dr NW	0.53mi	3/2.5	2,305 (+10%)	2mo	$476,100	$207	57
2315 Crestwood Ln NW	0.55mi	4/2.5 (+1)	2,201 (+5%)	6mo	$529,900	$241	56
2835 Cooper Point Rd NW	0.51mi	3/2.5	2,249 (+7%)	11mo	$650,000	$289	56
3320 Lady Fern Loop NW	0.57mi	4/2.5 (+1)	2,014 (-4%)	10mo	$565,000	$281	53
2201 Cooper Crest St NW	0.69mi	4/2.5 (+1)	2,220 (+6%)	3mo	$545,000	$245	51
2325 Cooper Crest St NW	0.60mi	4/2.5 (+1)	2,265 (+8%)	8mo	$519,000	$229	48

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: 16.9%
• Equity multiple: 2.39×
• Total profit: $197,972
• Equity at exit: $459,448

10-year hold

• IRR: 16.1%
• Equity multiple: 5.53×
• Total profit: $646,875
• Equity at exit: $990,818

Cash invested: $142,800 (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: 15.7×

Monthly cashflow live

• Estimated rent: $2,709 medium
• Mortgage (P&I): −$2,674
• Tax from tax record: −$462 /mo · $5,550/yr
• Insurance: −$212
• HOA: −$50
• Vacancy / Maint / Mgmt: −$569
• Net cashflow: $-1,259

Break-even live

Break-even rent $4,303

Max offer price $287,586

Occupancy floor —

Sensitivity live

Price	-10% $-970	-5% $-1,115	+0% $-1,259	+5% $-1,403	+10% $-1,548
Rent	-10% $-1,473	-5% $-1,366	+0% $-1,259	+5% $-1,152	+10% $-1,045
Rate	-1.0pp $-1,002	-0.5pp $-1,129	base $-1,259	+0.5pp $-1,391	+1.0pp $-1,526

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: $127,500
• Closing costs: $15,300
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1901 Hudson St NW Olympia, WA	3.0	2.5	1705	$2,700	$1.58	15d	1	0.93mi
4407 Goldcrest Dr NW Olympia, WA	4.0	2.5	2615	$2,950	$1.13	45d	1	1.14mi
2006 Burbank Ave NW Unit NA Olympia, WA	4.0	3.0	1750	$2,650	$1.51	45d	1	1.48mi

HOA detail

• Monthly dues: $50 · $600/yr
• Likely covers: gas

Listing history 27 events

1. 2026-06-16
   status $510,000 Pending 48 DOM
2. 2026-06-16
   days on market $510,000 Active 48 DOM
3. 2026-06-15
   days on market $510,000 Active 47 DOM
4. 2026-06-14
   days on market $510,000 Active 45 DOM
5. 2026-06-13
   days on market $510,000 Active 44 DOM
6. 2026-06-10
   days on market $510,000 Active 42 DOM
7. 2026-06-09
   days on market $510,000 Active 41 DOM
8. 2026-06-08
   days on market $510,000 Active 40 DOM
9. 2026-06-07
   days on market $510,000 Active 39 DOM
10. 2026-06-05
    days on market $510,000 Active 36 DOM
11. 2026-06-02
    days on market $510,000 Active 34 DOM
12. 2026-06-01
    days on market $510,000 Active 33 DOM
13. 2026-05-31
    days on market $510,000 Active 32 DOM
14. 2026-05-30
    days on market $510,000 Active 31 DOM
15. 2026-05-19
    price $510,000
16. 2026-04-29
    listed $525,000 Active
17. 2015-07-24
    historical
18. 2015-07-24
    soldstatus $280,000 Sold
19. 2015-07-24
    soldstatus $262,865
20. 2015-06-14
    status Pending
21. 2015-06-08
    listed $280,000 Active
22. 2005-06-16
    soldstatus $280,000
23. 2005-06-16
    soldstatus $280,000
24. 2005-05-03
    listed $282,000
25. 2001-08-24
    soldstatus $184,950
26. 2001-08-22
    soldstatus $184,950
27. 2001-04-09
    listed $184,490

ⓘ 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: $5,550 · $462/mo
• Projected year-2 tax: $5,550 · $462/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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥89°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 7 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,513
• − Mortgage interest: −$28,568
• − Property taxes: −$5,550
• − Insurance: −$2,550
• − Repairs & maintenance: −$2,601
• − Management: −$2,601
• − HOA: −$600
• − Depreciation: −$14,836
• Taxable loss: −$24,793
• Est. tax savings @ 24.0%: +$5,950
• After-tax cash flow: $-9,158/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

• 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

+176.4% since first listed

14 events — show timeline

• 2026-06-16 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-19 Price Changed $510,000 NWMLS as Distributed by MLS Grid
• 2026-04-29 Listed $525,000 NWMLS as Distributed by MLS Grid
• 2015-07-24 Delisted — NWMLS as Distributed by MLS Grid
• 2015-07-24 Sold (Public Records) $262,865 Public Records
• 2015-07-24 Sold (MLS) $280,000 NWMLS as Distributed by MLS Grid
• 2015-06-14 Pending — NWMLS as Distributed by MLS Grid
• 2015-06-08 Listed $280,000 NWMLS as Distributed by MLS Grid
• 2005-06-16 Sold (Public Records) $280,000 Public Records
• 2005-06-16 Sold (MLS) $280,000 NWMLS as Distributed by MLS Grid
• 2005-05-03 Listed $282,000 NWMLS as Distributed by MLS Grid
• 2001-08-24 Sold (MLS) $184,950 NWMLS as Distributed by MLS Grid
• 2001-08-22 Sold (Public Records) $184,950 Public Records
• 2001-04-09 Listed $184,490 NWMLS as Distributed by MLS Grid

Property tax history

+4.0%/yr

Latest (2026): $5,550 · +10.8% YoY. Source: county tax records.