6753 Bellevista Pl NW

Olympia, WA 98502

$848,000D

6 bd · 3.0 ba · 3,523 sqft · Built 1968 · SingleFamily · Active · 101 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,293/mo
• Mortgage (P&I): −$4,447
• Tax + insurance: −$1,196
• HOA: −$0
• Vac / Maint / Mgmt: −$692
• Net cashflow: $-3,042/mo
• Annual: $-36,503/yr
• Cap rate: 1.99%
• Cash-on-cash: -15.37%
• DSCR: 0.32
• 1% rule: 0.39%
• Cash to close: $237,440

Investor read

• This is a 6-bed/3.0-bath single-family listed at $848k.
• At list price, monthly cash flow is $-3k ($-37k/yr) — negative.
• To cash-flow at today's rent, offer at most $311k (63.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $329k (61.2% below list).
• It's been on market 101 days — a 9% lower offer ($772k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $311k (63.4% below list) — sets the bar for cash-flow.
• In year one you build about $91k of equity ($6k loan paydown + $85k appreciation (10.0% local appreciation)).
• 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: Leland P Brown Elementary (316 students, 63% FRL); Jefferson Middle School (447 students, 54% FRL); Capital High School (1,326 students, 38% FRL) — zoned schools average 52% FRL vs 25% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.2%/yr); 306 active listings in the ZIP; solid renter incomes; 1,222 units permitted in Thurston County in 2024 (508 in 5+ unit buildings).
• Thurston County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• Current owner paid $120k; list at $848k implies a 607% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$146k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• This rent runs 43% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 101 days. Have you received any prior offers? Is the seller open to a 63% concession, seller financing, or rate buy-down credit?
• Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?