514 W Main St · Elma, WA 98541

$460,000

20 bd · 16.0 ba · 2,340 sqft · MultiFamily · 61 Days on market

Built 1881 8,276 sqft lot $197/sqft · 15% above area Est $398k · 15% over

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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 +19.7/30.0
• DSCR +6.2/10.0
• 1% rule +5.2/10.0
• Schools +4.5/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.6/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Rare chance to own a versatile 4-plex in a high-visibility location directly across from the bus depot and within walking distance to schools, shopping, dining, laundromat, post office, and near the new hospital. Three 1-bed/1-bath units are currently leased, generating $3,730 per month in rental income, with unit 2 offering strong additional rental potential or the perfect owner-occupant setup. Units have been updated, and property features a newer roof and newer windows. Four off-alley parking spaces plus ample street parking. Strong rental history and individually metered units with tenants paying their own electricity and heating. Assumable VA loan at 2.3% interest rate, subject to lend

Key facts

• Newer roof
• Newer windows
• 8,276 sq ft lot

Tags

• HIGH-VISIBILITY LOCATION
• WALKING DISTANCE TO SCHOOLS
• WALKING DISTANCE TO SHOPPING
• WALKING DISTANCE TO DINING
• NEWER ROOF
• NEWER WINDOWS

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $460k.

Deal economics

• At list price, monthly cash flow is $536 ($6k/yr) — positive. Per door: $134/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $460k).
• Recommended offer: $432k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 2.5% in Elma — 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 73/100 on livability (#198 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: schools C-, amenities F, commute F.
• Elma School District (town): math 45% / reading 56% proficiency, ranked #146 of 291 in WA (top 50%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 103 active listings in the ZIP; 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 $3k of loan paydown is wiped out by about $14k 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.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($432k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 24y ago; this cycle's ask has dropped $40k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $280k; list at $460k implies a 64% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1881 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $432,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1881 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.02% ✓
• Cap rate: 7.69%
• Cash-on-cash: 5.00%
• DSCR: 1.22
• GRM: 8.2

CMA / ARV

• ARV (median comp): $398,464
• List price: $460,000
• Delta: 15.44%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -8.5%
• Equity multiple: 0.69×
• Total profit: $-40,304
• Equity at exit: $68,587

10-year hold

• IRR: 1.0%
• Equity multiple: 1.07×
• Total profit: $9,184
• Equity at exit: $39,772

Cash invested: $128,800 (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 98541

• Active inventory: 103
• Price-to-rent: 32.6×

Monthly cashflow live

• Estimated rent: $4,703 medium
• Mortgage (P&I): −$2,412
• Tax est. 1.5%: −$575 /mo · $6,900/yr
• Insurance: −$192
• HOA: −$0
• Vacancy / Maint / Mgmt: −$988
• Net cashflow: $536

Break-even live

Break-even rent $4,024

Max offer price $460,000

Occupancy floor 84%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$4,704
Total (4 units)			$4,703

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: $115,000
• Closing costs: $13,800
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-02
   status $460,000 Pending 61 DOM
2. 2026-05-04
   status Pending - Backup Offer Requested
3. 2026-04-29
   price $460,000
4. 2026-04-29
   status Active
5. 2026-04-21
   status Pending - Backup Offer Requested
6. 2026-03-26
   price $475,000
7. 2026-03-16
   price $490,000
8. 2026-02-24
   listed $500,000 Active
9. 2025-07-30
   historical $1,325
10. 2025-07-30
    historical $1,325
11. 2025-07-18
    price $1,325
12. 2025-07-12
    listed $1,580
13. 2025-07-09
    price $1,380
14. 2025-07-04
    listed $1,180
15. 2019-08-06
    soldstatus $280,000 Sold
16. 2019-06-03
    status Pending
17. 2019-05-28
    status Active
18. 2019-05-15
    status Pending
19. 2019-05-07
    price $290,000
20. 2019-04-24
    status Active
21. 2019-04-19
    status Pending
22. 2019-01-25
    price $300,000
23. 2018-12-17
    listed $325,000 Active
24. 2015-10-26
    soldstatus $123,000 Sold
25. 2015-07-28
    status Pending
26. 2015-03-15
    listed $149,900 Active
27. 2003-06-30
    soldstatus $130,000
28. 2002-10-29
    listed $134,900

ⓘ 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 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 · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $56,436
• − Mortgage interest: −$25,767
• − Property taxes: −$6,900
• − Insurance: −$2,300
• − Repairs & maintenance: −$4,515
• − Management: −$4,515
• − Depreciation: −$13,382
• Taxable loss: −$943
• Est. tax savings @ 24.0%: +$226
• After-tax cash flow: $6,663/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: Elma School District
• NCES district ID: 5302490
• Math proficiency: 45% ▲ 5.00%
• Reading proficiency: 56% ▲ 5.00%
• Median HH income: $45,658
• Composite: 44.76/100
• National rank: #5959
• State rank: #146 of 291 in WA

Livability — Elma

• Score: 73/100
• State rank: #198
• US rank: #5431

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Elma, WA
• Population (ZIP): 10,285

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 (80%)
• Race & ethnicity: White 80% Hispanic / Latino 13% Two or more races 9% Native American 2%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Portuguese 6% Slovak 3% Scotch-Irish 2%
• Foreign-born: 6% · Canada, Jamaica
• Languages at home: 87% English-only · Spanish 11% Korean 1%

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: ▼ -174.43%
• Current HPI: 199.9988
• Rent YoY: —
• Metro: —
• 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

+241.0% since first listed

27 events — show timeline

• 2026-05-04 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-29 Price Changed $460,000 NWMLS as Distributed by MLS Grid
• 2026-04-29 Relisted — NWMLS as Distributed by MLS Grid
• 2026-04-21 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-26 Price Changed $475,000 NWMLS as Distributed by MLS Grid
• 2026-03-16 Price Changed $490,000 NWMLS as Distributed by MLS Grid
• 2026-02-24 Listed $500,000 NWMLS as Distributed by MLS Grid
• 2025-07-30 Rental Removed $1,325 APPFOLIO
• 2025-07-30 Rental Removed $1,325 APPFOLIO
• 2025-07-18 Price Changed $1,325 APPFOLIO
• 2025-07-12 Listed for Rent $1,580 APPFOLIO
• 2025-07-09 Price Changed $1,380 APPFOLIO
• 2025-07-04 Listed for Rent $1,180 APPFOLIO
• 2019-08-06 Sold (MLS) $280,000 NWMLS as Distributed by MLS Grid
• 2019-06-03 Pending — NWMLS as Distributed by MLS Grid
• 2019-05-28 Relisted — NWMLS as Distributed by MLS Grid
• 2019-05-15 Pending — NWMLS as Distributed by MLS Grid
• 2019-05-07 Price Changed $290,000 NWMLS as Distributed by MLS Grid
• 2019-04-24 Relisted — NWMLS as Distributed by MLS Grid
• 2019-04-19 Pending — NWMLS as Distributed by MLS Grid
• 2019-01-25 Price Changed $300,000 NWMLS as Distributed by MLS Grid
• 2018-12-17 Listed $325,000 NWMLS as Distributed by MLS Grid
• 2015-10-26 Sold (MLS) $123,000 NWMLS as Distributed by MLS Grid
• 2015-07-28 Pending — NWMLS as Distributed by MLS Grid
• 2015-03-15 Listed $149,900 NWMLS as Distributed by MLS Grid
• 2003-06-30 Sold (MLS) $130,000 NWMLS as Distributed by MLS Grid
• 2002-10-29 Listed $134,900 NWMLS as Distributed by MLS Grid