420 Bungalow Dr NW · Olympia, WA 98502

$710,000

4 bd · 5.0 ba · 2,632 sqft · MultiFamily · 223 Days on market

Built 2007 6,000 sqft lot $270/sqft · at area comps Est $729k · at est. $280/mo HOA · 14% 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).

• Appreciation +10.0/10.0
• ARV discount +8.6/15.0
• Schools +6.2/10.0
• Livability +4.2/5.0
• Cash flow +4.1/30.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• 1% rule +0.8/10.0
• DSCR +0.0/10.0

Multi-family units

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

Listing remarks

Great opportunity to add to your investment portfolio, offering potential for instant cash flow. This 2007 duplex features 2 townhomes, each w/ 2 bedrooms & 2.5 bathrooms. One unit includes a two-car garage, while the other offers a one-car garage w/ additional storage; both units have driveway parking & private backyards. The homes offer thoughtfully designed open concept floor plans perfect for entertaining, w/ soaring 18 ft. living room ceilings, gas fireplaces, & abundant natural light throughout each home. Incredible location making these a commuter's dream, close to schools, parks, groceries, gas stations, countless eateries & entertainment. Perfect first-time r

Key facts

• One car garage
• Gas fireplaces
• Two car garage

Tags

• TWO CAR GARAGE
• ONE CAR GARAGE
• PRIVATE BACKYARDS
• OPEN CONCEPT FLOOR PLANS
• GAS FIREPLACES
• ABUNDANT NATURAL LIGHT

What this means for you Summary

Snapshot

• This is a 2 × 2.0-bed/2.5-bath units multifamily listed at $710k.

Deal economics

• At list price, monthly cash flow is $-2k ($-23k/yr) — negative. Per door: $-979/mo.
• To cash-flow at today's rent, offer at most $427k (39.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $409k (42.4% below list).
• Recommended offer: $409k (42.4% below list) — sets the bar for 1% rule.
• Cap rate 3.0% vs local median 2.4% in Olympia — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 (+3.2%/yr); 304 active listings in the ZIP; 1 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 $4,087/mo this rent would consume 53% of the median local household income ($92k/yr) (locally 1811% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $76k of equity ($5k loan paydown + $71k 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 ~$122k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 223 days — a 12% lower offer ($625k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 14y ago; this cycle's ask has dropped $40k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $318k; list at $710k implies a 123% gain — meaningful room to come down on a strong offer.

Recommended offer $408,700 (42.4% 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 223 days. Have you received any prior offers? Is the seller open to a 42% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.58% ✗
• Cap rate: 2.98%
• Cash-on-cash: -11.82%
• DSCR: 0.47
• GRM: 14.5

CMA / ARV

• ARV (median comp): $728,596
• List price: $710,000
• Delta: -2.55%
• Verdict: FAIR
• Comps: 5 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
424 426 Bungalow Dr NW	0.02mi	4/5.0	2,632 (0%)	15mo	$725,000	$275	87
3801 3803 4th Ave NW	0.06mi	4/5.0	2,754 (+5%)	15mo	$725,000	$263	77

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: 16.1%
• Equity multiple: 2.32×
• Total profit: $262,877
• Equity at exit: $639,624

10-year hold

• IRR: 15.5%
• Equity multiple: 5.40×
• Total profit: $874,003
• Equity at exit: $1,379,374

Cash invested: $198,800 (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: 304
• Price-to-rent: 29.0×

Monthly cashflow live

• Estimated rent: $4,087 high
• Mortgage (P&I): −$3,723
• Tax est. 1.5%: −$888 /mo · $10,650/yr
• Insurance: −$296
• HOA: −$280
• Vacancy / Maint / Mgmt: −$858
• Net cashflow: $-1,958

Break-even live

Break-even rent $6,565

Max offer price $426,686

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	2.0	2.5	$4,088
Total (2 units)			$4,087

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: $177,500
• Closing costs: $21,300
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4407 Goldcrest Dr NW Olympia, WA	4.0	2.5	2615	$2,950	$1.13	44d	1	0.68mi

HOA detail

• Monthly dues: $280 · $3,360/yr
• Likely covers: gas

Listing history 21 events

1. 2026-06-18
   days on market $710,000 Active 223 DOM
2. 2026-06-17
   days on market $710,000 Active 222 DOM
3. 2026-06-16
   days on market $710,000 Active 221 DOM
4. 2026-06-15
   days on market $710,000 Active 220 DOM
5. 2026-06-14
   days on market $710,000 Active 218 DOM
6. 2026-06-13
   days on market $710,000 Active 217 DOM
7. 2026-06-10
   days on market $710,000 Active 215 DOM
8. 2026-06-09
   days on market $710,000 Active 214 DOM
9. 2026-06-08
   days on market $710,000 Active 213 DOM
10. 2026-06-07
    days on market $710,000 Active 212 DOM
11. 2026-06-05
    days on market $710,000 Active 209 DOM
12. 2026-06-02
    days on market $710,000 Active 207 DOM
13. 2026-06-01
    days on market $710,000 Active 206 DOM
14. 2026-05-31
    days on market $710,000 Active 205 DOM
15. 2026-05-30
    days on market $710,000 Active 204 DOM
16. 2026-04-29
    price $710,000
17. 2026-01-14
    price $724,900
18. 2025-11-07
    listed $749,900 Active
19. 2012-07-02
    soldstatus $318,000 Sold
20. 2012-06-11
    status Pending
21. 2012-03-02
    listed $384,000 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥88°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $49,044
• − Mortgage interest: −$39,771
• − Property taxes: −$10,650
• − Insurance: −$3,550
• − Repairs & maintenance: −$3,924
• − Management: −$3,924
• − HOA: −$3,360
• − Depreciation: −$20,655
• Taxable loss: −$36,789
• Est. tax savings @ 24.0%: +$8,829
• After-tax cash flow: $-14,666/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): 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

+84.9% since first listed

6 events — show timeline

• 2026-04-29 Price Changed $710,000 NWMLS as Distributed by MLS Grid
• 2026-01-14 Price Changed $724,900 NWMLS as Distributed by MLS Grid
• 2025-11-07 Listed $749,900 NWMLS as Distributed by MLS Grid
• 2012-07-02 Sold (MLS) $318,000 NWMLS as Distributed by MLS Grid
• 2012-06-11 Pending — NWMLS as Distributed by MLS Grid
• 2012-03-02 Listed $384,000 NWMLS as Distributed by MLS Grid