4422 Hammersley Way NW · Olympia, WA 98502

$499,950

3 bd · 2.5 ba · 1,860 sqft · SingleFamily public records · 1 Days on market

Built 2017 5,178 sqft lot Est $536k · 7% under $56/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 +10.5/15.0
• Appreciation +10.0/10.0
• Schools +6.2/10.0
• Cash flow +5.1/30.0
• Livability +4.2/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• 1% rule +0.5/10.0
• DSCR +0.0/10.0

Listing remarks

Beautiful 3-bedroom, 2.5-bath home in desirable Olympia featuring 1,800± SF of comfortable living space. Open-concept kitchen showcases granite countertops, abundant cabinetry, stainless steel appliances, and a breakfast bar overlooking the main living area. Upstairs open loft area and spacious primary suite offers a walk-in closet and private bath. Enjoy a fully fenced backyard with covered patio, perfect for entertaining or relaxing. Attached 2-car garage and convenient access to schools, shopping, parks and I5 access for quick commutes.

Key facts

• Open-concept kitchen
• Abundant cabinetry
• Granite countertops

Tags

• OPEN-CONCEPT KITCHEN
• GRANITE COUNTERTOPS
• ABUNDANT CABINETRY
• STAINLESS STEEL APPLIANCES
• BREAKFAST BAR
• UPSTAIRS OPEN LOFT AREA

Property features AI

Finance

• Other: Lot number 137; lot dimensions approx. 58 x 89; Level topography; Bus line nearby
• Financial info: Financing accepted: Cash, Conventional, FHA, VA
• HOA & community: HOA: Evergreen Pointe; Quarterly HOA fee of $168.81 covering common area maintenance

Exterior

• Parking: Attached garage (about 400 sq ft) with 2 covered parking spaces
• Security: Fully fenced
• Utilities: Public water (City of Olympia); Sewer connected (City of Olympia); Electric and natural gas service (Puget Sound Energy); Cable (Xfinity); Internet (Xfinity)
• Home design: Single-family house; Two-story; Main-level entry; Home faces south
• Construction: Built 2017 (effective year); Cement plank construction; Composition roof; Poured concrete foundation
• Exterior features: Cement plank siding; Fully fenced yard; Patio; Curbs, paved streets, sidewalks; Gas available

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms (all on upper level)
• Flooring: Vinyl; Carpet
• Bathrooms: 2 full bathrooms; 1 half bathroom; 2 bathtubs; 2 showers
• Heating & cooling: High-efficiency heating (90%+); No central cooling
• Interior features: Dining room; Walk-in closets; Water heater (hybrid, located in garage)
• Laundry & utility: Washer/dryer connections (appliances not specifically listed)

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $500k.

Deal economics

• At list price, monthly cash flow is $-1k ($-14k/yr) — negative.
• To cash-flow at today's rent, offer at most $294k (41.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $273k (45.3% below list).
• Recommended offer: $273k (45.3% below list) — sets the bar for 1% rule.
• Cap rate 3.5% 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); Capital High School (1,326 students, 38% FRL) — zoned schools average 43% FRL vs 25% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.2%/yr); 304 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% 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 36% 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 $53k of equity ($3k loan paydown + $50k 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 ~$86k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 9y 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 $307k; list at $500k implies a 63% gain — meaningful room to come down on a strong offer.

Recommended offer $273,315 (45.3% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.55% ✗
• Cap rate: 3.50%
• Cash-on-cash: -9.98%
• DSCR: 0.56
• GRM: 15.2

CMA / ARV

• ARV (on-the-fly): $535,680
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4405 Hammersley Way NW	0.06mi	3/2.0	1,680 (-10%)	4mo	$535,000	$318	75
2210 Cooper Crest St NW	0.66mi	3/2.5	1,894 (+2%)	16mo	$540,000	$285	53
1615 Easthill Ct NW	0.69mi	3/2.0	1,999 (+8%)	1mo	$575,000	$288	52
1734 Medallion Loop NW	0.62mi	3/2.5	1,786 (-4%)	16mo	$460,000	$258	51
1613 Easthill Ct NW	0.70mi	3/2.5	1,811 (-3%)	15mo	$555,555	$307	50
1815 Cameo Ct NW	0.69mi	3/2.0	1,938 (+4%)	14mo	$678,600	$350	47
2319 Crestwood Pl NW	0.59mi	4/2.5 (+1)	2,078 (+12%)	5mo	$505,000	$243	43
4327 5th Ave NW	0.72mi	4/2.5 (+1)	1,924 (+3%)	16mo	$517,000	$269	43
2304 Cooper Crest Pl NW	0.66mi	4/2.5 (+1)	2,068 (+11%)	6mo	$500,000	$242	41
4038 11th Ave NW	0.66mi	2/2.0 (-1)	1,752 (-6%)	18mo	$541,000	$309	37
4405 5th Ave NW	0.71mi	4/2.5 (+1)	1,968 (+6%)	18mo	$512,000	$260	37
3130 6th Ave NW	0.72mi	2/2.0 (-1)	1,679 (-10%)	18mo	$495,000	$295	28

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: 17.3%
• Equity multiple: 2.42×
• Total profit: $198,534
• Equity at exit: $450,395

10-year hold

• IRR: 16.4%
• Equity multiple: 5.60×
• Total profit: $643,785
• Equity at exit: $971,293

Cash invested: $139,986 (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: 15.2×

Monthly cashflow live

• Estimated rent: $2,733 medium
• Mortgage (P&I): −$2,622
• Tax from tax record: −$437 /mo · $5,248/yr
• Insurance: −$208
• HOA: −$56
• Vacancy / Maint / Mgmt: −$574
• Net cashflow: $-1,164

Break-even live

Break-even rent $4,207

Max offer price $294,277

Occupancy floor —

Sensitivity live

Price	-10% $-881	-5% $-1,023	+0% $-1,164	+5% $-1,306	+10% $-1,447
Rent	-10% $-1,380	-5% $-1,272	+0% $-1,164	+5% $-1,056	+10% $-948
Rate	-1.0pp $-912	-0.5pp $-1,037	base $-1,164	+0.5pp $-1,294	+1.0pp $-1,426

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: $124,988
• Closing costs: $14,998
• Reserves months: —
• Total cash needed: —

Rent comps 4 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	45d	1	0.09mi
1901 Hudson St NW Olympia, WA	3.0	2.5	1705	$2,700	$1.58	15d	1	0.13mi
5004 4th Way SW Olympia, WA	2.0–3.0	2.0–2.5	1271	$2,645	$2.08	15d	5	1.10mi
4611 Greenwood Dr SW Olympia, WA	3.0	3.0	1448	$2,495	$1.72	45d	1	1.20mi

HOA detail

• Monthly dues: $56 · $672/yr

Listing history 2 events

1. 2026-06-18
   remarks 545-char remark
2. 2026-06-18
   listed $499,950 Active 1 DOM

ⓘ 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: $5,248 · $437/mo
• Projected year-2 tax: $5,248 · $437/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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥88°F today · 15 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: $32,798
• − Mortgage interest: −$28,005
• − Property taxes: −$5,248
• − Insurance: −$2,500
• − Repairs & maintenance: −$2,624
• − Management: −$2,624
• − HOA: −$672
• − Depreciation: −$14,544
• Taxable loss: −$23,419
• Est. tax savings @ 24.0%: +$5,621
• After-tax cash flow: $-8,351/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

-87.4% since first listed

5 events — show timeline

• 2026-06-17 Listed $499,950 NWMLS as Distributed by MLS Grid
• 2017-09-13 Sold (MLS) $306,900 NWMLS as Distributed by MLS Grid
• 2017-06-28 Pending — NWMLS as Distributed by MLS Grid
• 2017-05-12 Listed $308,900 NWMLS as Distributed by MLS Grid
• 2015-08-26 Sold (Public Records) $3,960,000 Public Records

Property tax history

+25.9%/yr

Latest (2026): $5,248 · +6.5% YoY. Source: county tax records.