1702 Judd St SE · Lacey, WA 98053

$775,000

24 bd · 16.0 ba · 3,088 sqft · MultiFamily · 80 Days on market

Built 1973 Good condition 0.27 ac lot $251/sqft · 13% above area Est $688k · 13% over

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.1/10.0
• Livability +4.2/5.0
• Condition / age +3.8/5.0
• Rent growth +2.6/5.0
• ARV discount +1.8/15.0
• 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 add-value multifamily investment opportunity in Lacey! Features fully occupied 4-plex with strong rental history. Conveniently located near I-5, JBLM, shopping, and schools. Great mix of unit types, stable income, and future upside. Ideal for both seasoned and new investors looking for scale and long-term growth in a strong rental market.

Key facts

• Strong rental market
• Stable income
• 0.27 acre lot

Tags

• FULLY OCCUPIED 4-PLEX
• STRONG RENTAL HISTORY
• CONVENIENTLY LOCATED NEAR I-5
• GREAT MIX OF UNIT TYPES
• STABLE INCOME
• STRONG RENTAL MARKET

What this means for you Summary

Snapshot

• This is a 4 × 6-bed/4.0-bath units multifamily listed at $775k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $5k ($63k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $775k).
• Recommended offer: $728k (6.0% below list) — sets the bar for market timing.
• Cap rate 14.4% vs local median 3.0% in Lacey — 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 85/100 on livability (#33 in WA, #581 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: cost of living D+.
• North Thurston Public Schools (suburban): math 51% / reading 62% proficiency, ranked #80 of 291 in WA (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 166 active listings in the ZIP; high-income renter base; 1,222 units permitted in Thurston County in 2024 (508 in 5+ unit buildings).
• At $13,414/mo this rent would consume 84% of the median local household income ($192k/yr) (locally 375% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $23k of value loss. Plan a longer hold.
• Thurston County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.4% rent growth), your $217k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($728k) is reasonable based on typical stale-listing flexibility.

Recommended offer $728,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 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 1973 — 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. Schools are B-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?
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: 1.73% ✓
• Cap rate: 14.41%
• Cash-on-cash: 28.98%
• DSCR: 2.29
• GRM: 4.8

CMA / ARV

• ARV (median comp): $687,825
• List price: $775,000
• Delta: 12.67%
• Verdict: OVERPRICED
• Comps: 8 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.36% rent growth · sell at horizon

5-year hold

• IRR: 20.3%
• Equity multiple: 1.80×
• Total profit: $173,718
• Equity at exit: $115,555

10-year hold

• IRR: 26.7%
• Equity multiple: 3.06×
• Total profit: $446,810
• Equity at exit: $67,008

Cash invested: $217,000 (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 98053

• Rents YoY: 0.4%
• Active inventory: 166
• Price-to-rent: 19.3×

Monthly cashflow live

• Estimated rent: $13,414 medium
• Mortgage (P&I): −$4,064
• Tax est. 1.5%: −$969 /mo · $11,625/yr
• Insurance: −$323
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,817
• Net cashflow: $5,241

Break-even live

Break-even rent $6,780

Max offer price $775,000

Occupancy floor 56%

Sensitivity live

Price	-10% $5,777	-5% $5,509	+0% $5,241	+5% $4,973	+10% $4,706
Rent	-10% $4,182	-5% $4,711	+0% $5,241	+5% $5,771	+10% $6,301
Rate	-1.0pp $5,631	-0.5pp $5,438	base $5,241	+0.5pp $5,040	+1.0pp $4,836

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

Units	Beds	Baths	Est. rent
▸ 4× units	6	4	$13,412
Total (4 units)			$13,414

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: $193,750
• Closing costs: $23,250
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $775,000 Active 80 DOM
2. 2026-06-18
   days on market $775,000 Active 77 DOM
3. 2026-06-17
   days on market $775,000 Active 76 DOM
4. 2026-06-16
   days on market $775,000 Active 75 DOM
5. 2026-06-15
   days on market $775,000 Active 74 DOM
6. 2026-06-14
   days on market $775,000 Active 72 DOM
7. 2026-06-13
   days on market $775,000 Active 71 DOM
8. 2026-06-10
   days on market $775,000 Active 69 DOM
9. 2026-06-09
   days on market $775,000 Active 68 DOM
10. 2026-06-08
    days on market $775,000 Active 67 DOM
11. 2026-06-07
    days on market $775,000 Active 66 DOM
12. 2026-06-03
    days on market $775,000 Active 62 DOM
13. 2026-06-02
    days on market $775,000 Active 61 DOM
14. 2026-06-01
    days on market $775,000 Active 60 DOM
15. 2026-05-31
    days on market $775,000 Active 59 DOM
16. 2026-05-30
    days on market $775,000 Active 58 DOM
17. 2026-04-02
    listed $775,000 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 7 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $160,968
• − Mortgage interest: −$43,412
• − Property taxes: −$11,625
• − Insurance: −$3,875
• − Repairs & maintenance: −$12,877
• − Management: −$12,877
• − Depreciation: −$22,545
• Taxable income: $53,756
• Est. tax owed @ 24.0%: −$12,901
• After-tax cash flow: $49,993/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.

Condition & rehab AI · 4 photos

Good 75/100 Cosmetic rehab

This fully occupied 4-plex is in good condition with minimal maintenance needed. Painting the exterior and trimming bushes would significantly enhance its curb appeal and value.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Trim bushes — Improves landscaping and enhances curb appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Trim bushes — Improves landscaping and enhances curb appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: North Thurston Public Schools
• NCES district ID: 5305850
• Math proficiency: 51% ▬ 0.00%
• Reading proficiency: 62% ▬ 0.00%
• Median HH income: $62,338
• Composite: 51.09/100
• National rank: #3798
• State rank: #80 of 291 in WA

Livability — Lacey

• Score: 85/100
• State rank: #33
• US rank: #581

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lacey, WA
• County: King County · 2,251,916 people
• City population: 108,850
• Metro: Seattle-Tacoma-Bellevue, WA
• Population (ZIP): 22,765
• Household income: $192,292
• Rent vs Own: 15.2% rent · 84.8% own
• Severe rent burden: 375.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 59% Asian 28% Two or more races 9% Hispanic / Latino 6% Black 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Portuguese 4% Italian 4% Slovak 3%
• Foreign-born: 30% · Canada, China, South Korea
• Languages at home: 68% English-only · Other Indo-European 13% Other Asian/Pacific 7% Chinese 3%

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: ▼ -466.89%
• Current HPI: 362.4257
• Rent YoY: ▲ 0.36%
• Metro: Seattle-Tacoma-Bellevue, 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

1 event — show timeline

• 2026-04-02 Listed $775,000 NWMLS as Distributed by MLS Grid