231 Snapdragon Ln · Sequim, WA 98382

$495,000

2 bd · 3.0 ba · 1,844 sqft · MultiFamily public records · 28 Days on market

Built 2014 7,405 sqft lot $135/mo HOA · 7% 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).

• Cash flow +11.4/30.0
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• Livability +3.5/5.0
• DSCR +3.3/10.0
• 1% rule +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

A beautifully updated and lovingly cared for townhouse, this move-in ready home is close to all the ameniities Sequim has to offer including shopping, restaurants, and medical. This light, bright two bedroom home is the perfect size for young professionals or retirees. Work from home using the loft as separate office away from the main living on the ground floor, or entertain friends and family in their own private suite. As an end unit next to a green space buffer, you'll enjoy both quiet and privacy while still retaining the benefit of living in a walkable, friendly development.

Key facts

• Walkable development
• Green space buffer
• Updated townhouse

Tags

• UPDATED TOWNHOUSE
• MOVE IN READY
• PRIVATE SUITE
• GREEN SPACE BUFFER
• WALKABLE DEVELOPMENT

Property features AI

Finance

• Other: Located in the Jennie's Meadows building/community; Lot size approximately 0.17 acres; lot is numbered 173
• Financial info: Financing options: Cash, Conventional, FHA, VA
• HOA & community: HOA with monthly fee of $135 covering common area maintenance; CCRs in community

Exterior

• Parking: Attached garage (has garage) with 2 covered spaces and 2 uncovered spaces
• Utilities: Electric power; Public water (City of Sequim); Sewer connected (City of Sequim); Cable and internet (Astound)
• Home design: Single-family residence, 1½ story; Built on lot within a planned unit development; Faces south; Very good condition
• Construction: Built in 2014 (effective year); Cement plank construction; Composition roof; Poured concrete foundation
• Exterior features: Cement plank siding; Located on a cul-de-sac on a paved, dead-end street; Cable TV and high-speed internet available; Has a view

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms — 1 on the main level and 1 upstairs
• Flooring: Ceramic tile; Laminate; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 half bath; Two showers, one bathtub
• Heating & cooling: Forced air heating; Heat pump (provides heating and cooling)
• Interior features: Fireplace (electric); Loft; Skylights; Vaulted ceilings; Walk-in closets
• Laundry & utility: Water heater located in the garage

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath multifamily listed at $495k.

Deal economics

• At list price, monthly cash flow is $-170 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $465k (6.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $394k (20.5% below list).
• Recommended offer: $394k (20.5% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 3.1% in Sequim — 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 70/100 on livability (#245 in WA) — a middle-class / working-renter tenant base. Strengths: health & safety A+, crime B, cost of living B; Watch: employment D, amenities D-, commute F.
• Sequim School District (town): math 55% / reading 66% proficiency, ranked #64 of 291 in WA (top 22%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Sequim Senior High (794 students, 50% FRL).
• Market conditions: 605 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 166 units permitted in Clallam County in 2024 (0 in 5+ unit buildings).
• At $3,935/mo this rent would consume 64% of the median local household income ($74k/yr) (locally 666% 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 $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Clallam County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($488k) is reasonable based on typical stale-listing flexibility.
• 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.

Recommended offer $393,500 (20.5% 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 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.79% ✗
• Cap rate: 5.88%
• Cash-on-cash: -1.47%
• DSCR: 0.93
• GRM: 10.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -18.7%
• Equity multiple: 0.34×
• Total profit: $-91,037
• Equity at exit: $73,806

10-year hold

• IRR: -11.2%
• Equity multiple: 0.33×
• Total profit: $-93,291
• Equity at exit: $42,799

Cash invested: $138,600 (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 98382

• Active inventory: 605
• Price-to-rent: 21.0×

Monthly cashflow live

• Estimated rent: $3,935 medium
• Mortgage (P&I): −$2,596
• Tax from tax record: −$341 /mo · $4,093/yr
• Insurance: −$206
• HOA: −$135
• Vacancy / Maint / Mgmt: −$826
• Net cashflow: $-170

Break-even live

Break-even rent $4,150

Max offer price $465,053

Occupancy floor 99%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$3,934
Total (2 units)			$3,935

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: $123,750
• Closing costs: $14,850
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
850 Tommy Ct Sequim, WA	3.0	2.0	1350	$2,300	$1.70	44d	1	0.63mi
522 W Evergreen Farm Way Sequim, WA	2.0	2.0	1336	$2,450	$1.83	44d	1	1.34mi

HOA detail

• Monthly dues: $135 · $1,620/yr

Listing history 18 events

1. 2026-06-19
   days on market $495,000 Active 28 DOM
2. 2026-06-18
   days on market $495,000 Active 27 DOM
3. 2026-06-17
   days on market $495,000 Active 26 DOM
4. 2026-06-16
   days on market $495,000 Active 25 DOM
5. 2026-06-15
   days on market $495,000 Active 24 DOM
6. 2026-06-14
   days on market $495,000 Active 22 DOM
7. 2026-06-12
   days on market $495,000 Active 21 DOM
8. 2026-06-09
   days on market $495,000 Active 18 DOM
9. 2026-06-08
   days on market $495,000 Active 17 DOM
10. 2026-06-07
    days on market $495,000 Active 16 DOM
11. 2026-06-05
    days on market $495,000 Active 13 DOM
12. 2026-06-03
    days on market $495,000 Active 12 DOM
13. 2026-06-02
    days on market $495,000 Active 11 DOM
14. 2026-06-01
    days on market $495,000 Active 10 DOM
15. 2026-05-31
    days on market $495,000 Active 9 DOM
16. 2026-05-30
    days on market $495,000 Active 8 DOM
17. 2026-05-22
    listed $495,000 Active

    Show marketing remark (587 chars)

    A beautifully updated and lovingly cared for townhouse, this move-in ready home is close to all the ameniities Sequim has to offer including shopping, restaurants, and medical. This light, bright two bedroom home is the perfect size for young professionals or retirees. Work from home using the loft as separate office away from the main living on the ground floor, or entertain friends and family in their own private suite. As an end unit next to a green space buffer, you'll enjoy both quiet and privacy while still retaining the benefit of living in a walkable, friendly development.

18. 2026-05-22
    listed $495,000 Active 587-char remark

    Show marketing remark (587 chars)

    A beautifully updated and lovingly cared for townhouse, this move-in ready home is close to all the ameniities Sequim has to offer including shopping, restaurants, and medical. This light, bright two bedroom home is the perfect size for young professionals or retirees. Work from home using the loft as separate office away from the main living on the ground floor, or entertain friends and family in their own private suite. As an end unit next to a green space buffer, you'll enjoy both quiet and privacy while still retaining the benefit of living in a walkable, friendly development.

ⓘ 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: $4,093 · $341/mo
• Projected year-2 tax: $4,851 · $404/mo
• Expected delta: +$758/yr (+$63/mo · 18.5%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥83°F today · 16 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: $47,220
• − Mortgage interest: −$27,728
• − Property taxes: −$4,093
• − Insurance: −$2,475
• − Repairs & maintenance: −$3,778
• − Management: −$3,778
• − HOA: −$1,620
• − Depreciation: −$14,400
• Taxable loss: −$10,651
• Est. tax savings @ 24.0%: +$2,556
• After-tax cash flow: $522/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: Sequim School District
• NCES district ID: 5307830
• Math proficiency: 55% ▼ -1.00%
• Reading proficiency: 66% ▲ 1.00%
• Median HH income: $46,969
• Composite: 52.77/100
• National rank: #3312
• State rank: #64 of 291 in WA

Livability — Sequim

• Score: 70/100
• State rank: #245
• US rank: #7845

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sequim, WA
• County: Clallam County · 31,052 people
• City population: 31,052
• Metro: Port Angeles, WA
• Population (ZIP): 31,052
• Household income: $74,189
• Rent vs Own: 18.9% rent · 81.1% own
• Severe rent burden: 666.0

Population outlook (Clallam County) Hauer SSP2

• Today (2025): 76,817 people
• By 2030: 78,177 · +1.8%
• By 2040: 79,795 · +3.9%
• By 2050: 80,890 · +5.3%
• By 2075: 83,933 · +9.3%
• By 2100: 82,141 · +6.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 7% Hispanic / Latino 4% Asian 2%
• Common ancestry: Portuguese 5% Slovak 5% Italian 4%
• Foreign-born: 6% · Canada
• Languages at home: 95% English-only · Spanish 2% German/W. Germanic 1% Other Indo-European 1%

Political lean MEDSL · Clallam

• 2024 margin: Lean D (+7.9) · D 52.6% · R 44.7% · Other 2.7%
• 2008→2024 swing: +4.6pp toward D · 2008: 3.3pp · 2024: 7.9pp
• All cycles: 2024: D+7.9 2020: D+3.4 2016: R+1.6 2012: D+0.4 2008: D+3.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -225.89%
• Current HPI: 181.4372
• Rent YoY: —
• Metro: Port Angeles, 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

+0.0% since first listed

2 events — show timeline

• 2026-05-22 Listed $495,000 OLS
• 2026-05-22 Listed $495,000 NWMLS as Distributed by MLS Grid

Property tax history

+20.1%/yr

Latest (2026): $4,093 · +14.6% YoY. Source: county tax records.