615 Ocean Shores Blvd NW #303 · Ocean Shores, WA 98569

$40,000

1 bd · 1.0 ba · 672 sqft · Condo

Built 1968 Good condition $60/sqft · 28% below area Est $55k · 28% under $78/mo HOA · 7% of rent ↓ 27% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Condition / age +3.8/5.0
• Schools +3.4/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Enjoy a personal retreat! 3rd-level condo just minutes from the beach. This 672 sq ft unit features 1 bedroom and 1 full bathroom. Enough space for everyone, with two queen beds and additional sleeping space from a pull-out couch. Comfortably accommodating up to 6 guests. A wood-burning fireplace creates the perfect spot to relax after a day at the shore, while the private balcony offers a partial ocean view and fresh coastal air. Take a short walk down the trails to the beach access, this condo is ideal for weekend getaways! The Condo grounds offer excellent amenities including a pool, hot tub, sauna, game room, laundry room, and Playground/Green space for enjoyment and relaxing.

Key facts

• Hot tub
• Private balcony
• Beach access

Tags

• WOOD BURNING FIREPLACE
• PRIVATE BALCONY
• PARTIAL OCEAN VIEW
• BEACH ACCESS
• POOL
• HOT TUB

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $40k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $543 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Cap rate 22.6% vs local median 3.2% in Ocean Shores — 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 62/100 on livability (#424 in WA) — a middle-class / working-renter tenant base. Strengths: housing A; Watch: crime C-, health & safety C-, amenities F.
• North Beach School District (rural): math 32% / reading 44% proficiency, ranked #236 of 291 in WA (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Ocean Shores Elementary (240 students, 76% FRL); North Beach Junior High School (162 students, 78% FRL); North Beach Senior High School (177 students, 63% FRL).
• Market conditions: 875 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 139d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $277 of loan paydown is wiped out by about $1k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 12y 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.

Recommended offer $40,000

Questions for the listing agent

1. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 2.84% ✓
• Cap rate: 22.58%
• Cash-on-cash: 58.18%
• DSCR: 3.59
• GRM: 2.9

CMA / ARV

• ARV (median comp): $55,276
• List price: $40,000
• Delta: -27.64%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
615 Ocean Shores Blvd NW #319	0.00mi	1/1.0	672 (0%)	7mo	$35,000	$52	94
171 Jib St NW	0.49mi	2/1.0 (+1)	695 (+3%)	1mo	$270,000	$388	66
759 Ocean Shores Blvd NW Unit K	0.50mi	1/1.0	700 (+4%)	7mo	$163,000	$233	64
759 Ocean Shores Blvd NW Unit G	0.50mi	1/1.0	700 (+4%)	8mo	$125,000	$179	63
759 Ocean Shores Blvd NW Unit H	0.50mi	1/1.0	600 (-11%)	6mo	$127,500	$213	54
101 Auriga Ave SW	1.29mi	1/1.0	728 (+8%)	1mo	$312,000	$429	50
581 Dolphin Ave NE	0.52mi	2/1.0 (+1)	811 (+21%)	0mo	$165,000	$203	46
804 S Rain St NE	0.78mi	2/1.0 (+1)	784 (+17%)	1mo	$50,300	$64	34
659 -B Sunset Ave NE	0.59mi	2/1.5 (+1)	803 (+20%)	8mo	$249,950	$311	34
659 -C Sunset Ave NE	0.59mi	2/1.5 (+1)	803 (+20%)	8mo	$264,950	$330	34
558 Meadow Ave NE	0.70mi	2/2.0 (+1)	816 (+21%)	3mo	$375,000	$460	31
156 Dolphin Ave NE	1.26mi	2/1.0 (+1)	821 (+22%)	10mo	$389,000	$474	27

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 56.8%
• Equity multiple: 3.51×
• Total profit: $28,166
• Equity at exit: $5,964

10-year hold

• IRR: 61.8%
• Equity multiple: 7.19×
• Total profit: $69,321
• Equity at exit: $3,458

Cash invested: $11,200 (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 98569

• Home prices YoY: -3.4%
• Active inventory: 875
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $1,136 medium
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $600/yr
• Insurance: −$17
• HOA: −$78
• Vacancy / Maint / Mgmt: −$239
• Net cashflow: $543

Break-even live

Break-even rent $449

Max offer price $40,000

Occupancy floor 47%

Sensitivity live

Price	-10% $571	-5% $557	+0% $543	+5% $529	+10% $515
Rent	-10% $453	-5% $498	+0% $543	+5% $588	+10% $633
Rate	-1.0pp $563	-0.5pp $553	base $543	+0.5pp $533	+1.0pp $522

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: $10,000
• Closing costs: $1,200
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
672 Ocean Shores Blvd NW Ocean Shores, WA	1.0	1.0	700	$1,150	$1.64	139d	1	0.23mi
165 Barnacle St Unit 503 Ocean Shores, WA	1.0	1.0	725	$950	$1.31	139d	1	0.61mi
165 Barnacle St Unit 503 Ocean Shores, WA	1.0	1.0	500	$895	$1.79	1d	1	0.61mi

HOA detail $78/mo · $936/yr condo

• Likely covers: landscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-09-23
   days on market $40,000 Active
2. 2026-09-20
   days on market $40,000 Active 192 DOM
3. 2026-09-19
   days on market $40,000 Active 191 DOM
4. 2026-09-18
   days on market $40,000 Active 190 DOM
5. 2026-09-17
   days on market $40,000 Active 189 DOM
6. 2026-09-16
   days on market $40,000 Active 188 DOM
7. 2026-09-15
   days on market $40,000 Active 187 DOM
8. 2026-09-14
   days on market $40,000 Active 186 DOM
9. 2026-09-13
   days on market $40,000 Active 185 DOM
10. 2026-09-12
    days on market $40,000 Active 184 DOM
11. 2026-09-11
    days on market $40,000 Active 183 DOM
12. 2026-09-05
    days on market $40,000 Active 177 DOM
13. 2026-09-04
    days on market $40,000 Active 176 DOM
14. 2026-09-03
    days on market $40,000 Active 175 DOM
15. 2026-09-02
    days on market $40,000 Active 174 DOM
16. 2026-08-30
    days on market $40,000 Active 171 DOM
17. 2026-08-29
    days on market $40,000 Active 170 DOM
18. 2026-08-28
    days on market $40,000 Active 169 DOM
19. 2026-08-27
    days on market $40,000 Active 168 DOM
20. 2026-08-25
    days on market $40,000 Active 166 DOM
21. 2026-08-24
    days on market $40,000 Active 165 DOM
22. 2026-08-23
    days on market $40,000 Active 164 DOM
23. 2026-08-22
    days on market $40,000 Active 163 DOM
24. 2026-08-21
    days on market $40,000 Active 162 DOM
25. 2026-08-20
    days on market $40,000 Active 161 DOM
26. 2026-08-19
    days on market $40,000 Active 160 DOM
27. 2026-08-18
    days on market $40,000 Active 159 DOM
28. 2026-08-17
    days on market $40,000 Active 158 DOM
29. 2026-08-16
    days on market $40,000 Active 157 DOM
30. 2026-08-15
    days on market $40,000 Active 156 DOM
31. 2026-08-14
    days on market $40,000 Active 155 DOM
32. 2026-08-13
    days on market $40,000 Active 154 DOM
33. 2026-08-12
    days on market $40,000 Active 153 DOM
34. 2026-08-11
    days on market $40,000 Active 152 DOM
35. 2026-08-10
    days on market $40,000 Active 151 DOM
36. 2026-08-09
    days on market $40,000 Active 150 DOM
37. 2026-08-08
    days on market $40,000 Active 149 DOM
38. 2026-08-07
    days on market $40,000 Active 148 DOM
39. 2026-08-06
    days on market $40,000 Active 147 DOM
40. 2026-08-05
    days on market $40,000 Active 146 DOM
41. 2026-08-04
    days on market $40,000 Active 145 DOM
42. 2026-08-03
    days on market $40,000 Active 144 DOM
43. 2026-07-31
    days on market $40,000 Active 141 DOM
44. 2026-07-30
    days on market $40,000 Active 140 DOM
45. 2026-07-29
    days on market $40,000 Active 139 DOM
46. 2026-07-27
    days on market $40,000 Active 137 DOM
47. 2026-07-25
    days on market $40,000 Active 135 DOM
48. 2026-07-23
    days on market $40,000 Active 133 DOM
49. 2026-07-22
    days on market $40,000 Active 132 DOM
50. 2026-07-21
    days on market $40,000 Active 131 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $13,632
• − Mortgage interest: −$2,241
• − Property taxes: −$600
• − Insurance: −$200
• − Repairs & maintenance: −$1,091
• − Management: −$1,091
• − HOA: −$936
• − Depreciation: −$1,164
• Taxable income: $6,310
• Est. tax owed @ 24.0%: −$1,514
• After-tax cash flow: $5,001/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 · 9 photos

Good 75/100 Cosmetic rehab Est. rehab $3,360–$10,080 screening

This 3rd-level condo is in good condition with minimal repairs needed. It offers a great location near the beach and has excellent amenities. Painting the exterior siding and improving pool maintenance would significantly increase its value.

Components & finishes AI

Roof asphalt shingle · good

Deferred maintenance Est. $3,000–$12,000 screening

• Minor Roof (roof) — No visible signs of damage or wear on the roof.
• Minor Windows (windows) — No visible signs of damage or wear on the windows.
• Minor Electrical (electrical) — No visible signs of damage or wear on the electrical components.
• Minor Plumbing (plumbing) — No visible signs of damage or wear on the plumbing.
• Minor Exterior (exterior) — No visible signs of damage or wear on the exterior.
• Minor Other — No visible signs of damage or wear on other components.

Value-add opportunities

• Both Paint exterior siding — Enhances curb appeal and value ↑
• Both Upgrade pool and hot tub maintenance — Improves amenities and guest experience ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Zoned Schools

Elementary Ocean Shores Elementary Middle North Beach Junior High School High North Beach Senior High School

Schools (NCES district)

• District: North Beach School District
• NCES district ID: 5305700
• Math proficiency: 32% ▼ -4.00%
• Reading proficiency: 44% ▬ 0.00%
• Median HH income: $40,966
• Composite: 34.46/100
• National rank: #10153
• State rank: #236 of 291 in WA

C Composite livability gradescore 62/100

Livability — Ocean Shores

• Score: 62/100
• State rank: #424
• US rank: #16852

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ocean Shores, WA
• County: Grays Harbor County · 66,443 people
• City population: 7,187
• Metro: Aberdeen, WA
• Population (ZIP): 7,489
• Household income: $58,378
• Rent vs Own: 17.0% rent · 83.0% own
• Severe rent burden: 7% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 5% Hispanic / Latino 4% Asian 3% Native American 3%
• Common ancestry: Portuguese 8% Iranian 5% Lithuanian 4%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 3% Tagalog/Filipino 2% German/W. Germanic 2%

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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: ▼ -13.33%
• Current HPI: 380.05
• Rent YoY: —
• Metro: Aberdeen, WA
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

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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

-26.6% since first listed

11 events — show timeline

• 2026-03-12 Listed $40,000 NWMLS as Distributed by MLS Grid
• 2025-07-10 Sold (MLS) $35,000 NWMLS as Distributed by MLS Grid
• 2025-06-18 Pending — NWMLS as Distributed by MLS Grid
• 2025-05-28 Listed $35,000 NWMLS as Distributed by MLS Grid
• 2018-04-13 Sold (MLS) $54,900 NWMLS as Distributed by MLS Grid
• 2018-04-01 Pending — NWMLS as Distributed by MLS Grid
• 2018-03-23 Listed $54,900 NWMLS as Distributed by MLS Grid
• 2015-09-16 Sold (MLS) $44,500 NWMLS as Distributed by MLS Grid
• 2015-08-07 Pending — NWMLS as Distributed by MLS Grid
• 2015-03-05 Price Changed $49,500 NWMLS as Distributed by MLS Grid
• 2014-08-29 Listed $54,500 NWMLS as Distributed by MLS Grid