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

$40,000

1 bd · 1.0 ba · 672 sqft · Condo · 149 Days on market

Built 1968 Good condition $60/sqft · 28% below area Est $56k · 28% under $78/mo HOA · 6% 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 $597 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• Recommended offer: $35k (12.0% below list) — sets the bar for market timing.
• Cap rate 24.2% vs local median 3.0% 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: 802 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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

• It's been on market 149 days — a 12% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• 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 $35,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 149 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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. 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 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: 3.01% ✓
• Cap rate: 24.20%
• Cash-on-cash: 63.95%
• DSCR: 3.85
• GRM: 2.8

CMA / ARV

• ARV (median comp): $55,923
• List price: $40,000
• Delta: -28.47%
• 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%)	5mo	$35,000	$52	96
615 Ocean Shores Blvd NW #307	0.00mi	1/1.0	672 (0%)	10mo	$23,000	$34	92
759 Ocean Shores Blvd NW Unit K	0.50mi	1/1.0	700 (+4%)	6mo	$163,000	$233	65
759 Ocean Shores Blvd NW Unit G	0.50mi	1/1.0	700 (+4%)	6mo	$125,000	$179	64
759 Ocean Shores Blvd NW Unit H	0.50mi	1/1.0	600 (-11%)	4mo	$127,500	$213	55
659 -B Sunset Ave NE	0.59mi	2/1.5 (+1)	803 (+20%)	6mo	$249,950	$311	35
659 -C Sunset Ave NE	0.59mi	2/1.5 (+1)	803 (+20%)	7mo	$264,950	$330	35
567 Sunset Ave NE	0.61mi	2/1.5 (+1)	803 (+20%)	9mo	$269,600	$336	32
558 Meadow Ave NE	0.70mi	2/2.0 (+1)	816 (+21%)	2mo	$375,000	$460	32
565 Sunset Ave NE	0.61mi	2/1.5 (+1)	803 (+20%)	9mo	$275,000	$342	32
863 Magellan Ave NE	1.03mi	1/1.0	510 (-24%)	10mo	$93,750	$184	32
156 Dolphin Ave NE	1.26mi	2/1.0 (+1)	821 (+22%)	8mo	$389,000	$474	28

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: 63.1%
• Equity multiple: 3.82×
• Total profit: $31,596
• Equity at exit: $5,964

10-year hold

• IRR: 67.6%
• Equity multiple: 7.85×
• Total profit: $76,729
• 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: 802
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $1,204 medium
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $600/yr
• Insurance: −$17
• HOA: −$78
• Vacancy / Maint / Mgmt: −$253
• Net cashflow: $597

Break-even live

Break-even rent $449

Max offer price $40,000

Occupancy floor 45%

Sensitivity live

Price	-10% $624	-5% $611	+0% $597	+5% $583	+10% $569
Rent	-10% $502	-5% $549	+0% $597	+5% $644	+10% $692
Rate	-1.0pp $617	-0.5pp $607	base $597	+0.5pp $586	+1.0pp $576

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 2 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	93d	1	0.23mi
165 Barnacle St Unit 503 Ocean Shores, WA	1.0	1.0	725	$950	$1.31	93d	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. 2026-08-08
   days on market $40,000 Active 149 DOM
2. 2026-08-07
   days on market $40,000 Active 148 DOM
3. 2026-08-06
   days on market $40,000 Active 147 DOM
4. 2026-08-05
   days on market $40,000 Active 146 DOM
5. 2026-08-04
   days on market $40,000 Active 145 DOM
6. 2026-08-03
   days on market $40,000 Active 144 DOM
7. 2026-07-31
   days on market $40,000 Active 141 DOM
8. 2026-07-30
   days on market $40,000 Active 140 DOM
9. 2026-07-29
   days on market $40,000 Active 139 DOM
10. 2026-07-27
    days on market $40,000 Active 137 DOM
11. 2026-07-25
    days on market $40,000 Active 135 DOM
12. 2026-07-23
    days on market $40,000 Active 133 DOM
13. 2026-07-22
    days on market $40,000 Active 132 DOM
14. 2026-07-21
    days on market $40,000 Active 131 DOM
15. 2026-07-18
    days on market $40,000 Active 128 DOM
16. 2026-07-16
    days on market $40,000 Active 126 DOM
17. 2026-07-16
    days on market $40,000 Active 125 DOM
18. 2026-07-14
    days on market $40,000 Active 124 DOM
19. 2026-07-13
    days on market $40,000 Active 123 DOM
20. 2026-07-12
    days on market $40,000 Active 122 DOM
21. 2026-07-11
    days on market $40,000 Active 121 DOM
22. 2026-07-10
    days on market $40,000 Active 120 DOM
23. 2026-07-09
    days on market $40,000 Active 119 DOM
24. 2026-07-08
    days on market $40,000 Active 118 DOM
25. 2026-07-07
    days on market $40,000 Active 117 DOM
26. 2026-07-06
    days on market $40,000 Active 116 DOM
27. 2026-07-05
    days on market $40,000 Active 115 DOM
28. 2026-07-04
    days on market $40,000 Active 114 DOM
29. 2026-07-03
    days on market $40,000 Active 113 DOM
30. 2026-07-02
    days on market $40,000 Active 112 DOM
31. 2026-07-01
    days on market $40,000 Active 111 DOM
32. 2026-06-30
    days on market $40,000 Active 110 DOM
33. 2026-06-29
    days on market $40,000 Active 109 DOM
34. 2026-06-28
    days on market $40,000 Active 108 DOM
35. 2026-06-27
    days on market $40,000 Active 107 DOM
36. 2026-06-26
    days on market $40,000 Active 105 DOM
37. 2026-06-22
    days on market $40,000 Active 102 DOM
38. 2026-06-19
    days on market $40,000 Active 99 DOM
39. 2026-06-18
    days on market $40,000 Active 98 DOM
40. 2026-06-17
    days on market $40,000 Active 97 DOM
41. 2026-06-16
    days on market $40,000 Active 96 DOM
42. 2026-06-15
    days on market $40,000 Active 95 DOM
43. 2026-06-14
    days on market $40,000 Active 93 DOM
44. 2026-06-12
    days on market $40,000 Active 92 DOM
45. 2026-06-09
    days on market $40,000 Active 89 DOM
46. 2026-06-08
    days on market $40,000 Active 88 DOM
47. 2026-06-07
    days on market $40,000 Active 87 DOM
48. 2026-06-05
    days on market $40,000 Active 84 DOM
49. 2026-06-03
    days on market $40,000 Active 83 DOM
50. 2026-06-02
    days on market $40,000 Active 82 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: $14,449
• − Mortgage interest: −$2,241
• − Property taxes: −$600
• − Insurance: −$200
• − Repairs & maintenance: −$1,156
• − Management: −$1,156
• − HOA: −$936
• − Depreciation: −$1,164
• Taxable income: $6,997
• Est. tax owed @ 24.0%: −$1,679
• After-tax cash flow: $5,483/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