615 Firwood Ct · Shelton, WA 98584

$140,000

1 bd · 1.0 ba · 952 sqft · Townhouse public records · 5 Days on market

Built 1994 1,307 sqft lot

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Why this score? — see what drove the C+ 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 +25.7/30.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• Livability +3.7/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Instant Equity found here! Great affordable townhouse that is being sold in a present "AS-IS" condition. Great opportunity for 2 bedrooms & 1.5 bath home. Fully fenced in yard with storage room. Assigned 1 covered carport space. Cash out or Conventional Rehab loan only. Easy 25-minute commute to Olympia. Close to stores, restaurants and City services.

Key facts

• Storage room
• Close to restaurants
• Close to stores

Tags

• FULLY FENCED YARD
• STORAGE ROOM
• EASY COMMUTE TO OLYMPIA
• CLOSE TO STORES
• CLOSE TO RESTAURANTS
• CLOSE TO CITY SERVICES

Property features AI

Finance

• Other: Property condition listed as fair
• Financial info: Listing accepts Cash and Rehab Loan financing
• HOA & community: CC&Rs

Exterior

• Parking: 1 covered space; Detached carport (1 car); 2 uncovered parking spaces
• Security: Fully fenced
• Utilities: Electric service; Public water; Sewer connected
• Home design: Townhouse (single family residence style); Multi/split levels; Main entry level
• Construction: Wood construction; Composition roof; Poured concrete foundation; Built on lot
• Exterior features: Fully fenced yard; Wood exterior or wood products; Cable TV available; Paved site

Interior

• Kitchen: Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms (both on upper level)
• Flooring: Laminate; Vinyl; Carpet
• Bathrooms: 1 full bath; 1 half bath; 1 bathtub; 1 shower; Main level has 1 half bath
• Heating & cooling: Baseboard heating; No central air
• Interior features: Dining room; Water heater
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath townhouse listed at $140k.

Deal economics

• At list price, monthly cash flow is $334 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Cap rate 9.2% vs local median 3.1% in Shelton — 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 73/100 on livability (#203 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, amenities A-; Watch: employment D+, crime F, commute F.
• Shelton School District (town): math 31% / reading 43% proficiency, ranked #237 of 291 in WA (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bordeaux Elementary School (504 students, 68% FRL); Shelton High School (1,473 students, 62% FRL).
• Market conditions: 439 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 299 units permitted in Mason County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Mason County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 15y 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 $30k; list at $140k implies a 367% gain — meaningful room to come down on a strong offer.

Recommended offer $140,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
3. 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?
4. 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.
5. 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.
6. 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: 1.15% ✓
• Cap rate: 9.15%
• Cash-on-cash: 10.21%
• DSCR: 1.45
• GRM: 7.2

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: -1.0%
• Equity multiple: 0.96×
• Total profit: $-1,427
• Equity at exit: $20,874

10-year hold

• IRR: 8.7%
• Equity multiple: 1.67×
• Total profit: $26,148
• Equity at exit: $12,105

Cash invested: $39,200 (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 98584

• Active inventory: 439
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,610 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$145 /mo · $1,744/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$338
• Net cashflow: $334

Break-even live

Break-even rent $1,187

Max offer price $140,000

Occupancy floor 74%

Sensitivity live

Price	-10% $413	-5% $373	+0% $334	+5% $294	+10% $254
Rent	-10% $207	-5% $270	+0% $334	+5% $397	+10% $461
Rate	-1.0pp $404	-0.5pp $369	base $334	+0.5pp $297	+1.0pp $261

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
650 E Dearborn Ave Unit 2 Shelton, WA	2.0	1.0	800	$1,200	$1.50	45d	1	0.68mi
101 W Railroad Ave Shelton, WA	—	1.0	1450	$2,838	$1.96	45d	5	0.93mi
711 W Pine St Shelton, WA	1.0	1.0	500	$1,425	$2.85	15d	2	1.08mi

Listing history 6 events

1. 2026-06-17
   status $140,000 Pending 5 DOM
2. 2026-06-17
   days on market $140,000 Active 5 DOM
3. 2026-06-16
   days on market $140,000 Active 4 DOM
4. 2026-06-15
   days on market $140,000 Active 3 DOM
5. 2026-06-13
   remarks 355-char remark
6. 2026-06-13
   listed $140,000 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: $1,744 · $145/mo
• Projected year-2 tax: $1,744 · $145/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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥88°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,314
• − Mortgage interest: −$7,842
• − Property taxes: −$1,744
• − Insurance: −$700
• − Repairs & maintenance: −$1,545
• − Management: −$1,545
• − Depreciation: −$4,073
• Taxable income: $1,865
• Est. tax owed @ 24.0%: −$448
• After-tax cash flow: $3,557/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: Shelton School District
• NCES district ID: 5307900
• Math proficiency: 31% ▼ -1.00%
• Reading proficiency: 43% ▼ -3.00%
• Median HH income: $45,467
• Composite: 34.1/100
• National rank: #10288
• State rank: #237 of 291 in WA

Livability — Shelton

• Score: 73/100
• State rank: #203
• US rank: #5586

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelton, WA
• County: Mason County · 40,606 people
• City population: 40,606
• Metro: Shelton, WA
• Population (ZIP): 40,606
• Household income: $78,610
• Rent vs Own: 20.2% rent · 79.8% own
• Severe rent burden: 687.0

Population outlook (Mason County) Hauer SSP2

• Today (2025): 60,005 people
• By 2030: 58,567 · -2.4%
• By 2040: 54,735 · -8.8%
• By 2050: 51,470 · -14.2%
• By 2075: 46,276 · -22.9%
• By 2100: 39,883 · -33.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 15% Two or more races 11% Native American 3%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 4% Slovak 3% Italian 2%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 10%

Political lean MEDSL · Mason

• 2024 margin: Toss-up / Even · D 47.2% · R 49.7% · Other 3.2%
• 2008→2024 swing: -11.2pp toward R · 2008: 8.7pp · 2024: -2.5pp
• All cycles: 2024: R+2.5 2020: R+3.9 2016: R+6.0 2012: D+6.9 2008: D+8.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -232.42%
• Current HPI: 199.0698
• Rent YoY: —
• Metro: Shelton, 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

-85.8% since first listed

8 events — show timeline

• 2026-06-12 Listed $140,000 NWMLS as Distributed by MLS Grid
• 2012-02-02 Sold (MLS) $30,000 NWMLS as Distributed by MLS Grid
• 2011-12-20 Pending — NWMLS as Distributed by MLS Grid
• 2011-12-01 Price Changed $34,900 NWMLS as Distributed by MLS Grid
• 2011-11-18 Price Changed $39,900 NWMLS as Distributed by MLS Grid
• 2011-11-12 Listed $45,000 NWMLS as Distributed by MLS Grid
• 2011-08-22 Sold (Public Records) $126,300 Public Records
• 2006-03-20 Sold (Public Records) $985,000 Public Records

Property tax history

+4.5%/yr

Latest (2026): $1,744 · +3.1% YoY. Source: county tax records.