33612 I St · Ocean Park, WA 98640

$335,000

2 bd · 2.0 ba · 1,536 sqft · SingleFamily public records · 181 Days on market

Built 1988 6,780 sqft lot $218/sqft · 27% below area Est $459k · 27% under $63/mo HOA · 3% 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).

• ARV discount +15.0/15.0
• Cash flow +9.6/30.0
• Schools +3.7/10.0
• Livability +3.6/5.0
• DSCR +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

NEW PRICE! Discover affordable coastal living in the desirable Surfside community of Ocean Park. Just minutes from the beautiful beach, this welcoming 2-bedroom home with bonus room offers bright, open spaces filled with natural light. Enjoy serene mornings on the front deck, evenings by the fire pit, and nights warmed by a propane fireplace. The roomy eat-in kitchen features a propane cooktop and convection oven. The 2-car garage, loft storage, and tool shed provide ample space for hobbies and beach gear. Surrounded by the mighty Pacific ocean, wildlife and peaceful waterways, Surfside living includes HOA-covered water, garbage, and security—making coastal comfort easy and affordabl

Key facts

• Front deck
• Propane fireplace
• Propane cooktop

Tags

• FRONT DECK
• FIRE PIT
• PROPANE FIREPLACE
• EAT-IN KITCHEN
• PROPANE COOKTOP
• CONVECTION OVEN

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $335k.

Deal economics

• At list price, monthly cash flow is $-228 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $295k (12.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $240k (28.4% below list).
• Recommended offer: $240k (28.4% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 4.2% in Ocean Park — 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 72/100 on livability (#216 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, crime A; Watch: commute D+, employment D+, amenities F.
• Ocean Beach School District (rural): math 34% / reading 50% proficiency, ranked #212 of 291 in WA (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Ocean Park Elementary (196 students, 76% FRL); Hilltop Elementary School (236 students, 70% FRL); Ilwaco High School (296 students, 64% FRL).
• Market conditions: 320 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 90 units permitted in Pacific County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Pacific County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 181 days — a 12% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $182k; list at $335k implies a 84% gain — meaningful room to come down on a strong offer.

Recommended offer $240,000 (28.4% 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. It's been on market 181 days. Have you received any prior offers? Is the seller open to a 28% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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?
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 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: 0.72% ✗
• Cap rate: 5.47%
• Cash-on-cash: -2.92%
• DSCR: 0.87
• GRM: 11.6

CMA / ARV

• ARV (median comp): $459,352
• List price: $335,000
• Delta: -27.07%
• 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
33610 J Pl	0.05mi	3/2.5 (+1)	1,660 (+8%)	6mo	$425,000	$256	72
34305 G St	0.38mi	2/2.0	1,436 (-6%)	4mo	$444,000	$309	68
32805 J Pl	0.41mi	3/2.0 (+1)	1,461 (-5%)	1mo	$420,000	$287	67
32400 J Pl	0.62mi	2/2.0	1,556 (+1%)	2mo	$350,000	$225	67
32801 J Pl	0.43mi	3/2.0 (+1)	1,516 (-1%)	14mo	$300,000	$198	61
34700 G St	0.53mi	2/2.0	1,612 (+5%)	10mo	$444,000	$275	58
34910 J Pl	0.65mi	2/2.0	1,610 (+5%)	12mo	$575,000	$357	51
700 Oysterville Rd	0.17mi	3/2.0 (+1)	1,760 (+15%)	20mo	$355,000	$202	46
2407 Oysterville Rd	0.73mi	2/2.0	1,638 (+7%)	10mo	$400,000	$244	46
33005 G St	0.40mi	2/2.0	1,718 (+12%)	20mo	$565,000	$329	45
33015 J Pl	0.30mi	3/2.5 (+1)	1,724 (+12%)	17mo	$470,000	$273	44
32915 J Pl	0.36mi	3/2.0 (+1)	1,766 (+15%)	15mo	$529,000	$300	41

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: -21.2%
• Equity multiple: 0.27×
• Total profit: $-68,913
• Equity at exit: $49,950

10-year hold

• IRR: -14.8%
• Equity multiple: 0.16×
• Total profit: $-79,070
• Equity at exit: $28,965

Cash invested: $93,800 (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 98640

• Home prices YoY: -26.7%
• Active inventory: 320
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $2,400 medium
• Mortgage (P&I): −$1,757
• Tax from tax record: −$165 /mo · $1,981/yr
• Insurance: −$140
• HOA: −$63
• Vacancy / Maint / Mgmt: −$504
• Net cashflow: $-228

Break-even live

Break-even rent $2,689

Max offer price $294,649

Occupancy floor —

Sensitivity live

Price	-10% $-39	-5% $-134	+0% $-228	+5% $-323	+10% $-418
Rent	-10% $-418	-5% $-323	+0% $-228	+5% $-134	+10% $-39
Rate	-1.0pp $-60	-0.5pp $-143	base $-228	+0.5pp $-315	+1.0pp $-404

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: $83,750
• Closing costs: $10,050
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
33610 J Pl Ocean Park, WA	3.0	2.5	1632	$2,400	$1.47	45d	1	0.05mi

HOA detail

• Monthly dues: $63 · $756/yr
• Likely covers: watertrashsecurity

Listing history 5 events

1. 2026-05-31
   days on market $335,000 Active 181 DOM
2. 2025-12-01
   listed $335,000 Active
3. 2007-03-30
   soldstatus $182,000
4. 2005-03-25
   soldstatus $132,000
5. 2004-09-16
   soldstatus $86,500

ⓘ 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: $1,981 · $165/mo
• Projected year-2 tax: $3,283 · $274/mo
• Expected delta: +$1,302/yr (+$109/mo · 65.8%)

ⓘ 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 2/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥75°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,800
• − Mortgage interest: −$18,765
• − Property taxes: −$1,981
• − Insurance: −$1,675
• − Repairs & maintenance: −$2,304
• − Management: −$2,304
• − HOA: −$756
• − Depreciation: −$9,745
• Taxable loss: −$8,730
• Est. tax savings @ 24.0%: +$2,095
• After-tax cash flow: $-646/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: Ocean Beach School District
• NCES district ID: 5306060
• Math proficiency: 34% ▼ -1.00%
• Reading proficiency: 50% ▲ 1.00%
• Median HH income: $38,549
• Composite: 37.37/100
• National rank: #8929
• State rank: #212 of 291 in WA

Livability — Ocean Park

• Score: 72/100
• State rank: #216
• US rank: #6161

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 5,107

Population outlook (Pacific County) Hauer SSP2

• Today (2025): 20,636 people
• By 2030: 20,137 · -2.4%
• By 2040: 19,041 · -7.7%
• By 2050: 18,504 · -10.3%
• By 2075: 17,403 · -15.7%
• By 2100: 16,241 · -21.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Two or more races 6% Hispanic / Latino 6% Asian 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 5% Lithuanian 4% Slovak 4%
• Foreign-born: 7% · Canada, China
• Languages at home: 92% English-only · Spanish 4% Chinese 1% German/W. Germanic 1%

Political lean MEDSL · Pacific

• 2024 margin: Toss-up / Even · D 48.1% · R 49.4% · Other 2.4%
• 2008→2024 swing: -15.4pp toward R · 2008: 14.1pp · 2024: -1.3pp
• All cycles: 2024: R+1.3 2020: R+1.1 2016: R+6.9 2012: D+11.4 2008: D+14.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -81.15%
• Current HPI: 222.8758
• Rent YoY: —
• Metro: —
• 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

+287.3% since first listed

4 events — show timeline

• 2025-12-01 Listed $335,000 NWMLS as Distributed by MLS Grid
• 2007-03-30 Sold (Public Records) $182,000 Public Records
• 2005-03-25 Sold (Public Records) $132,000 Public Records
• 2004-09-16 Sold (Public Records) $86,500 Public Records

Property tax history

+1.0%/yr

Latest (2026): $1,981 · -3.2% YoY. Source: county tax records.