33612 I St

Ocean Park, WA 98640

$335,000D

2 bd · 2.0 ba · 1,536 sqft · Built 1988 · SingleFamily · Active · 181 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,400/mo
• Mortgage (P&I): −$1,757
• Tax + insurance: −$305
• HOA: −$63
• Vac / Maint / Mgmt: −$504
• Net cashflow: $-228/mo
• Annual: $-2,741/yr
• Cap rate: 5.47%
• Cash-on-cash: -2.92%
• DSCR: 0.87
• 1% rule: 0.72%
• Cash to close: $93,800

Investor read

• This is a 2-bed/2.0-bath single-family listed at $335k.
• 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).
• It's been on market 181 days — a 12% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $240k (28.4% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Pacific County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $182k; list at $335k implies a 84% gain — meaningful room to come down on a strong offer.
• 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.

Questions for listing agent

• 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?
• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.