2607 44th Ave NW Unit A & B · Olympia, WA 98502

$650,000

4 bd · 2.0 ba · 2,116 sqft · MultiFamily · 13 Days on market

Built 1977 0.34 ac lot Est $588k · 10% over

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Why this score? — see what drove the F 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).

• Appreciation +10.0/10.0
• Schools +6.2/10.0
• Cash flow +5.1/30.0
• Livability +4.2/5.0
• Rent growth +3.3/5.0
• ARV discount +2.8/15.0
• Condition / age +2.5/5.0
• 1% rule +0.8/10.0
• DSCR +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Outstanding West Olympia Duplex, ideal for owner-occupants or investors. Each unit features single-story living with 2 BR, 1 bath, and W/ D hookups. Ample garage storage, a partially fenced patio/backyard, and recent upgrades including a newer roof, fresh exterior paint, updated garage doors, and gutter guards. No HOA, and close to amenities. A rare, low-maintenance opportunity in a highly desirable area! Possible VA assumable mortgage.

Key facts

• Single-story living
• Ample garage storage
• Newer roof

Tags

• SINGLE-STORY LIVING
• AMPLE GARAGE STORAGE
• PARTIALLY FENCED PATIO
• NEWER ROOF
• FRESH EXTERIOR PAINT
• UPDATED GARAGE DOORS

Property features AI

Finance

• Other: Calculated building area: 2,116 total; Possible use: Multi-family; Property condition: Fair
• Financial info: Total monthly income: $3,950; Gross scheduled income: $47,400; Gross adjusted income: $41,006; Net operating income: $41,006; Total expenses: $6,394; Gross rent multiplier: 13.71; Both units currently rent at $1,975 each; Listing terms: Assumable, Cash, Conventional, FHA, VA Loan

Exterior

• Parking: Covered parking for 2 vehicles; 2-car garage
• Security: Fully fenced
• Utilities: Electric service; Public water (Thurston PUD); Septic tank sewer; Power provider: PSE; Internet: Xfinity
• Home design: Duplex (residential income, multi-family); Single-story; Built (effective) 1991; Poured concrete foundation
• Construction: Wood construction; Composition roof
• Exterior features: Wood exterior; Wood products; Corner lot; Open space

Interior

• Kitchen: Unit A: Range/oven; Unit A: Refrigerator; Unit A: Dishwasher; Unit B: Range/oven; Unit B: Refrigerator; Unit B: Dishwasher
• Bedrooms: Unit A: 2 bedrooms; Unit B: 2 bedrooms
• Flooring: Vinyl plank; Carpet
• Bathrooms: Unit A: 1 bathroom; Unit B: 1 bathroom
• Heating & cooling: Baseboard heating; No central air conditioning
• Interior features: Fully fenced property; Patio; Vinyl plank flooring; Carpet flooring
• Laundry & utility: No in-unit washer/dryer (both units)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $650k.

Deal economics

• At list price, monthly cash flow is $-1k ($-18k/yr) — negative. Per door: $-745/mo.
• To cash-flow at today's rent, offer at most $434k (33.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $380k (41.5% below list).
• Recommended offer: $380k (41.5% below list) — sets the bar for 1% rule.
• Cap rate 3.5% vs local median 2.4% in Olympia — 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 83/100 on livability (#58 in WA, #1,036 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living D-.
• Olympia School District (urban): math 66% / reading 75% proficiency, ranked #17 of 291 in WA (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: Rents rising (+3.2%/yr); 304 active listings in the ZIP; solid renter incomes; 1,222 units permitted in Thurston County in 2024 (508 in 5+ unit buildings).
• At $3,800/mo this rent would consume 49% of the median local household income ($92k/yr) (locally 1811% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $69k of equity ($4k loan paydown + $65k appreciation (10.0% local appreciation)).
• Thurston County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$112k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y 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 $380,000 (41.5% 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. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.58% ✗
• Cap rate: 3.54%
• Cash-on-cash: -9.82%
• DSCR: 0.56
• GRM: 14.3

CMA / ARV

• ARV (on-the-fly): $588,248
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3714 Wesley Loop NW	0.73mi	4/3.0	1,956 (-8%)	16mo	$543,000	$278	36

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

Projected returns pro-forma

10.0% appreciation · 3.16% rent growth · sell at horizon

5-year hold

• IRR: 17.4%
• Equity multiple: 2.43×
• Total profit: $259,778
• Equity at exit: $585,571

10-year hold

• IRR: 16.5%
• Equity multiple: 5.62×
• Total profit: $840,997
• Equity at exit: $1,262,807

Cash invested: $182,000 (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 98502

• Home prices YoY: 1.8%
• Rents YoY: 3.2%
• Active inventory: 304
• Price-to-rent: 28.5×

Monthly cashflow live

• Estimated rent: $3,800 medium
• Mortgage (P&I): −$3,409
• Tax est. 1.5%: −$812 /mo · $9,750/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$798
• Net cashflow: $-1,490

Break-even live

Break-even rent $5,686

Max offer price $434,394

Occupancy floor —

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,800
Total (2 units)			$3,800

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: $162,500
• Closing costs: $19,500
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-18
   days on market $650,000 Active 13 DOM
2. 2026-06-17
   days on market $650,000 Active 12 DOM
3. 2026-06-16
   days on market $650,000 Active 11 DOM
4. 2026-06-15
   days on market $650,000 Active 10 DOM
5. 2026-06-14
   days on market $650,000 Active 8 DOM
6. 2026-06-13
   days on market $650,000 Active 7 DOM
7. 2026-06-10
   days on market $650,000 Active 5 DOM
8. 2026-06-09
   days on market $650,000 Active 4 DOM
9. 2026-06-08
   days on market $650,000 Active 3 DOM
10. 2026-06-07
    remarks 441-char remark
11. 2026-06-07
    listed $650,000 Active 2 DOM

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥89°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $45,600
• − Mortgage interest: −$36,410
• − Property taxes: −$9,750
• − Insurance: −$3,250
• − Repairs & maintenance: −$3,648
• − Management: −$3,648
• − Depreciation: −$18,909
• Taxable loss: −$30,015
• Est. tax savings @ 24.0%: +$7,204
• After-tax cash flow: $-10,676/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: Olympia School District
• NCES district ID: 5306180
• Math proficiency: 66% ▼ -2.00%
• Reading proficiency: 75% ▼ -2.00%
• Median HH income: $63,852
• Composite: 62.27/100
• National rank: #1438
• State rank: #17 of 291 in WA

Livability — Olympia

• Score: 83/100
• State rank: #58
• US rank: #1036

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Thurston County · 269,345 people
• City population: 98,428
• Metro: Olympia-Lacey-Tumwater, WA
• Population (ZIP): 35,398
• Household income: $92,207
• Rent vs Own: 42.6% rent · 57.4% own
• Severe rent burden: 1811.0

Population outlook (Thurston County) Hauer SSP2

• Today (2025): 308,239 people
• By 2030: 326,483 · +5.9%
• By 2040: 359,890 · +16.8%
• By 2050: 391,800 · +27.1%
• By 2075: 468,024 · +51.8%
• By 2100: 519,890 · +68.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Two or more races 13% Hispanic / Latino 11% Asian 6% Black 3% Native American 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4%
• Common ancestry: Italian 5% Portuguese 4% Iranian 3%
• Foreign-born: 8% · Vietnam, Canada, China
• Languages at home: 90% English-only · Spanish 3% Vietnamese 2% Other Asian/Pacific 1%

Political lean MEDSL · Thurston

• 2024 margin: Strong D (+20.4) · D 58.5% · R 38.1% · Other 3.5%
• 2008→2024 swing: -1.3pp toward R · 2008: 21.7pp · 2024: 20.4pp
• All cycles: 2024: D+20.4 2020: D+18.6 2016: D+15.4 2012: D+19.0 2008: D+21.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 18.49%
• Current HPI: 1056.49
• Rent YoY: ▲ 3.16%
• Metro: Olympia-Lacey-Tumwater, 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

+16.3% since first listed

4 events — show timeline

• 2026-06-05 Listed $650,000 NWMLS as Distributed by MLS Grid
• 2022-10-17 Sold (MLS) $574,000 NWMLS as Distributed by MLS Grid
• 2022-09-18 Pending — NWMLS as Distributed by MLS Grid
• 2022-09-14 Listed $559,000 NWMLS as Distributed by MLS Grid