508 Emerson Ave · Hoquiam, WA 98550

$385,000

6 bd · 3.0 ba · 2,976 sqft · MultiFamily public records · 115 Days on market

Built 1896 6,970 sqft lot $129/sqft · at area comps Est $403k · at est.

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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
• DSCR +10.0/10.0
• ARV discount +9.5/15.0
• 1% rule +8.2/10.0
• Livability +3.8/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Remodeled Tri-plex on Emerson Ave in Hoquiam. Two of the units have 2 bedrooms and 1 bath. The third unit has 3 bedrooms and 1 bath. Many improvements: New siding & paint 2020-2022. New skirting 2019. New porch coverings 2020. Updated vinyl double pane windows. Most of the plumbing & wiring upgraded between 2015 - 2017. New bathroom tub/shower & paint unit #1. Fresh paint, flooring & new stove unit #3. New refrigerator unit #2. Insulated. Hardwired smoke alarms. Co-op laundry. A yard area in back for playground. Partially fenced. Only short vacancy in 1 unit, seller did upgrades during that time. 1 parking spot with street parking as well.

Key facts

• Plumbing upgraded
• New siding
• New paint

Tags

• REMODELED TRI-PLEX
• NEW SIDING
• NEW PAINT
• NEW SKIRTING
• NEW PORCH COVERINGS
• PLUMBING UPGRADED

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/?-bath units multifamily listed at $385k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $400/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $385k).
• Recommended offer: $350k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.4% vs local median 3.8% in Hoquiam — 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 75/100 on livability (#171 in WA, #4,268 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: health & safety C-, employment D, schools D-.
• Hoquiam School District (town): math 30% / reading 41% proficiency, ranked #250 of 291 in WA (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 154 active listings in the ZIP; 297 units permitted in Grays Harbor County in 2024 (17 in 5+ unit buildings).
• At $5,093/mo this rent would consume 111% of the median local household income ($55k/yr) (locally 438% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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 $108k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 115 days — a 9% lower offer ($350k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y 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 $120k; list at $385k implies a 221% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1896 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $350,350 (9.0% below list)

Questions for the listing agent

1. It's been on market 115 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
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 1896 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
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: 1.32% ✓
• Cap rate: 11.37%
• Cash-on-cash: 18.11%
• DSCR: 1.81
• GRM: 6.3

CMA / ARV

• ARV (median comp): $402,944
• List price: $385,000
• Delta: -4.45%
• Verdict: FAIR
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 3.4%
• Equity multiple: 1.13×
• Total profit: $14,269
• Equity at exit: $57,405

10-year hold

• IRR: 13.0%
• Equity multiple: 2.04×
• Total profit: $111,620
• Equity at exit: $33,288

Cash invested: $107,800 (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 98550

• Active inventory: 154
• Price-to-rent: 18.9×

Monthly cashflow live

• Estimated rent: $5,093 medium
• Mortgage (P&I): −$2,019
• Tax from tax record: −$217 /mo · $2,601/yr
• Insurance: −$160
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,070
• Net cashflow: $1,201

Break-even live

Break-even rent $3,573

Max offer price $385,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	—	$5,094
Total (3 units)			$5,093

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: $96,250
• Closing costs: $11,550
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-19
   days on market $385,000 Active 115 DOM
2. 2026-06-18
   days on market $385,000 Active 114 DOM
3. 2026-06-17
   days on market $385,000 Active 113 DOM
4. 2026-06-16
   days on market $385,000 Active 112 DOM
5. 2026-06-15
   days on market $385,000 Active 111 DOM
6. 2026-06-14
   days on market $385,000 Active 109 DOM
7. 2026-06-12
   days on market $385,000 Active 108 DOM
8. 2026-06-09
   days on market $385,000 Active 105 DOM
9. 2026-06-08
   days on market $385,000 Active 104 DOM
10. 2026-06-07
    days on market $385,000 Active 103 DOM
11. 2026-06-05
    days on market $385,000 Active 100 DOM
12. 2026-06-03
    days on market $385,000 Active 99 DOM
13. 2026-06-02
    days on market $385,000 Active 98 DOM
14. 2026-06-01
    days on market $385,000 Active 97 DOM
15. 2026-05-31
    days on market $385,000 Active 96 DOM
16. 2026-05-30
    days on market $385,000 Active 95 DOM
17. 2026-04-30
    price $385,000
18. 2026-03-31
    price $395,000
19. 2026-03-30
    status Active
20. 2026-03-26
    status Pending
21. 2026-02-19
    listed $405,000 Active
22. 2017-06-23
    soldstatus $120,000 Sold
23. 2017-06-23
    soldstatus $120,000
24. 2017-06-15
    status Pending
25. 2017-06-12
    status Pending Inspection
26. 2017-06-12
    status Pending
27. 2017-05-22
    status Pending Inspection
28. 2017-04-19
    listed $129,000 Active
29. 2012-10-31
    soldstatus $12,000

ⓘ 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: $2,601 · $217/mo
• Projected year-2 tax: $3,773 · $314/mo
• Expected delta: +$1,172/yr (+$98/mo · 45.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AE · 72% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 8 d/yr ≥77°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $61,116
• − Mortgage interest: −$21,566
• − Property taxes: −$2,601
• − Insurance: −$7,044
• − Repairs & maintenance: −$4,889
• − Management: −$4,889
• − Depreciation: −$11,200
• Taxable income: $8,927
• Est. tax owed @ 24.0%: −$2,142
• After-tax cash flow: $12,267/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: Hoquiam School District
• NCES district ID: 5303660
• Math proficiency: 30% ▬ 0.00%
• Reading proficiency: 41% ▲ 1.00%
• Median HH income: $39,039
• Composite: 32.31/100
• National rank: #10914
• State rank: #250 of 291 in WA

Livability — Hoquiam

• Score: 75/100
• State rank: #171
• US rank: #4268

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hoquiam, WA
• County: Grays Harbor County · 44,693 people
• City population: 12,316
• Metro: Aberdeen, WA
• Population (ZIP): 12,316
• Household income: $55,040
• Rent vs Own: 33.3% rent · 66.7% own
• Severe rent burden: 438.0

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Hispanic / Latino 6% Two or more races 6% Native American 4% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 6% Romanian 4% Slovak 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 94% English-only · Spanish 4% Chinese 1% Russian/Polish/Slavic 1%

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: ▼ -136.94%
• Current HPI: 249.3102
• Rent YoY: —
• Metro: Aberdeen, 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

+3108.3% since first listed

13 events — show timeline

• 2026-04-30 Price Changed $385,000 NWMLS as Distributed by MLS Grid
• 2026-03-31 Price Changed $395,000 NWMLS as Distributed by MLS Grid
• 2026-03-30 Relisted — NWMLS as Distributed by MLS Grid
• 2026-03-26 Pending — NWMLS as Distributed by MLS Grid
• 2026-02-19 Listed $405,000 NWMLS as Distributed by MLS Grid
• 2017-06-23 Sold (Public Records) $120,000 Public Records
• 2017-06-23 Sold (MLS) $120,000 NWMLS as Distributed by MLS Grid
• 2017-06-15 Pending — NWMLS as Distributed by MLS Grid
• 2017-06-12 Pending — NWMLS as Distributed by MLS Grid
• 2017-06-12 Pending — NWMLS as Distributed by MLS Grid
• 2017-05-22 Pending — NWMLS as Distributed by MLS Grid
• 2017-04-19 Listed $129,000 NWMLS as Distributed by MLS Grid
• 2012-10-31 Sold (Public Records) $12,000 Public Records

Property tax history

+10.3%/yr

Latest (2026): $2,601 · +7.9% YoY. Source: county tax records.