766 Ocean Ct NW #211 · Ocean Shores, WA 98569

$98,000

1 bd · 1.0 ba · 490 sqft · Condo public records · 60 Days on market

Built 1977 $200/sqft · 9% below area Est $108k · 9% under $280/mo HOA · 24% of rent

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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 +15.9/30.0
• ARV discount +11.5/15.0
• 1% rule +6.9/10.0
• DSCR +4.9/10.0
• Schools +3.4/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Experience tranquil oceanside living in this freshly updated 1-bedroom, 3/4-bath condominium located in a quiet neighborhood in the heart of Ocean Shores. Situated on the second floor of a well-maintained building with friendly neighbors and attentive management, this unit offers both comfort and convenience. Recently remodeled, the condo features brand-new LVP flooring throughout, fresh interior paint, and updated fixtures including new appliances, cabinetry, sinks, vanity, mini fridge, and electric range. The bathroom includes a walk-in shower installed just a few years ago. Enjoy easy access to everything Ocean Shores has to offer, just a short walk to the beach, local restaurants, enter

Key facts

• Recently remodeled
• New appliances
• New lvp flooring

Tags

• QUIET NEIGHBORHOOD
• WELL MAINTAINED BUILDING
• RECENTLY REMODELED
• NEW LVP FLOORING
• NEW APPLIANCES
• WALK IN SHOWER

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $98k.

Deal economics

• At list price, monthly cash flow is $46 ($555/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $98k).
• Recommended offer: $95k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.9% vs local median 3.1% in Ocean Shores — 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 62/100 on livability (#424 in WA) — a middle-class / working-renter tenant base. Strengths: housing A; Watch: schools C-, crime C-, health & safety C-.
• North Beach School District (rural): math 32% / reading 44% proficiency, ranked #236 of 291 in WA (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 653 active listings in the ZIP; 297 units permitted in Grays Harbor County in 2024 (17 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $678 of loan paydown is wiped out by about $3k 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.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($95k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y 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 $38k; list at $98k implies a 158% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.

Recommended offer $95,060 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.19% ✓
• Cap rate: 6.86%
• Cash-on-cash: 2.02%
• DSCR: 1.09
• GRM: 7.0

CMA / ARV

• ARV (median comp): $107,521
• List price: $98,000
• Delta: -8.85%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -12.9%
• Equity multiple: 0.53×
• Total profit: $-12,798
• Equity at exit: $14,612

10-year hold

• IRR: -3.7%
• Equity multiple: 0.75×
• Total profit: $-6,793
• Equity at exit: $8,473

Cash invested: $27,440 (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 98569

• Home prices YoY: -3.4%
• Active inventory: 653
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,163 medium
• Mortgage (P&I): −$514
• Tax from tax record: −$38 /mo · $453/yr
• Insurance: −$41
• HOA: −$280
• Vacancy / Maint / Mgmt: −$244
• Net cashflow: $46

Break-even live

Break-even rent $1,104

Max offer price $98,000

Occupancy floor 91%

Sensitivity live

Price	-10% $102	-5% $74	+0% $46	+5% $19	+10% $-9
Rent	-10% $-46	-5% $0	+0% $46	+5% $92	+10% $138
Rate	-1.0pp $96	-0.5pp $71	base $46	+0.5pp $21	+1.0pp $-5

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: $24,500
• Closing costs: $2,940
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $280 · $3,360/yr
• Likely covers: electric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-19
   days on market $98,000 Active 60 DOM
2. 2026-06-18
   days on market $98,000 Active 59 DOM
3. 2026-06-17
   days on market $98,000 Active 58 DOM
4. 2026-06-16
   days on market $98,000 Active 57 DOM
5. 2026-06-15
   days on market $98,000 Active 56 DOM
6. 2026-06-14
   days on market $98,000 Active 54 DOM
7. 2026-06-12
   days on market $98,000 Active 53 DOM
8. 2026-06-09
   days on market $98,000 Active 50 DOM
9. 2026-06-08
   days on market $98,000 Active 49 DOM
10. 2026-06-07
    days on market $98,000 Active 48 DOM
11. 2026-06-05
    days on market $98,000 Active 45 DOM
12. 2026-06-03
    days on market $98,000 Active 44 DOM
13. 2026-06-02
    days on market $98,000 Active 43 DOM
14. 2026-06-01
    days on market $98,000 Active 42 DOM
15. 2026-05-31
    days on market $98,000 Active 41 DOM
16. 2026-05-30
    days on market $98,000 Active 40 DOM
17. 2026-04-20
    listed $98,000 Active
18. 2016-01-15
    historical
19. 2016-01-14
    soldstatus $38,000 Sold
20. 2015-12-30
    status Pending
21. 2015-09-16
    listed $40,000 Active
22. 2006-01-31
    soldstatus $52,000
23. 2006-01-31
    soldstatus $52,000
24. 2005-12-05
    listed $52,000
25. 2001-10-01
    soldstatus $30,000
26. 1997-06-17
    soldstatus $30,000

ⓘ 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: $453 · $38/mo
• Projected year-2 tax: $960 · $80/mo
• Expected delta: +$508/yr (+$42/mo · 112.2%)

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

Taxation est. · year 1

• Rental income: $13,955
• − Mortgage interest: −$5,490
• − Property taxes: −$453
• − Insurance: −$490
• − Repairs & maintenance: −$1,116
• − Management: −$1,116
• − HOA: −$3,360
• − Depreciation: −$2,851
• Taxable loss: −$921
• Est. tax savings @ 24.0%: +$221
• After-tax cash flow: $776/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: North Beach School District
• NCES district ID: 5305700
• Math proficiency: 32% ▼ -4.00%
• Reading proficiency: 44% ▬ 0.00%
• Median HH income: $40,966
• Composite: 34.46/100
• National rank: #10153
• State rank: #236 of 291 in WA

Livability — Ocean Shores

• Score: 62/100
• State rank: #424
• US rank: #16852

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ocean Shores, WA
• County: Grays Harbor County · 44,693 people
• City population: 7,187
• Metro: Aberdeen, WA
• Population (ZIP): 7,489
• Household income: $58,378
• Rent vs Own: 17.0% rent · 83.0% own
• Severe rent burden: 172.0

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 (86%)
• Race & ethnicity: White 86% Two or more races 5% Hispanic / Latino 4% Asian 3% Native American 3%
• Common ancestry: Portuguese 8% Iranian 5% Lithuanian 4%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 3% Tagalog/Filipino 2% German/W. Germanic 2%

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: ▼ -13.33%
• Current HPI: 380.05
• 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

+226.7% since first listed

10 events — show timeline

• 2026-04-20 Listed $98,000 NWMLS as Distributed by MLS Grid
• 2016-01-15 Delisted — NWMLS as Distributed by MLS Grid
• 2016-01-14 Sold (MLS) $38,000 NWMLS as Distributed by MLS Grid
• 2015-12-30 Pending — NWMLS as Distributed by MLS Grid
• 2015-09-16 Listed $40,000 NWMLS as Distributed by MLS Grid
• 2006-01-31 Sold (Public Records) $52,000 Public Records
• 2006-01-31 Sold (MLS) $52,000 NWMLS as Distributed by MLS Grid
• 2005-12-05 Listed $52,000 NWMLS as Distributed by MLS Grid
• 2001-10-01 Sold (Public Records) $30,000 Public Records
• 1997-06-17 Sold (Public Records) $30,000 Public Records

Property tax history

+0.3%/yr

Latest (2017): $453 · +2.2% YoY. Source: county tax records.