22044 Clear Lake Blvd SE · McKenna, WA 98597

$299,950

1 bd · 1.0 ba · 480 sqft · Other public records · 48 Days on market

Built 1969 0.81 ac lot $175/mo HOA · 11% of rent

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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).

• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Cash flow +4.0/30.0
• Rent growth +3.9/5.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• 1% rule +0.4/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Discover this charming log-cabin-style home in the desirable Clearwood community, offered with an additional adjacent undeveloped . 37 acre parcel #41170012000 for extra space/privacy, or possibly build another house or garage. Enjoy the expansive front deck—perfect for entertaining. Inside the home features vaulted ceilings, granite-tile countertops, and a peninsula eating bar. Bathroom includes a tiled shower surround. Outbuilding in the back could possibly be used as extra storage or shop. Clearwood amenities include a swimming pool, sports courts and fields, playgrounds, scenic trails, multiple beaches, & beautiful lakes—ideal for year-round recreation & makes thi

Key facts

• Log cabin style home
• Expansive front deck
• Swimming pool

Tags

• LOG CABIN STYLE HOME
• ADDITIONAL ADJACENT PARCEL
• EXPANSIVE FRONT DECK
• TILED SHOWER SURROUND
• OUTBUILDING FOR STORAGE
• SWIMMING POOL

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath other listed at $300k.

Deal economics

• At list price, monthly cash flow is $-843 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $151k (49.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $163k (45.8% below list).
• Recommended offer: $151k (49.6% below list) — sets the bar for cash-flow.
• Cap rate 2.9% vs local median 3.8% in McKenna — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 67/100 on livability (#300 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: health & safety C-, amenities F, commute F.
• Yelm School District (rural): math 48% / reading 59% proficiency, ranked #108 of 291 in WA (top 37%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+5.8%/yr); 431 active listings in the ZIP; solid renter incomes; 1,222 units permitted in Thurston County in 2024 (508 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 $9k of value loss. Plan a longer hold.
• Thurston County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 23y ago; this cycle's ask has dropped $25k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $151,080 (49.6% 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 48 days. Have you received any prior offers? Is the seller open to a 50% concession, seller financing, or rate buy-down credit?
3. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-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. 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: 0.54% ✗
• Cap rate: 2.92%
• Cash-on-cash: -12.04%
• DSCR: 0.46
• GRM: 15.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.78% rent growth · sell at horizon

5-year hold

• IRR: -35.4%
• Equity multiple: -0.16×
• Total profit: $-97,548
• Equity at exit: $44,724

10-year hold

• IRR: -32.6%
• Equity multiple: -0.59×
• Total profit: $-133,525
• Equity at exit: $25,934

Cash invested: $83,986 (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 98597

• Rents YoY: 5.8%
• Active inventory: 431
• Price-to-rent: 15.4×

Monthly cashflow live

• Estimated rent: $1,625 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$254 /mo · $3,044/yr
• Insurance: −$125
• HOA: −$175
• Vacancy / Maint / Mgmt: −$341
• Net cashflow: $-843

Break-even live

Break-even rent $2,692

Max offer price $151,080

Occupancy floor —

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: $74,988
• Closing costs: $8,998
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $175 · $2,100/yr
• Likely covers: landscapingpool

Listing history 12 events

1. 2026-01-21
   status Pending
2. 2026-01-19
   price $299,950
3. 2025-12-30
   price $315,000
4. 2025-12-04
   listed $325,000 Active
5. 2019-10-28
   soldstatus $267,000 Sold
6. 2019-10-28
   soldstatus $267,000
7. 2019-09-03
   status Pending
8. 2019-08-19
   status Pending Inspection
9. 2019-08-15
   listed $269,000 Active
10. 2003-03-24
    soldstatus $160,000
11. 2003-01-24
    listed $159,900
12. 1989-12-11
    soldstatus $65,500

ⓘ 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: $3,044 · $254/mo
• Projected year-2 tax: $3,044 · $254/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 6 d/yr ≥89°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 7 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,502
• − Mortgage interest: −$16,802
• − Property taxes: −$3,044
• − Insurance: −$1,500
• − Repairs & maintenance: −$1,560
• − Management: −$1,560
• − HOA: −$2,100
• − Depreciation: −$8,726
• Taxable loss: −$15,790
• Est. tax savings @ 24.0%: +$3,789
• After-tax cash flow: $-6,323/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: Yelm School District
• NCES district ID: 5310140
• Math proficiency: 48% ▲ 1.00%
• Reading proficiency: 59% ▲ 1.00%
• Median HH income: $58,328
• Composite: 48.34/100
• National rank: #4685
• State rank: #108 of 291 in WA

Livability — McKenna

• Score: 67/100
• State rank: #300
• US rank: #10587

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Thurston County · 269,345 people
• City population: 61
• Metro: Olympia-Lacey-Tumwater, WA
• Population (ZIP): 26,669
• Household income: $92,219
• Rent vs Own: 21.8% rent · 78.2% own
• Severe rent burden: 259.0

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 (76%)
• Race & ethnicity: White 76% Two or more races 10% Hispanic / Latino 10% Black 3% Pacific Islander 2% Asian 2%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Portuguese 5% Romanian 4% Lithuanian 3%
• Foreign-born: 7% · Canada, South Korea
• Languages at home: 90% English-only · Spanish 6% German/W. Germanic 1% 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: ▼ -192.07%
• Current HPI: 326.4361
• Rent YoY: ▲ 5.78%
• 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

+357.9% since first listed

12 events — show timeline

• 2026-01-21 Pending — NWMLS as Distributed by MLS Grid
• 2026-01-19 Price Changed $299,950 NWMLS as Distributed by MLS Grid
• 2025-12-30 Price Changed $315,000 NWMLS as Distributed by MLS Grid
• 2025-12-04 Listed $325,000 NWMLS as Distributed by MLS Grid
• 2019-10-28 Sold (Public Records) $267,000 Public Records
• 2019-10-28 Sold (MLS) $267,000 NWMLS as Distributed by MLS Grid
• 2019-09-03 Pending — NWMLS as Distributed by MLS Grid
• 2019-08-19 Pending — NWMLS as Distributed by MLS Grid
• 2019-08-15 Listed $269,000 NWMLS as Distributed by MLS Grid
• 2003-03-24 Sold (MLS) $160,000 NWMLS as Distributed by MLS Grid
• 2003-01-24 Listed $159,900 NWMLS as Distributed by MLS Grid
• 1989-12-11 Sold (Public Records) $65,500 Public Records

Property tax history

+2.3%/yr

Latest (2026): $3,044 · +1.1% YoY. Source: county tax records.