701 S Main St #54 · Coupeville, WA 98239

$180,000

3 bd · 2.0 ba · 1,404 sqft · SingleFamily public records · 6 Days on market

Built 2005

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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
• 1% rule +8.7/10.0
• ARV discount +7.5/15.0
• Schools +5.6/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Rare opportunity to own a view home in desirable Olympic Park, Coupeville. This well-maintained and lovingly cared-for 3-bedroom 1404+/-sf home offers beautiful views across the prairie at Ebey’s Landing National Historical Reserve. The open living and dining areas create an inviting atmosphere, while the spacious kitchen features abundant prep and storage space, and a bonus area ideal for casual dining or a home office with prairie views. The spacious primary suite includes a walk-in closet and ¾ bath ensuite. Two additional guest bedrooms and a second ¾ bath complete this functional and desirable floor plan. A large, mostly covered, deck extends your living space year-

Key facts

• ¾ bath ensuite
• Walk-in closet
• Spacious kitchen

Tags

• SPACIOUS KITCHEN
• BONUS AREA
• WALK-IN CLOSET
• ¾ BATH ENSUITE
• COVERED CARPORT PARKING
• PARTIALLY FENCED YARD

Property features AI

Finance

• Other: Bus line nearby
• Financial info: Listing terms: Cash
• HOA & community: Located in Olympic View manufactured home park (park approved for sale); Senior community; Park amenities include a clubhouse; Pets allowed — see remarks; Land lease: $787

Exterior

• Parking: Carport
• Utilities: Electric energy source; Public water; Public sewer; Electric water heater; PSE power; Dish TV connected
• Home design: Manufactured double-wide home (Skyline Greenbriar 6325); One level; Good condition; Mobile home remains on site
• Construction: Metal/vinyl construction; Composition roof
• Exterior features: Metal/vinyl siding; Patio/porch/deck; Located on a paved dead-end street; Has a view

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Ceramic tile; Vinyl; Carpet
• Bathrooms: Two three-quarter bathrooms (2 showers)
• Heating & cooling: Forced-air heating; No central cooling; Double-pane windows
• Interior features: Water heater; Skylights; Vaulted ceilings; Ceiling fan(s); Drapes; Walk-in closet; Bath off primary
• Laundry & utility: Washer; Dryer; Laundry room houses the water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $883 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Cap rate 12.2% vs local median 1.8% in Coupeville — 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 79/100 on livability (#107 in WA, #2,126 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, schools A; Watch: commute F, cost of living D-.
• Coupeville School District (rural): math 54% / reading 73% proficiency, ranked #40 of 291 in WA (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 139 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 402 units permitted in Island County in 2024 (54 in 5+ unit buildings).
• This rent runs 32% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Island County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 18y 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 $55k; list at $180k implies a 227% gain — meaningful room to come down on a strong offer.

Recommended offer $180,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.37% ✓
• Cap rate: 12.18%
• Cash-on-cash: 21.02%
• DSCR: 1.94
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $505,440
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
96 SW Bainbridge Ln	0.19mi	2/2.0 (-1)	1,415 (+1%)	5mo	$510,000	$360	81
307 S Main St	0.23mi	3/1.5	1,404 (0%)	21mo	$415,000	$296	70
608 S Main St	0.10mi	3/2.0	1,606 (+14%)	14mo	$765,000	$476	60
402 S Main St	0.23mi	2/1.5 (-1)	1,295 (-8%)	14mo	$614,375	$474	58
606 S Main St	0.10mi	4/2.0 (+1)	1,608 (+14%)	12mo	$468,000	$291	56
201 NE 3rd St	0.69mi	3/1.0	1,430 (+2%)	18mo	$490,000	$343	45

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

Projected returns pro-forma

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

5-year hold

• IRR: 13.4%
• Equity multiple: 1.54×
• Total profit: $26,993
• Equity at exit: $26,839

10-year hold

• IRR: 22.2%
• Equity multiple: 2.90×
• Total profit: $95,613
• Equity at exit: $15,563

Cash invested: $50,400 (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 98239

• Active inventory: 139
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $2,461 medium
• Mortgage (P&I): −$944
• Tax from tax record: −$43 /mo · $512/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$517
• Net cashflow: $883

Break-even live

Break-even rent $1,344

Max offer price $180,000

Occupancy floor 59%

Sensitivity live

Price	-10% $985	-5% $934	+0% $883	+5% $832	+10% $781
Rent	-10% $688	-5% $786	+0% $883	+5% $980	+10% $1,077
Rate	-1.0pp $974	-0.5pp $929	base $883	+0.5pp $836	+1.0pp $789

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
303 NW Capstan Ct Coupeville, WA	3.0	2.0	1238	$2,400	$1.94	45d	1	0.87mi

Listing history 10 events

1. 2026-05-21
   listed $180,000 Active
2. 2014-01-15
   soldstatus $55,000 Sold
3. 2013-12-19
   status Pending
4. 2013-12-12
   status Pending Inspection
5. 2013-10-03
   listed $61,000 Active
6. 2009-08-13
   soldstatus $63,000 Sold
7. 2009-07-15
   status Pending
8. 2009-07-12
   status Pending Inspection
9. 2009-07-06
   price $75,000
10. 2008-09-19
    listed $87,900

ⓘ 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: $512 · $43/mo
• Projected year-2 tax: $1,764 · $147/mo
• Expected delta: +$1,252/yr (+$104/mo · 244.5%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥80°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 7 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,538
• − Mortgage interest: −$10,083
• − Property taxes: −$512
• − Insurance: −$900
• − Repairs & maintenance: −$2,363
• − Management: −$2,363
• − Depreciation: −$5,236
• Taxable income: $8,080
• Est. tax owed @ 24.0%: −$1,939
• After-tax cash flow: $8,656/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: Coupeville School District
• NCES district ID: 5301800
• Math proficiency: 54% ▲ 4.00%
• Reading proficiency: 73% ▲ 1.00%
• Median HH income: $57,404
• Composite: 56.12/100
• National rank: #2536
• State rank: #40 of 291 in WA

Livability — Coupeville

• Score: 79/100
• State rank: #107
• US rank: #2126

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Coupeville, WA
• County: Island County · 71,196 people
• City population: 7,656
• Metro: Oak Harbor, WA
• Population (ZIP): 7,656
• Household income: $92,125
• Rent vs Own: 14.2% rent · 85.8% own
• Severe rent burden: 140.0

Population outlook (Island County) Hauer SSP2

• Today (2025): 82,019 people
• By 2030: 81,329 · -0.8%
• By 2040: 78,552 · -4.2%
• By 2050: 77,042 · -6.1%
• By 2075: 80,799 · -1.5%
• By 2100: 84,451 · +3.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 6% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 5% Portuguese 3% Slovak 3%
• Foreign-born: 8% · Canada, China
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Chinese 0%

Political lean MEDSL · Island

• 2024 margin: D (+16.6) · D 56.8% · R 40.3% · Other 2.9%
• 2008→2024 swing: +10.3pp toward D · 2008: 6.2pp · 2024: 16.6pp
• All cycles: 2024: D+16.6 2020: D+12.0 2016: D+5.9 2012: D+4.4 2008: D+6.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -274.50%
• Current HPI: 193.7597
• Rent YoY: —
• Metro: Oak Harbor, 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

+104.8% since first listed

10 events — show timeline

• 2026-05-21 Listed $180,000 NWMLS as Distributed by MLS Grid
• 2014-01-15 Sold (MLS) $55,000 NWMLS as Distributed by MLS Grid
• 2013-12-19 Pending — NWMLS as Distributed by MLS Grid
• 2013-12-12 Pending — NWMLS as Distributed by MLS Grid
• 2013-10-03 Listed $61,000 NWMLS as Distributed by MLS Grid
• 2009-08-13 Sold (MLS) $63,000 NWMLS as Distributed by MLS Grid
• 2009-07-15 Pending — NWMLS as Distributed by MLS Grid
• 2009-07-12 Pending — NWMLS as Distributed by MLS Grid
• 2009-07-06 Price Changed $75,000 NWMLS as Distributed by MLS Grid
• 2008-09-19 Listed $87,900 NWMLS as Distributed by MLS Grid

Property tax history

+27.3%/yr

Latest (2017): $512 · -5.2% YoY. Source: county tax records.