605 N Montesano St · Westport, WA 98595

$425,000

15 bd · 9.0 ba · 616 sqft · MultiFamily public records · 66 Days on market

Built 1930 8,960 sqft lot $690/sqft · 237% above area Est $343k · 24% over

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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 +26.4/30.0
• DSCR +9.0/10.0
• 1% rule +5.9/10.0
• Schools +3.9/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

Cash flowing triplex in the growing town of Westport! The current owners spared no expense in restoring this charming 1930s triplex! New siding, flooring, and paint make these units really shine. Currently tenant-occupied, the new owners can step in and take over a cash flowing property with room for growth. Commercial zoning and several value-add options provide limitless potential for the right buyer!

Key facts

• Cash flowing triplex
• New siding
• New flooring

Tags

• CASH FLOWING TRIPLEX
• NEW SIDING
• NEW FLOORING
• NEW PAINT
• COMMERCIAL ZONING
• VALUE-ADD OPTIONS

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $425k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $348/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $425k).
• Recommended offer: $400k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 1.5% in Westport — 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 70/100 on livability (#251 in WA) — a middle-class / working-renter tenant base. Strengths: crime A, cost of living A-, housing A-; Watch: commute C-, health & safety C-, schools D+.
• Ocosta School District (rural): math 39% / reading 50% proficiency, ranked #196 of 291 in WA (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 120 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 $3k of loan paydown is wiped out by about $13k 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 66 days — a 6% lower offer ($400k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 25y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $399,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% 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 1930 — 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: 1.09% ✓
• Cap rate: 9.43%
• Cash-on-cash: 11.20%
• DSCR: 1.50
• GRM: 7.6

CMA / ARV

• ARV (median comp): $342,720
• List price: $425,000
• Delta: 24.01%
• Verdict: OVERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -0.6%
• Equity multiple: 0.98×
• Total profit: $-2,504
• Equity at exit: $63,369

10-year hold

• IRR: 9.1%
• Equity multiple: 1.70×
• Total profit: $82,945
• Equity at exit: $36,746

Cash invested: $119,000 (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 98595

• Active inventory: 120
• Price-to-rent: 22.8×

Monthly cashflow live

• Estimated rent: $4,650 medium
• Mortgage (P&I): −$2,229
• Tax from tax record: −$157 /mo · $1,888/yr
• Insurance: −$177
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$976
• Net cashflow: $1,044

Break-even live

Break-even rent $3,329

Max offer price $425,000

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$4,650
Total (3 units)			$4,650

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: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-19
   days on market $425,000 Active 66 DOM
2. 2026-06-18
   days on market $425,000 Active 65 DOM
3. 2026-06-17
   days on market $425,000 Active 64 DOM
4. 2026-06-16
   days on market $425,000 Active 63 DOM
5. 2026-06-15
   days on market $425,000 Active 62 DOM
6. 2026-06-14
   days on market $425,000 Active 60 DOM
7. 2026-06-12
   days on market $425,000 Active 59 DOM
8. 2026-06-09
   days on market $425,000 Active 56 DOM
9. 2026-06-08
   days on market $425,000 Active 55 DOM
10. 2026-06-07
    days on market $425,000 Active 54 DOM
11. 2026-06-05
    days on market $425,000 Active 51 DOM
12. 2026-06-02
    days on market $425,000 Active 49 DOM
13. 2026-06-01
    days on market $425,000 Active 48 DOM
14. 2026-05-31
    days on market $425,000 Active 47 DOM
15. 2026-05-30
    days on market $425,000 Active 46 DOM
16. 2026-04-14
    listed $425,000 Active
17. 2023-03-01
    soldstatus $385,000 Closed
18. 2023-02-03
    status Pending
19. 2023-01-31
    listed $395,000 Active
20. 2017-06-01
    soldstatus $148,000 Sold
21. 2017-06-01
    soldstatus $148,000 Sold
22. 2017-06-01
    soldstatus $148,000
23. 2017-04-10
    status Pending
24. 2017-04-10
    status Pending
25. 2017-03-27
    status Pending Inspection
26. 2017-03-24
    status Pending Inspection
27. 2017-03-22
    status Active
28. 2017-03-22
    status Active
29. 2017-03-22
    historical Expired
30. 2017-03-22
    historical Expired
31. 2016-09-21
    listed $155,000 Active
32. 2016-09-21
    listed $155,000 Active
33. 2002-03-08
    soldstatus $52,500
34. 2002-03-08
    soldstatus $52,500
35. 2001-04-14
    listed $59,900
36. 1998-02-26
    soldstatus $45,000

ⓘ 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: $1,888 · $157/mo
• Projected year-2 tax: $4,165 · $347/mo
• Expected delta: +$2,277/yr (+$190/mo · 120.6%)

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 1/10 Low 8 d/yr ≥73°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $55,800
• − Mortgage interest: −$23,807
• − Property taxes: −$1,888
• − Insurance: −$2,922
• − Repairs & maintenance: −$4,464
• − Management: −$4,464
• − Depreciation: −$12,364
• Taxable income: $5,891
• Est. tax owed @ 24.0%: −$1,414
• After-tax cash flow: $11,112/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: Ocosta School District
• NCES district ID: 5306090
• Math proficiency: 39% ▲ 1.00%
• Reading proficiency: 50% ▼ -1.00%
• Median HH income: $36,877
• Composite: 39.19/100
• National rank: #8222
• State rank: #196 of 291 in WA

Livability — Westport

• Score: 70/100
• State rank: #251
• US rank: #8043

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Westport, WA
• City population: 2,591
• Population (ZIP): 2,591

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 (87%)
• Race & ethnicity: White 87% Hispanic / Latino 11% Two or more races 1%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 12% Scottish 5% Iranian 4%
• Foreign-born: 6% · Canada
• Languages at home: 85% English-only · Spanish 10% Russian/Polish/Slavic 4% Other Indo-European 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: ▼ -135.90%
• Current HPI: 233.666
• Rent YoY: —
• Metro: —
• 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

+844.4% since first listed

21 events — show timeline

• 2026-04-14 Listed $425,000 NWMLS as Distributed by MLS Grid
• 2023-03-01 Sold (MLS) $385,000 NWMLS as Distributed by MLS Grid
• 2023-02-03 Pending — NWMLS as Distributed by MLS Grid
• 2023-01-31 Listed $395,000 NWMLS as Distributed by MLS Grid
• 2017-06-01 Sold (Public Records) $148,000 Public Records
• 2017-06-01 Sold (MLS) $148,000 NWMLS as Distributed by MLS Grid
• 2017-06-01 Sold (MLS) $148,000 NWMLS as Distributed by MLS Grid
• 2017-04-10 Pending — NWMLS as Distributed by MLS Grid
• 2017-04-10 Pending — NWMLS as Distributed by MLS Grid
• 2017-03-27 Pending — NWMLS as Distributed by MLS Grid
• 2017-03-24 Pending — NWMLS as Distributed by MLS Grid
• 2017-03-22 Relisted — NWMLS as Distributed by MLS Grid
• 2017-03-22 Relisted — NWMLS as Distributed by MLS Grid
• 2017-03-22 Delisted — NWMLS as Distributed by MLS Grid
• 2017-03-22 Delisted — NWMLS as Distributed by MLS Grid
• 2016-09-21 Listed $155,000 NWMLS as Distributed by MLS Grid
• 2016-09-21 Listed $155,000 NWMLS as Distributed by MLS Grid
• 2002-03-08 Sold (Public Records) $52,500 Public Records
• 2002-03-08 Sold (MLS) $52,500 NWMLS as Distributed by MLS Grid
• 2001-04-14 Listed $59,900 NWMLS as Distributed by MLS Grid
• 1998-02-26 Sold (Public Records) $45,000 Public Records

Property tax history

+2.8%/yr

Latest (2026): $1,888 · +6.2% YoY. Source: county tax records.