927 Ellinor Ave · Shelton, WA 98584

$150,000

4 bd · 2.0 ba · 2,584 sqft · SingleFamily public records · 1 Days on market

Built 1945 5,663 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Schools +3.4/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

2000+ sqft fixer on corner lot in South Shelton. Built in 1945, this home offers multiple levels with 4 bedrooms and 2.5 baths. Main floor features 2 bedrooms, 1 bath, living room and kitchen. Finished basement includes additional bedroom, bath and attached 1-car garage. Upper level includes bedroom and half bath. Home needs updating and repairs throughout. Bring your tool belt and vision. Property being sold as-is. Cash or rehab financing recommended.

Key facts

• 5,663 sq ft lot
• Garage
• Built 1945

Property features AI

Finance

• Financial info: Listing terms: Cash or Conventional

Exterior

• Parking: Detached carport; Attached garage; Covered parking for 2 vehicles
• Security: Partially fenced property
• Utilities: Public water (City of Shelton); Sewer connected (City of Shelton); Power provided by Mason County PUD3; Natural gas available
• Home design: Single family residence; One-and-one-half story (with basement); Main-level entry; Built on lot; Facing: not specified
• Construction: Built in 1995 (effective year built); Wood construction; Composition roof; House structure
• Exterior features: Deck; Partially fenced yard; Outbuildings; Wood exterior products

Interior

• Bedrooms: 4 bedrooms (2 on main level, 1 upper, 1 lower)
• Flooring: Ceramic tile; Vinyl; Carpet
• Bathrooms: 2 full bathrooms; 1 half bathroom; 1 bathtub; 2 showers
• Heating & cooling: Forced air heating; No cooling
• Interior features: Wood-burning fireplace; Partially fenced

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $150k.

Deal economics

• At list price, monthly cash flow is $657 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 11.5% vs local median 3.1% in Shelton — 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 73/100 on livability (#203 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, amenities A-; Watch: schools D+, employment D+, crime F.
• Shelton School District (town): math 31% / reading 43% proficiency, ranked #237 of 291 in WA (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 439 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 299 units permitted in Mason County in 2024 (0 in 5+ unit buildings).
• This rent runs 37% of the median local income ($79k/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 $4k of value loss. Plan a longer hold.
• Mason County population projected at -14% 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 $42k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 26y 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: property tax is 3.3% of price; built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $150,000

Questions for the listing agent

1. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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 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: 1.62% ✓
• Cap rate: 11.55%
• Cash-on-cash: 18.76%
• DSCR: 1.83
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $387,600
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1201 SE Dickinson Ave	0.24mi	3/3.0 (-1)	2,528 (-2%)	12mo	$589,950	$233	66
707 Fairmount Ave	0.20mi	4/2.0	2,861 (+11%)	20mo	$320,000	$112	56
210 Seattle Ave	0.66mi	3/2.0 (-1)	2,513 (-3%)	5mo	$376,000	$150	56

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: 10.6%
• Equity multiple: 1.42×
• Total profit: $17,694
• Equity at exit: $22,365

10-year hold

• IRR: 19.8%
• Equity multiple: 2.67×
• Total profit: $69,972
• Equity at exit: $12,969

Cash invested: $42,000 (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 98584

• Active inventory: 439
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $2,426 medium
• Mortgage (P&I): −$787
• Tax from tax record: −$411 /mo · $4,932/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$510
• Net cashflow: $657

Break-even live

Break-even rent $1,595

Max offer price $150,000

Occupancy floor 68%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
146 Hawthorn Ln Shelton, WA	3.0	3.0	1991	$2,600	$1.31	13d	1	1.46mi

Listing history 3 events

1. 2026-06-12
   status $150,000 Pending 1 DOM
2. 2026-06-09
   remarks 456-char remark
3. 2026-06-09
   listed $150,000 Active 1 DOM

ⓘ 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: $4,932 · $411/mo
• Projected year-2 tax: $4,932 · $411/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 3/10 Moderate 7 d/yr ≥88°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,116
• − Mortgage interest: −$8,402
• − Property taxes: −$4,932
• − Insurance: −$750
• − Repairs & maintenance: −$2,329
• − Management: −$2,329
• − Depreciation: −$4,364
• Taxable income: $6,010
• Est. tax owed @ 24.0%: −$1,442
• After-tax cash flow: $6,438/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: Shelton School District
• NCES district ID: 5307900
• Math proficiency: 31% ▼ -1.00%
• Reading proficiency: 43% ▼ -3.00%
• Median HH income: $45,467
• Composite: 34.1/100
• National rank: #10288
• State rank: #237 of 291 in WA

Livability — Shelton

• Score: 73/100
• State rank: #203
• US rank: #5586

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelton, WA
• County: Mason County · 40,606 people
• City population: 40,606
• Metro: Shelton, WA
• Population (ZIP): 40,606
• Household income: $78,610
• Rent vs Own: 20.2% rent · 79.8% own
• Severe rent burden: 687.0

Population outlook (Mason County) Hauer SSP2

• Today (2025): 60,005 people
• By 2030: 58,567 · -2.4%
• By 2040: 54,735 · -8.8%
• By 2050: 51,470 · -14.2%
• By 2075: 46,276 · -22.9%
• By 2100: 39,883 · -33.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 15% Two or more races 11% Native American 3%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 4% Slovak 3% Italian 2%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 10%

Political lean MEDSL · Mason

• 2024 margin: Toss-up / Even · D 47.2% · R 49.7% · Other 3.2%
• 2008→2024 swing: -11.2pp toward R · 2008: 8.7pp · 2024: -2.5pp
• All cycles: 2024: R+2.5 2020: R+3.9 2016: R+6.0 2012: D+6.9 2008: D+8.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -232.42%
• Current HPI: 199.0698
• Rent YoY: —
• Metro: Shelton, 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

+50.2% since first listed

19 events — show timeline

• 2026-06-08 Listed $150,000 NWMLS as Distributed by MLS Grid
• 2020-06-03 Sold (MLS) $237,500 NWMLS as Distributed by MLS Grid
• 2020-05-29 Sold (Public Records) $237,500 Public Records
• 2020-04-30 Pending — NWMLS as Distributed by MLS Grid
• 2020-04-23 Pending — NWMLS as Distributed by MLS Grid
• 2020-04-20 Relisted — NWMLS as Distributed by MLS Grid
• 2020-04-09 Pending — NWMLS as Distributed by MLS Grid
• 2020-04-01 Pending — NWMLS as Distributed by MLS Grid
• 2020-03-20 Listed $229,500 NWMLS as Distributed by MLS Grid
• 2008-04-29 Sold (MLS) $145,000 NWMLS as Distributed by MLS Grid
• 2008-04-14 Delisted — NWMLS as Distributed by MLS Grid
• 2008-02-12 Listed $153,900 NWMLS as Distributed by MLS Grid
• 2006-02-09 Sold (Public Records) $194,000 Public Records
• 2006-02-08 Sold (MLS) $194,000 NWMLS as Distributed by MLS Grid
• 2005-12-17 Listed $184,500 NWMLS as Distributed by MLS Grid
• 2005-07-01 Sold (MLS) $115,000 NWMLS as Distributed by MLS Grid
• 2005-04-22 Listed $115,000 NWMLS as Distributed by MLS Grid
• 2001-01-08 Sold (MLS) $101,500 NWMLS as Distributed by MLS Grid
• 2000-05-23 Listed $99,900 NWMLS as Distributed by MLS Grid

Property tax history

+5.4%/yr

Latest (2026): $4,932 · +7.3% YoY. Source: county tax records.