1307 Ocean Shores Blvd Blvd SW Unit N14

Ocean Shores, WA 98569

$99,500F

1 bd · 1.0 ba · 771 sqft · Built 2005 · Condo · Active · 117 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,318/mo
• Mortgage (P&I): −$522
• Tax + insurance: −$166
• HOA: −$590
• Vac / Maint / Mgmt: −$277
• Net cashflow: $-237/mo
• Annual: $-2,839/yr
• Cap rate: 3.44%
• Cash-on-cash: -10.19%
• DSCR: 0.55
• 1% rule: 1.32%
• Cash to close: $27,860

Investor read

• This is a 1-bed/1.0-bath condo listed at $100k. Condition is rated fair.
• At list price, monthly cash flow is $-237 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $65k (34.4% below list).
• Meets the 1% rule at list price ($1k rent vs $100k).
• It's been on market 117 days — a 9% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $65k (34.4% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $688 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#424 in WA) — a middle-class / working-renter tenant base. Strengths: housing A; Watch: crime C-, health & safety C-, amenities F.
• 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.
• Zoned schools: Ocean Shores Elementary (240 students, 76% FRL); North Beach Junior High School (162 students, 78% FRL); North Beach Senior High School (177 students, 63% FRL).
• Watch-outs: HOA is 45% of rent.
• Market conditions: 802 active listings in the ZIP; 297 units permitted in Grays Harbor County in 2024 (17 in 5+ unit buildings).
• Grays Harbor County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 9y ago; this cycle's ask has dropped $62k (39%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Questions for listing agent

• 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?
• It's been on market 117 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?

Repairs flagged (vision-AI assessment)

• Major: exterior landscaping — Signage area is overgrown and needs trimming
• Major: hallway carpet — Worn and dirty, needs replacement
• Minor: door frames — Slight damage, can be repaired