1701 Butler Ct NW · Olympia, WA 98502

$520,000

3 bd · 2.5 ba · 1,860 sqft · SingleFamily public records · 15 Days on market

Built 2016 4,953 sqft lot Est $536k · at est. $56/mo HOA · 2% of rent

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Why this score? — see what drove the D 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).

• Appreciation +10.0/10.0
• ARV discount +8.8/15.0
• Schools +6.2/10.0
• Cash flow +4.8/30.0
• Livability +4.2/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• 1% rule +0.2/10.0
• DSCR +0.0/10.0

Listing remarks

Move right into this charming 1,860± sq ft home featuring all new interior paint throughout, creating a fresh and modern feel. The open main living area is ideal for entertaining, while the spacious kitchen flows seamlessly into the great room. Upstairs you'll find generous bedrooms, including a large primary suite with an ensuite bath and walk-in closet. Situated in a desirable Olympia neighborhood close to everyday amenities and commuter routes. Conveniently located near shopping, dining, parks, and schools, this home combines comfort, style, and convenience

Key facts

• Spacious kitchen
• Great room
• New interior paint

Tags

• NEW INTERIOR PAINT
• OPEN MAIN LIVING AREA
• SPACIOUS KITCHEN
• GREAT ROOM
• GENEROUS BEDROOMS
• LARGE PRIMARY SUITE

Property features AI

Finance

• Financial info: Financing options: Cash, Conventional, FHA, USDA, VA
• HOA & community: Evergreen Pointe HOA; HOA dues approximately $168.81 quarterly

Exterior

• Parking: Attached carport; Covered parking for 2 vehicles; 2 carport spaces
• Security: Fully fenced yard
• Utilities: Public water (City of Olympia); Sewer connected (City of Olympia); Electric service by PSE; Natural gas energy source
• Home design: Single-family residence; Two stories; Entry at main level; Built on lot; Very good condition
• Construction: Built in 2016 (effective year); Standard frame construction; Wood construction materials; Composition roof; Poured concrete foundation
• Exterior features: Wood products exterior; Patio; Cable TV available; Fenced - fully; Cul-de-sac location; Dead-end street; Paved driveway/streets; Sidewalks; Has view; Level to partial slope topography

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms (all on upper level)
• Flooring: Engineered hardwood
• Bathrooms: 2 full bathrooms; 1 half bathroom; 2 bathtubs; 2 showers
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Ceiling fan(s); Dining room; Walk-in closet(s); Fully fenced

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $520k.

Deal economics

• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• To cash-flow at today's rent, offer at most $295k (43.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $273k (47.6% below list).
• Recommended offer: $273k (47.6% below list) — sets the bar for 1% rule.
• Cap rate 3.4% vs local median 2.4% in Olympia — 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 83/100 on livability (#58 in WA, #1,036 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living D-.
• Olympia School District (urban): math 66% / reading 75% proficiency, ranked #17 of 291 in WA (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: Rents rising (+3.2%/yr); 304 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,222 units permitted in Thurston County in 2024 (508 in 5+ unit buildings).
• This rent runs 35% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $56k of equity ($4k loan paydown + $52k appreciation (10.0% local appreciation)).
• Thurston County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$89k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($512k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 9y 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 $420k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $272,522 (47.6% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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. 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?
7. 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.
8. 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.
9. 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: 0.52% ✗
• Cap rate: 3.35%
• Cash-on-cash: -10.50%
• DSCR: 0.53
• GRM: 15.9

CMA / ARV

• ARV (on-the-fly): $535,680
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4405 Hammersley Way NW	0.12mi	3/2.0	1,680 (-10%)	4mo	$535,000	$318	73
2210 Cooper Crest St NW	0.70mi	3/2.5	1,894 (+2%)	16mo	$540,000	$285	51
4406 Hammersley Way NW	0.10mi	3/2.0	1,600 (-14%)	23mo	$525,000	$328	51
1615 Easthill Ct NW	0.75mi	3/2.0	1,999 (+8%)	1mo	$575,000	$288	49
1734 Medallion Loop NW	0.67mi	3/2.5	1,786 (-4%)	16mo	$460,000	$258	48
1815 Cameo Ct NW	0.74mi	3/2.0	1,938 (+4%)	14mo	$678,600	$350	45
2319 Crestwood Pl NW	0.61mi	4/2.5 (+1)	2,078 (+12%)	5mo	$505,000	$243	42
4327 5th Ave NW	0.74mi	4/2.5 (+1)	1,924 (+3%)	16mo	$517,000	$269	42
2304 Cooper Crest Pl NW	0.69mi	4/2.5 (+1)	2,068 (+11%)	6mo	$500,000	$242	40
3922 Hillview Ct NW	0.38mi	3/2.0	1,616 (-13%)	23mo	$540,000	$334	39
4038 11th Ave NW	0.66mi	2/2.0 (-1)	1,752 (-6%)	18mo	$541,000	$309	38
4405 5th Ave NW	0.74mi	4/2.5 (+1)	1,968 (+6%)	18mo	$512,000	$260	36

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

Projected returns pro-forma

10.0% appreciation · 3.16% rent growth · sell at horizon

5-year hold

• IRR: 16.9%
• Equity multiple: 2.39×
• Total profit: $202,419
• Equity at exit: $468,457

10-year hold

• IRR: 16.1%
• Equity multiple: 5.54×
• Total profit: $660,694
• Equity at exit: $1,010,246

Cash invested: $145,600 (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 98502

• Home prices YoY: 1.8%
• Rents YoY: 3.2%
• Active inventory: 304
• Price-to-rent: 15.9×

Monthly cashflow live

• Estimated rent: $2,725 medium
• Mortgage (P&I): −$2,727
• Tax from tax record: −$428 /mo · $5,132/yr
• Insurance: −$217
• HOA: −$56
• Vacancy / Maint / Mgmt: −$572
• Net cashflow: $-1,274

Break-even live

Break-even rent $4,338

Max offer price $294,876

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: $130,000
• Closing costs: $15,600
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4407 Goldcrest Dr NW Olympia, WA	4.0	2.5	2615	$2,950	$1.13	43d	1	0.15mi
1901 Hudson St NW Olympia, WA	3.0	2.5	1705	$2,700	$1.58	13d	1	0.18mi
5004 4th Way SW Olympia, WA	2.0–3.0	2.0–2.5	1271	$2,645	$2.08	13d	5	1.06mi
4611 Greenwood Dr SW Olympia, WA	3.0	3.0	1448	$2,495	$1.72	43d	1	1.19mi

HOA detail

• Monthly dues: $56 · $672/yr

Listing history 12 events

1. 2026-06-18
   days on market $520,000 Active 15 DOM
2. 2026-06-17
   days on market $520,000 Active 14 DOM
3. 2026-06-16
   days on market $520,000 Active 13 DOM
4. 2026-06-15
   days on market $520,000 Active 12 DOM
5. 2026-06-14
   days on market $520,000 Active 10 DOM
6. 2026-06-13
   days on market $520,000 Active 9 DOM
7. 2026-06-10
   days on market $520,000 Active 7 DOM
8. 2026-06-09
   days on market $520,000 Active 6 DOM
9. 2026-06-08
   days on market $520,000 Active 5 DOM
10. 2026-06-07
    days on market $520,000 Active 4 DOM
11. 2026-06-05
    remarks 566-char remark
12. 2026-06-05
    listed $520,000 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: $5,132 · $428/mo
• Projected year-2 tax: $5,132 · $428/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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥88°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 7 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,703
• − Mortgage interest: −$29,128
• − Property taxes: −$5,132
• − Insurance: −$2,600
• − Repairs & maintenance: −$2,616
• − Management: −$2,616
• − HOA: −$672
• − Depreciation: −$15,127
• Taxable loss: −$25,189
• Est. tax savings @ 24.0%: +$6,045
• After-tax cash flow: $-9,247/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: Olympia School District
• NCES district ID: 5306180
• Math proficiency: 66% ▼ -2.00%
• Reading proficiency: 75% ▼ -2.00%
• Median HH income: $63,852
• Composite: 62.27/100
• National rank: #1438
• State rank: #17 of 291 in WA

Livability — Olympia

• Score: 83/100
• State rank: #58
• US rank: #1036

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Olympia, WA
• County: Thurston County · 269,345 people
• City population: 98,428
• Metro: Olympia-Lacey-Tumwater, WA
• Population (ZIP): 35,398
• Household income: $92,207
• Rent vs Own: 42.6% rent · 57.4% own
• Severe rent burden: 1811.0

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 (71%)
• Race & ethnicity: White 71% Two or more races 13% Hispanic / Latino 11% Asian 6% Black 3% Native American 1%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4%
• Common ancestry: Italian 5% Portuguese 4% Iranian 3%
• Foreign-born: 8% · Vietnam, Canada, China
• Languages at home: 90% English-only · Spanish 3% Vietnamese 2% 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: ▲ 18.49%
• Current HPI: 1056.49
• Rent YoY: ▲ 3.16%
• 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

-86.9% since first listed

16 events — show timeline

• 2026-06-03 Listed $520,000 NWMLS as Distributed by MLS Grid
• 2021-10-14 Sold (MLS) $420,000 NWMLS as Distributed by MLS Grid
• 2021-09-23 Pending — NWMLS as Distributed by MLS Grid
• 2021-09-22 Listed $419,900 NWMLS as Distributed by MLS Grid
• 2017-08-14 Sold (MLS) $302,900 NWMLS as Distributed by MLS Grid
• 2017-06-28 Pending — NWMLS as Distributed by MLS Grid
• 2017-06-16 Relisted — NWMLS as Distributed by MLS Grid
• 2017-06-06 Pending — NWMLS as Distributed by MLS Grid
• 2017-05-25 Relisted — NWMLS as Distributed by MLS Grid
• 2017-05-25 Pending — NWMLS as Distributed by MLS Grid
• 2017-05-12 Relisted — NWMLS as Distributed by MLS Grid
• 2017-03-30 Pending — NWMLS as Distributed by MLS Grid
• 2017-03-23 Relisted — NWMLS as Distributed by MLS Grid
• 2017-03-02 Pending — NWMLS as Distributed by MLS Grid
• 2017-02-16 Listed $305,900 NWMLS as Distributed by MLS Grid
• 2015-08-26 Sold (Public Records) $3,960,000 Public Records

Property tax history

+21.1%/yr

Latest (2026): $5,132 · +5.7% YoY. Source: county tax records.