522 H St SW · Tumwater, WA 98512

$409,900

2 bd · 2.0 ba · 1,000 sqft · MultiFamily public records · 150 Days on market

Built 1950 7,500 sqft lot $410/sqft · 10% below area Est $472k · 13% under

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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 +15.1/30.0
• ARV discount +13.4/15.0
• Schools +5.6/10.0
• DSCR +4.6/10.0
• Livability +4.2/5.0
• 1% rule +3.6/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Great investment opportunity from a well maintained duplex with additional assigned parking (6 total). Big 7500 sqft corner lot with potential for additional units and spectacular city and territorial views. Low maintenance yards for easy upkeep. Hardwood flooring in both units keeping maintenance and repair cost down. Newer Mini ductless split in vacant unit providing AC & Heat for better rent. Unit 524 is vacant for a great owner occupied opportunity and comfort. Common area utility room with washer & dryer. Cap rate based on 2024 tax return, current cap rate potential much higher. Conveniently located on Tumwater Hill with quick access to I-5, HWY 101, JBLM, schools, shopping

Key facts

• City views
• Assigned parking
• Corner lot

Tags

• WELL MAINTAINED DUPLEX
• ASSIGNED PARKING
• CORNER LOT
• CITY VIEWS
• TERRITORIAL VIEWS
• LOW MAINTENANCE YARDS

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $410k.

Deal economics

• At list price, monthly cash flow is $138 ($2k/yr) — positive. Per door: $69/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $352k (14.1% below list).
• Recommended offer: $352k (14.1% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 2.7% in Tumwater — 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 84/100 on livability (#39 in WA, #700 nationally) — a professional / high-income tenant draw. Strengths: commute A+, housing A+, health & safety A+; Watch: amenities D, cost of living D-.
• Tumwater School District (urban): math 57% / reading 69% proficiency, ranked #37 of 291 in WA (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.3%/yr); 233 active listings in the ZIP; 28 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,222 units permitted in Thurston County in 2024 (508 in 5+ unit buildings).
• This rent runs 42% of the median local income ($102k/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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Thurston County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 150 days — a 12% lower offer ($361k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $180k; list at $410k implies a 128% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $352,200 (14.1% below list)

Questions for the listing agent

1. It's been on market 150 days. Have you received any prior offers? Is the seller open to a 14% 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 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 0.86% ✗
• Cap rate: 6.70%
• Cash-on-cash: 1.45%
• DSCR: 1.06
• GRM: 9.7

CMA / ARV

• ARV (median comp): $471,703
• List price: $409,900
• Delta: -13.10%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.26% rent growth · sell at horizon

5-year hold

• IRR: -14.8%
• Equity multiple: 0.47×
• Total profit: $-60,267
• Equity at exit: $61,117

10-year hold

• IRR: -7.4%
• Equity multiple: 0.55×
• Total profit: $-51,902
• Equity at exit: $35,441

Cash invested: $114,772 (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 98512

• Rents YoY: 2.3%
• Active inventory: 233
• Price-to-rent: 19.4×

Monthly cashflow live

• Estimated rent: $3,522 high
• Mortgage (P&I): −$2,150
• Tax from tax record: −$324 /mo · $3,882/yr
• Insurance: −$171
• HOA: −$0
• Vacancy / Maint / Mgmt: −$740
• Net cashflow: $138

Break-even live

Break-even rent $3,347

Max offer price $409,900

Occupancy floor 91%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,522
Total (2 units)			$3,522

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: $102,475
• Closing costs: $12,297
• Reserves months: —
• Total cash needed: —

Rent comps 28 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
811 S 3rd Ave SW Unit B Tumwater, WA	3.0	2.0	1336	$2,300	$1.72	43d	1	0.12mi
1500 Lake Park Dr SW #29 Tumwater, WA	2.0	1.5	1428	$1,850	$1.30	21d	1	0.57mi
1704 Barnes Blvd SW Tumwater, WA	1.0–3.0	1.0–2.5	920	$2,004	$2.18	13d	35	0.65mi
512 N 4th Ave SW Tumwater, WA	3.0	2.0	1232	$2,095	$1.70	43d	1	0.72mi
4822 Rural Rd SW Tumwater, WA	2.0	2.0	1025	$1,995	$1.95	21d	1	0.78mi
1992 Ridgeview Loop SW Unit 204 Tumwater, WA	2.0	1.0	804	$1,700	$2.11	21d	1	0.80mi
520 Primrose Ln SE Tumwater, WA	3.0	1.5	1050	$2,200	$2.10	43d	1	0.81mi
1255 Bay Loop SW Tumwater, WA	2.0	1.0	975	$2,400	$2.46	43d	1	0.86mi
1619 Trosper Rd SW Tumwater, WA	3.0	2.5	1295	$2,495	$1.93	21d	1	0.88mi
301 T St SW Tumwater, WA	2.0	1.0	589	$1,635	$2.78	13d	5	0.89mi
1978 Trosper Rd SW Tumwater, WA	1.0–3.0	1.0–2.0	1106	$2,246	$2.03	13d	4	0.91mi
1978 Trosper Rd SW Tumwater, WA	1.0–3.0	1.0–2.0	1050	$2,428	$2.31	43d	3	0.91mi
215 Pinehurst Dr SW Tumwater, WA	2.0	1.0–2.5	759	$1,950	$2.57	13d	4	0.94mi
2820 Tuscany Ln SW Unit 714 Tumwater, WA	2.0	2.0	1030	$1,725	$1.67	21d	1	1.05mi
2820 Tuscany Ln SW Tumwater, WA	1.0–2.0	1.0–2.0	915	$1,775	$1.94	13d	8	1.05mi
2820 Tuscany Ln SW Unit 411 Tumwater, WA	2.0	1.0	915	$1,635	$1.79	43d	1	1.05mi
1221 Mottman Rd SW Olympia, WA	1.0–3.0	1.0–2.0	1011	$1,948	$1.93	21d	4	1.10mi
151 Cherry Ln SE Tumwater, WA	3.0	1.0	874	$2,195	$2.51	21d	1	1.10mi
214 65th Way SW Tumwater, WA	2.0	1.0	1000	$1,850	$1.85	21d	1	1.26mi
6504 Capitol Blvd SE Tumwater, WA	1.0	1.0	974	$2,125	$2.18	13d	1	1.30mi
4523 Briggs Dr SE Olympia, WA	1.0–2.0	1.0–2.0	935	$2,127	$2.27	13d	7	1.32mi
2121 Evergreen Park Dr SW Unit 48 Olympia, WA	2.0	1.0	850	$1,525	$1.79	44d	1	1.35mi
4530 Briggs Dr SE Olympia, WA	1.0–3.0	1.0–2.0	966	$2,012	$2.08	13d	5	1.36mi
1415 Evergreen Park Dr SW Olympia, WA	2.0	2.0	1050	$1,735	$1.65	13d	1	1.38mi
1517 Bishop Rd SW Tumwater, WA	2.0	1.0–2.0	669	$1,930	$2.88	13d	1	1.46mi
2008 Evergreen Park Dr SW Olympia, WA	1.0–2.0	1.0	750	$1,799	$2.40	43d	3	1.48mi
6705 Linderson Way SW Tumwater, WA	1.0–3.0	1.0–2.0	900	$2,038	$2.26	13d	6	1.48mi
1221 Evergreen Park Dr SW Olympia, WA	2.0	1.0	880	$1,749	$1.99	13d	2	1.49mi

Listing history 16 events

1. 2026-06-13
   statusdays on market $409,900 Pending 150 DOM
2. 2026-06-10
   days on market $409,900 Active 148 DOM
3. 2026-06-09
   days on market $409,900 Active 147 DOM
4. 2026-06-08
   days on market $409,900 Active 146 DOM
5. 2026-06-07
   days on market $409,900 Active 145 DOM
6. 2026-06-05
   days on market $409,900 Active 142 DOM
7. 2026-06-02
   days on market $409,900 Active 140 DOM
8. 2026-06-01
   days on market $409,900 Active 139 DOM
9. 2026-05-31
   days on market $409,900 Active 138 DOM
10. 2026-05-30
    days on market $409,900 Active 137 DOM
11. 2026-02-06
    status Active
12. 2026-01-31
    status Pending
13. 2026-01-07
    listed $409,900 Active
14. 2006-11-15
    soldstatus $180,000
15. 1998-09-09
    soldstatus $79,333
16. 1990-07-09
    soldstatus $47,500

ⓘ 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: $3,882 · $324/mo
• Projected year-2 tax: $4,017 · $335/mo
• Expected delta: +$135/yr (+$11/mo · 3.5%)

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

Taxation est. · year 1

• Rental income: $42,264
• − Mortgage interest: −$22,961
• − Property taxes: −$3,882
• − Insurance: −$2,050
• − Repairs & maintenance: −$3,381
• − Management: −$3,381
• − Depreciation: −$11,924
• Taxable loss: −$5,315
• Est. tax savings @ 24.0%: +$1,276
• After-tax cash flow: $2,938/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: Tumwater School District
• NCES district ID: 5309100
• Math proficiency: 57% ▬ 0.00%
• Reading proficiency: 69% ▼ -1.00%
• Median HH income: $64,209
• Composite: 56.38/100
• National rank: #2477
• State rank: #37 of 291 in WA

Livability — Tumwater

• Score: 84/100
• State rank: #39
• US rank: #700

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tumwater, WA
• County: Thurston County · 269,345 people
• City population: 46,937
• Metro: Olympia-Lacey-Tumwater, WA
• Population (ZIP): 31,864
• Household income: $101,530
• Rent vs Own: 27.6% rent · 72.4% own
• Severe rent burden: 784.0

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 (72%)
• Race & ethnicity: White 72% Two or more races 13% Hispanic / Latino 9% Asian 4% Black 3% Native American 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 4% Italian 4% Slovak 4%
• Foreign-born: 6% · Canada, Vietnam, China
• Languages at home: 92% English-only · Spanish 3% Vietnamese 1% German/W. Germanic 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: ▼ -348.18%
• Current HPI: 347.121
• Rent YoY: ▲ 2.26%
• 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

+762.9% since first listed

6 events — show timeline

• 2026-02-06 Relisted — NWMLS as Distributed by MLS Grid
• 2026-01-31 Pending — NWMLS as Distributed by MLS Grid
• 2026-01-07 Listed $409,900 NWMLS as Distributed by MLS Grid
• 2006-11-15 Sold (Public Records) $180,000 Public Records
• 1998-09-09 Sold (Public Records) $79,333 Public Records
• 1990-07-09 Sold (Public Records) $47,500 Public Records

Property tax history

+5.9%/yr

Latest (2026): $3,882 · +7.4% YoY. Source: county tax records.