923 Sarah Ct NW · Olympia, WA 98502

$535,000

4 bd · 2.5 ba · 1,982 sqft · SingleFamily public records · 13 Days on market

Built 2002 5,293 sqft lot $270/sqft · at area comps Est $573k · 7% under $25/mo HOA · 1% 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).

• ARV discount +10.5/15.0
• Appreciation +10.0/10.0
• Schools +6.2/10.0
• Cash flow +4.3/30.0
• Livability +4.2/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks

Set in a peaceful cul-de-sac in a sought-after West Olympia neighborhood, this inviting home offers the comfort of main-level living with plenty of space to grow. Fresh interior paint, brand-new carpet, and updated interior and exterior lighting create a bright, clean, and welcoming feel throughout. Major systems have been thoughtfully maintained, including a recently serviced HVAC system and newer water heater for added peace of mind. The spacious main-floor primary suite features a walk-in closet and private ensuite with a relaxing soaking tub. Natural light pours into two generous living spaces, adding warmth and comfort to everyday living. Upstairs, you’ll find three large bedroom

Key facts

• Newer water heater
• Cul-de-sac
• Main-level living

Tags

• CUL-DE-SAC
• MAIN-LEVEL LIVING
• UPDATED INTERIOR LIGHTING
• UPDATED EXTERIOR LIGHTING
• RECENTLY SERVICED HVAC SYSTEM
• NEWER WATER HEATER

Property features AI

Finance

• Other: Located on a level lot in a cul-de-sac with curbs, sidewalks and paved streets; Bus route nearby (Route 48)
• Financial info: Financing available: Cash, Conventional, FHA, VA
• HOA & community: HOA with annual fee of $300 (covers common area maintenance); Community governed by CCRs

Exterior

• Parking: Attached garage with 2 covered spaces (approx. 400 sq ft)
• Security: Fully fenced
• Utilities: Natural gas; Public water; Sewer connected; PSE power; Xfinity cable and internet
• Home design: Single-family residence; Two-story; Entry at main level; Built on lot; Has a view; Good condition
• Construction: Built in 2003 (effective year); Wood construction; Composition roof; Poured concrete foundation
• Exterior features: Wood exterior; Wood products; Deck; Patio; Fenced — fully fenced yard; Garden space; Cable TV and high-speed internet available; Gas available

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Refrigerator; Stove/Range
• Bedrooms: 4 bedrooms total — 3 upstairs, 1 on main level
• Flooring: Vinyl; Carpet
• Bathrooms: 2 full bathrooms; 1 half bathroom; 2 bathtubs; 2 showers; 2 bathrooms on the main level
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Dining room; Pantry; Walk-in closets; Water heater (located in garage)
• Laundry & utility: Washer; Dryer; Gas water heater (in garage)

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $535k.

Deal economics

• At list price, monthly cash flow is $-1k ($-17k/yr) — negative.
• To cash-flow at today's rent, offer at most $281k (47.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $262k (51.1% below list).
• Recommended offer: $262k (51.1% below list) — sets the bar for 1% rule.
• Cap rate 3.1% vs local median 2.4% in Olympia — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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.
• Zoned schools: Garfield Elementary School (351 students, 65% FRL); Jefferson Middle School (447 students, 54% FRL); Capital High School (1,326 students, 38% FRL) — zoned schools average 52% FRL vs 25% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.2%/yr); 306 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 71% 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 34% 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 $57k of equity ($4k loan paydown + $54k 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 ~$92k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 24y 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 $230k; list at $535k implies a 133% gain — meaningful room to come down on a strong offer.

Recommended offer $261,861 (51.1% 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: 0.49% ✗
• Cap rate: 3.07%
• Cash-on-cash: -11.51%
• DSCR: 0.49
• GRM: 17.0

CMA / ARV

• ARV (median comp): $573,195
• List price: $535,000
• Delta: -6.66%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
821 Sarah Ct NW	0.05mi	3/2.5 (-1)	2,076 (+5%)	9mo	$494,000	$238	77
1615 Easthill Ct NW	0.45mi	3/2.0 (-1)	1,999 (+1%)	2mo	$575,000	$288	69
1201 Tabitha Ct NW	0.15mi	3/2.0 (-1)	1,801 (-9%)	6mo	$610,000	$339	66
2702 Walnut Loop NW	0.33mi	4/3.0	1,788 (-10%)	1mo	$575,000	$322	65
1228 Tabitha Ct NW	0.21mi	4/2.5	2,176 (+10%)	12mo	$650,000	$299	64
702 Wily St NW	0.17mi	3/2.5 (-1)	2,195 (+11%)	9mo	$600,000	$273	62
1418 Ethel St NW	0.36mi	3/2.0 (-1)	1,897 (-4%)	11mo	$555,000	$293	60
1022 Cardigan Loop NW	0.45mi	3/2.0 (-1)	1,864 (-6%)	8mo	$530,918	$285	55
2715 Walnut Loop NW	0.39mi	3/2.5 (-1)	1,822 (-8%)	10mo	$562,900	$309	55
2705 Walnut Loop NW	0.33mi	3/2.5 (-1)	2,194 (+11%)	12mo	$616,000	$281	51
1808 Cyrene Dr NW	0.54mi	3/2.0 (-1)	1,732 (-13%)	4mo	$545,500	$315	44
2608 19th Way NW	0.70mi	3/2.0 (-1)	1,724 (-13%)	4mo	$520,000	$302	35

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: 16.3%
• Equity multiple: 2.34×
• Total profit: $200,240
• Equity at exit: $481,970

10-year hold

• IRR: 15.6%
• Equity multiple: 5.42×
• Total profit: $662,317
• Equity at exit: $1,039,387

Cash invested: $149,800 (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: 306
• Price-to-rent: 17.0×

Monthly cashflow live

• Estimated rent: $2,619 high
• Mortgage (P&I): −$2,806
• Tax from tax record: −$451 /mo · $5,418/yr
• Insurance: −$223
• HOA: −$25
• Vacancy / Maint / Mgmt: −$550
• Net cashflow: $-1,436

Break-even live

Break-even rent $4,437

Max offer price $281,270

Occupancy floor —

Sensitivity live

Price	-10% $-1,133	-5% $-1,285	+0% $-1,436	+5% $-1,588	+10% $-1,739
Rent	-10% $-1,643	-5% $-1,540	+0% $-1,436	+5% $-1,333	+10% $-1,229
Rate	-1.0pp $-1,167	-0.5pp $-1,300	base $-1,436	+0.5pp $-1,575	+1.0pp $-1,716

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: $133,750
• Closing costs: $16,050
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2137 Conger Ave NW Unit A Olympia, WA	3.0	2.0	1248	$1,995	$1.60	45d	1	0.62mi
2137 Conger Ave NW Unit C Olympia, WA	3.0	2.0	1248	$1,895	$1.52	45d	1	0.62mi
4407 Goldcrest Dr NW Olympia, WA	4.0	2.5	2615	$2,950	$1.13	45d	1	0.87mi
1901 Hudson St NW Olympia, WA	3.0	2.5	1705	$2,700	$1.58	15d	1	0.98mi
2006 Burbank Ave NW Unit NA Olympia, WA	4.0	3.0	1750	$2,650	$1.51	45d	1	1.11mi
4611 Greenwood Dr SW Olympia, WA	3.0	3.0	1448	$2,495	$1.72	45d	1	1.19mi
5004 4th Way SW Olympia, WA	2.0–3.0	2.0–2.5	1271	$2,645	$2.08	15d	5	1.38mi

HOA detail

• Monthly dues: $25 · $300/yr
• Likely covers: water

Listing history 4 events

1. 2026-05-06
   listed $535,000 Active
2. 2003-07-01
   soldstatus $229,950
3. 2003-06-30
   soldstatus $229,950
4. 2002-10-17
   listed $229,950

ⓘ 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: $5,418 · $451/mo
• Projected year-2 tax: $5,418 · $451/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 · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 6 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,423
• − Mortgage interest: −$29,968
• − Property taxes: −$5,418
• − Insurance: −$2,675
• − Repairs & maintenance: −$2,514
• − Management: −$2,514
• − HOA: −$300
• − Depreciation: −$15,564
• Taxable loss: −$27,529
• Est. tax savings @ 24.0%: +$6,607
• After-tax cash flow: $-10,629/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

+132.7% since first listed

5 events — show timeline

• 2026-05-19 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-06 Listed $535,000 NWMLS as Distributed by MLS Grid
• 2003-07-01 Sold (MLS) $229,950 NWMLS as Distributed by MLS Grid
• 2003-06-30 Sold (Public Records) $229,950 Public Records
• 2002-10-17 Listed $229,950 NWMLS as Distributed by MLS Grid

Property tax history

+4.4%/yr

Latest (2026): $5,418 · -0.6% YoY. Source: county tax records.