4405 Hudson Ct NW · Olympia, WA 98502

$550,000

4 bd · 2.5 ba · 2,150 sqft · SingleFamily public records · 22 Days on market

Built 2012 4,968 sqft lot Est $527k · at est. $65/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
• Schools +6.2/10.0
• ARV discount +5.5/15.0
• 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 +0.3/10.0
• DSCR +0.0/10.0

Listing remarks

Beautifully maintained 4-bedroom home in the desirable Evergreen Pointe community! This spacious 2,176 SF home offers a functional and inviting layout with engineered hardwood floors, a cozy gas fireplace, and an open-concept main living area perfect for everyday living and entertaining. The kitchen features slab granite countertops, stainless steel appliances, gas range, and abundant cabinetry. Upstairs, the generous primary suite includes a 5-piece bath and oversized walk-in closet, while the additional bedrooms provide plenty of space for guests, work-from-home, or hobbies. Enjoy outdoor living on the large deck overlooking a peaceful greenbelt for added privacy. Rare 3-car garage, fully

Key facts

• Cozy gas fireplace
• Gas range
• 4,968 sq ft lot

Tags

• ENGINEERED HARDWOOD FLOORS
• COZY GAS FIREPLACE
• OPEN-CONCEPT MAIN LIVING AREA
• SLAB GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• GAS RANGE

Property features AI

Finance

• Other: Property taxes listed (not included in features); Listing is active
• Financial info: Financing available: Conventional, FHA, USDA Loan, VA Loan
• HOA & community: Part of Evergreen Pointe HOA; HOA fee $196 quarterly

Exterior

• Parking: Attached garage; Covered parking for 2 vehicles
• Security: Fully fenced
• Utilities: Public water; Sewer connected; Natural gas energy source; PSE power
• Home design: Single-family residence; Two-story; Main-level entry; North-facing; Built on lot; Has a view; Good condition
• Construction: Built in 2012 (effective year); Wood construction; Post & beam and standard frame construction methods; Composition roof; Pillar/post/pier and poured concrete foundation
• Exterior features: Wood exterior products; Deck; Fully fenced yard; Cable TV available; Gas available on site; Level to partially sloped topography; Cul-de-sac location; Curbs and sidewalks

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Refrigerator; Stove/Range; Pantry
• Bedrooms: 4 bedrooms (all on upper level)
• Flooring: Ceramic tile; Engineered hardwood
• Bathrooms: 2 full bathrooms; 1 half bathroom; 2 bathtubs; 2 showers
• Heating & cooling: Forced air heating; No central cooling specified
• Interior features: Ceiling fans; Dining room; Fireplace (gas); Pantry; Walk-in closets
• Laundry & utility: Washer/dryer hookups available

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $550k.

Deal economics

• At list price, monthly cash flow is $-1k ($-16k/yr) — negative.
• To cash-flow at today's rent, offer at most $311k (43.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $291k (47.1% below list).
• Recommended offer: $291k (47.1% below list) — sets the bar for 1% rule.
• Cap rate 3.3% 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 45d 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 38% 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 $59k of equity ($4k loan paydown + $55k 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 ~$95k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($542k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y 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.

Recommended offer $291,153 (47.1% 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: 0.53% ✗
• Cap rate: 3.34%
• Cash-on-cash: -10.53%
• DSCR: 0.53
• GRM: 15.7

CMA / ARV

• ARV (on-the-fly): $526,750
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1805 Butler Ct	0.22mi	3/2.5 (-1)	2,266 (+5%)	13mo	$575,000	$254	65
2201 Cooper Crest St NW	0.68mi	4/2.5	2,220 (+3%)	3mo	$545,000	$245	61
2205 Cooper Crest Pl NW	0.69mi	5/2.5 (+1)	2,151 (0%)	3mo	$475,000	$221	60
2315 Crestwood Ln NW	0.67mi	4/2.5	2,201 (+2%)	6mo	$529,900	$241	60
2319 Crestwood Pl NW	0.67mi	4/2.5	2,078 (-3%)	5mo	$505,000	$243	58
2316 Cooper Crest Pl NW	0.73mi	3/2.5 (-1)	2,153 (+0%)	4mo	$460,000	$214	58
4808 Luminous (Lot 30) Way NW	0.67mi	3/2.5 (-1)	2,230 (+4%)	1mo	$648,134	$291	57
2304 Cooper Crest Pl NW	0.72mi	4/2.5	2,068 (-4%)	6mo	$500,000	$242	56
3923 Cooper Crest Dr NW	0.67mi	3/2.5 (-1)	2,305 (+7%)	2mo	$476,100	$207	50
4209 3rd Ave NW	0.71mi	3/2.5 (-1)	2,249 (+5%)	6mo	$560,000	$249	50
1615 Easthill Ct NW	0.66mi	3/2.0 (-1)	1,999 (-7%)	1mo	$575,000	$288	49
1731 Medallion Loop NW	0.65mi	4/2.5	2,344 (+9%)	13mo	$680,000	$290	44

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: $213,883
• Equity at exit: $495,484

10-year hold

• IRR: 16.1%
• Equity multiple: 5.54×
• Total profit: $698,409
• Equity at exit: $1,068,529

Cash invested: $154,000 (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 98502

• Home prices YoY: 1.8%
• Rents YoY: 3.2%
• Active inventory: 304
• Price-to-rent: 15.7×

Monthly cashflow live

• Estimated rent: $2,912 medium
• Mortgage (P&I): −$2,884
• Tax from tax record: −$473 /mo · $5,679/yr
• Insurance: −$229
• HOA: −$65
• Vacancy / Maint / Mgmt: −$611
• Net cashflow: $-1,352

Break-even live

Break-even rent $4,622

Max offer price $311,236

Occupancy floor —

Sensitivity live

Price	-10% $-1,040	-5% $-1,196	+0% $-1,352	+5% $-1,507	+10% $-1,663
Rent	-10% $-1,582	-5% $-1,467	+0% $-1,352	+5% $-1,237	+10% $-1,122
Rate	-1.0pp $-1,075	-0.5pp $-1,212	base $-1,352	+0.5pp $-1,494	+1.0pp $-1,639

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: $137,500
• Closing costs: $16,500
• 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	45d	1	0.06mi
1901 Hudson St NW Olympia, WA	3.0	2.5	1705	$2,700	$1.58	15d	1	0.26mi
5004 4th Way SW Olympia, WA	2.0–3.0	2.0–2.5	1271	$2,645	$2.08	15d	5	0.97mi
4611 Greenwood Dr SW Olympia, WA	3.0	3.0	1448	$2,495	$1.72	45d	1	1.06mi

HOA detail

• Monthly dues: $65 · $780/yr
• Likely covers: gas

Listing history 27 events

1. 2026-06-18
   price $550,000 Active 22 DOM
2. 2026-06-18
   days on market $560,000 Active 22 DOM
3. 2026-06-17
   days on market $560,000 Active 21 DOM
4. 2026-06-16
   days on market $560,000 Active 20 DOM
5. 2026-06-15
   days on market $560,000 Active 19 DOM
6. 2026-06-14
   days on market $560,000 Active 17 DOM
7. 2026-06-13
   days on market $560,000 Active 16 DOM
8. 2026-06-10
   days on market $560,000 Active 14 DOM
9. 2026-06-09
   days on market $560,000 Active 13 DOM
10. 2026-06-08
    days on market $560,000 Active 12 DOM
11. 2026-06-07
    days on market $560,000 Active 11 DOM
12. 2026-06-05
    days on market $560,000 Active 8 DOM
13. 2026-06-02
    days on market $560,000 Active 6 DOM
14. 2026-06-01
    days on market $560,000 Active 5 DOM
15. 2026-05-31
    days on market $560,000 Active 4 DOM
16. 2026-05-30
    days on market $560,000 Active 3 DOM
17. 2026-05-27
    listed $560,000 Active
18. 2022-03-19
    price $2,750
19. 2021-08-20
    soldstatus $500,000 Closed
20. 2021-07-30
    status Pending
21. 2021-07-27
    listed $499,990 Active
22. 2014-07-15
    soldstatus $259,990 Sold
23. 2014-07-15
    soldstatus $259,990 Sold
24. 2014-06-02
    status Pending
25. 2014-06-02
    status Pending
26. 2014-04-15
    listed $259,990 Active
27. 2014-04-15
    listed $259,990 Active

ⓘ 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: $5,679 · $473/mo
• Projected year-2 tax: $5,679 · $473/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 · 14 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: $34,938
• − Mortgage interest: −$30,809
• − Property taxes: −$5,679
• − Insurance: −$2,750
• − Repairs & maintenance: −$2,795
• − Management: −$2,795
• − HOA: −$780
• − Depreciation: −$16,000
• Taxable loss: −$26,670
• Est. tax savings @ 24.0%: +$6,401
• After-tax cash flow: $-9,818/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

+115.4% since first listed

11 events — show timeline

• 2026-05-27 Listed $560,000 NWMLS as Distributed by MLS Grid
• 2022-03-19 Price Changed $2,750 RENT.
• 2021-08-20 Sold (MLS) $500,000 NWMLS as Distributed by MLS Grid
• 2021-07-30 Pending — NWMLS as Distributed by MLS Grid
• 2021-07-27 Listed $499,990 NWMLS as Distributed by MLS Grid
• 2014-07-15 Sold (MLS) $259,990 NWMLS as Distributed by MLS Grid
• 2014-07-15 Sold (MLS) $259,990 NWMLS as Distributed by MLS Grid
• 2014-06-02 Pending — NWMLS as Distributed by MLS Grid
• 2014-06-02 Pending — NWMLS as Distributed by MLS Grid
• 2014-04-15 Listed $259,990 NWMLS as Distributed by MLS Grid
• 2014-04-15 Listed $259,990 NWMLS as Distributed by MLS Grid

Property tax history

+40.4%/yr

Latest (2026): $5,679 · -4.5% YoY. Source: county tax records.