732 Point Brown Ave SE · Ocean Shores, WA 98569

$425,000

6 bd · 4.0 ba · 2,848 sqft · MultiFamily public records · 15 Days on market

Built 1994 0.28 ac lot

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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 +22.1/30.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• 1% rule +4.9/10.0
• Schools +3.4/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• 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

Tons of Potential, Investor Special! Waterfront Townhome style Duplex on the Canal. 3 Bedroom 2 Full Bath Per Side 1424sqft per side with an oversized one car garage per side, gorgeous views - complete with your own private dock. Rent's estimated at $2,000 Per Month Per Side That's $48,000 Per Year and a 9% CAP Rate after renovation! Bring your toolbelt and add this great investment to your portfolio. Come view today!

Key facts

• Duplex on the canal
• Waterfront townhome
• Private dock

Tags

• WATERFRONT TOWNHOME
• DUPLEX ON THE CANAL
• PRIVATE DOCK
• GORGEOUS VIEWS

Property features AI

Finance

• Other: Vacancy rate reported at 50%; Total building area: 2,848 square feet; Each unit listed at approximately 1,424 square feet; Water/sewer/garbage combined: 1800
• Financial info: Gross scheduled income: $48,000/year; Total monthly income: $4,000; Actual rent: $2,000/month for each unit; Gross adjusted income: $48,000; Net operating income: $42,031; Total annual expenses: $5,969; Electric expense: $1,200; Gross rent multiplier: 12.6; Listing terms: Cash or Conventional

Exterior

• Parking: Uncovered parking for about 10 vehicles; 2 covered parking spaces; 2-car garage; RV parking
• Utilities: Public water (City of Ocean Shores); Sewer connected (City of Ocean Shores); Electric power (Grays Harbor PUD); Electric energy source
• Home design: Duplex (Residential income, multi-family); Two stories; Has a view
• Construction: Wood construction; Composition roof; Poured concrete foundation; Built as a duplex
• Exterior features: Wood products exterior; Deck; Dock; RV parking; Paved lot

Interior

• Kitchen: Range/oven in each unit; Refrigerator in each unit; Dishwasher in each unit
• Bedrooms: Two 3-bedroom units (Unit A: 3 bedrooms; Unit B: 3 bedrooms)
• Flooring: Laminate; Carpet
• Bathrooms: Two 2-bath units (Unit A: 2 bathrooms; Unit B: 2 bathrooms)
• Heating & cooling: Forced air heating; Wall furnace; No cooling
• Interior features: Laminate and carpet flooring; Fireplaces in each unit; Has heating (Forced air and wall furnace)
• Laundry & utility: Washer and dryer in each unit

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $425k.

Deal economics

• At list price, monthly cash flow is $684 ($8k/yr) — positive. Per door: $342/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 $422k (0.7% below list).
• Recommended offer: $419k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 3.1% in Ocean Shores — 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 62/100 on livability (#424 in WA) — a middle-class / working-renter tenant base. Strengths: housing A; Watch: schools C-, crime C-, health & safety C-.
• 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.
• Market conditions: 653 active listings in the ZIP; 297 units permitted in Grays Harbor County in 2024 (17 in 5+ unit buildings).
• At $4,219/mo this rent would consume 87% of the median local household income ($58k/yr) (locally 172% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Grays Harbor County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($419k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y 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 $418,625 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
5. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
6. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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 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: 0.99% ✗
• Cap rate: 8.22%
• Cash-on-cash: 6.89%
• DSCR: 1.31
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -5.8%
• Equity multiple: 0.79×
• Total profit: $-25,447
• Equity at exit: $63,369

10-year hold

• IRR: 3.9%
• Equity multiple: 1.28×
• Total profit: $33,438
• Equity at exit: $36,746

Cash invested: $119,000 (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 98569

• Home prices YoY: -3.4%
• Active inventory: 653
• Price-to-rent: 16.8×

Monthly cashflow live

• Estimated rent: $4,219 medium
• Mortgage (P&I): −$2,229
• Tax from tax record: −$244 /mo · $2,924/yr
• Insurance: −$177
• HOA: −$0
• Vacancy / Maint / Mgmt: −$886
• Net cashflow: $684

Break-even live

Break-even rent $3,354

Max offer price $425,000

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$4,220
Total (2 units)			$4,219

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: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-19
   days on market $425,000 Active 15 DOM
2. 2026-06-18
   days on market $425,000 Active 14 DOM
3. 2026-06-17
   days on market $425,000 Active 13 DOM
4. 2026-06-16
   days on market $425,000 Active 12 DOM
5. 2026-06-15
   days on market $425,000 Active 11 DOM
6. 2026-06-14
   days on market $425,000 Active 9 DOM
7. 2026-06-12
   days on market $425,000 Active 8 DOM
8. 2026-06-09
   days on market $425,000 Active 5 DOM
9. 2026-06-08
   days on market $425,000 Active 4 DOM
10. 2026-06-07
    days on market $425,000 Active 3 DOM
11. 2026-06-05
    remarks 421-char remark
12. 2026-06-05
    listed $425,000 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: $2,924 · $244/mo
• Projected year-2 tax: $4,165 · $347/mo
• Expected delta: +$1,241/yr (+$103/mo · 42.4%)

ⓘ 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 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥72°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $50,628
• − Mortgage interest: −$23,807
• − Property taxes: −$2,924
• − Insurance: −$2,125
• − Repairs & maintenance: −$4,050
• − Management: −$4,050
• − Depreciation: −$12,364
• Taxable income: $1,308
• Est. tax owed @ 24.0%: −$314
• After-tax cash flow: $7,888/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: North Beach School District
• NCES district ID: 5305700
• Math proficiency: 32% ▼ -4.00%
• Reading proficiency: 44% ▬ 0.00%
• Median HH income: $40,966
• Composite: 34.46/100
• National rank: #10153
• State rank: #236 of 291 in WA

Livability — Ocean Shores

• Score: 62/100
• State rank: #424
• US rank: #16852

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ocean Shores, WA
• County: Grays Harbor County · 44,693 people
• City population: 7,187
• Metro: Aberdeen, WA
• Population (ZIP): 7,489
• Household income: $58,378
• Rent vs Own: 17.0% rent · 83.0% own
• Severe rent burden: 172.0

Population outlook (Grays Harbor County) Hauer SSP2

• Today (2025): 66,443 people
• By 2030: 63,255 · -4.8%
• By 2040: 56,466 · -15.0%
• By 2050: 50,516 · -24.0%
• By 2075: 39,296 · -40.9%
• By 2100: 31,142 · -53.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Two or more races 5% Hispanic / Latino 4% Asian 3% Native American 3%
• Common ancestry: Portuguese 8% Iranian 5% Lithuanian 4%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 3% Tagalog/Filipino 2% German/W. Germanic 2%

Political lean MEDSL · Grays Harbor

• 2024 margin: Lean R (+6.0) · D 45.6% · R 51.6% · Other 2.8%
• 2008→2024 swing: -20.6pp toward R · 2008: 14.6pp · 2024: -6.0pp
• All cycles: 2024: R+6.0 2020: R+6.6 2016: R+7.1 2012: D+14.0 2008: D+14.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -13.33%
• Current HPI: 380.05
• Rent YoY: —
• Metro: Aberdeen, 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

+184.3% since first listed

9 events — show timeline

• 2026-06-04 Listed $425,000 NWMLS as Distributed by MLS Grid
• 2020-12-28 Sold (MLS) $395,000 NWMLS as Distributed by MLS Grid
• 2020-11-20 Pending — NWMLS as Distributed by MLS Grid
• 2020-10-24 Price Changed $399,000 NWMLS as Distributed by MLS Grid
• 2020-09-26 Listed $439,000 NWMLS as Distributed by MLS Grid
• 2016-03-28 Sold (MLS) $131,250 NWMLS as Distributed by MLS Grid
• 2016-03-09 Pending — NWMLS as Distributed by MLS Grid
• 2016-02-27 Listed $135,000 NWMLS as Distributed by MLS Grid
• 1998-05-27 Sold (Public Records) $149,500 Public Records

Property tax history

+1.9%/yr

Latest (2026): $2,924 · -1.5% YoY. Source: county tax records.