1610 Decatur St SW · Olympia, WA 98502

$819,000

6 bd · 6.0 ba · 2,964 sqft · MultiFamily · 6 Days on market

Built 2026 5,702 sqft lot

---

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 +7.5/15.0
• Cash flow +6.9/30.0
• Schools +6.2/10.0
• Livability +4.2/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• 1% rule +1.8/10.0
• DSCR +1.1/10.0

Multi-family units

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

Listing remarks

Exceptional opportunity to acquire brand-new duplexes in highly desirable West Olympia. Built for long-term, low-maintenance ownership, these turnkey investment properties offer modern construction with minimal capital expenditure concerns for years to come. Located in a strong rental market characterized by high demand, low vacancy rates, and attractive rental income potential, these duplexes are well-positioned for consistent cash flow and long-term appreciation. Situated at the end of a private dead-end street, the properties offer a quiet setting that appeals to quality tenants while remaining conveniently close to major employers, shopping, schools, and commuter routes. Whether you're

Key facts

• Modern construction
• Low vacancy rates
• Strong rental market

Tags

• BRAND-NEW DUPLEXES
• TURNKEY INVESTMENT PROPERTIES
• MODERN CONSTRUCTION
• STRONG RENTAL MARKET
• LOW VACANCY RATES
• PRIVATE DEAD-END STREET

Property features AI

Finance

• Financial info: Listing terms: Cash or Conventional; Total monthly income reported: $5,490; Each unit currently reporting actual rent of $2,745

Exterior

• Parking: One covered parking space; One garage space; One uncovered parking space
• Utilities: Electric energy source; Public water (City of Olympia); Sewer connected (City of Olympia); Power provided by PSE; Cable and internet connected (Comcast/Infinity)
• Home design: Duplex residential income property; Under construction / new construction (estimated completion: 2026-09-30); Two stories; Total building area approximately 2,964 square feet
• Construction: Cement plank construction; Composition roof; Poured concrete foundation; Under construction (new construction)
• Exterior features: Cement-planked exterior; Paved lot

Interior

• Kitchen: Each unit includes a range/oven; Each unit includes a refrigerator; Each unit includes a dishwasher
• Bedrooms: Two 3-bedroom units (each unit has 3 bedrooms)
• Flooring: Vinyl flooring; Carpet flooring
• Bathrooms: Two units each with 3 bathrooms
• Heating & cooling: Forced air heating; Heat pump for heating and cooling
• Interior features: Vinyl and carpet flooring; Forced air heating with heat pump; Heat pump cooling
• Laundry & utility: Each unit includes a washer and dryer

🏗️ New construction. The $819,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $628,368.

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/3.0-bath units multifamily listed at $819k.

Deal economics

• At list price, monthly cash flow is $-953 ($-11k/yr) — negative. Per door: $-477/mo.
• To cash-flow at today's rent, offer at most $490k (40.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $429k (47.6% below list).
• Recommended offer: $429k (47.6% below list) — sets the bar for 1% rule.
• Cap rate 4.5% 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.
• Zoned schools: Julia Butler Hansen Elementary (484 students, 48% FRL); Capital High School (1,326 students, 38% FRL) — zoned schools average 43% FRL vs 25% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.2%/yr); 304 active listings in the ZIP; solid renter incomes; 1,222 units permitted in Thurston County in 2024 (508 in 5+ unit buildings).
• At $4,290/mo this rent would consume 56% of the median local household income ($92k/yr) (locally 1811% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $67k of equity ($4k loan paydown + $63k 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 ~$108k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $429,000 (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. 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
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: 0.68% ✗
• Cap rate: 4.47%
• Cash-on-cash: -6.50%
• DSCR: 0.71
• GRM: 12.2

CMA / ARV

• ARV (on-the-fly): $628,368
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14021404 5th Ave SW	0.74mi	6/5.0	2,824 (-5%)	8mo	$600,000	$212	47

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: 19.7%
• Equity multiple: 2.60×
• Total profit: $282,259
• Equity at exit: $566,084

10-year hold

• IRR: 18.1%
• Equity multiple: 6.00×
• Total profit: $880,501
• Equity at exit: $1,220,781

Cash invested: $175,943 (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: 31.8×

Monthly cashflow live

• Estimated rent: $4,290 high
• Mortgage (P&I): −$3,295
• Tax est. 1.5%: −$785 /mo · $9,426/yr
• Insurance: −$262
• HOA: −$0
• Vacancy / Maint / Mgmt: −$901
• Net cashflow: $-953

Break-even live

Break-even rent $5,497

Max offer price $490,408

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	3	$4,290
Total (2 units)			$4,290

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: $157,092
• Closing costs: $18,851
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-18
   days on market $819,000 Active 6 DOM
2. 2026-06-17
   days on market $819,000 Active 5 DOM
3. 2026-06-16
   days on market $819,000 Active 4 DOM
4. 2026-06-15
   days on market $819,000 Active 3 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $819,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $51,480
• − Mortgage interest: −$35,198
• − Property taxes: −$9,426
• − Insurance: −$3,142
• − Repairs & maintenance: −$4,118
• − Management: −$4,118
• − Depreciation: −$18,280
• Taxable loss: −$22,802
• Est. tax savings @ 24.0%: +$5,473
• After-tax cash flow: $-5,968/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

1 event — show timeline

• 2026-06-12 Listed $819,000 NWMLS as Distributed by MLS Grid