237 Emerson Ave · Hoquiam, WA 98550

$125,000

2 bd · 1.0 ba · 1,124 sqft · SingleFamily public records · 85 Days on market

Built 1940 5,227 sqft lot $111/sqft · 50% below area Est $250k · 50% under

---

Why this score? — see what drove the B+ 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 +30.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• Livability +3.8/5.0
• Schools +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Bring your vision or your investor! Quaint vintage home located just outside of downtown Hoquiam, full of potential and ready for its next chapter. This property offers a great opportunity to restore, update, or reimagine the space to fit your needs. Conveniently located just minutes from local schools, the skate park, airport, and Old Cannery Park, with easy access to everyday amenities. Whether you're looking for your next project or a place to add your personal touch, this home is ready for new possibilities.

Key facts

• 5,227 sq ft lot
• Garage
• Built 1940

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $89 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $118k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.2% vs local median 3.6% in Hoquiam — 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 75/100 on livability (#171 in WA, #4,268 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: health & safety C-, employment D, amenities F.
• Hoquiam School District (town): math 30% / reading 41% proficiency, ranked #250 of 291 in WA (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Emerson Elementary (269 students, 82% FRL); Hoquiam Middle School (370 students, 74% FRL); Hoquiam High School (450 students, 66% FRL) — zoned schools average 74% FRL vs 58% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 155 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 297 units permitted in Grays Harbor County in 2024 (17 in 5+ unit buildings).
• This rent runs 37% of the median local income ($55k/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 $864 of loan paydown is wiped out by about $4k 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 85 days — a 6% lower offer ($118k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $117,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.36% ✓
• Cap rate: 11.24%
• Cash-on-cash: 17.69%
• DSCR: 1.79
• GRM: 6.1

CMA / ARV

• ARV (median comp): $249,543
• List price: $125,000
• Delta: -49.91%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
816 Spruce St	0.12mi	2/1.0	1,199 (+7%)	1mo	$274,000	$229	82
432 Eklund Ave	0.26mi	2/1.0	1,088 (-3%)	2mo	$190,000	$175	81
401 Emerson Ave	0.19mi	3/1.0 (+1)	1,196 (+6%)	3mo	$249,885	$209	73
210 W Emerson Ave	0.32mi	3/1.0 (+1)	1,119 (-0%)	8mo	$214,000	$191	73
231 Karr Ave	0.06mi	3/1.0 (+1)	1,046 (-7%)	12mo	$265,000	$253	71
324 Wheeler Ave	0.24mi	2/1.0	1,176 (+5%)	15mo	$235,000	$200	69
402 L St	0.39mi	2/1.0	1,052 (-6%)	5mo	$255,000	$242	67
342 Wheeler Ave	0.26mi	3/1.0 (+1)	996 (-11%)	2mo	$105,000	$105	62
245 Eklund Ave	0.13mi	3/1.0 (+1)	1,288 (+15%)	3mo	$246,000	$191	62
213 Garfield St	0.37mi	2/1.0	1,226 (+9%)	11mo	$115,500	$94	58
408 Karr Ave	0.20mi	3/1.0 (+1)	1,284 (+14%)	5mo	$211,500	$165	58
311 N St	0.34mi	2/1.0	1,269 (+13%)	10mo	$220,500	$174	54

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -11.2%
• Equity multiple: 0.59×
• Total profit: $-14,306
• Equity at exit: $18,638

10-year hold

• IRR: -1.7%
• Equity multiple: 0.88×
• Total profit: $-4,069
• Equity at exit: $10,808

Cash invested: $35,000 (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 98550

• Active inventory: 155
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,694 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$115 /mo · $1,380/yr
• Insurance: −$52
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$356
• Net cashflow: $89

Break-even live

Break-even rent $1,581

Max offer price $125,000

Occupancy floor 90%

Sensitivity live

Price	-10% $160	-5% $125	+0% $89	+5% $54	+10% $19
Rent	-10% $-45	-5% $22	+0% $89	+5% $156	+10% $223
Rate	-1.0pp $152	-0.5pp $121	base $89	+0.5pp $57	+1.0pp $24

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
335 Endresen Rd Hoquiam, WA	3.0	1.0	914	$2,300	$2.52	46d	1	0.81mi

Listing history 16 events

1. 2026-06-21
   status $125,000 Pending 85 DOM
2. 2026-06-16
   days on market $125,000 Active 85 DOM
3. 2026-06-15
   days on market $125,000 Active 84 DOM
4. 2026-06-14
   days on market $125,000 Active 82 DOM
5. 2026-06-12
   days on market $125,000 Active 81 DOM
6. 2026-06-09
   days on market $125,000 Active 78 DOM
7. 2026-06-09
   price $125,000 Active 77 DOM
8. 2026-06-08
   days on market $159,000 Active 77 DOM
9. 2026-06-07
   days on market $159,000 Active 76 DOM
10. 2026-06-05
    days on market $159,000 Active 73 DOM
11. 2026-06-03
    days on market $159,000 Active 72 DOM
12. 2026-06-02
    days on market $159,000 Active 71 DOM
13. 2026-06-01
    days on market $159,000 Active 70 DOM
14. 2026-05-31
    days on market $159,000 Active 69 DOM
15. 2026-05-30
    days on market $159,000 Active 68 DOM
16. 2026-03-23
    listed $159,000 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: $1,380 · $115/mo
• Projected year-2 tax: $1,380 · $115/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 6/10 Major FEMA zone AE · 68% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 8 d/yr ≥75°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,330
• − Mortgage interest: −$7,002
• − Property taxes: −$1,380
• − Insurance: −$5,744
• − Repairs & maintenance: −$1,626
• − Management: −$1,626
• − Depreciation: −$3,636
• Taxable loss: −$684
• Est. tax savings @ 24.0%: +$164
• After-tax cash flow: $1,236/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: Hoquiam School District
• NCES district ID: 5303660
• Math proficiency: 30% ▬ 0.00%
• Reading proficiency: 41% ▲ 1.00%
• Median HH income: $39,039
• Composite: 32.31/100
• National rank: #10914
• State rank: #250 of 291 in WA

Livability — Hoquiam

• Score: 75/100
• State rank: #171
• US rank: #4268

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hoquiam, WA
• County: Grays Harbor County · 44,693 people
• City population: 12,316
• Metro: Aberdeen, WA
• Population (ZIP): 12,316
• Household income: $55,040
• Rent vs Own: 33.3% rent · 66.7% own
• Severe rent burden: 438.0

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 (82%)
• Race & ethnicity: White 82% Hispanic / Latino 6% Two or more races 6% Native American 4% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 6% Romanian 4% Slovak 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 94% English-only · Spanish 4% Chinese 1% Russian/Polish/Slavic 1%

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: ▼ -136.94%
• Current HPI: 249.3102
• 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

1 event — show timeline

• 2026-03-23 Listed $159,000 NWMLS as Distributed by MLS Grid

Property tax history

+4.5%/yr

Latest (2026): $1,380 · +3.3% YoY. Source: county tax records.