4424 NW Ridgewood Ct Unit A & B · Olympia, WA 98502

$485,000

4 bd · 2.0 ba · 1,860 sqft · Condo · 21 Days on market

Built 1976

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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
• ARV discount +7.5/15.0
• Schools +6.2/10.0
• Cash flow +5.4/30.0
• Livability +4.2/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• 1% rule +1.0/10.0
• DSCR +0.0/10.0

Listing remarks

Excellent rent-ready duplex in highly desirable West Side, Cooper Point location. Ideal for investors or buyers looking to live comfortably in while offsetting their mortgage. Each unit is 1,170 SF (including 1-car garage) with 2 bedrooms and 1 bathroom, guest parking on a quiet cul-de-sac. This cozy home features a large galley kitchen, dining room, spacious living room and a one-car garage with a laundry room and washer and dryer hookups. Double pane windows keep the elements at bay while the beautiful natural surroundings create a tranquil atmosphere. Both units are occupied. The first unit (#A) is month-to-month and rented at $1600/month. The second unit (#B) is occupied and rented at $

Key facts

• Guest parking
• Large galley kitchen
• Rent ready duplex

Tags

• RENT READY DUPLEX
• LARGE GALLEY KITCHEN
• SPACIOUS LIVING ROOM
• DOUBLE PANE WINDOWS
• GUEST PARKING
• QUIET CUL DE SAC

Property features AI

Finance

• Other: Property marketed as residential income / multi-family; Two units in building, none below grade
• Financial info: Total monthly income reported: $3,050; Gross scheduled income: $36,600; Gross adjusted income: $36,600; Net operating income: $31,137; Total expenses: $5,462; Gross rent multiplier: 13.25; Unit A actual rent: $1,600; Unit B actual rent: $1,450; Listing terms: Cash, Conventional, VA Loan

Exterior

• Parking: 2-car garage (2 garage spaces); 2 uncovered parking spaces
• Utilities: Electric service; Public water (Thurston PUD); Septic sewer; Power provided by Puget Sound Energy
• Home design: Duplex (residential income, multi-family); One story; Built (effective) in 1991; Average condition
• Construction: Standard frame construction; Wood construction materials; Composition roof; Poured concrete foundation
• Exterior features: Wood exterior; Wood products; Located on a cul-de-sac

Interior

• Kitchen: Each unit includes range/oven, refrigerator, and dishwasher
• Bedrooms: Each unit has 2 bedrooms (units A and B); 4 bedrooms possible total
• Flooring: Laminate; Carpet
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Baseboard heating; No cooling
• Interior features: Laminate and carpet flooring; High-speed internet available
• Laundry & utility: No in-unit washer/dryer (both units listed without washer/dryer)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath condo listed at $485k.

Deal economics

• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $331k (31.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $289k (40.3% below list).
• Recommended offer: $289k (40.3% below list) — sets the bar for 1% rule.
• Cap rate 3.7% 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: Leland P Brown Elementary (316 students, 63% FRL); Capital High School (1,326 students, 38% FRL) — zoned schools average 51% FRL vs 25% district-wide (25 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).
• 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 $52k of equity ($3k loan paydown + $48k 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 ~$83k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($478k) is reasonable based on typical stale-listing flexibility.

Recommended offer $289,332 (40.3% 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. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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: 0.60% ✗
• Cap rate: 3.66%
• Cash-on-cash: -9.42%
• DSCR: 0.58
• GRM: 14.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.16% rent growth · sell at horizon

5-year hold

• IRR: 17.7%
• Equity multiple: 2.45×
• Total profit: $196,760
• Equity at exit: $436,926

10-year hold

• IRR: 16.7%
• Equity multiple: 5.67×
• Total profit: $633,856
• Equity at exit: $942,248

Cash invested: $135,800 (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: 304
• Price-to-rent: 14.0×

Monthly cashflow live

• Estimated rent: $2,893 medium
• Mortgage (P&I): −$2,543
• Tax est. 1.5%: −$606 /mo · $7,275/yr
• Insurance: −$202
• HOA: −$0
• Vacancy / Maint / Mgmt: −$608
• Net cashflow: $-1,066

Break-even live

Break-even rent $4,243

Max offer price $330,748

Occupancy floor —

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: $121,250
• Closing costs: $14,550
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-18
   days on market $485,000 Active 21 DOM
2. 2026-06-17
   days on market $485,000 Active 20 DOM
3. 2026-06-16
   days on market $485,000 Active 19 DOM
4. 2026-06-15
   days on market $485,000 Active 18 DOM
5. 2026-06-14
   days on market $485,000 Active 16 DOM
6. 2026-06-13
   days on market $485,000 Active 15 DOM
7. 2026-06-10
   days on market $485,000 Active 13 DOM
8. 2026-06-09
   days on market $485,000 Active 12 DOM
9. 2026-06-08
   days on market $485,000 Active 11 DOM
10. 2026-06-07
    days on market $485,000 Active 10 DOM
11. 2026-06-05
    days on market $485,000 Active 7 DOM
12. 2026-06-02
    days on market $485,000 Active 5 DOM
13. 2026-06-01
    days on market $485,000 Active 4 DOM
14. 2026-05-31
    days on market $485,000 Active 3 DOM
15. 2026-05-30
    days on market $485,000 Active 2 DOM
16. 2026-05-28
    listed $485,000 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥89°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: $34,720
• − Mortgage interest: −$27,168
• − Property taxes: −$7,275
• − Insurance: −$2,425
• − Repairs & maintenance: −$2,778
• − Management: −$2,778
• − Depreciation: −$14,109
• Taxable loss: −$21,812
• Est. tax savings @ 24.0%: +$5,235
• After-tax cash flow: $-7,557/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

• 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

• 2026-05-28 Listed $485,000 NWMLS as Distributed by MLS Grid