7229 Gallagher Cove Rd NW · Olympia, WA 98502

$589,900

2 bd · 2.0 ba · 1,863 sqft · SingleFamily public records · 4 Days on market

Built 1991 5.00 ac lot $317/sqft · 20% below area Est $738k · 20% under

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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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Schools +5.8/10.0
• Livability +4.2/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Cash flow +2.4/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks

Escape to your own private woodland retreat at the end of a quiet road, just 10 minutes from Frye Cove Beach and 15 minutes to West Side Olympia! Set on 5 peaceful acres, this custom cedar-sided home offers soaring vaulted ceilings, panoramic windows, and abundant year-round natural light throughout. The expansive great room features a cozy wood-burning stove, while the updated kitchen includes new appliances, flooring, picture window, and vent hood, with room to add an island or breakfast nook. Timber details, exposed beams, mortise-and-tenon construction, and a handcrafted wood staircase showcase exceptional craftsmanship throughout. Enjoy fruit trees, private wooded trails, and relaxing

Key facts

• Bright loft
• Expansive great room
• Updated kitchen

Tags

• CUSTOM CEDAR-SIDED HOME
• EXPANSIVE GREAT ROOM
• UPDATED KITCHEN
• HANDCRAFTED WOOD STAIRCASE
• CHARMING CLAWFOOT TUB
• BRIGHT LOFT

Property features AI

Finance

• Other: Lot approximately 5 acres
• Financial info: Listing accepts Cash and Conventional financing

Exterior

• Parking: Driveway; Off-street parking
• Utilities: Individual well (water); Septic tank (sewer); Electric and propane energy sources; PSE power provider
• Home design: Single family residence; Two-story house; Built on lot; Main entry; Boston Harbor Waterfront community
• Construction: Wood construction; Composition roof; Poured concrete and slab foundation; Built on lot
• Exterior features: Wood exterior; Deck; Outbuildings; Propane on site; Fruit trees; Garden space; Wooded setting; Paved access; Secluded site; Partial slope topography; Has view

Interior

• Kitchen: Dishwasher; Stove/Range
• Bedrooms: 2 bedrooms (1 on main level, 1 on upper level)
• Flooring: Hardwood; Laminate; Vinyl
• Bathrooms: 1 full bath; 1 three-quarter bath (main level)
• Heating & cooling: Forced air heating; Free‑standing stove; No central cooling
• Interior features: Ceiling fan(s); Dining room; Fireplace (wood-burning); Vaulted ceiling(s); Water heater in closet
• Laundry & utility: Water heater (electric) in closet

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $590k.

Deal economics

• At list price, monthly cash flow is $-2k ($-25k/yr) — negative.
• To cash-flow at today's rent, offer at most $223k (62.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $201k (66.0% below list).
• Recommended offer: $201k (66.0% below list) — sets the bar for 1% rule.

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-.
• Griffin School District (suburban): math 59% / reading 68% proficiency, ranked #28 of 291 in WA (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Griffin School (577 students, 23% FRL).
• Market conditions: Rents rising (+3.2%/yr); 306 active listings in the ZIP; solid renter incomes; 1,222 units permitted in Thurston County in 2024 (508 in 5+ unit buildings).

Forward outlook

• In year one you build about $63k of equity ($4k loan paydown + $59k 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 ~$101k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y 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 $200,592 (66.0% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.34% ✗
• Cap rate: 2.07%
• Cash-on-cash: -15.09%
• DSCR: 0.33
• GRM: 24.5

CMA / ARV

• ARV (median comp): $737,768
• List price: $589,900
• Delta: -20.04%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
7219 Gallagher Cove Rd NW	0.07mi	3/2.0 (+1)	1,704 (-8%)	2mo	$620,000	$364	76
7626 78th Loop NW	0.52mi	3/2.5 (+1)	1,952 (+5%)	2mo	$650,000	$333	59
7332 Stibgen Rd NW	0.75mi	3/2.0 (+1)	1,920 (+3%)	17mo	$640,000	$333	41
7230 Stibgen Rd NW	0.68mi	3/2.0 (+1)	1,590 (-15%)	22mo	$570,000	$358	20

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: 13.8%
• Equity multiple: 2.14×
• Total profit: $189,105
• Equity at exit: $531,429

10-year hold

• IRR: 13.9%
• Equity multiple: 5.00×
• Total profit: $661,113
• Equity at exit: $1,146,046

Cash invested: $165,172 (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: 306
• Price-to-rent: 24.5×

Monthly cashflow live

• Estimated rent: $2,006 medium
• Mortgage (P&I): −$3,093
• Tax from tax record: −$322 /mo · $3,865/yr
• Insurance: −$246
• HOA: −$0
• Vacancy / Maint / Mgmt: −$421
• Net cashflow: $-2,077

Break-even live

Break-even rent $4,635

Max offer price $223,036

Occupancy floor —

Sensitivity live

Price	-10% $-1,743	-5% $-1,910	+0% $-2,077	+5% $-2,244	+10% $-2,411
Rent	-10% $-2,235	-5% $-2,156	+0% $-2,077	+5% $-1,997	+10% $-1,918
Rate	-1.0pp $-1,780	-0.5pp $-1,927	base $-2,077	+0.5pp $-2,230	+1.0pp $-2,385

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: $147,475
• Closing costs: $17,697
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-15
   listed $589,900 Active
2. 2022-01-18
   soldstatus $521,000 Closed
3. 2021-12-15
   status Pending
4. 2021-12-09
   listed $450,000 Active
5. 1998-02-10
   soldstatus $135,000

ⓘ 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: $3,865 · $322/mo
• Projected year-2 tax: $5,781 · $482/mo
• Expected delta: +$1,916/yr (+$160/mo · 49.6%)

ⓘ 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 3/10 Moderate
• 🌡 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 7 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,071
• − Mortgage interest: −$33,044
• − Property taxes: −$3,865
• − Insurance: −$2,950
• − Repairs & maintenance: −$1,926
• − Management: −$1,926
• − Depreciation: −$17,161
• Taxable loss: −$36,800
• Est. tax savings @ 24.0%: +$8,832
• After-tax cash flow: $-16,089/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: Griffin School District
• NCES district ID: 5303330
• Math proficiency: 59% ▼ -2.00%
• Reading proficiency: 68% ▼ -4.00%
• Median HH income: $80,706
• Composite: 58.36/100
• National rank: #2079
• State rank: #28 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

+337.0% since first listed

6 events — show timeline

• 2026-05-19 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-15 Listed $589,900 NWMLS as Distributed by MLS Grid
• 2022-01-18 Sold (MLS) $521,000 NWMLS as Distributed by MLS Grid
• 2021-12-15 Pending — NWMLS as Distributed by MLS Grid
• 2021-12-09 Listed $450,000 NWMLS as Distributed by MLS Grid
• 1998-02-10 Sold (Public Records) $135,000 Public Records

Property tax history

+1.5%/yr

Latest (2026): $3,865 · +8.6% YoY. Source: county tax records.