6105 Elizan Dr NW

Olympia, WA 98502

$495,000D

1 bd · 2.0 ba · 1,022 sqft · Built 1974 · Other · Active · 47 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,747/mo
• Mortgage (P&I): −$2,596
• Tax + insurance: −$599
• HOA: −$0
• Vac / Maint / Mgmt: −$367
• Net cashflow: $-1,815/mo
• Annual: $-21,775/yr
• Cap rate: 1.89%
• Cash-on-cash: -15.71%
• DSCR: 0.30
• 1% rule: 0.35%
• Cash to close: $138,600

Investor read

• This is a 1-bed/2.0-bath other listed at $495k.
• At list price, monthly cash flow is $-2k ($-22k/yr) — negative.
• To cash-flow at today's rent, offer at most $174k (64.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $175k (64.7% below list).
• It's been on market 47 days — a 3% lower offer ($480k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $174k (64.8% below list) — sets the bar for cash-flow.
• In year one you build about $53k of equity ($3k loan paydown + $50k appreciation (10.0% local appreciation)).
• 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).
• Thurston County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 15y ago; this cycle's ask has dropped $55k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; list at $495k implies a 254% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$85k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 1.9% vs local median 2.4% in Olympia — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• 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?
• It's been on market 47 days. Have you received any prior offers? Is the seller open to a 65% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?
• 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.