331 Palmer St SW · Ocean Shores, WA 98569

$327,900

3 bd · 2.0 ba · 1,680 sqft · SingleFamily public records · 97 Days on market

Built 2021 10,019 sqft lot $195/sqft · 50% below area

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Why this score? — see what drove the F 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 +7.8/30.0
• ARV discount +7.5/15.0
• Schools +3.4/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.9/10.0
• 1% rule +1.4/10.0
• Appreciation +0.0/10.0

Listing remarks

What a treasure, located on a secluded street close to the beach and waterways! This spacious home is perfect if you're looking for privacy. Located on a quiet street close to beaches & recreation. The great room is ideal for entertaining and separates the primary en-suite from the guest/ bedrooms for privacy. The kitchen is a chef's delight with plenty of counter workspace lots of cabinets and a large pantry. All bedrooms have walk-in closets! The back yard has room for a garden or play area/ and would be a great place for pets, and a very large storage shed for yard tools & toys! Theres a circular driveway and easy-care landscaping. Assumable Mtg @ 3.25 % / with satisfactory

Key facts

• Back yard
• Secluded street
• Walk-in closets

Tags

• SECLUDED STREET
• CLOSE TO BEACH
• GREAT ROOM
• CHEF'S DELIGHT KITCHEN
• WALK-IN CLOSETS
• BACK YARD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $328k.

Deal economics

• At list price, monthly cash flow is $-360 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $264k (19.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $210k (35.8% below list).
• Recommended offer: $210k (35.8% below list) — sets the bar for 1% rule.
• Cap rate 5.0% vs local median 3.1% in Ocean Shores — 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 62/100 on livability (#424 in WA) — a middle-class / working-renter tenant base. Strengths: housing A; Watch: schools C-, crime C-, health & safety C-.
• North Beach School District (rural): math 32% / reading 44% proficiency, ranked #236 of 291 in WA (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 653 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 43% of the median local income ($58k/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 $2k of loan paydown is wiped out by about $10k 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 97 days — a 9% lower offer ($298k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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.
• Current owner paid $40k; list at $328k implies a 720% gain — meaningful room to come down on a strong offer.

Recommended offer $210,434 (35.8% 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. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.64% ✗
• Cap rate: 4.98%
• Cash-on-cash: -4.70%
• DSCR: 0.79
• GRM: 13.0

CMA / ARV

• ARV (median comp): $661,532
• List price: $327,900
• Delta: -50.43%
• 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
449 Laurel Ct SW	0.22mi	3/2.5	1,719 (+2%)	7mo	$815,202	$474	78
1003 Greenview Ave	0.46mi	3/2.0	1,716 (+2%)	1mo	$390,000	$227	74
998 Cascade Ave SW	0.10mi	3/2.5	1,475 (-12%)	7mo	$465,000	$315	67
969 Cascade Ave SW	0.15mi	3/2.0	1,478 (-12%)	8mo	$439,900	$298	66
441 Laurel Ct SW	0.21mi	3/2.5	1,453 (-14%)	7mo	$775,581	$534	60
1071 Ocean Shores Blvd SW	0.73mi	3/2.0	1,580 (-6%)	2mo	$420,000	$266	55
184 S Razor Clam Dr SW	0.57mi	3/2.0	1,552 (-8%)	8mo	$475,000	$306	54
634 Island Cir SE	0.72mi	3/2.0	1,495 (-11%)	0mo	$410,000	$274	48
907 Tall Ships Ct SW	0.58mi	2/2.0 (-1)	1,428 (-15%)	1mo	$439,000	$307	42
646 Island Cir SE	0.70mi	2/3.0 (-1)	1,514 (-10%)	0mo	$589,000	$389	42
1080 Greenview Ct SW	0.71mi	3/2.0	1,456 (-13%)	4mo	$299,900	$206	41
311 Otsego St SW	0.62mi	2/2.0 (-1)	1,464 (-13%)	5mo	$410,000	$280	40

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: -24.3%
• Equity multiple: 0.17×
• Total profit: $-76,156
• Equity at exit: $48,891

10-year hold

• IRR: -19.9%
• Equity multiple: -0.05×
• Total profit: $-96,288
• Equity at exit: $28,351

Cash invested: $91,812 (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 98569

• Home prices YoY: -3.4%
• Active inventory: 653
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $2,104 medium
• Mortgage (P&I): −$1,720
• Tax from tax record: −$166 /mo · $1,990/yr
• Insurance: −$137
• HOA: −$0
• Vacancy / Maint / Mgmt: −$442
• Net cashflow: $-360

Break-even live

Break-even rent $2,560

Max offer price $264,373

Occupancy floor —

Sensitivity live

Price	-10% $-174	-5% $-267	+0% $-360	+5% $-452	+10% $-545
Rent	-10% $-526	-5% $-443	+0% $-360	+5% $-276	+10% $-193
Rate	-1.0pp $-194	-0.5pp $-276	base $-360	+0.5pp $-445	+1.0pp $-531

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: $81,975
• Closing costs: $9,837
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
677 Lake Island Ave SE Ocean Shores, WA	3.0	2.0	1352	$2,600	$1.92	44d	1	1.25mi

Listing history 7 events

1. 2026-02-12
   price $327,900
2. 2026-02-12
   listed $325,000 Active
3. 2021-04-16
   soldstatus $40,000 Sold
4. 2020-11-05
   status Pending
5. 2020-10-30
   listed $40,000 Active
6. 2004-09-30
   soldstatus $13,500
7. 1997-01-28
   soldstatus $9,000

ⓘ 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: $1,990 · $166/mo
• Projected year-2 tax: $3,213 · $268/mo
• Expected delta: +$1,223/yr (+$102/mo · 61.4%)

ⓘ 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 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥72°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,252
• − Mortgage interest: −$18,367
• − Property taxes: −$1,990
• − Insurance: −$1,640
• − Repairs & maintenance: −$2,020
• − Management: −$2,020
• − Depreciation: −$9,539
• Taxable loss: −$10,325
• Est. tax savings @ 24.0%: +$2,478
• After-tax cash flow: $-1,837/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: North Beach School District
• NCES district ID: 5305700
• Math proficiency: 32% ▼ -4.00%
• Reading proficiency: 44% ▬ 0.00%
• Median HH income: $40,966
• Composite: 34.46/100
• National rank: #10153
• State rank: #236 of 291 in WA

Livability — Ocean Shores

• Score: 62/100
• State rank: #424
• US rank: #16852

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ocean Shores, WA
• County: Grays Harbor County · 44,693 people
• City population: 7,187
• Metro: Aberdeen, WA
• Population (ZIP): 7,489
• Household income: $58,378
• Rent vs Own: 17.0% rent · 83.0% own
• Severe rent burden: 172.0

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 (86%)
• Race & ethnicity: White 86% Two or more races 5% Hispanic / Latino 4% Asian 3% Native American 3%
• Common ancestry: Portuguese 8% Iranian 5% Lithuanian 4%
• Foreign-born: 5% · Canada
• Languages at home: 92% English-only · Spanish 3% Tagalog/Filipino 2% German/W. Germanic 2%

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: ▼ -13.33%
• Current HPI: 380.05
• 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

+3543.3% since first listed

7 events — show timeline

• 2026-02-12 Price Changed $327,900 NWMLS as Distributed by MLS Grid
• 2026-02-12 Listed $325,000 NWMLS as Distributed by MLS Grid
• 2021-04-16 Sold (MLS) $40,000 NWMLS as Distributed by MLS Grid
• 2020-11-05 Pending — NWMLS as Distributed by MLS Grid
• 2020-10-30 Listed $40,000 NWMLS as Distributed by MLS Grid
• 2004-09-30 Sold (Public Records) $13,500 Public Records
• 1997-01-28 Sold (Public Records) $9,000 Public Records

Property tax history

+39.4%/yr

Latest (2026): $1,990 · -0.6% YoY. Source: county tax records.