1022 Brawne Ave NW · Olympia, WA 98502

$589,000

3 bd · 2.0 ba · 1,452 sqft · SingleFamily public records · 34 Days on market

Built 1934 7,352 sqft lot $406/sqft · 74% above area Est $627k · 6% 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 +10.2/15.0
• Appreciation +10.0/10.0
• Schools +6.2/10.0
• Livability +4.2/5.0
• Cash flow +3.8/30.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks

Don’t miss this one-of-a-kind Westside charmer! This sunny, south-facing bungalow offers 1,452 SF plus a 400 SF detached den/flex space and an 839 SF basement. Gorgeous Fir floors span the main-level living room, dining room, and office. The refreshed kitchen features an eating bar, new quartz counters, and updated lighting fixtures throughout. Main floor also includes a full bath and laundry/mud room off the kitchen. Upstairs you’ll find 3 generously sized bedrooms w/ abundant ceiling height and windows, plus a Jack & Jill 3/4 bath with new quartz counters. Peek-a-boo bay and mountain views from upper bedroom! Big deck backs to a nature preserve and leads to the detached

Key facts

• New quartz counters
• Full bath
• Refreshed kitchen

Tags

• SOUTH FACING BUNGALOW
• DETACHED DEN FLEX SPACE
• REFRESHED KITCHEN
• NEW QUARTZ COUNTERS
• UPDATED LIGHTING FIXTURES
• FULL BATH

Property features AI

Finance

• Other: Buyer brokerage compensation: 2.5%
• Financial info: Listing terms: Cash or Conventional

Exterior

• Parking: Uncovered parking for 3 vehicles; Driveway
• Security: Fully fenced
• Utilities: Public water; Sewer available; Natural gas energy source; Natural gas water heater in basement; Power by PSE; Cable (Xfinity); Internet (Xfinity)
• Home design: Single family residence; Two-story house with basement; Main level entry; South-facing; Has view
• Construction: Wood construction; Composition roof; Block foundation; Built on lot
• Exterior features: Deck; Patio; Cabana/Gazebo; Fully fenced yard; Garden space; Cable TV available; Gas available

Interior

• Kitchen: Dishwasher; Stove/Range; Refrigerator
• Bedrooms: 3 bedrooms on the upper level
• Flooring: Ceramic tile; Softwood; Vinyl; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers; Main level full bathroom
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Ceiling fan(s); French doors; Water heater in basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $589k.

Deal economics

• At list price, monthly cash flow is $-2k ($-20k/yr) — negative.
• To cash-flow at today's rent, offer at most $289k (51.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $219k (62.7% below list).
• Recommended offer: $219k (62.7% 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-.
• 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: Garfield Elementary School (351 students, 65% FRL); Capital High School (1,326 students, 38% FRL) — zoned schools average 51% FRL vs 25% district-wide (26 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.2%/yr); 304 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 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

• It's been on market 34 days — a 3% lower offer ($571k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y 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 $335k; list at $589k implies a 76% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1934 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $219,452 (62.7% 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 34 days. Have you received any prior offers? Is the seller open to a 63% concession, seller financing, or rate buy-down credit?
3. Built in 1934 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 0.37% ✗
• Cap rate: 2.83%
• Cash-on-cash: -12.37%
• DSCR: 0.45
• GRM: 22.4

CMA / ARV

• ARV (median comp): $627,064
• List price: $589,000
• Delta: -6.07%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1108 Brawne Ave NW	0.02mi	2/2.0 (-1)	1,368 (-6%)	12mo	$440,000	$322	74
1505 Dickinson Ave NW	0.23mi	3/2.0	1,250 (-14%)	1mo	$555,000	$444	65
1818 Madison Ave NW	0.44mi	3/2.0	1,336 (-8%)	9mo	$538,900	$403	58
1805 Garfield Ave NW	0.56mi	3/2.0	1,508 (+4%)	16mo	$495,000	$328	54
1956 Orchard Dr NW	0.74mi	3/1.5	1,451 (-0%)	12mo	$515,000	$355	54
103 Cushing St NW	0.73mi	3/2.0	1,433 (-1%)	16mo	$500,000	$349	51
1917 Giles Ave NW	0.44mi	3/2.5	1,608 (+11%)	12mo	$614,500	$382	49
222 Milroy St NW	0.56mi	3/1.0	1,576 (+8%)	10mo	$475,000	$301	47
1421 Thomas St NW	0.41mi	3/2.0	1,660 (+14%)	14mo	$530,000	$319	46
303 Decatur St NW	0.51mi	2/1.0 (-1)	1,290 (-11%)	8mo	$400,000	$310	42
221 Thomas St N	0.52mi	2/1.0 (-1)	1,288 (-11%)	12mo	$449,000	$349	38
2117 Conger Ave NW	0.55mi	3/1.0	1,296 (-11%)	18mo	$410,000	$316	38

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: 15.6%
• Equity multiple: 2.29×
• Total profit: $212,464
• Equity at exit: $530,618

10-year hold

• IRR: 15.2%
• Equity multiple: 5.31×
• Total profit: $710,864
• Equity at exit: $1,144,297

Cash invested: $164,920 (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: 22.4×

Monthly cashflow live

• Estimated rent: $2,195 high
• Mortgage (P&I): −$3,089
• Tax from tax record: −$100 /mo · $1,202/yr
• Insurance: −$245
• HOA: −$0
• Vacancy / Maint / Mgmt: −$461
• Net cashflow: $-1,701

Break-even live

Break-even rent $4,347

Max offer price $288,569

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: $147,250
• Closing costs: $17,670
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1626 Madison Ave NW Olympia, WA	2.0	2.0	1064	$2,100	$1.97	13d	1	0.35mi
2137 Conger Ave NW Unit C Olympia, WA	3.0	2.0	1248	$1,895	$1.52	43d	1	0.58mi
2137 Conger Ave NW Unit A Olympia, WA	3.0	2.0	1248	$1,995	$1.60	43d	1	0.58mi
125 Decatur St NW Olympia, WA	2.0	1.0	980	$1,900	$1.94	21d	1	0.63mi
121 Decatur St NW Olympia, WA	2.0	1.0	1000	$1,695	$1.70	21d	1	0.64mi
120 Water St NW Unit 412 Olympia, WA	2.0	2.0	875	$3,100	$3.54	43d	1	0.78mi
410 5th Avenue SW Olympia, WA	2.0	1.0	687	$5,150	$7.50	13d	18	0.79mi
600 Black Lake Blvd SW Olympia, WA	1.0–2.0	1.0	851	$1,600	$1.88	13d	23	0.83mi
300 Kenyon St NW Olympia, WA	1.0–2.0	1.0–2.0	878	$1,995	$2.27	13d	6	0.83mi
123 4th Ave W Unit 701 Olympia, WA	2.0	1.0	1022	$2,050	$2.01	13d	1	0.85mi
1829 E End St NW Unit B Olympia, WA	2.0	1.0	1100	$2,100	$1.91	43d	1	0.91mi
2800 Limited Ln NW Olympia, WA	1.0–2.0	1.0–2.0	775	$1,503	$1.94	13d	4	0.97mi
2006 Burbank Ave NW Unit NA Olympia, WA	4.0	3.0	1750	$2,650	$1.51	43d	1	0.97mi
2010 8th Ct SW Olympia, WA	2.0	2.0	1072	$2,295	$2.14	21d	1	0.99mi
510 State Ave NE Olympia, WA	2.0	1.0–2.0	706	$2,100	$2.97	13d	6	1.05mi
1000 Fern St SW Olympia, WA	1.0–2.0	1.0–2.0	892	$2,281	$2.56	13d	8	1.12mi
1009 Columbia St SW Olympia, WA	2.0	1.0	1150	$2,195	$1.91	13d	1	1.14mi
330 E Bay Dr NE Unit 330 Olympia, WA	2.0	2.5	1360	$2,450	$1.80	43d	1	1.14mi
715 Adams St SE Olympia, WA	2.0	1.0	900	$1,575	$1.75	21d	1	1.15mi
2031 Berry St NE Olympia, WA	2.0	3.0	1510	$2,595	$1.72	21d	1	1.22mi
215 10th Ave SE Olympia, WA	2.0	1.0	900	$1,600	$1.78	21d	1	1.23mi
1220 Fern St SW Olympia, WA	2.0	2.0	900	$1,850	$2.06	43d	2	1.26mi
1314 Quince St NE Olympia, WA	2.0	1.0	1079	$2,200	$2.04	43d	1	1.27mi
401 Union Ave SE Olympia, WA	2.0	1.0–2.0	712	$2,250	$3.16	13d	27	1.32mi
1721 Quince St NE #1719 Olympia, WA	3.0	2.5	1315	$2,600	$1.98	43d	1	1.33mi
1309 Fern St SW Olympia, WA	1.0–3.0	1.0–2.0	802	$2,206	$2.75	13d	2	1.38mi
1106 5th Ave SE Unit C Olympia, WA	2.0	1.5	984	$1,800	$1.83	43d	1	1.42mi

Listing history 26 events

1. 2026-06-18
   days on market $589,000 Active 34 DOM
2. 2026-06-17
   days on market $589,000 Active 33 DOM
3. 2026-06-16
   days on market $589,000 Active 32 DOM
4. 2026-06-15
   days on market $589,000 Active 31 DOM
5. 2026-06-14
   days on market $589,000 Active 29 DOM
6. 2026-06-13
   days on market $589,000 Active 28 DOM
7. 2026-06-10
   days on market $589,000 Active 26 DOM
8. 2026-06-09
   days on market $589,000 Active 25 DOM
9. 2026-06-08
   days on market $589,000 Active 24 DOM
10. 2026-06-07
    days on market $589,000 Active 23 DOM
11. 2026-06-05
    days on market $589,000 Active 20 DOM
12. 2026-06-02
    days on market $589,000 Active 18 DOM
13. 2026-06-01
    days on market $589,000 Active 17 DOM
14. 2026-05-31
    days on market $589,000 Active 16 DOM
15. 2026-05-30
    days on market $589,000 Active 15 DOM
16. 2026-05-15
    listed $589,000 Active
17. 2019-07-24
    soldstatus $335,000 Sold
18. 2019-07-24
    soldstatus $335,000
19. 2019-06-18
    status Pending
20. 2019-06-15
    listed $325,000 Active
21. 2005-06-29
    soldstatus $256,000
22. 2005-06-28
    soldstatus $256,000
23. 2005-05-04
    listed $257,000
24. 2003-04-24
    soldstatus $182,000
25. 2003-04-22
    soldstatus $182,000
26. 2003-02-18
    listed $185,000

ⓘ 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: $1,202 · $100/mo
• Projected year-2 tax: $5,772 · $481/mo
• Expected delta: +$4,570/yr (+$381/mo · 380.3%)

ⓘ 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 3/10 Moderate 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: $26,334
• − Mortgage interest: −$32,993
• − Property taxes: −$1,202
• − Insurance: −$2,945
• − Repairs & maintenance: −$2,107
• − Management: −$2,107
• − Depreciation: −$17,135
• Taxable loss: −$32,154
• Est. tax savings @ 24.0%: +$7,717
• After-tax cash flow: $-12,691/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

• Census place: Olympia, WA
• 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

+218.4% since first listed

11 events — show timeline

• 2026-05-15 Listed $589,000 NWMLS as Distributed by MLS Grid
• 2019-07-24 Sold (Public Records) $335,000 Public Records
• 2019-07-24 Sold (MLS) $335,000 NWMLS as Distributed by MLS Grid
• 2019-06-18 Pending — NWMLS as Distributed by MLS Grid
• 2019-06-15 Listed $325,000 NWMLS as Distributed by MLS Grid
• 2005-06-29 Sold (MLS) $256,000 NWMLS as Distributed by MLS Grid
• 2005-06-28 Sold (Public Records) $256,000 Public Records
• 2005-05-04 Listed $257,000 NWMLS as Distributed by MLS Grid
• 2003-04-24 Sold (MLS) $182,000 NWMLS as Distributed by MLS Grid
• 2003-04-22 Sold (Public Records) $182,000 Public Records
• 2003-02-18 Listed $185,000 NWMLS as Distributed by MLS Grid

Property tax history

-4.5%/yr

Latest (2026): $1,202 · -3.6% YoY. Source: county tax records.