643 Ocean Shores Blvd NW #102 · Ocean Shores, WA 98569

$49,000

2 bd · 1.5 ba · 980 sqft · Condo · 52 Days on market

Built 1966 $50/sqft · 77% below area ↓ 51% since listing

---

Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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
• Appreciation +0.0/10.0

Listing remarks

GROUND FLOOR, CORNER OCEAN Front HOTEL Condo! Located on the 1st-floor #102 in the Canterbury Inn in downtown Ocean Shores ~ Southwest Corner unit allows for lots of natural light and views of the Dunes located behind the property. Larger corner unit with 2 BD, 1.5 BA, and 980 sq. ft. Relax in this light and bright Condo, which is beautifully and comfortably updated and Fully-Furnished. Open Floor Plan with Laminate flooring through-out (tile in the bathrooms). Comfortable Living Room with a Propane Fireplace, hide-a-bed, and a slider to the Private Patio. Fully-equipped Kitchen with Eating Bar, all appliances, dishes, etc. The Main Bedroom features 2 Queen beds, and the 2nd Bedroom feature

Key facts

• Views of the dunes
• Heated indoor pool
• Natural light

Tags

• CORNER UNIT
• NATURAL LIGHT
• VIEWS OF THE DUNES
• PRIVATE PATIO
• FULLY EQUIPPED KITCHEN
• HEATED INDOOR POOL

Property features AI

Finance

• Other: Building name: Canterbury Inn
• Financial info: Listing terms: Cash
• HOA & community: Canterbury Inn Condo Association; Association covers cable TV, common area maintenance, concierge, internet, lawn service, sewer, trash and water; Community amenities include elevator, exercise room, game/rec room, hot tub, laundry room, lobby entrance, and indoor pool; Pets allowed (dogs OK, see remarks); 45 units in the community

Exterior

• Parking: Off-street uncovered parking
• Utilities: Electric and propane energy sources; City of Ocean Shores water; City of Ocean Shores sewer; GH PUD power; Coast Communications cable and internet; Electric water heater
• Home design: Attached condominium; One-level floor plan; Unit faces west; Entry on main level; Remodeled/updated; Has unit view
• Construction: Built in 1966 (effective year); Cement and wood construction; Composition roof; Multi-family structure; 3-story building; unit on floor 1
• Exterior features: Cement/concrete and wood exterior; Adjacent to public land; Paved access; On waterfront; Balcony/Deck/Patio (unit feature); End unit, ground floor

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range; Cooking is electric
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Ceramic tile; Laminate
• Bathrooms: 1 full bathroom; 1 half bathroom; Main level has both the full and half bath; 1 bathtub; 1 shower
• Heating & cooling: Baseboard heating; Wall furnace; No central air
• Interior features: Fireplace; Cooking - electric; Water heater; Drapes/blinds
• Laundry & utility: Water heater located in unit closet

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $49k.

Deal economics

• At list price, monthly cash flow is $697 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $49k).
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.4% 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; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 297 units permitted in Grays Harbor County in 2024 (17 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $339 of loan paydown is wiped out by about $1k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y 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 $47,530 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1966 — 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. 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.
6. 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.
7. 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: 2.68% ✓
• Cap rate: 23.36%
• Cash-on-cash: 60.96%
• DSCR: 3.71
• GRM: 3.1

CMA / ARV

• ARV (median comp): $209,975
• List price: $49,000
• Delta: -76.66%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 59.8%
• Equity multiple: 3.66×
• Total profit: $36,471
• Equity at exit: $7,306

10-year hold

• IRR: 64.5%
• Equity multiple: 7.49×
• Total profit: $88,999
• Equity at exit: $4,237

Cash invested: $13,720 (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: 3.1×

Monthly cashflow live

• Estimated rent: $1,311 medium
• Mortgage (P&I): −$257
• Tax est. 1.5%: −$61 /mo · $735/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$275
• Net cashflow: $697

Break-even live

Break-even rent $429

Max offer price $49,000

Occupancy floor 42%

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: $12,250
• Closing costs: $1,470
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
672 Ocean Shores Blvd NW Ocean Shores, WA	1.0	1.0	700	$1,150	$1.64	44d	1	0.17mi
165 Barnacle St Unit 503 Ocean Shores, WA	1.0	1.0	725	$950	$1.31	44d	1	0.54mi
569 Sunset Ave NE Unit A Ocean Shores, WA	2.0	1.5	1001	$1,500	$1.50	44d	1	0.64mi

HOA detail condo

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

Listing history 20 events

1. 2026-06-19
   days on market $49,000 Active 52 DOM
2. 2026-06-18
   days on market $49,000 Active 51 DOM
3. 2026-06-17
   days on market $49,000 Active 50 DOM
4. 2026-06-16
   days on market $49,000 Active 49 DOM
5. 2026-06-15
   days on market $49,000 Active 48 DOM
6. 2026-06-14
   days on market $49,000 Active 46 DOM
7. 2026-06-12
   days on market $49,000 Active 45 DOM
8. 2026-06-09
   days on market $49,000 Active 42 DOM
9. 2026-06-08
   days on market $49,000 Active 41 DOM
10. 2026-06-07
    days on market $49,000 Active 40 DOM
11. 2026-06-05
    days on market $49,000 Active 37 DOM
12. 2026-06-03
    days on market $49,000 Active 36 DOM
13. 2026-06-02
    days on market $49,000 Active 35 DOM
14. 2026-06-01
    days on market $49,000 Active 34 DOM
15. 2026-05-31
    days on market $49,000 Active 33 DOM
16. 2026-05-30
    days on market $49,000 Active 32 DOM
17. 2026-04-28
    listed $49,000 Active
18. 2018-02-27
    soldstatus $90,000 Sold
19. 2018-01-30
    status Pending
20. 2016-09-08
    listed $99,900 Active

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

Taxation est. · year 1

• Rental income: $15,731
• − Mortgage interest: −$2,745
• − Property taxes: −$735
• − Insurance: −$245
• − Repairs & maintenance: −$1,258
• − Management: −$1,258
• − Depreciation: −$1,425
• Taxable income: $8,064
• Est. tax owed @ 24.0%: −$1,935
• After-tax cash flow: $6,429/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

-51.0% since first listed

4 events — show timeline

• 2026-04-28 Listed $49,000 NWMLS as Distributed by MLS Grid
• 2018-02-27 Sold (MLS) $90,000 NWMLS as Distributed by MLS Grid
• 2018-01-30 Pending — NWMLS as Distributed by MLS Grid
• 2016-09-08 Listed $99,900 NWMLS as Distributed by MLS Grid