176 Maple St · Camano, WA 98282

$412,000

3 bd · 1.0 ba · 1,008 sqft · SingleFamily public records · 56 Days on market

Built 1931 8,000 sqft lot $409/sqft · 18% below area Est $505k · 18% 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
• Cash flow +7.9/30.0
• Schools +5.8/10.0
• Appreciation +3.5/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.0/10.0
• 1% rule +1.7/10.0

Listing remarks

Tucked into the heart of the Madrona Beach community, “Lucy” is a charming 1931 cottage rich with history and coastal character. Lucy has long been a place of comfort, creativity, and connection to nature. Set on a generous sized lot, the property offers rare flexibility to create the perfect setting for gardening, relaxing, or future possibilities. Just a short stroll to beach access, daily life here is shaped by shoreline walks and stunning sunsets. Inside, the cozy living room centers around a fireplace, creating a warm and inviting atmosphere year round. Natural light fills the home, highlighting its vintage charm. The two bedroom, one bath plus den layout is thoughtfully si

Key facts

• Two spacious lots
• Cozy living room
• Sunny deck

Tags

• TWO SPACIOUS LOTS
• BEACH ACCESS
• COZY LIVING ROOM
• FIREPLACE
• NATURAL LIGHT
• SUNNY DECK

Property features AI

Finance

• Other: Living area approximately 1,008; Lot about 0.1837 acre; Site is level; Beach rights / community waterfront access
• Financial info: Accepts Cash, Conventional, FHA, and VA financing

Exterior

• Parking: No garage; RV parking available; Paved access
• Security: Partially fenced
• Utilities: Community water; Septic sewer; Electric and propane energy sources; Electric water heater; Power provided by Snohomish County PUD
• Home design: Single family residence; One story; Entry on main level; Has view
• Construction: Wood construction; Composition roof; Built on lot; Pillar/post/pier foundation
• Exterior features: Deck; Partially fenced; Outbuildings; Patio; RV parking; Wood exterior

Interior

• Kitchen: Kitchen with eating space; Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms (both on the main level); Den/office on the main level
• Flooring: Engineered hardwood
• Bathrooms: 1 full bathroom (main level) with a bathtub and shower
• Heating & cooling: Stove/free-standing heating; Wall furnace; Wall cooling unit(s)
• Interior features: Fireplace; Water heater
• Laundry & utility: Washer; Dryer; Utility room (main level)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $412k.

Deal economics

• At list price, monthly cash flow is $-440 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $334k (18.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $274k (33.4% below list).
• Recommended offer: $274k (33.4% below list) — sets the bar for 1% rule.
• Cap rate 5.0% vs local median 1.8% in Camano — 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 67/100 on livability (#293 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: health & safety C-, amenities F, commute F.
• Stanwood-Camano School District (town): math 57% / reading 72% proficiency, ranked #32 of 291 in WA (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Elger Bay Elementary (355 students, 38% FRL); Port Susan Middle School (516 students, 34% FRL); Stanwood High School (1,332 students, 30% FRL).
• Market conditions: 233 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 402 units permitted in Island County in 2024 (54 in 5+ unit buildings).
• This rent runs 31% of the median local income ($105k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-2.9%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Island County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($400k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $81k; list at $412k implies a 407% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $274,222 (33.4% 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 56 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
3. Built in 1931 — 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 B-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. 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?
7. 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.
8. 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.
9. 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: 0.67% ✗
• Cap rate: 5.01%
• Cash-on-cash: -4.58%
• DSCR: 0.80
• GRM: 12.5

CMA / ARV

• ARV (median comp): $505,000
• List price: $412,000
• Delta: -18.42%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Projected returns pro-forma

-2.94% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -23.6%
• Equity multiple: 0.19×
• Total profit: $-93,853
• Equity at exit: $62,526

10-year hold

• IRR: -18.6%
• Equity multiple: -0.02×
• Total profit: $-117,357
• Equity at exit: $37,507

Cash invested: $115,360 (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 98282

• Home prices YoY: -0.4%
• Active inventory: 233
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $2,742 medium
• Mortgage (P&I): −$2,161
• Tax from tax record: −$274 /mo · $3,288/yr
• Insurance: −$172
• HOA: −$0
• Vacancy / Maint / Mgmt: −$576
• Net cashflow: $-440

Break-even live

Break-even rent $3,299

Max offer price $334,298

Occupancy floor —

Sensitivity live

Price	-10% $-207	-5% $-323	+0% $-440	+5% $-556	+10% $-673
Rent	-10% $-656	-5% $-548	+0% $-440	+5% $-332	+10% $-223
Rate	-1.0pp $-232	-0.5pp $-335	base $-440	+0.5pp $-547	+1.0pp $-655

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: $103,000
• Closing costs: $12,360
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
396 Evergreen Park Rd Unit B Camano, WA	2.0	1.0	1200	$2,300	$1.92	26d	1	0.77mi

Listing history 17 events

1. 2026-06-18
   status $412,000 Pending 56 DOM
2. 2026-06-17
   days on market $412,000 Active 56 DOM
3. 2026-06-16
   days on market $412,000 Active 55 DOM
4. 2026-06-15
   days on market $412,000 Active 54 DOM
5. 2026-06-13
   pricedays on market $412,000 Active 52 DOM
6. 2026-06-09
   days on market $435,000 Active 48 DOM
7. 2026-06-08
   days on market $435,000 Active 47 DOM
8. 2026-06-07
   days on market $435,000 Active 46 DOM
9. 2026-06-04
   days on market $435,000 Active 43 DOM
10. 2026-06-03
    days on market $435,000 Active 42 DOM
11. 2026-06-02
    days on market $435,000 Active 41 DOM
12. 2026-06-01
    days on market $435,000 Active 40 DOM
13. 2026-05-31
    days on market $435,000 Active 39 DOM
14. 2026-04-22
    listed $435,000 Active
15. 2000-05-08
    soldstatus $81,192
16. 1989-10-01
    soldstatus $27,000
17. 1979-05-01
    soldstatus $23,500

ⓘ 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: $3,288 · $274/mo
• Projected year-2 tax: $4,038 · $336/mo
• Expected delta: +$750/yr (+$63/mo · 22.8%)

ⓘ 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 9 d/yr ≥81°F today · 23 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 7 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,907
• − Mortgage interest: −$23,078
• − Property taxes: −$3,288
• − Insurance: −$2,060
• − Repairs & maintenance: −$2,633
• − Management: −$2,633
• − Depreciation: −$11,985
• Taxable loss: −$12,770
• Est. tax savings @ 24.0%: +$3,065
• After-tax cash flow: $-2,213/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: Stanwood-Camano School District
• NCES district ID: 5308340
• Math proficiency: 57% ▼ -1.00%
• Reading proficiency: 72% ▲ 1.00%
• Median HH income: $69,420
• Composite: 58.06/100
• National rank: #2152
• State rank: #32 of 291 in WA

Livability — Camano

• Score: 67/100
• State rank: #293
• US rank: #10282

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Camano, WA
• County: Island County · 71,196 people
• City population: 17,535
• Metro: Oak Harbor, WA
• Population (ZIP): 17,303
• Household income: $105,231
• Rent vs Own: 9.7% rent · 90.3% own
• Severe rent burden: 160.0

Population outlook (Island County) Hauer SSP2

• Today (2025): 82,019 people
• By 2030: 81,329 · -0.8%
• By 2040: 78,552 · -4.2%
• By 2050: 77,042 · -6.1%
• By 2075: 80,799 · -1.5%
• By 2100: 84,451 · +3.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 4% Hispanic / Latino 3% Asian 3% Black 2%
• Common ancestry: Portuguese 7% Slovak 4% Lithuanian 3%
• Foreign-born: 5% · China, Canada, South Korea
• Languages at home: 94% English-only · Spanish 1% Chinese 1% Other Indo-European 1%

Political lean MEDSL · Island

• 2024 margin: D (+16.6) · D 56.8% · R 40.3% · Other 2.9%
• 2008→2024 swing: +10.3pp toward D · 2008: 6.2pp · 2024: 16.6pp
• All cycles: 2024: D+16.6 2020: D+12.0 2016: D+5.9 2012: D+4.4 2008: D+6.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -2.94%
• Current HPI: 803.49
• Rent YoY: —
• Metro: Oak Harbor, 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

+1653.2% since first listed

6 events — show timeline

• 2026-06-18 Pending — NWMLS as Distributed by MLS Grid
• 2026-06-12 Price Changed $412,000 NWMLS as Distributed by MLS Grid
• 2026-04-22 Listed $435,000 NWMLS as Distributed by MLS Grid
• 2000-05-08 Sold (Public Records) $81,192 Public Records
• 1989-10-01 Sold (Public Records) $27,000 Public Records
• 1979-05-01 Sold (Public Records) $23,500 Public Records

Property tax history

+6.2%/yr

Latest (2026): $3,288 · +34.3% YoY. Source: county tax records.