1072 1074 Central St SE · Olympia, WA 98501

$475,000

4 bd · 2.0 ba · 1,840 sqft · MultiFamily public records · 57 Days on market

Built 1979 8,280 sqft lot $258/sqft · 5% below area Est $502k · 5% 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 +10.0/15.0
• Cash flow +9.0/30.0
• Schools +6.2/10.0
• Livability +4.2/5.0
• Rent growth +3.5/5.0
• DSCR +2.5/10.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Solid Eastside Olympia duplex in a high-demand rental location just blocks from downtown Olympia. Historically stable income and future upside. Each 920 SF unit features 2 bedrooms, 1 bath, in-unit laundry, laminate floors, skylights and some outdoor space. Generous paved parking area with a large multi-vehicle covered carport adds convenience rarely found at this price point. Ideally located near downtown shopping & restaurants, parks, schools, and everyday amenities, this is a great opportunity for both investors and owner-ocupants.

Key facts

• Paved parking area
• Laminate floors
• In-unit laundry

Tags

• IN-UNIT LAUNDRY
• LAMINATE FLOORS
• SKYLIGHTS
• OUTDOOR SPACE
• PAVED PARKING AREA
• MULTI-VEHICLE COVERED CARPORT

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $475k.

Deal economics

• At list price, monthly cash flow is $-370 ($-4k/yr) — negative. Per door: $-185/mo.
• To cash-flow at today's rent, offer at most $410k (13.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $350k (26.3% below list).
• Recommended offer: $350k (26.3% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 2.4% in Olympia — 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 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.
• Market conditions: Rents rising (+3.9%/yr); 301 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,222 units permitted in Thurston County in 2024 (508 in 5+ unit buildings).
• This rent runs 43% of the median local income ($97k/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 $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Thurston County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($461k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $229k; list at $475k implies a 107% gain — meaningful room to come down on a strong offer.

Recommended offer $350,000 (26.3% 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 57 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 0.74% ✗
• Cap rate: 5.36%
• Cash-on-cash: -3.34%
• DSCR: 0.85
• GRM: 11.3

CMA / ARV

• ARV (median comp): $502,480
• List price: $475,000
• Delta: -5.47%
• Verdict: FAIR
• Comps: 15 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1729 1725 5th Ave SE	0.42mi	3/2.0 (-1)	1,572 (-15%)	8mo	$560,000	$356	45

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 · 3.89% rent growth · sell at horizon

5-year hold

• IRR: -21.0%
• Equity multiple: 0.27×
• Total profit: $-97,413
• Equity at exit: $70,824

10-year hold

• IRR: -12.6%
• Equity multiple: 0.23×
• Total profit: $-102,113
• Equity at exit: $41,069

Cash invested: $133,000 (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 98501

• Rents YoY: 3.9%
• Active inventory: 301
• Price-to-rent: 22.6×

Monthly cashflow live

• Estimated rent: $3,500 high
• Mortgage (P&I): −$2,491
• Tax from tax record: −$446 /mo · $5,354/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$735
• Net cashflow: $-370

Break-even live

Break-even rent $3,968

Max offer price $409,636

Occupancy floor —

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,500
Total (2 units)			$3,500

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2534 10th Ct SE Olympia, WA	4.0	2.5	1965	$2,950	$1.50	44d	1	0.83mi
3208 15th Way SE Olympia, WA	4.0	3.0	2040	$2,850	$1.40	13d	1	1.28mi
1620 Craig Rd SE Olympia, WA	4.0	2.5	1826	$2,400	$1.31	44d	1	1.30mi
1721 Quince St NE #1719 Olympia, WA	3.0	2.5	1315	$2,600	$1.98	44d	1	1.50mi

Listing history 18 events

1. 2026-06-18
   days on market $475,000 Active 57 DOM
2. 2026-06-17
   days on market $475,000 Active 56 DOM
3. 2026-06-16
   days on market $475,000 Active 55 DOM
4. 2026-06-15
   days on market $475,000 Active 54 DOM
5. 2026-06-14
   days on market $475,000 Active 52 DOM
6. 2026-06-13
   days on market $475,000 Active 51 DOM
7. 2026-06-10
   days on market $475,000 Active 49 DOM
8. 2026-06-09
   days on market $475,000 Active 48 DOM
9. 2026-06-08
   days on market $475,000 Active 47 DOM
10. 2026-06-07
    days on market $475,000 Active 46 DOM
11. 2026-06-05
    days on market $475,000 Active 43 DOM
12. 2026-06-02
    days on market $475,000 Active 41 DOM
13. 2026-06-01
    days on market $475,000 Active 40 DOM
14. 2026-05-31
    days on market $475,000 Active 39 DOM
15. 2026-05-30
    days on market $475,000 Active 38 DOM
16. 2026-05-04
    price $489,900
17. 2026-04-22
    listed $499,900 Active
18. 2016-08-23
    soldstatus $229,000

ⓘ 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: $5,354 · $446/mo
• Projected year-2 tax: $5,354 · $446/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥88°F today · 14 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: $42,000
• − Mortgage interest: −$26,607
• − Property taxes: −$5,354
• − Insurance: −$2,375
• − Repairs & maintenance: −$3,360
• − Management: −$3,360
• − Depreciation: −$13,818
• Taxable loss: −$12,874
• Est. tax savings @ 24.0%: +$3,090
• After-tax cash flow: $-1,350/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): 48,067
• Household income: $97,198
• Rent vs Own: 38.3% rent · 61.7% own
• Severe rent burden: 1653.0

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 (74%)
• Race & ethnicity: White 74% Two or more races 11% Hispanic / Latino 9% Asian 5% Black 2% Pacific Islander 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 1%
• Common ancestry: Portuguese 4% Lithuanian 4% Slovak 3%
• Foreign-born: 6% · Canada, South Korea, China
• Languages at home: 90% English-only · Spanish 3% Other Asian/Pacific 2% Korean 2%

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: ▼ -413.86%
• Current HPI: 340.9379
• Rent YoY: ▲ 3.89%
• 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

+113.9% since first listed

3 events — show timeline

• 2026-05-04 Price Changed $489,900 NWMLS as Distributed by MLS Grid
• 2026-04-22 Listed $499,900 NWMLS as Distributed by MLS Grid
• 2016-08-23 Sold (Public Records) $229,000 Public Records

Property tax history

+5.1%/yr

Latest (2026): $5,354 · +8.2% YoY. Source: county tax records.