33020 State Route 20 Unit 1-14 · Oak Harbor, WA 98277

$2,000,000

7 bd · 14.0 ba · 7,295 sqft · MultiFamily · 15 Days on market

Built 1959 Average condition 1.45 ac lot

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Why this score? — see what drove the C+ 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 +24.7/30.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Schools +4.9/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Condition / age +2.8/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Oak Harbor Terrace, a 14-unit multifamily investment opportunity located in Oak Harbor. The property offers investors an attractive combination of stable in-place cash flow and clear upside potential in a supply-constrained rental market supported by Naval Air Station Whidbey Island. Originally constructed in 1959, the property includes approximately 7,295 square feet of net rentable area across three buildings: a fourplex with a ground-floor commercial space, a nine-unit apartment building, and a single-family residence. The efficient unit layouts are well suited to local workforce housing demand. The asset provides meaningful opportunity to enhance income through rental rate growth, utili

Key facts

• 1.45 acre lot
• Garage
• Built 1959

Property features AI

Finance

• Other: Building area total: 7,295 square feet; Lot size approximately 1.4463 acres; Zoning jurisdiction: City
• Financial info: Gross scheduled income: $216,600; Gross adjusted income: $207,936; Total monthly income: $18,050; Net operating income: $146,753; Total expenses: $61,183; Electric expense: $11,501; Insurance expense: $11,455; Other expense: $15,491; Gross rent multiplier: 9.2; Vacancy rate: 4%; Listing terms: Cash or conventional
• HOA & community: On-site coin-operated laundry

Exterior

• Parking: One covered space; One garage space; 22 uncovered parking spaces
• Utilities: Electric energy source; Public water; Sewer connected; Power provided by PSE
• Home design: Residential income property — multi-family building; Single-story structure; Property in good condition; Possible commercial or multi-family use
• Construction: Built (effective) in 1959; Construction materials: cement and wood; Roof types: composition, flat and torch down; Foundation: block and slab
• Exterior features: Cement/concrete and wood exterior; Paved lot

Interior

• Kitchen: Some units include range/oven; Most units include refrigerator; Dishwasher not provided in listed units
• Bedrooms: Mix of 1-bedroom units (various unit sizes)
• Flooring: Laminate; Vinyl plank; Carpet
• Bathrooms: Each unit includes 1 bathroom
• Heating & cooling: Heating provided (baseboard, forced air and wall furnaces); No central air conditioning
• Interior features: Laminate, vinyl plank and carpet flooring
• Laundry & utility: Coin-operated laundry on-site; Most units do not include in-unit washer/dryer

What this means for you Summary

Snapshot

• This is a 7-bed/14.0-bath multifamily listed at $2.00M. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $4k ($50k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($23k rent vs $2.00M).
• Recommended offer: $1.97M (1.5% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 2.7% in Oak Harbor — 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 77/100 on livability (#149 in WA, #3,120 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, housing A; Watch: amenities D+, cost of living D+.
• Oak Harbor School District (town): math 49% / reading 61% proficiency, ranked #98 of 291 in WA (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+5.4%/yr); 277 active listings in the ZIP; solid renter incomes; 402 units permitted in Island County in 2024 (54 in 5+ unit buildings).
• At $22,792/mo this rent would consume 329% of the median local household income ($83k/yr) (locally 1359% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $14k of loan paydown is wiped out by about $60k 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.
• At projected returns (-3.0% appreciation + 5.4% rent growth), your $560k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($1.97M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,970,000 (1.5% below list)

Questions for the listing agent

1. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.14% ✓
• Cap rate: 8.80%
• Cash-on-cash: 8.97%
• DSCR: 1.40
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.36% rent growth · sell at horizon

5-year hold

• IRR: -0.1%
• Equity multiple: 1.00×
• Total profit: $-1,859
• Equity at exit: $298,207

10-year hold

• IRR: 11.9%
• Equity multiple: 2.04×
• Total profit: $581,497
• Equity at exit: $172,923

Cash invested: $560,000 (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 98277

• Rents YoY: 5.4%
• Active inventory: 277
• Price-to-rent: 102.4×

Monthly cashflow live

• Estimated rent: $22,792 medium
• Mortgage (P&I): −$10,488
• Tax est. 1.5%: −$2,500 /mo · $30,000/yr
• Insurance: −$833
• HOA: −$0
• Vacancy / Maint / Mgmt: −$4,786
• Net cashflow: $4,184

Break-even live

Break-even rent $17,496

Max offer price $2,000,000

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
▸ 14× units	2	1	$22,792
Total (14 units)			$22,792

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: $500,000
• Closing costs: $60,000
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-19
   days on market $2,000,000 Active 15 DOM
2. 2026-06-18
   days on market $2,000,000 Active 14 DOM
3. 2026-06-17
   days on market $2,000,000 Active 13 DOM
4. 2026-06-16
   days on market $2,000,000 Active 12 DOM
5. 2026-06-15
   days on market $2,000,000 Active 11 DOM
6. 2026-06-14
   days on market $2,000,000 Active 9 DOM
7. 2026-06-13
   days on market $2,000,000 Active 8 DOM
8. 2026-06-10
   days on market $2,000,000 Active 6 DOM
9. 2026-06-09
   days on market $2,000,000 Active 5 DOM
10. 2026-06-08
    days on market $2,000,000 Active 4 DOM
11. 2026-06-07
    remarks 699-char remark
12. 2026-06-07
    listed $2,000,000 Active 3 DOM

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

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 7 d/yr ≥78°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 7 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $273,504
• − Mortgage interest: −$112,031
• − Property taxes: −$30,000
• − Insurance: −$10,000
• − Repairs & maintenance: −$21,880
• − Management: −$21,880
• − Depreciation: −$58,182
• Taxable income: $19,530
• Est. tax owed @ 24.0%: −$4,687
• After-tax cash flow: $45,522/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.

Condition & rehab AI · 13 photos

Average 55/100 Moderate rehab

The property is in average condition with moderate rehabilitation needs. Repairs and maintenance would significantly improve its appearance and functionality, enhancing its resale and rental value.

Repairs flagged

• Minor kitchen cabinets — slight wear
• Minor bathroom fixtures — slight wear
• Moderate HVAC units — visible wear

Value-add opportunities

• Both paint interior walls — enhances curb appeal and interior aesthetics
• Both replace carpet in living room — improves comfort and appearance
• Both repair kitchen cabinets — enhances functionality and appearance
• Both repair bathroom fixtures — enhances functionality and appearance
• Both service HVAC units — improves comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · slight wear	Minor	$500–3,000
bathroom fixtures · slight wear	Minor	$500–3,000
HVAC units · visible wear	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$4,000–21,000

Value-add ROI direction

• Both paint interior walls — enhances curb appeal and interior aesthetics ↑
• Both replace carpet in living room — improves comfort and appearance ↑
• Both repair kitchen cabinets — enhances functionality and appearance ↑
• Both repair bathroom fixtures — enhances functionality and appearance ↑
• Both service HVAC units — improves comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Oak Harbor School District
• NCES district ID: 5305940
• Math proficiency: 49% ▲ 1.00%
• Reading proficiency: 61% ▲ 1.00%
• Median HH income: $53,606
• Composite: 49.07/100
• National rank: #4427
• State rank: #98 of 291 in WA

Livability — Oak Harbor

• Score: 77/100
• State rank: #149
• US rank: #3120

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oak Harbor, WA
• County: Island County · 71,196 people
• City population: 40,917
• Metro: Oak Harbor, WA
• Population (ZIP): 40,917
• Household income: $83,253
• Rent vs Own: 40.3% rent · 59.7% own
• Severe rent burden: 1359.0

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 (66%)
• Race & ethnicity: White 66% Two or more races 14% Hispanic / Latino 12% Asian 8% Black 4%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 4% Slovak 3% Iranian 3%
• Foreign-born: 9% · Canada, Vietnam
• Languages at home: 87% English-only · Spanish 5% Tagalog/Filipino 4% Other Asian/Pacific 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: ▼ -608.47%
• Current HPI: 188.2874
• Rent YoY: ▲ 5.36%
• 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

1 event — show timeline

• 2026-06-04 Listed $2,000,000 NWMLS as Distributed by MLS Grid