Real Estate Investing in Olympia, Washington (98502)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98502 (Olympia, WA)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
What’s happening in Olympia, WA (98502)?
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Market Analysis: 98502 Olympia
Investors eyeing 98502 need to respect the fundamentals at play. Home values of $580K come alongside slower price movement and elevated management overhead.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 98502 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
ZIP 98502's metrics run below Thurston's averages on price growth and tenant stability. Investors who ignore that regional gap tend to relearn it the hard way.
Who lives in 98502 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
Distressed ZIPs reward experience. significant returns are possible in 98502, but they flow to investors who already understand how to operate in soft markets.
Here's what matters if you're considering buying a home in Olympia:
Property Strategy for 98502
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $466,111 | $1,640 | 2.5% | +5.3% | $466,111 |
| 2BR | $458,628 | $1,910 | 3.0% | +5.1% | $229,314 |
| 3BR | $571,542 | $2,550 | 3.2% | +6.2% | $190,514 |
| 4BR | $631,965 | $3,200 | 3.6% | +6.4% | $157,991 |
| 5BR | $708,420 | — | — | +6.4% | $141,684 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98502 Compare?
| Metric | 98502 | Olympia | Washington |
|---|---|---|---|
| Home Value | $579,635 | $447,354 | $591,536 |
| 5-Year CAGR | 2.9% | 2.9% | 5.9% |
| Avg Rent | $1,941 | $1,990 | - |
| Cap Rate | 2.6% | 2.8% | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 98502 (Olympia, WA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $579,635 |
| Monthly Rent | $1,941 |
| Price-to-Rent | 24.9:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.0% |
| Cap Rate | 2.6% |
| 5-Year IRR | 5.5% |
📈 Home Appreciation
| 1-Year | +2.3% ▲ |
| 3-Year CAGR | +2.2% ▲ |
| 5-Year CAGR | +2.9% ▲ |
| 10-Year CAGR | +6.9% ▲ |
🏠 Rent Trends
| 1-Year | -7.8% ▼ |
| 3-Year CAGR | -0.7% ▼ |
| 5-Year CAGR | +2.4% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.6%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 98502
Population: 35,043
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 98502
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 2,538 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What is the typical home price in Olympia, WA?
Median home price in Olympia, WA is near $580K, with a 5-year CAGR of 0.0%. Prices have been consistent and supportive of buy-and-hold strategies.
Which investment style suits Olympia, WA?
Most investors in Olympia, WA run a careful cash-flow rentals with hands-on management strategy. It aligns with the 3.0/5 investability profile and the market fundamentals.
How viable is house hacking in Olympia, WA?
Olympia, WA is a a challenging market for house hackers. FHA or conventional owner-occupant buyers find the $580K price point reasonable to enter.
Is Olympia, WA a smart market for rental property?
Olympia, WA stands at an investability rating of 3.0/5, with median home values near $580K and average rents around $1,941/mo. That combination puts it in the solid tier for investor interest.
How strict are landlord regulations in Olympia, WA?
Olympia, WA falls under WA landlord-tenant law, which is tenant-protective. That backdrop makes day-to-day property management reasonable.
You know 98502 now. You don’t know where it ranks.
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