Real Estate Investing in Olympia, Washington (98512)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98512 (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 (98512)?
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Market Analysis: 98512 Olympia
The 98512 ZIP in Olympia, WA is a local-operator market. Outside capital chasing a $559K entry has to pair deep knowledge with the discount.
From an investor standpoint, the numbers look inviting — $559K purchase price, 0.0% nominal cap — the work to hit that pro forma in 98512 is substantial and deserves full respect.
Regionally, 98512 sits on the difficult end of the WA spectrum. The an appealing option for read — for disciplined operators — is that pricing reflects the difficulty.
Demographically, 98512 is a market where tenant selection matters more than unit finishes. Operators who understand that tend to do fine; those who do not tend to learn why the ZIP trades at a discount.
Strategy in 98512 is an operator game, not a passive one. From a cash-flow lens, entry prices of $559K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Olympia:
Property Strategy for 98512
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $420,711 | $1,710 | 2.9% | +5.8% | $420,711 |
| 2BR | $416,950 | $1,990 | 3.4% | +5.9% | $208,475 |
| 3BR | $542,931 | $2,650 | 3.5% | +6.4% | $180,977 |
| 4BR | $605,508 | $3,340 | 4.0% | +6.4% | $151,377 |
| 5BR | $674,674 | — | — | +6.7% | $134,935 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 98512 Compare?
| Metric | 98512 | Olympia | Olympia-Lacey-Tumwater, WA | Washington |
|---|---|---|---|---|
| Home Value | $558,551 | $447,354 | N/A | $591,536 |
| 5-Year CAGR | 3.0% | 2.9% | N/A | 5.9% |
| Avg Rent | $2,032 | $1,990 | N/A | - |
| Cap Rate | 2.8% | 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 98512 (Olympia, WA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $558,551 |
| Monthly Rent | $2,032 |
| Price-to-Rent | 22.9:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.4% |
| Cap Rate | 2.8% |
| 5-Year IRR | 5.8% |
📈 Home Appreciation
| 1-Year | +2.9% ▲ |
| 3-Year CAGR | +2.4% ▲ |
| 5-Year CAGR | +3.0% ▲ |
| 10-Year CAGR | +7.3% ▲ |
🏠 Rent Trends
| 1-Year | +6.2% ▲ |
| 3-Year CAGR | +3.7% ▲ |
| 5-Year CAGR | +4.3% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.8%). 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 98512
Population: 31,291
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 98512
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 median home value in Olympia, WA?
Typical homes in Olympia, WA go for around $559K. The 5-year CAGR of 0.0% stable price movement.
How tight is the rental market in Olympia, WA?
Olympia, WA carries elevated vacancy risk. Expect stable absorption at market rents of $2,032/mo.
How deep is the rental pool in Olympia, WA?
Expect a solid tenant pool in Olympia, WA. The rental market absorbs $2,032/mo rents without meaningful friction.
Does a duplex house hack pencil in Olympia, WA?
For house hackers, Olympia, WA is a challenging. The $2,032/mo rent on a unit helps defray the mortgage on a $559K property.
What approach is best for Olympia, WA real estate?
Investors who focus on careful cash-flow rentals with hands-on management typically do well in Olympia, WA. The numbers - $559K homes against $2,032/mo rents - support that play.
You know 98512 now. You don’t know where it ranks.
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How 98512 ranks in Olympia-Lacey-Tumwater, WA
Every ZIP in this metro, ranked. Free.
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