Fix and Flip in Olympia

In Olympia proper, not the suburbs ten minutes away. Olympia's housing stock has a 1982 median year built and 47.5% of its units predate 1980, and the city is majority renter-occupied at 50.2%. Lacey, by contrast, has a 1996 median year built with only 24.8% of its stock pre-1980. Cosmetic-and-systems rehab deals concentrate in Olympia's older core and thin out fast once you cross into the newer suburbs.

Slower every year, and that has been the trend since 2021, not a recent shift. Median days on market in the metro rose in every single year from 2021 to 2026 (25 to 45 days), active listings nearly quadrupled over the same span (259 to 996), and 530 listings took a price cut in July 2026. No flip rate or flip-margin figure exists for this metro from any source we could verify, so we don't cite one. The honest read is that the spread here gets made at purchase, because the exit window has been widening for five straight years.

About 1.60% of the sale price in Olympia, and less if you can sell in Rainier instead. Washington's state REET is graduated: 1.10% up to $525,000 and 1.28% from $525,000.01 to $1,525,000, plus a local add-on that is 0.50% in Olympia and every Thurston County jurisdiction except Rainier, which levies just 0.25%. On a $536,583 sale, Olympia's July 2026 median value, that works out to $5,923 in state REET (($525,000 x 1.10%) + ($11,583 x 1.28%)) plus $2,683 in Olympia's local share, for $8,606 total, about 1.60% of price. The identical sale in Rainier pays $7,265, about 1.35%, a $1,341 difference on one closing. Build this into your exit math before you underwrite the spread, and re-verify the state's threshold dollars before closing into 2027, since they're due for a statutory adjustment. Who customarily pays REET on a given deal was not verified in the research, so confirm the allocation with your escrow officer rather than assuming the seller pays.

Downtown is a different asset class from the rest of the metro. The City documents that its low-lying shoreline blocks flood at street level from Capitol Lake, tidal surge, or a combination of high tide and storm conditions, with water rising 18 inches or more above street level in some events. The City's own guidance is to check whether a building has built-in flood mitigation features, and it assumes only buildings constructed after 1996 are likely to have them. A pre-1996 downtown building is a real diligence question, not a formality.

It runs close to the same in the three-city core, but the county's overall spread is nearly 2 to 1. Thurston County revalues every property annually, and Olympia's own tax code area totals $10.463 per $1,000 of assessed value, within about 5% of Lacey ($10.371) and Tumwater ($9.933 to $10.114). Across the whole county the spread runs from $5.670 per $1,000 in unincorporated Yelm School District territory to $10.871 in unincorporated Olympia School District territory, so ask for the parcel's tax code area, not just the city. There is no acquisition-triggered reassessment and no cap absorbing a value increase, so a rehab that lifts market value shows up at the next annual cycle. Model the tax line against your ARV. The appeal deadline is the later of July 1 or 60 days from the Assessor's valuation notice, and Thurston has adopted the 60-day option, so check the notice date rather than assuming a fixed calendar date.

Yes, if the work is billed inside city limits, and the exemption threshold just changed. Olympia levies its own local business and occupation tax on gross receipts, with no deduction for labor or materials, and requires an Olympia endorsement on the state business license, including for businesses located outside the city with Olympia customers. Starting with the 2026 tax period, the no-tax-due threshold rose from $20,000 to $500,000 in annual gross receipts, which shelters most small rehab and GC operations. Long-term rental income under a lease of 30 continuous days or longer is exempt from this tax outright, but fee income and rehab labor billed in the city are not. Talk to your CPA before you assume either way.

About 10% of the purchase price, plus closing costs. We fund up to 90% of the purchase price and up to 100% of the rehab budget, capped to ARV. On a $500,000 Olympia purchase that is up to $450,000 from us and $50,000 from you (500,000 x 90% = 450,000), with rehab drawn against the schedule rather than paid up front. Olympia's mid-2026 median value ran $536,583, so a typical deal here sits right in that range. Days on market have lengthened every year since 2021, so carry a real contingency on top of your down payment. Subject to underwriting.

Yes. We write fix and flip loans from $100,000 up to $5,000,000. Olympia's median value sat at $536,583 in July 2026 and seven of the eight Thurston County cities we serve fall within about $46,000 of each other, so nearly every rehab deal in this metro clears the floor without getting near the ceiling. The term is 6 months, interest-only. If your deal is smaller than $100,000, we are not the right lender for it and we will tell you that on the first call. Subject to underwriting.

First-time flippers are welcome, and there is no minimum credit score on this program. We do run credit, but on an asset-based rehab loan it carries far less weight than it would at a bank, and weaker credit is usually handled with lower leverage rather than a decline. There is no hard credit pull to start a conversation. What we underwrite hardest on a first Olympia deal is the purchase price against the rehab scope and the ARV, because in a market where the exit window has widened every year since 2021, the spread is made at purchase. Subject to underwriting.