YES! You are entering the great metropolis of Oldtown! Can't you see it?
If you are traveling west on Hwy 2, the sign is just across the road from this cache, and you ARE now in town! I like towns like this! hehe This new sign went up last fall, and my old man made a POINT of showing it to me. What town? 
As you arrive at the Pend Oreille River about a mile west, the speed limit will change to 35 MPH, and you are now in the greater area of Oldtown. Don't blink! Just after you cross the bridge you will still be in Oldtown for about 2 blocks, and then you will enter Newport, Washington at the stoplight. You didn't blink, did you?! When all is said & done, though, you've GOT to admit...Oldtown is a pretty little town, with the river flowing through it. There is even a boat launch at the bridge. They have hydroboat races at the bridge in the summer. It would be a shame to blink.
Coords were within 20 feet. Consult the hint. I think the power lines running into Albeni Falls dam just down the road to the east are messing with the GPS. BTW, if you have the time, have a picnic at the dam, and/or take the well-delivered tour that they give. You can drive down the short road to the river & have a picnic by the top of the dam, too. There is a visitor center, also. It's a beautiful spot.