857 Mahogany Ln NW

Silverdale, WA 98383

$115,000B+

3 bd · 2.0 ba · 1,188 sqft · Built 1988 · Manufactured · Pending · 113 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,258/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$192
• HOA: −$0
• Vac / Maint / Mgmt: −$474
• Net cashflow: $989/mo
• Annual: $11,871/yr
• Cap rate: 16.62%
• Cash-on-cash: 36.87%
• DSCR: 2.64
• 1% rule: 1.96%
• Cash to close: $32,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $115k. Condition is rated average.
• At list price, monthly cash flow is $989 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• It's been on market 113 days — a 9% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $105k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#63 in WA, #1,155 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities D-, cost of living F.
• Central Kitsap School District (urban): math 55% / reading 67% proficiency, ranked #49 of 291 in WA (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-2.0%/yr); 120 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,294 units permitted in Kitsap County in 2024 (302 in 5+ unit buildings).
• Kitsap County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $15k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $75k; list at $115k implies a 53% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $32k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 16.6% vs local median 2.7% in Silverdale — 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.

Questions for listing agent

• It's been on market 113 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Repairs flagged (vision-AI assessment)

• Minor: Paint — Some minor scuffing and wear visible on the walls and floors.
• Minor: Countertops — Some minor scuffing visible on the kitchen and bathroom countertops.