18745 1st Ave NE · Suquamish, WA 98392

$139,000

2 bd · 1.0 ba · 520 sqft · Manufactured public records · 20 Days on market

Built 1967 3,920 sqft lot

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• Schools +5.4/10.0
• DSCR +4.6/10.0
• 1% rule +3.5/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investor opportunity in the desirable Suquamish neighborhood! Located at 18745 1st Ave NE, this 1967 Nashua manufactured home offers approximately 12x40 living space with a living room tip-out for added functionality. The home features 2 bedrooms and 1 bath, with the second bedroom ideally suited for office space, guest use, or flex space. Previously marketed successfully as a “1.5 bedroom” rental. Excellent potential for rental income, cash-flow investment, or future redevelopment possibilities. No title elimination has been completed, offering flexibility for cash buyers or portfolio investors. Property being sold as-is. Conveniently located with easy access to the Kingston an

Key facts

• Office space
• Cash-flow investment
• Flex space

Tags

• LIVING ROOM TIP-OUT
• OFFICE SPACE
• FLEX SPACE
• RENTAL INCOME
• CASH-FLOW INVESTMENT
• EASY ACCESS TO FERRY SYSTEMS

Property features AI

Finance

• Other: Lot number 5; Approximately 0.09 acre lot; Zoning: SVR (county jurisdiction)
• Financial info: Cash offers only (listing terms)
• HOA & community: Community amenities include a boat launch and a playground

Exterior

• Parking: One off-street uncovered parking space
• Utilities: Public water (PUD); Sewer connected (PUD); Puget Sound Energy for power; Energy sources: Electric and Propane
• Home design: Manufactured single-wide home; One story; Main-level entry
• Construction: Metal/vinyl construction; Flat metal roof; Manufactured on land (Nashua single wide)
• Exterior features: Metal/vinyl exterior; Outbuildings; Propane on site; Sloped lot; Has a view

Interior

• Kitchen: Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms (both on the main level)
• Flooring: Vinyl; Carpet
• Bathrooms: 1 full bathroom with tub and shower
• Heating & cooling: Baseboard heating; No central cooling
• Interior features: Water heater
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $139k.

Deal economics

• At list price, monthly cash flow is $44 ($532/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $118k (14.9% below list).
• Recommended offer: $118k (14.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 69/100 on livability (#262 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A-, crime B+; Watch: cost of living C-, amenities F, commute F.
• North Kitsap School District (suburban): math 53% / reading 65% proficiency, ranked #54 of 291 in WA (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Suquamish Elementary School (328 students, 52% FRL); Kingston Middle School (491 students, 49% FRL); Kingston High School (610 students, 42% FRL) — zoned schools average 48% FRL vs 26% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 17 active listings in the ZIP; 1,294 units permitted in Kitsap County in 2024 (302 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Kitsap County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($137k) is reasonable based on typical stale-listing flexibility.

Recommended offer $118,241 (14.9% below list)

Questions for the listing agent

1. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-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?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 0.85% ✗
• Cap rate: 6.68%
• Cash-on-cash: 1.37%
• DSCR: 1.06
• GRM: 9.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -14.1%
• Equity multiple: 0.49×
• Total profit: $-19,725
• Equity at exit: $20,725

10-year hold

• IRR: -5.4%
• Equity multiple: 0.65×
• Total profit: $-13,644
• Equity at exit: $12,018

Cash invested: $38,920 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Washington: 28 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

Just-cause statewide (2021); Seattle layers rent control restrictions + relocation assistance; very tenant-friendly.

Methodology + full state rankings →

ZIP-level market 98392

• Home prices YoY: -9.5%
• Active inventory: 17
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,182 medium
• Mortgage (P&I): −$729
• Tax from tax record: −$103 /mo · $1,235/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$248
• Net cashflow: $44

Break-even live

Break-even rent $1,126

Max offer price $139,000

Occupancy floor 91%

Sensitivity live

Price	-10% $123	-5% $84	+0% $44	+5% $5	+10% $-34
Rent	-10% $-49	-5% $-2	+0% $44	+5% $91	+10% $138
Rate	-1.0pp $114	-0.5pp $80	base $44	+0.5pp $8	+1.0pp $-28

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-22
   days on market $139,000 Active 20 DOM
2. 2026-06-18
   days on market $139,000 Active 17 DOM
3. 2026-06-17
   days on market $139,000 Active 16 DOM
4. 2026-06-16
   days on market $139,000 Active 15 DOM
5. 2026-06-15
   days on market $139,000 Active 14 DOM
6. 2026-06-14
   days on market $139,000 Active 12 DOM
7. 2026-06-13
   days on market $139,000 Active 11 DOM
8. 2026-06-10
   days on market $139,000 Active 9 DOM
9. 2026-06-09
   days on market $139,000 Active 8 DOM
10. 2026-06-08
    days on market $139,000 Active 7 DOM
11. 2026-06-07
    days on market $139,000 Active 6 DOM
12. 2026-06-02
    remarks 687-char remark
13. 2026-06-02
    listed $139,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $1,235 · $103/mo
• Projected year-2 tax: $1,362 · $114/mo
• Expected delta: +$127/yr (+$11/mo · 10.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥86°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,189
• − Mortgage interest: −$7,786
• − Property taxes: −$1,235
• − Insurance: −$695
• − Repairs & maintenance: −$1,135
• − Management: −$1,135
• − Depreciation: −$4,044
• Taxable loss: −$1,841
• Est. tax savings @ 24.0%: +$442
• After-tax cash flow: $974/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: North Kitsap School District
• NCES district ID: 5305760
• Math proficiency: 53% ▼ -1.00%
• Reading proficiency: 65% ▲ 1.00%
• Median HH income: $68,919
• Composite: 53.68/100
• National rank: #3092
• State rank: #54 of 291 in WA

Livability — Suquamish

• Score: 69/100
• State rank: #262
• US rank: #9023

Category grades

Amenities F Commute F Cost of living C- Crime B+ Employment A- Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Suquamish, WA
• City population: 3,412
• Population (ZIP): 3,412

Population outlook (Kitsap County) Hauer SSP2

• Today (2025): 277,525 people
• By 2030: 285,040 · +2.7%
• By 2040: 294,957 · +6.3%
• By 2050: 300,622 · +8.3%
• By 2075: 315,580 · +13.7%
• By 2100: 304,340 · +9.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (70%)
• Race & ethnicity: White 70% Two or more races 15% Hispanic / Latino 7% Native American 7% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 6% Slovak 4% Italian 4%
• Foreign-born: 6% · Canada, China, Vietnam
• Languages at home: 93% English-only · Spanish 3% Tagalog/Filipino 1%

Political lean MEDSL · Kitsap

• 2024 margin: Strong D (+20.9) · D 58.8% · R 37.9% · Other 3.3%
• 2008→2024 swing: +8.6pp toward D · 2008: 12.3pp · 2024: 20.9pp
• All cycles: 2024: D+20.9 2020: D+18.1 2016: D+11.6 2012: D+11.1 2008: D+12.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -36.67%
• Current HPI: 349.5788
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 4.65%
• F500 in state: 22

Industry mix (Fortune 500 HQ in WA)

Industry	F500 HQs	Revenue
▸Retail	2	$269B
▸Technology / Retail	1	$638B
▸Technology	1	$245B
▸Telecommunications	1	$38B
▸Food / Beverage	1	$36B
▸Automotive / Trucks	1	$34B

Price history

1 event — show timeline

• 2026-06-01 Listed $139,000 NWMLS as Distributed by MLS Grid

Property tax history

+2.9%/yr

Latest (2026): $1,235 · +1.7% YoY. Source: county tax records.