6898 Capricorn Ln NE #6 · Tracyton, WA 98311

$145,900

2 bd · 2.0 ba · 1,188 sqft · Land public records · 1 Days on market

Built 1992

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Why this score? — see what drove the B 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +7.5/15.0
• Schools +5.5/10.0
• Livability +3.7/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This move-in ready 2 bedroom, 2 bath home offers 1,188 square feet with an open and inviting floor plan, perfect for comfortable everyday living. The spacious kitchen features abundant cabinet space and all appliances are included. Enjoy territorial views from the deck, nicely landscaped with colorful flowers, and the privacy of an end-unit location at the end of a cul-de-sac. Brand new carpet adds a fresh updated feel throughout. Premier Senior Living in the gated 55+ community of Silverdale Estates with community amenities including a clubhouse, indoor swimming pool, hot tub, sauna, and more while being conveniently located to shopping, restaurants, and medical facilities.

Key facts

• Gated community
• Open floor plan
• Clubhouse

Tags

• OPEN FLOOR PLAN
• ABUNDANT CABINET SPACE
• TERRITORIAL VIEWS
• END-UNIT LOCATION
• GATED COMMUNITY
• CLUBHOUSE

Property features AI

Finance

• Other: Calculated building area: 1188 (source: County); Foundation details and tie-downs noted
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Located in Silverdale Estates manufactured home park; Park approved for sale; Senior community; Park amenities include clubhouse, common areas, exercise room, pool, spa/hot tub, sauna, recreational area, trails, RV parking and security gate; Approximately 225 homes in the park; Bus line nearby; Land lease charged

Exterior

• Parking: Carport
• Security: Security gate
• Utilities: Electric energy source; Private water; Sewer: Kitsap Public Works; Power: PSE; Cable: Xfinity
• Home design: Manufactured double-wide home (Goldenwest); One level; Faces west; Manufactured after 6/15/1976; Property condition: Good; Mobile home remains
• Construction: Wood construction; Composition roof; Concrete ribbon foundation with tie downs
• Exterior features: Wood exterior; Patio/porch/deck; Landscaped; Wood products; Located on a cul-de-sac and dead-end paved street

Interior

• Kitchen: Dishwasher; Stove/Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Vinyl; Carpet
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom; 1 bathtub; 2 showers
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Water heater; Skylights; Vaulted ceilings; Ceiling fan(s); Walk-in closet; Bath off primary; Entry; Living room; Dining room; Utility room; Kitchen with eating space
• Laundry & utility: Washer; Dryer; Water heater located in utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath land listed at $146k.

Deal economics

• At list price, monthly cash flow is $826 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $146k).
• Cap rate 13.1% vs local median 3.7% in Tracyton — 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.

Location & tenants

• Location reads 73/100 on livability (#193 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: schools D+, cost of living D+, amenities 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 flat; 151 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $1k 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.
• At projected returns (-3.0% appreciation + 0.3% rent growth), your $41k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 14y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $42k; list at $146k implies a 247% gain — meaningful room to come down on a strong offer.

Recommended offer $145,900

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
3. 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.
4. 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.
5. 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: 1.48% ✓
• Cap rate: 13.08%
• Cash-on-cash: 24.25%
• DSCR: 2.08
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.27% rent growth · sell at horizon

5-year hold

• IRR: 14.6%
• Equity multiple: 1.57×
• Total profit: $23,129
• Equity at exit: $21,754

10-year hold

• IRR: 21.3%
• Equity multiple: 2.60×
• Total profit: $65,243
• Equity at exit: $12,615

Cash invested: $40,852 (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 98311

• Rents YoY: 0.3%
• Active inventory: 151
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $2,158 high
• Mortgage (P&I): −$765
• Tax from tax record: −$54 /mo · $643/yr
• Insurance: −$61
• HOA: −$0
• Vacancy / Maint / Mgmt: −$453
• Net cashflow: $826

Break-even live

Break-even rent $1,113

Max offer price $145,900

Occupancy floor 57%

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: $36,475
• Closing costs: $4,377
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
100 NE Miramar Cir Bremerton, WA	3.0	2.5	1446	$2,500	$1.73	21d	1	0.21mi
263 Weatherstone Ln NE Bremerton, WA	1.0–3.0	1.0–2.0	884	$1,874	$2.12	14d	4	0.63mi
7720 Vineyards Ln NE Bremerton, WA	1.0–3.0	1.0–2.0	840	$1,988	$2.36	14d	11	0.66mi
1381 NE Fairgrounds Rd Bremerton, WA	1.0–3.0	1.0–2.0	949	$2,022	$2.13	14d	14	0.84mi
1231 NE McWilliams Rd Bremerton, WA	1.0–3.0	1.0–2.0	961	$2,227	$2.32	14d	26	0.87mi
6101 Washington 303 Bremerton, WA	1.0–3.0	1.0–2.0	1010	$2,378	$2.35	14d	70	0.96mi
1303 NE Jasmine Ln Bremerton, WA	2.0	1.5	1152	$2,600	$2.26	44d	1	1.06mi
820 NE Riddell Rd Unit D Bremerton, WA	2.0	1.0	974	$1,650	$1.69	21d	1	1.33mi
5163 NE Mariah Ln Bremerton, WA	1.0–2.0	1.0	821	$1,895	$2.31	14d	2	1.34mi
5180 Gibson Ln NE Unit B204 Bremerton, WA	1.0	1.0	708	$1,745	$2.46	44d	1	1.37mi
1970 NE Fuson Rd Bremerton, WA	1.0–2.0	1.0–2.0	676	$2,297	$3.40	14d	12	1.37mi
778 NE Mesa Ln Bremerton, WA	1.0–3.0	1.0–2.0	877	$1,822	$2.08	14d	3	1.41mi
835 NW Huckle Dr Unit A Bremerton, WA	2.0	1.5	1112	$1,900	$1.71	21d	1	1.44mi

Listing history 2 events

1. 2026-06-17
   remarks 684-char remark
2. 2026-06-17
   listed $145,900 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: $643 · $54/mo
• Projected year-2 tax: $1,430 · $119/mo
• Expected delta: +$787/yr (+$66/mo · 122.4%)

ⓘ 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 7/10 Severe 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,902
• − Mortgage interest: −$8,173
• − Property taxes: −$643
• − Insurance: −$730
• − Repairs & maintenance: −$2,072
• − Management: −$2,072
• − Depreciation: −$4,244
• Taxable income: $7,968
• Est. tax owed @ 24.0%: −$1,912
• After-tax cash flow: $7,996/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: Central Kitsap School District
• NCES district ID: 5301080
• Math proficiency: 55% ▲ 1.00%
• Reading proficiency: 67% ▬ 0.00%
• Median HH income: $64,825
• Composite: 54.87/100
• National rank: #2813
• State rank: #49 of 291 in WA

Livability — Tracyton

• Score: 73/100
• State rank: #193
• US rank: #5240

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Kitsap County · 243,099 people
• Metro: Bremerton-Silverdale-Port Orchard, WA
• Population (ZIP): 28,168
• Household income: $108,757
• Rent vs Own: 24.0% rent · 76.0% own
• Severe rent burden: 502.0

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 (67%)
• Race & ethnicity: White 67% Two or more races 14% Hispanic / Latino 9% Asian 9% Black 3% Pacific Islander 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 4% Italian 4% Slovak 3%
• Foreign-born: 9% · Canada, Vietnam, China
• Languages at home: 89% English-only · Tagalog/Filipino 4% Spanish 3% Vietnamese 2%

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: ▼ -378.18%
• Current HPI: 356.6272
• Rent YoY: ▲ 0.27%
• Metro: Bremerton-Silverdale-Port Orchard, WA
• 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

+129.8% since first listed

8 events — show timeline

• 2026-06-17 Listed $145,900 NWMLS as Distributed by MLS Grid
• 2012-05-08 Sold (MLS) $42,000 NWMLS as Distributed by MLS Grid
• 2012-04-26 Pending — NWMLS as Distributed by MLS Grid
• 2012-04-10 Price Changed $48,000 NWMLS as Distributed by MLS Grid
• 2012-03-27 Relisted — NWMLS as Distributed by MLS Grid
• 2012-03-15 Contingent — NWMLS as Distributed by MLS Grid
• 2012-01-01 Listed $50,000 NWMLS as Distributed by MLS Grid
• 2006-12-29 Sold (Public Records) $63,500 Public Records

Property tax history

+4.9%/yr

Latest (2017): $643 · +110.8% YoY. Source: county tax records.