3245 Almira Dr

Bremerton, WA 98310

$319,000D-

3 bd · 1.5 ba · 1,118 sqft · Built 1965 · SingleFamily · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,033/mo
• Mortgage (P&I): −$1,673
• Tax + insurance: −$440
• HOA: −$0
• Vac / Maint / Mgmt: −$427
• Net cashflow: $-506/mo
• Annual: $-6,077/yr
• Cap rate: 4.39%
• Cash-on-cash: -6.80%
• DSCR: 0.70
• 1% rule: 0.64%
• Cash to close: $89,320

Investor read

• This is a 3-bed/1.5-bath single-family listed at $319k.
• At list price, monthly cash flow is $-506 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $230k (28.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $203k (36.3% below list).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $203k (36.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#22 in WA, #431 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime F.
• Bremerton School District (urban): math 36% / reading 51% proficiency, ranked #194 of 291 in WA (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: View Ridge Elementary Arts Academy (398 students, 68% FRL); Mountain View Middle School (844 students, 71% FRL); Bremerton High School (1,221 students, 66% FRL).
• Market conditions: Rents flat; 97 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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).
• Kitsap County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Cap rate 4.4% vs local median 3.5% in Bremerton — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 32% of the median local income ($76k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?
• 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.