3371 SE Bielmeier Rd #1 · Bethel, WA 98367

$199,900

4 bd · 2.0 ba · 1,836 sqft · Manufactured · 93 Days on market

Built 2016 $109/sqft · 25% above area Est $159k · 25% over

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Why this score? — see what drove the C+ 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.2/10.0
• Livability +3.4/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to “Lucky” Space #1 at Kitsap West Mobile Home Community—quite possibly the nicest home in the neighborhood! This beautifully updated 4-bedroom, 2-bath home offers over 1,800 square feet of spacious living with an open-concept layout and soaring decorative ceilings that create an airy, inviting feel. The home has been thoughtfully refreshed with all-new flooring, trim, and interior paint, giving it a clean, modern look throughout. Cozy up by the wood stove in the main living area or turn on the A/C, perfect for those PNW temperatures. The expansive primary suite is a true retreat, featuring a large walk-in closet and a newly updated vanity. The primary bathroom is

Key facts

• 2-car carport
• Wood stove
• Walk-in closet

Tags

• UPDATED FLOORING
• WOOD STOVE
• WALK-IN CLOSET
• GREENBELT
• 2-CAR CARPORT
• STORAGE SHED

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath manufactured listed at $200k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $182k (9.0% below list) — sets the bar for market timing.
• Cap rate 14.0% vs local median 3.6% in Bethel — 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 68/100 on livability (#279 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A, crime B+; Watch: health & safety C-, cost of living D+, schools D-.
• South Kitsap School District (suburban): math 52% / reading 64% proficiency, ranked #71 of 291 in WA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.6%/yr); 341 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 1,294 units permitted in Kitsap County in 2024 (302 in 5+ unit buildings).
• This rent runs 35% of the median local income ($115k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 + 1.6% rent growth), your $56k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 93 days — a 9% lower offer ($182k) is reasonable based on typical stale-listing flexibility.

Recommended offer $181,909 (9.0% below list)

Questions for the listing agent

1. It's been on market 93 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.68% ✓
• Cap rate: 13.97%
• Cash-on-cash: 27.40%
• DSCR: 2.22
• GRM: 4.9

CMA / ARV

• ARV (median comp): $159,458
• List price: $199,900
• Delta: 25.36%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3371 SE Bielmeier Rd #82	0.00mi	3/2.0 (-1)	1,848 (+1%)	12mo	$141,500	$77	84
7170 N Van Decar Rd SE	0.41mi	3/2.0 (-1)	1,774 (-3%)	10mo	$440,000	$248	62

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 1.6% rent growth · sell at horizon

5-year hold

• IRR: 19.8%
• Equity multiple: 1.79×
• Total profit: $44,387
• Equity at exit: $29,806

10-year hold

• IRR: 27.1%
• Equity multiple: 3.23×
• Total profit: $125,020
• Equity at exit: $17,284

Cash invested: $55,972 (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 98367

• Rents YoY: 1.6%
• Active inventory: 341
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $3,367 medium
• Mortgage (P&I): −$1,048
• Tax est. 1.5%: −$250 /mo · $2,998/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$707
• Net cashflow: $1,278

Break-even live

Break-even rent $1,749

Max offer price $199,900

Occupancy floor 57%

Sensitivity live

Price	-10% $1,416	-5% $1,347	+0% $1,278	+5% $1,209	+10% $1,140
Rent	-10% $1,012	-5% $1,145	+0% $1,278	+5% $1,411	+10% $1,544
Rate	-1.0pp $1,379	-0.5pp $1,329	base $1,278	+0.5pp $1,226	+1.0pp $1,174

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1574 SE Nylace Ln Port Orchard, WA	3.0	2.5	1940	$3,470	$1.79	14d	1	1.34mi
3676 SE Chesterton Dr Port Orchard, WA	4.0	2.5	2336	$3,000	$1.28	14d	1	1.48mi

Listing history 17 events

1. 2026-06-18
   days on market $199,900 Active 93 DOM
2. 2026-06-17
   days on market $199,900 Active 92 DOM
3. 2026-06-16
   days on market $199,900 Active 91 DOM
4. 2026-06-15
   days on market $199,900 Active 90 DOM
5. 2026-06-14
   days on market $199,900 Active 88 DOM
6. 2026-06-13
   days on market $199,900 Active 87 DOM
7. 2026-06-10
   days on market $199,900 Active 85 DOM
8. 2026-06-09
   days on market $199,900 Active 84 DOM
9. 2026-06-08
   days on market $199,900 Active 83 DOM
10. 2026-06-07
    days on market $199,900 Active 82 DOM
11. 2026-06-05
    days on market $199,900 Active 79 DOM
12. 2026-06-03
    days on market $199,900 Active 78 DOM
13. 2026-06-02
    days on market $199,900 Active 77 DOM
14. 2026-06-01
    days on market $199,900 Active 76 DOM
15. 2026-05-31
    days on market $199,900 Active 75 DOM
16. 2026-05-30
    days on market $199,900 Active 74 DOM
17. 2026-03-17
    listed $199,900 Active

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

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 · 14 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: $40,399
• − Mortgage interest: −$11,198
• − Property taxes: −$2,998
• − Insurance: −$1,000
• − Repairs & maintenance: −$3,232
• − Management: −$3,232
• − Depreciation: −$5,815
• Taxable income: $12,924
• Est. tax owed @ 24.0%: −$3,102
• After-tax cash flow: $12,236/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: South Kitsap School District
• NCES district ID: 5308160
• Math proficiency: 52% ▲ 2.00%
• Reading proficiency: 64% ▲ 3.00%
• Median HH income: $62,824
• Composite: 52.31/100
• National rank: #3445
• State rank: #71 of 291 in WA

Livability — Bethel

• Score: 68/100
• State rank: #279
• US rank: #9629

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bethel, WA
• County: Kitsap County · 243,099 people
• Metro: Bremerton-Silverdale-Port Orchard, WA
• Population (ZIP): 31,756
• Household income: $115,482
• Rent vs Own: 14.8% rent · 85.2% own
• Severe rent burden: 595.0

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 (78%)
• Race & ethnicity: White 78% Two or more races 11% Hispanic / Latino 7% Asian 4% Pacific Islander 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 7% Portuguese 6% Slovak 4%
• Foreign-born: 6% · Canada, South Korea, Vietnam
• Languages at home: 91% English-only · Spanish 3% Tagalog/Filipino 2% Other Asian/Pacific 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: ▼ -441.02%
• Current HPI: 351.671
• Rent YoY: ▲ 1.60%
• 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

1 event — show timeline

• 2026-03-17 Listed $199,900 NWMLS as Distributed by MLS Grid