156 NE Zodiac Ln · Tracyton, WA 98311

$149,500

3 bd · 2.0 ba · 1,680 sqft · Manufactured · 416 Days on market

Built 1990 Good condition $89/sqft · 25% below area Est $198k · 25% under ↓ 17% since listing

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.5/10.0
• Condition / age +3.8/5.0
• Livability +3.7/5.0
• Rent growth +2.6/5.0
• Appreciation +0.0/10.0

Listing remarks

"Affordable and move-in ready! This home has great bones and is perfect for buyers who want a comfortable place today and the chance to create their own style tomorrow. " Motivated seller, New Carpet in whole house, 55+ Community Silverdale Estates, close to St. Michael's Hospital, shopping and restaurants, and minutes to Silverdale or Bremerton. There is a generous size primary with large bathroom with soaking tub, shower and double vanity, two other bedrooms on opposite side of house with full bath and laundry room has a great craft area. Large kitchen area with built in hutch and plenty of room for another table. Check out the back patio with your 2 large, raised beds for fl

Key facts

• Double vanity
• Built in hutch
• Soaking tub

Tags

• LARGE BATHROOM
• SOAKING TUB
• DOUBLE VANITY
• CRAFT AREA
• BUILT IN HUTCH
• BACK PATIO

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $150k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.4% 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; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 $42k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 416 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.

Recommended offer $131,560 (12.0% below list)

Questions for the listing agent

1. It's been on market 416 days. Have you received any prior offers? Is the seller open to a 12% 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: 1.73% ✓
• Cap rate: 14.38%
• Cash-on-cash: 28.89%
• DSCR: 2.29
• GRM: 4.8

CMA / ARV

• ARV (median comp): $198,500
• List price: $149,500
• Delta: -24.69%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
970 NE Saturn Ln	0.43mi	3/2.0	1,680 (0%)	4mo	$180,000	$107	76
6640 Aquarius Ln	0.04mi	3/2.5	1,795 (+7%)	11mo	$225,000	$125	76
535 NE Saturn Ln	0.22mi	3/2.0	1,782 (+6%)	8mo	$213,000	$120	73
620 NE Saturn Ln	0.26mi	3/2.0	1,848 (+10%)	2mo	$225,000	$122	69
6980 Taurus Ln NE	0.30mi	3/2.0	1,506 (-10%)	1mo	$190,000	$126	68
7075 Taurus Ln NE	0.34mi	3/2.0	1,596 (-5%)	10mo	$185,000	$116	67
637 NE Libra Ln	0.30mi	3/2.0	1,568 (-7%)	11mo	$170,000	$108	66
6181 Holland Rd NW	0.35mi	2/2.0 (-1)	1,620 (-4%)	8mo	$360,000	$222	66
6638 Virgo Ln NE	0.38mi	3/2.0	1,848 (+10%)	1mo	$213,500	$116	64
704 NE Libra Ln	0.39mi	3/2.0	1,620 (-4%)	14mo	$194,500	$120	64
621 NE Saturn Ln	0.24mi	3/2.0	1,456 (-13%)	5mo	$167,500	$115	62
5530 Central Valley Rd NE	0.61mi	3/2.0	1,792 (+7%)	10mo	$435,000	$243	52

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 · 0.27% rent growth · sell at horizon

5-year hold

• IRR: 20.1%
• Equity multiple: 1.79×
• Total profit: $33,082
• Equity at exit: $22,291

10-year hold

• IRR: 26.4%
• Equity multiple: 3.02×
• Total profit: $84,766
• Equity at exit: $12,926

Cash invested: $41,860 (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: 4.8×

Monthly cashflow live

• Estimated rent: $2,583 high
• Mortgage (P&I): −$784
• Tax est. 1.5%: −$187 /mo · $2,242/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$542
• Net cashflow: $1,008

Break-even live

Break-even rent $1,308

Max offer price $149,500

Occupancy floor 56%

Sensitivity live

Price	-10% $1,111	-5% $1,059	+0% $1,008	+5% $956	+10% $904
Rent	-10% $804	-5% $906	+0% $1,008	+5% $1,110	+10% $1,212
Rate	-1.0pp $1,083	-0.5pp $1,046	base $1,008	+0.5pp $969	+1.0pp $929

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: $37,375
• Closing costs: $4,485
• Reserves months: —
• Total cash needed: —

Rent comps 11 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	0.35mi
263 Weatherstone Ln NE Bremerton, WA	1.0–3.0	1.0–2.0	884	$2,199	$2.49	14d	4	0.76mi
1231 NE McWilliams Rd Bremerton, WA	1.0–3.0	1.0–2.0	961	$2,600	$2.71	14d	26	0.78mi
7720 Vineyards Ln NE Bremerton, WA	1.0–3.0	1.0–2.0	840	$2,325	$2.77	14d	11	0.80mi
6101 Washington 303 Bremerton, WA	1.0–3.0	1.0–2.0	1010	$2,880	$2.85	14d	70	0.86mi
1381 NE Fairgrounds Rd Bremerton, WA	1.0–3.0	1.0–2.0	949	$2,315	$2.44	14d	14	0.87mi
1303 NE Jasmine Ln Bremerton, WA	2.0	1.5	1152	$2,600	$2.26	44d	1	0.94mi
8078 Old Military Rd NE Bremerton, WA	2.0	2.5	2064	$3,000	$1.45	44d	1	1.06mi
778 NE Mesa Ln Bremerton, WA	1.0–3.0	1.0–2.0	877	$2,150	$2.45	14d	3	1.26mi
4257 Pronghorn Pl Bremerton, WA	3.0	2.5	1680	$2,950	$1.76	14d	1	1.44mi
4245 Pronghorn Pl Bremerton, WA	3.0	2.5	1680	$2,850	$1.70	44d	1	1.46mi

Listing history 6 events

1. 2026-05-18
   status Pending
2. 2026-04-10
   price $149,500
3. 2026-01-05
   price $159,500
4. 2025-09-05
   price $169,500
5. 2025-05-28
   price $174,900
6. 2025-03-27
   listed $179,900 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 · 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: $30,999
• − Mortgage interest: −$8,374
• − Property taxes: −$2,242
• − Insurance: −$748
• − Repairs & maintenance: −$2,480
• − Management: −$2,480
• − Depreciation: −$4,349
• Taxable income: $10,326
• Est. tax owed @ 24.0%: −$2,478
• After-tax cash flow: $9,613/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This move-in ready manufactured home is in good condition with minor repairs needed. It has a good location and potential for value increase with some cosmetic updates.

Repairs flagged

• Minor Kitchen cabinets — Slight wear on the cabinets
• Minor Bathroom vanity — Slight wear on the vanity

Value-add opportunities

• Both Paint the interior walls — Fresh paint can improve the home's appearance and value
• Both Replace the ceiling fan — A new ceiling fan can improve air circulation and add to the home's value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Slight wear on the cabinets	Minor	$500–3,000
Bathroom vanity · Slight wear on the vanity	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Paint the interior walls — Fresh paint can improve the home's appearance and value ↑
• Both Replace the ceiling fan — A new ceiling fan can improve air circulation and add to the home's value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-16.9% since first listed

6 events — show timeline

• 2026-05-18 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-10 Price Changed $149,500 NWMLS as Distributed by MLS Grid
• 2026-01-05 Price Changed $159,500 NWMLS as Distributed by MLS Grid
• 2025-09-05 Price Changed $169,500 NWMLS as Distributed by MLS Grid
• 2025-05-28 Price Changed $174,900 NWMLS as Distributed by MLS Grid
• 2025-03-27 Listed $179,900 NWMLS as Distributed by MLS Grid