15503 Cedar Park Rd SE Unit 35C · Burley, WA 98359

$110,000

2 bd · 1.0 ba · 720 sqft · Manufactured · 144 Days on market

Built 1969 Good condition $153/sqft · 265% above area ↓ 4% since listing

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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 +28.7/30.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Condition / age +4.0/5.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Fantastic location!! Great for commuters, within minutes to Hwy 16 to Gig Harbor & Port Orchard, in either direction. Beautifully remodeled 2 bedroom one Full bath is perched on the hill with a territorial view and ample yard, front and back. Open floorplan, light and airy. .. you will love the new finishes and appliances of this remodeled home! Step out onto the covered back porch providing a private and perfect space to relax and enjoy nature! Desirable, spacious, corner lot with parking allowing up to 3 cars, (3rd vehicle for a fee). New outdoor shed included! Sellers are motivated, and will look at all offers!

Key facts

• Remodeled
• Territorial view
• Outdoor shed

Tags

• REMODELED
• TERRITORIAL VIEW
• COVERED BACK PORCH
• AMPLE YARD
• OUTDOOR SHED

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $110k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $367 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 2.4% in Burley — 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 64/100 on livability (#357 in WA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: health & safety C-, schools D-, amenities F.
• 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: 36 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 $761 of loan paydown is wiped out by about $3k 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 + 3.0% rent growth), your $31k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 144 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.

Recommended offer $96,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 144 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.30% ✓
• Cap rate: 10.29%
• Cash-on-cash: 14.29%
• DSCR: 1.64
• GRM: 6.4

CMA / ARV

• ARV (median comp): $30,122
• List price: $110,000
• Delta: 265.18%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 4.7%
• Equity multiple: 1.18×
• Total profit: $5,551
• Equity at exit: $16,401

10-year hold

• IRR: 14.1%
• Equity multiple: 2.14×
• Total profit: $34,994
• Equity at exit: $9,511

Cash invested: $30,800 (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 98359

• Home prices YoY: -33.1%
• Active inventory: 36
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $1,426 medium
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$138 /mo · $1,650/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $367

Break-even live

Break-even rent $962

Max offer price $110,000

Occupancy floor 69%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $110,000 Active 144 DOM
2. 2026-06-17
   days on market $110,000 Active 143 DOM
3. 2026-06-16
   days on market $110,000 Active 142 DOM
4. 2026-06-15
   days on market $110,000 Active 141 DOM
5. 2026-06-14
   days on market $110,000 Active 139 DOM
6. 2026-06-13
   days on market $110,000 Active 138 DOM
7. 2026-06-10
   days on market $110,000 Active 136 DOM
8. 2026-06-09
   days on market $110,000 Active 135 DOM
9. 2026-06-08
   days on market $110,000 Active 134 DOM
10. 2026-06-07
    days on market $110,000 Active 133 DOM
11. 2026-06-05
    days on market $110,000 Active 130 DOM
12. 2026-06-03
    days on market $110,000 Active 129 DOM
13. 2026-06-02
    days on market $110,000 Active 128 DOM
14. 2026-06-01
    days on market $110,000 Active 127 DOM
15. 2026-05-31
    days on market $110,000 Active 126 DOM
16. 2026-05-30
    days on market $110,000 Active 125 DOM
17. 2026-03-10
    price $110,000
18. 2026-01-25
    listed $115,000 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥86°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,117
• − Mortgage interest: −$6,162
• − Property taxes: −$1,650
• − Insurance: −$550
• − Repairs & maintenance: −$1,369
• − Management: −$1,369
• − Depreciation: −$3,200
• Taxable income: $2,817
• Est. tax owed @ 24.0%: −$676
• After-tax cash flow: $3,724/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 80/100 Cosmetic rehab

This remodeled mobile home is in good condition with a good location and ample yard space. It has a fresh paint job and updated appliances, making it an attractive option for both buyers and renters.

Value-add opportunities

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Landscaping and curb appeal improvements — Enhances property's visual appeal and can attract more buyers
• Resale Upgrading appliances — Modern appliances can increase the home's appeal to potential buyers
• Rental Adding a small outdoor patio or seating area — Can increase rental value by providing a relaxing space for tenants

Renovation cost estimate screening

Value-add ROI direction

• Both Painting exterior and interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Landscaping and curb appeal improvements — Enhances property's visual appeal and can attract more buyers ↑
• Resale Upgrading appliances — Modern appliances can increase the home's appeal to potential buyers ↑
• Rental Adding a small outdoor patio or seating area — Can increase rental value by providing a relaxing space for tenants ↑

ⓘ 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: 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 — Burley

• Score: 64/100
• State rank: #357
• US rank: #13620

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Burley, WA
• Population (ZIP): 4,691

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 (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 2% Native American 1%
• Common ancestry: Italian 8% Portuguese 4% Slovak 3%
• Foreign-born: 4% · Canada, South Korea
• Languages at home: 97% English-only · Spanish 1% German/W. Germanic 1% Russian/Polish/Slavic 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: ▼ -188.27%
• Current HPI: 379.942
• 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

-4.3% since first listed

2 events — show timeline

• 2026-03-10 Price Changed $110,000 NWMLS as Distributed by MLS Grid
• 2026-01-25 Listed $115,000 NWMLS as Distributed by MLS Grid