5673 Bethel Rd SE Unit 6A · Bethel, WA 98367

$19,900

2 bd · 1.5 ba · 924 sqft · Manufactured · 61 Days on market

Built 1985 $22/sqft · 74% below area

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.4/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this Port Orchard manufactured home featuring 2 bedrooms and 1.5 baths with a functional and comfortable layout. The kitchen offers generous cabinetry, ample counter space, eating nook, and a practical U-shaped design. A great opportunity to make this home your own.

Key facts

• Parking
• Built 1985
• Listed 61 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath manufactured listed at $20k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $20k).
• Recommended offer: $19k (6.0% below list) — sets the bar for market timing.
• Cap rate 104.5% 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; 15 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 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 $138 of loan paydown is wiped out by about $597 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($19k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y ago; this cycle's ask has dropped $15k (43%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $14k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $18,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% 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. 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?
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: 11.24% ✓
• Cap rate: 104.53%
• Cash-on-cash: 350.84%
• DSCR: 16.61
• GRM: 0.7

CMA / ARV

• ARV (median comp): $77,880
• List price: $19,900
• Delta: -74.45%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5673 Bethel Rd SE #28	0.01mi	2/1.0	980 (+6%)	3mo	$69,500	$71	84

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: —
• Equity multiple: 18.49×
• Total profit: $97,459
• Equity at exit: $2,967

10-year hold

• IRR: —
• Equity multiple: 38.01×
• Total profit: $206,212
• Equity at exit: $1,721

Cash invested: $5,572 (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: 0.7×

Monthly cashflow live

• Estimated rent: $2,236 high
• Mortgage (P&I): −$104
• Tax est. 1.5%: −$25 /mo · $298/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$470
• Net cashflow: $1,629

Break-even live

Break-even rent $174

Max offer price $19,900

Occupancy floor 22%

Sensitivity live

Price	-10% $1,643	-5% $1,636	+0% $1,629	+5% $1,622	+10% $1,615
Rent	-10% $1,452	-5% $1,541	+0% $1,629	+5% $1,717	+10% $1,806
Rate	-1.0pp $1,639	-0.5pp $1,634	base $1,629	+0.5pp $1,624	+1.0pp $1,619

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: $4,975
• Closing costs: $597
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2192 SE Sedgwick Rd Port Orchard, WA	2.0	1.0–2.0	739	$2,450	$3.31	14d	22	0.50mi
1501 SE Blueberry Rd Apt 106 Port Orchard, WA	2.0	1.0	820	$2,150	$2.62	44d	1	0.86mi
1501 SE Blueberry Rd Unit 108 Port Orchard, WA	2.0	1.0	820	$2,175	$2.65	44d	1	0.86mi
1501 SE Blueberry Rd Apt 305 Port Orchard, WA	2.0	1.5	930	$2,150	$2.31	44d	1	0.86mi
1501 SE Blueberry Rd Apt 107 Port Orchard, WA	2.0	1.0	930	$2,125	$2.28	44d	1	0.86mi
1501 SE Blueberry Rd Apt 307 Port Orchard, WA	2.0	1.5	930	$2,175	$2.34	44d	1	0.86mi
1491 SE Blueberry Rd Unit 206 Port Orchard, WA	2.0	2.0	1000	$2,195	$2.19	21d	1	0.87mi
1491 SE Blueberry Rd Unit 308 Port Orchard, WA	2.0	2.0	1000	$2,295	$2.29	14d	1	0.87mi
1511 SE Blueberry Rd Unit 301 Port Orchard, WA	2.0	1.5	880	$2,175	$2.47	44d	1	0.87mi
1511 SE Blueberry Rd Unit 104 Port Orchard, WA	2.0	1.0	820	$2,150	$2.62	44d	1	0.87mi
1481 SE Blueberry Rd Port Orchard, WA	1.0–2.0	1.0–2.0	847	$2,295	$2.71	44d	11	0.89mi
4210 Eastwood Ave SE Port Orchard, WA	3.0	2.0	1008	$2,800	$2.78	21d	1	1.10mi
414 SW Hayworth Dr Port Orchard, WA	1.0–2.0	1.0–2.0	828	$1,930	$2.33	14d	6	1.24mi
4999 Sidney Rd SW Port Orchard, WA	1.0–3.0	1.0–2.0	961	$2,160	$2.25	14d	21	1.25mi
3390 Starboard Ln SE Port Orchard, WA	2.0–3.0	2.0	975	$1,995	$2.05	14d	3	1.32mi

Listing history 23 events

1. 2026-06-18
   days on market $19,900 Active 61 DOM
2. 2026-06-17
   days on market $19,900 Active 60 DOM
3. 2026-06-16
   days on market $19,900 Active 59 DOM
4. 2026-06-15
   days on market $19,900 Active 58 DOM
5. 2026-06-14
   days on market $19,900 Active 56 DOM
6. 2026-06-13
   days on market $19,900 Active 55 DOM
7. 2026-06-10
   pricedays on market $19,900 Active 53 DOM
8. 2026-06-09
   days on market $24,900 Active 52 DOM
9. 2026-06-08
   days on market $24,900 Active 51 DOM
10. 2026-06-07
    days on market $24,900 Active 50 DOM
11. 2026-06-05
    days on market $24,900 Active 47 DOM
12. 2026-06-03
    days on market $24,900 Active 46 DOM
13. 2026-06-02
    days on market $24,900 Active 45 DOM
14. 2026-06-01
    days on market $24,900 Active 44 DOM
15. 2026-05-31
    days on market $24,900 Active 43 DOM
16. 2026-05-30
    days on market $24,900 Active 42 DOM
17. 2026-05-12
    price $24,900
18. 2026-04-24
    status Active
19. 2026-04-20
    status Pending
20. 2026-04-14
    listed $35,000 Active
21. 2014-04-21
    soldstatus $14,500 Sold
22. 2014-04-07
    status Pending
23. 2014-01-26
    listed $14,500 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: $26,835
• − Mortgage interest: −$1,115
• − Property taxes: −$298
• − Insurance: −$100
• − Repairs & maintenance: −$2,147
• − Management: −$2,147
• − Depreciation: −$579
• Taxable income: $20,449
• Est. tax owed @ 24.0%: −$4,908
• After-tax cash flow: $14,641/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

+71.7% since first listed

7 events — show timeline

• 2026-05-12 Price Changed $24,900 NWMLS as Distributed by MLS Grid
• 2026-04-24 Relisted — NWMLS as Distributed by MLS Grid
• 2026-04-20 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-14 Listed $35,000 NWMLS as Distributed by MLS Grid
• 2014-04-21 Sold (MLS) $14,500 NWMLS as Distributed by MLS Grid
• 2014-04-07 Pending — NWMLS as Distributed by MLS Grid
• 2014-01-26 Listed $14,500 NWMLS as Distributed by MLS Grid