16300 NE State Hwy 305 #31

Suquamish, WA 98370

$67,500C+

2 bd · 1.0 ba · 864 sqft · Built 1976 · Manufactured · Active · 88 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,633/mo
• Mortgage (P&I): −$354
• Tax + insurance: −$112
• HOA: −$0
• Vac / Maint / Mgmt: −$343
• Net cashflow: $823/mo
• Annual: $9,881/yr
• Cap rate: 20.93%
• Cash-on-cash: 52.28%
• DSCR: 3.33
• 1% rule: 2.42%
• Cash to close: $18,900

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $68k. Condition is rated good.
• At list price, monthly cash flow is $823 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $68k).
• It's been on market 88 days — a 6% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $63k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $467 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#262 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A-, crime B+; Watch: cost of living C-, amenities F, commute F.
• North Kitsap School District (suburban): math 53% / reading 65% proficiency, ranked #54 of 291 in WA (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Suquamish Elementary School (328 students, 52% FRL); Kingston Middle School (491 students, 49% FRL); Kingston High School (610 students, 42% FRL) — zoned schools average 48% FRL vs 26% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 373 active listings in the ZIP; high-income renter base; 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.
• 3 sale attempts since 14y ago; this cycle's ask has dropped $12k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $32k; list at $68k implies a 108% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 0.7% rent growth), your $19k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 20.9% vs local median 2.1% in Suquamish — 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.
• This rent is only 17% of the median local income ($117k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.
• 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.