6323 Kitsap Way · Bremerton, WA 98312

$495,000

None bd · None ba · 3,803 sqft · MultiFamily public records · 159 Days on market

Built 1945 Fair condition 0.69 ac lot $130/sqft · 33% below area Est $881k · 44% under

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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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.3/5.0
• Schools +3.9/10.0
• Rent growth +2.6/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Remodeled 5-plex in the heart of Bremerton. Previous owner updated this property beautifully, but did not obtain the necessary permits from the City of Bremerton. General Commercial zoning allows for the potential to use for multi-family, retail, office or mixed use. Lot size is over half an acre so might be possible to subdivide. Owner financing may be available. * * Buyer to verify any and all information on what is needed to obtain permits from the City of Bremerton. * *

Key facts

• Remodeled 5-plex
• 0.69 acre lot
• 10 parking spots

Tags

• REMODELED 5-PLEX
• GENERAL COMMERCIAL ZONING
• LOT SIZE OVER HALF AN ACRE
• POSSIBLE TO SUBDIVIDE

What this means for you Summary

Snapshot

• This is a 4×2bd/1ba + 1×1bd/1ba units multifamily listed at $495k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $4k ($45k/yr) — positive. Per door: $750/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $495k).
• Recommended offer: $436k (12.0% below list) — sets the bar for market timing.
• Cap rate 15.4% vs local median 3.5% in Bremerton — 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 86/100 on livability (#22 in WA, #431 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime F.
• Bremerton School District (urban): math 36% / reading 51% proficiency, ranked #194 of 291 in WA (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 349 active listings in the ZIP; solid renter incomes; 1,294 units permitted in Kitsap County in 2024 (302 in 5+ unit buildings).
• At $8,864/mo this rent would consume 118% of the median local household income ($90k/yr) (locally 993% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k 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 $139k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 159 days — a 12% lower offer ($436k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $305k; list at $495k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $435,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 159 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
10. 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.
11. 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.
12. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.79% ✓
• Cap rate: 15.39%
• Cash-on-cash: 32.49%
• DSCR: 2.45
• GRM: 4.7

CMA / ARV

• ARV (median comp): $880,507
• List price: $495,000
• Delta: -43.78%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.28% rent growth · sell at horizon

5-year hold

• IRR: 24.5%
• Equity multiple: 1.98×
• Total profit: $135,190
• Equity at exit: $73,806

10-year hold

• IRR: 30.6%
• Equity multiple: 3.41×
• Total profit: $333,798
• Equity at exit: $42,799

Cash invested: $138,600 (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 98312

• Rents YoY: 0.3%
• Active inventory: 349
• Price-to-rent: 23.0×

Monthly cashflow live

• Estimated rent: $8,864 high
• Mortgage (P&I): −$2,596
• Tax from tax record: −$448 /mo · $5,377/yr
• Insurance: −$206
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,861
• Net cashflow: $3,752

Break-even live

Break-even rent $4,114

Max offer price $495,000

Occupancy floor 53%

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$7,176
1× unit	1	1	$1,687
Total (5 units)			$8,864

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: $123,750
• Closing costs: $14,850
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-18
   days on market $495,000 Active 159 DOM
2. 2026-06-17
   days on market $495,000 Active 158 DOM
3. 2026-06-16
   days on market $495,000 Active 157 DOM
4. 2026-06-15
   days on market $495,000 Active 156 DOM
5. 2026-06-14
   days on market $495,000 Active 154 DOM
6. 2026-06-13
   days on market $495,000 Active 153 DOM
7. 2026-06-10
   days on market $495,000 Active 151 DOM
8. 2026-06-09
   days on market $495,000 Active 150 DOM
9. 2026-06-08
   days on market $495,000 Active 149 DOM
10. 2026-06-07
    days on market $495,000 Active 148 DOM
11. 2026-06-02
    days on market $495,000 Active 143 DOM
12. 2026-06-01
    days on market $495,000 Active 142 DOM
13. 2026-05-31
    days on market $495,000 Active 141 DOM
14. 2026-05-30
    days on market $495,000 Active 140 DOM
15. 2026-05-19
    price $495,000
16. 2022-01-18
    soldstatus $305,000 Closed
17. 2022-01-18
    soldstatus $305,000
18. 2021-11-04
    status Pending
19. 2021-10-27
    listed $250,000 Active
20. 2017-02-15
    soldstatus $175,000

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

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $5,377 · $448/mo
• Projected year-2 tax: $5,377 · $448/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $106,368
• − Mortgage interest: −$27,728
• − Property taxes: −$5,377
• − Insurance: −$2,475
• − Repairs & maintenance: −$8,509
• − Management: −$8,509
• − Depreciation: −$14,400
• Taxable income: $39,369
• Est. tax owed @ 24.0%: −$9,449
• After-tax cash flow: $35,580/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

Fair 45/100 Extensive rehab

This 5-plex property requires extensive repairs to its exterior and windows, but the interior is in good condition. Potential buyers should verify the need for permits from the City of Bremerton.

Repairs flagged

• Major Boarded windows — Structural damage
• Major Missing siding — Exterior damage

Value-add opportunities

• Both Replace boarded windows — Safety and curb appeal
• Both Replace missing siding — Safety and curb appeal
• Both Paint exterior — Safety and curb appeal
• Both Replace missing siding — Safety and curb appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
Boarded windows · Structural damage	Major	$15,000–50,000
Missing siding · Exterior damage	Major	$15,000–50,000
Total estimated repair cost · 2 items		$30,000–100,000

Value-add ROI direction

• Both Replace boarded windows — Safety and curb appeal ↑
• Both Replace missing siding — Safety and curb appeal ↑
• Both Paint exterior — Safety and curb appeal ↑
• Both Replace missing siding — Safety and curb appeal ↑

ⓘ 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: Bremerton School District
• NCES district ID: 5300660
• Math proficiency: 36% ▼ -3.00%
• Reading proficiency: 51% ▲ 1.00%
• Median HH income: $46,765
• Composite: 39.34/100
• National rank: #8163
• State rank: #194 of 291 in WA

Livability — Bremerton

• Score: 86/100
• State rank: #22
• US rank: #431

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bremerton, WA
• County: Kitsap County · 243,099 people
• City population: 94,488
• Metro: Bremerton-Silverdale-Port Orchard, WA
• Population (ZIP): 36,307
• Household income: $90,449
• Rent vs Own: 36.5% rent · 63.5% own
• Severe rent burden: 993.0

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 (68%)
• Race & ethnicity: White 68% Two or more races 13% Hispanic / Latino 12% Asian 4% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: Italian 7% Portuguese 5% Slovak 4%
• Foreign-born: 6% · Canada, China
• Languages at home: 91% English-only · Spanish 4% Tagalog/Filipino 2% Other Asian/Pacific 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: ▼ -436.68%
• Current HPI: 379.2342
• Rent YoY: ▲ 0.28%
• 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

+182.9% since first listed

6 events — show timeline

• 2026-05-19 Price Changed $495,000 NWMLS as Distributed by MLS Grid
• 2022-01-18 Sold (Public Records) $305,000 Public Records
• 2022-01-18 Sold (MLS) $305,000 NWMLS as Distributed by MLS Grid
• 2021-11-04 Pending — NWMLS as Distributed by MLS Grid
• 2021-10-27 Listed $250,000 NWMLS as Distributed by MLS Grid
• 2017-02-15 Sold (Public Records) $175,000 Public Records

Property tax history

+47.4%/yr

Latest (2026): $5,377 · +0.5% YoY. Source: county tax records.