4024 NW Country Ln #72

Kitsap Lake, WA 98312

$57,000B

3 bd · 1.0 ba · 643 sqft · Built 2023 · Manufactured · Active · 124 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,888/mo
• Mortgage (P&I): −$299
• Tax + insurance: −$95
• HOA: −$0
• Vac / Maint / Mgmt: −$397
• Net cashflow: $1,098/mo
• Annual: $13,173/yr
• Cap rate: 29.40%
• Cash-on-cash: 82.54%
• DSCR: 4.67
• 1% rule: 3.31%
• Cash to close: $15,960

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $57k. Condition is rated good.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $57k).
• It's been on market 124 days — a 12% lower offer ($50k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $50k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $394 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• 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; 349 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $13k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 0.3% rent growth), your $16k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 124 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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.
• 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.