2001 11th St · Bremerton, WA 98337

$1,250,000

4 bd · 6.0 ba · 6,032 sqft · MultiFamily public records · 58 Days on market

Built 1981 9,148 sqft lot $207/sqft · 26% below area Est $1682k · 26% under

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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).

• ARV discount +15.0/15.0
• Cash flow +8.1/30.0
• Rent growth +5.0/5.0
• Livability +4.3/5.0
• Schools +3.9/10.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0
• 1% rule +1.7/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

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

Bremerton 6 offers high quality, well maintained, and spacious 2 Bedroom-1 Bathroom units. Units are approximately 1000 SF each and include W/ D hookups which positions a buyer for a very easy value-add opportunity. The property includes 6 covered parking spaces and 6 storage rooms, making it a very easily rentable asset. Local economic drivers create a strong rental market in Bremerton with historically low vacancy rates. Bremerton 6 positions itself as the perfect property for entry-level or experienced investors through its large, high-quality units and ability to capture additional upside without extensive renovations.

Key facts

• W d hookups
• Storage rooms
• Low vacancy rates

Tags

• W D HOOKUPS
• COVERED PARKING SPACES
• STORAGE ROOMS
• STRONG RENTAL MARKET
• LOW VACANCY RATES

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/?-bath units multifamily listed at $1.25M.

Deal economics

• At list price, monthly cash flow is $-1k ($-14k/yr) — negative. Per door: $-299/mo.
• To cash-flow at today's rent, offer at most $1.04M (16.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $839k (32.9% below list).
• Recommended offer: $839k (32.9% below list) — sets the bar for 1% rule.
• Cap rate 5.1% 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 rising fast (+9.8%/yr); 39 active listings in the ZIP; 1,294 units permitted in Kitsap County in 2024 (302 in 5+ unit buildings).
• At $8,392/mo this rent would consume 147% of the median local household income ($69k/yr) (locally 345% 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 $9k of loan paydown is wiped out by about $38k 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.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($1.21M) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 24y ago; this cycle's ask has dropped $75k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $905k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $839,200 (32.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 0.67% ✗
• Cap rate: 5.14%
• Cash-on-cash: -4.10%
• DSCR: 0.82
• GRM: 12.4

CMA / ARV

• ARV (median comp): $1,682,326
• List price: $1,250,000
• Delta: -25.70%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -18.4%
• Equity multiple: 0.33×
• Total profit: $-234,779
• Equity at exit: $186,379

10-year hold

• IRR: -3.7%
• Equity multiple: 0.71×
• Total profit: $-102,224
• Equity at exit: $108,077

Cash invested: $350,000 (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 98337

• Home prices YoY: -8.0%
• Rents YoY: 9.8%
• Active inventory: 39
• Price-to-rent: 49.6×

Monthly cashflow live

• Estimated rent: $8,392 high
• Mortgage (P&I): −$6,555
• Tax from tax record: −$750 /mo · $9,002/yr
• Insurance: −$521
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,762
• Net cashflow: $-1,196

Break-even live

Break-even rent $9,906

Max offer price $1,038,642

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	—	$8,392
Total (4 units)			$8,392

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: $312,500
• Closing costs: $37,500
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-18
   days on market $1,250,000 Active 58 DOM
2. 2026-06-17
   days on market $1,250,000 Active 57 DOM
3. 2026-06-16
   days on market $1,250,000 Active 56 DOM
4. 2026-06-15
   days on market $1,250,000 Active 55 DOM
5. 2026-06-14
   days on market $1,250,000 Active 53 DOM
6. 2026-06-13
   days on market $1,250,000 Active 52 DOM
7. 2026-06-10
   days on market $1,250,000 Active 50 DOM
8. 2026-06-09
   days on market $1,250,000 Active 49 DOM
9. 2026-06-08
   days on market $1,250,000 Active 48 DOM
10. 2026-06-07
    days on market $1,250,000 Active 47 DOM
11. 2026-06-02
    days on market $1,250,000 Active 42 DOM
12. 2026-06-01
    days on market $1,250,000 Active 41 DOM
13. 2026-05-31
    days on market $1,250,000 Active 40 DOM
14. 2026-05-30
    days on market $1,250,000 Active 39 DOM
15. 2026-05-14
    price $1,250,000
16. 2026-04-21
    listed $1,325,000 Active
17. 2019-07-15
    soldstatus $905,000 Sold
18. 2019-07-15
    soldstatus $905,000
19. 2019-06-03
    status Pending
20. 2019-05-10
    status Pending Feasibility
21. 2019-04-23
    price $910,000
22. 2019-04-01
    status Active
23. 2019-03-28
    status Pending
24. 2019-03-19
    status Pending Inspection
25. 2019-03-13
    listed $920,000 Active
26. 2015-05-08
    soldstatus $497,000 Sold
27. 2015-05-08
    soldstatus $497,000
28. 2015-04-06
    status Pending
29. 2015-03-16
    status Pending Inspection
30. 2015-03-02
    price $515,000
31. 2015-01-06
    price $525,000
32. 2014-09-19
    listed $536,000 Active
33. 2003-02-14
    soldstatus $349,999
34. 2003-02-14
    soldstatus $349,998
35. 2002-12-09
    historical
36. 2002-10-16
    listed $349,999

ⓘ 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: $9,002 · $750/mo
• Projected year-2 tax: $12,250 · $1,021/mo
• Expected delta: +$3,248/yr (+$271/mo · 36.1%)

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

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: $100,704
• − Mortgage interest: −$70,019
• − Property taxes: −$9,002
• − Insurance: −$6,250
• − Repairs & maintenance: −$8,056
• − Management: −$8,056
• − Depreciation: −$36,364
• Taxable loss: −$37,044
• Est. tax savings @ 24.0%: +$8,890
• After-tax cash flow: $-5,467/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: 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): 7,370
• Household income: $68,561
• Rent vs Own: 53.6% rent · 46.4% own
• Severe rent burden: 345.0

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 (75%)
• Race & ethnicity: White 75% Two or more races 11% Hispanic / Latino 7% Asian 5% Black 3% Native American 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 10% Portuguese 2% Lithuanian 2%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 2% Tagalog/Filipino 2% Vietnamese 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: ▼ -36.44%
• Current HPI: 419.3603
• Rent YoY: ▲ 9.81%
• 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

+257.1% since first listed

22 events — show timeline

• 2026-05-14 Price Changed $1,250,000 NWMLS as Distributed by MLS Grid
• 2026-04-21 Listed $1,325,000 NWMLS as Distributed by MLS Grid
• 2019-07-15 Sold (Public Records) $905,000 Public Records
• 2019-07-15 Sold (MLS) $905,000 NWMLS as Distributed by MLS Grid
• 2019-06-03 Pending — NWMLS as Distributed by MLS Grid
• 2019-05-10 Pending — NWMLS as Distributed by MLS Grid
• 2019-04-23 Price Changed $910,000 NWMLS as Distributed by MLS Grid
• 2019-04-01 Relisted — NWMLS as Distributed by MLS Grid
• 2019-03-28 Pending — NWMLS as Distributed by MLS Grid
• 2019-03-19 Pending — NWMLS as Distributed by MLS Grid
• 2019-03-13 Listed $920,000 NWMLS as Distributed by MLS Grid
• 2015-05-08 Sold (Public Records) $497,000 Public Records
• 2015-05-08 Sold (MLS) $497,000 NWMLS as Distributed by MLS Grid
• 2015-04-06 Pending — NWMLS as Distributed by MLS Grid
• 2015-03-16 Pending — NWMLS as Distributed by MLS Grid
• 2015-03-02 Price Changed $515,000 NWMLS as Distributed by MLS Grid
• 2015-01-06 Price Changed $525,000 NWMLS as Distributed by MLS Grid
• 2014-09-19 Listed $536,000 NWMLS as Distributed by MLS Grid
• 2003-02-14 Sold (Public Records) $349,998 Public Records
• 2003-02-14 Sold (MLS) $349,999 NWMLS as Distributed by MLS Grid
• 2002-12-09 Delisted — NWMLS as Distributed by MLS Grid
• 2002-10-16 Listed $349,999 NWMLS as Distributed by MLS Grid

Property tax history

+5.3%/yr

Latest (2026): $9,002 · +0.5% YoY. Source: county tax records.