175 NE Camelot Dr #175 · Tracyton, WA 98311

$80,000

3 bd · 2.0 ba · 924 sqft · Manufactured · 94 Days on market

Built 1986 Good condition $87/sqft · 11% below area Est $90k · 11% 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 +12.6/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.5/10.0
• Condition / age +4.0/5.0
• Livability +3.7/5.0
• Rent growth +2.6/5.0
• Appreciation +0.0/10.0

Listing remarks

Thoughtfully remodeled 3-bedroom, 2-bath home located in a welcoming all-ages park. Inside, vaulted ceilings and abundant natural light create an airy, open atmosphere that enhances the home’s spacious feel. The open-concept layout flows seamlessly into a stylish, well-appointed kitchen—perfect for everyday living and entertaining. Primary has walk in closet and stylish en-suite. Smart design and recent updates including a new roof, flooring, as well as interior and exterior paint allow this home to live larger than its 924 sq ft. Ideally situated near shopping, dining, schools, ferry, shipyard and military bases, offering both convenience and easy access to amenities and commut

Key facts

• Natural light
• Walk in closet
• Vaulted ceilings

Tags

• REMODELED HOME
• VAULTED CEILINGS
• NATURAL LIGHT
• OPEN-CONCEPT LAYOUT
• WELL-APPOINTED KITCHEN
• WALK IN CLOSET

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $80k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $73k (9.0% below list) — sets the bar for market timing.
• Cap rate 23.7% vs local median 3.7% in Tracyton — 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 73/100 on livability (#193 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: schools D+, cost of living D+, amenities F.
• 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; 151 active listings in the ZIP; 14 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k 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 $22k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($73k) is reasonable based on typical stale-listing flexibility.

Recommended offer $72,800 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% 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. 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.
6. 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.
7. 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: 2.71% ✓
• Cap rate: 23.69%
• Cash-on-cash: 62.13%
• DSCR: 3.76
• GRM: 3.1

CMA / ARV

• ARV (median comp): $90,166
• List price: $80,000
• Delta: -11.27%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.27% rent growth · sell at horizon

5-year hold

• IRR: 57.9%
• Equity multiple: 3.46×
• Total profit: $55,133
• Equity at exit: $11,928

10-year hold

• IRR: 61.8%
• Equity multiple: 6.39×
• Total profit: $120,727
• Equity at exit: $6,917

Cash invested: $22,400 (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 98311

• Rents YoY: 0.3%
• Active inventory: 151
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $2,168 high
• Mortgage (P&I): −$420
• Tax est. 1.5%: −$100 /mo · $1,200/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$455
• Net cashflow: $1,160

Break-even live

Break-even rent $700

Max offer price $80,000

Occupancy floor 42%

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5163 NE Mariah Ln Bremerton, WA	1.0–2.0	1.0	821	$1,895	$2.31	13d	2	0.22mi
820 NE Riddell Rd Unit D Bremerton, WA	2.0	1.0	974	$1,650	$1.69	21d	1	0.25mi
778 NE Mesa Ln Bremerton, WA	1.0–3.0	1.0–2.0	877	$2,150	$2.45	13d	3	0.41mi
1911 NE Riddell Rd Bremerton, WA	2.0	1.0–2.0	858	$1,980	$2.31	13d	10	0.61mi
6101 Washington 303 Bremerton, WA	1.0–3.0	1.0–2.0	1010	$2,880	$2.85	13d	70	0.64mi
1970 NE Fuson Rd Bremerton, WA	1.0–2.0	1.0–2.0	676	$2,297	$3.40	13d	12	0.65mi
1231 NE McWilliams Rd Bremerton, WA	1.0–3.0	1.0–2.0	961	$2,600	$2.71	13d	26	0.70mi
3831 Maple Ave Unit A Bremerton, WA	2.0	1.0	1100	$2,500	$2.27	43d	1	0.78mi
4020 Bledsoe Ave Bremerton, WA	1.0–2.0	1.0–2.0	744	$1,875	$2.52	13d	4	0.79mi
685 Sylvan Way Bremerton, WA	2.0	2.0	1040	$2,100	$2.02	13d	2	1.04mi
3280 Pine Rd Bremerton, WA	2.0	1.0	810	$1,671	$2.06	13d	5	1.10mi
3232 Pine Rd Bremerton, WA	2.0–3.0	2.0	980	$2,375	$2.42	13d	9	1.16mi
1610 E 31st St Bremerton, WA	2.0	1.0	750	$1,445	$1.93	21d	1	1.40mi
1381 NE Fairgrounds Rd Bremerton, WA	1.0–3.0	1.0–2.0	949	$2,315	$2.44	13d	14	1.42mi

Listing history 16 events

1. 2026-06-18
   days on market $80,000 Active 94 DOM
2. 2026-06-17
   days on market $80,000 Active 93 DOM
3. 2026-06-16
   days on market $80,000 Active 92 DOM
4. 2026-06-15
   days on market $80,000 Active 91 DOM
5. 2026-06-14
   days on market $80,000 Active 89 DOM
6. 2026-06-13
   days on market $80,000 Active 88 DOM
7. 2026-06-10
   days on market $80,000 Active 86 DOM
8. 2026-06-09
   days on market $80,000 Active 85 DOM
9. 2026-06-08
   days on market $80,000 Active 84 DOM
10. 2026-06-07
    days on market $80,000 Active 83 DOM
11. 2026-06-05
    days on market $80,000 Active 80 DOM
12. 2026-06-02
    days on market $80,000 Active 78 DOM
13. 2026-06-01
    days on market $80,000 Active 77 DOM
14. 2026-05-31
    days on market $80,000 Active 76 DOM
15. 2026-05-30
    days on market $80,000 Active 75 DOM
16. 2026-03-16
    listed $83,000 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 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥86°F today · 15 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: $26,013
• − Mortgage interest: −$4,481
• − Property taxes: −$1,200
• − Insurance: −$400
• − Repairs & maintenance: −$2,081
• − Management: −$2,081
• − Depreciation: −$2,327
• Taxable income: $13,443
• Est. tax owed @ 24.0%: −$3,226
• After-tax cash flow: $10,690/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 · 13 photos

Good 80/100 Cosmetic rehab

This well-maintained mobile home is ready for move-in with recent updates and a good condition score.

Value-add opportunities

• Both Paint the exterior siding — Enhances curb appeal and can add value
• Both Replace the deck railings — Improves safety and adds aesthetic value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior siding — Enhances curb appeal and can add value ↑
• Both Replace the deck railings — Improves safety and adds aesthetic value ↑

ⓘ 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: Central Kitsap School District
• NCES district ID: 5301080
• Math proficiency: 55% ▲ 1.00%
• Reading proficiency: 67% ▬ 0.00%
• Median HH income: $64,825
• Composite: 54.87/100
• National rank: #2813
• State rank: #49 of 291 in WA

Livability — Tracyton

• Score: 73/100
• State rank: #193
• US rank: #5240

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tracyton, WA
• County: Kitsap County · 243,099 people
• City population: 94,488
• Metro: Bremerton-Silverdale-Port Orchard, WA
• Population (ZIP): 28,168
• Household income: $108,757
• Rent vs Own: 24.0% rent · 76.0% own
• Severe rent burden: 502.0

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 (67%)
• Race & ethnicity: White 67% Two or more races 14% Hispanic / Latino 9% Asian 9% Black 3% Pacific Islander 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 4% Italian 4% Slovak 3%
• Foreign-born: 9% · Canada, Vietnam, China
• Languages at home: 89% English-only · Tagalog/Filipino 4% Spanish 3% Vietnamese 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: ▼ -378.18%
• Current HPI: 356.6272
• Rent YoY: ▲ 0.27%
• 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

1 event — show timeline

• 2026-03-16 Listed $83,000 NWMLS as Distributed by MLS Grid