17683 Hallman Rd NW · Poulsbo, WA 98370

$599,000

2 bd · 1.0 ba · 1,320 sqft · MultiFamily public records · 273 Days on market

Built 1927 Est $1079k · 45% 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 +10.5/30.0
• Schools +5.4/10.0
• Livability +4.2/5.0
• DSCR +3.0/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• 1% rule +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Two homes on one lot in beautiful wooded country location! The larger 3BR 1BA main home has been freshly painted inside and out with new appliances and flooring as well as the just serviced oil heater with new fuel pump, etc. in the 900sf unfinished dry basement with separate rear yard entry. A separate 1BR 1BA rental / MIL cottage at the base of the driveway is also included. A new well pump and restored septic system services were recently done.

Key facts

• New flooring
• New fuel pump
• New appliances

Tags

• WOODED COUNTRY LOCATION
• NEW APPLIANCES
• NEW FLOORING
• SERVICED OIL HEATER
• NEW FUEL PUMP
• UNFINISHED DRY BASEMENT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $599k.

Deal economics

• At list price, monthly cash flow is $-307 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $545k (9.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $422k (29.6% below list).
• Recommended offer: $422k (29.6% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 2.7% in Poulsbo — 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 85/100 on livability (#30 in WA, #508 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living 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.
• Market conditions: Rents flat; 265 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 1,294 units permitted in Kitsap County in 2024 (302 in 5+ unit buildings).
• This rent runs 43% of the median local income ($117k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k 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 273 days — a 12% lower offer ($527k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 25y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $185k; list at $599k implies a 224% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $421,700 (29.6% 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 273 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
8. 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.
9. 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.
10. 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: 0.70% ✗
• Cap rate: 5.68%
• Cash-on-cash: -2.20%
• DSCR: 0.90
• GRM: 11.8

CMA / ARV

• ARV (median comp): $1,079,492
• List price: $599,000
• Delta: -44.51%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.71% rent growth · sell at horizon

5-year hold

• IRR: -22.2%
• Equity multiple: 0.25×
• Total profit: $-126,363
• Equity at exit: $89,313

10-year hold

• IRR: -22.3%
• Equity multiple: -0.03×
• Total profit: $-173,439
• Equity at exit: $51,791

Cash invested: $167,720 (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 98370

• Rents YoY: 0.7%
• Active inventory: 265
• Price-to-rent: 21.3×

Monthly cashflow live

• Estimated rent: $4,217 medium
• Mortgage (P&I): −$3,141
• Tax from tax record: −$248 /mo · $2,972/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$886
• Net cashflow: $-307

Break-even live

Break-even rent $4,606

Max offer price $544,762

Occupancy floor —

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$2,339
1× unit	1	1	$1,878
Total (2 units)			$4,217

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: $149,750
• Closing costs: $17,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
17429 Nordic Cove Ln NW Poulsbo, WA	2.0	1.0	1100	$2,800	$2.55	44d	1	0.54mi

Listing history 21 events

1. 2026-06-18
   days on market $599,000 Active 273 DOM
2. 2026-06-17
   days on market $599,000 Active 272 DOM
3. 2026-06-16
   days on market $599,000 Active 271 DOM
4. 2026-06-15
   days on market $599,000 Active 270 DOM
5. 2026-06-14
   days on market $599,000 Active 268 DOM
6. 2026-06-13
   days on market $599,000 Active 267 DOM
7. 2026-06-10
   days on market $599,000 Active 265 DOM
8. 2026-06-09
   days on market $599,000 Active 264 DOM
9. 2026-06-08
   days on market $599,000 Active 263 DOM
10. 2026-06-07
    days on market $599,000 Active 262 DOM
11. 2026-06-02
    days on market $599,000 Active 257 DOM
12. 2026-06-01
    days on market $599,000 Active 256 DOM
13. 2026-05-31
    days on market $599,000 Active 255 DOM
14. 2026-05-30
    days on market $599,000 Active 254 DOM
15. 2025-09-16
    listed $599,000 Active 451-char remark

    Show marketing remark (451 chars)

    Two homes on one lot in beautiful wooded country location! The larger 3BR 1BA main home has been freshly painted inside and out with new appliances and flooring as well as the just serviced oil heater with new fuel pump, etc. in the 900sf unfinished dry basement with separate rear yard entry. A separate 1BR 1BA rental / MIL cottage at the base of the driveway is also included. A new well pump and restored septic system services were recently done.

16. 2002-12-06
    soldstatus $185,000
17. 2002-12-06
    soldstatus $185,000
18. 2002-09-03
    listed $188,000
19. 2001-04-03
    soldstatus $165,000
20. 2001-04-02
    soldstatus $165,000
21. 2001-01-15
    listed $165,000

ⓘ 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: $2,972 · $248/mo
• Projected year-2 tax: $5,870 · $489/mo
• Expected delta: +$2,898/yr (+$242/mo · 97.5%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥86°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $50,604
• − Mortgage interest: −$33,553
• − Property taxes: −$2,972
• − Insurance: −$2,995
• − Repairs & maintenance: −$4,048
• − Management: −$4,048
• − Depreciation: −$17,425
• Taxable loss: −$14,438
• Est. tax savings @ 24.0%: +$3,465
• After-tax cash flow: $-219/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: North Kitsap School District
• NCES district ID: 5305760
• Math proficiency: 53% ▼ -1.00%
• Reading proficiency: 65% ▲ 1.00%
• Median HH income: $68,919
• Composite: 53.68/100
• National rank: #3092
• State rank: #54 of 291 in WA

Livability — Poulsbo

• Score: 85/100
• State rank: #30
• US rank: #508

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Kitsap County · 243,099 people
• City population: 33,655
• Metro: Bremerton-Silverdale-Port Orchard, WA
• Population (ZIP): 33,655
• Household income: $116,756
• Rent vs Own: 24.5% rent · 75.5% own
• Severe rent burden: 904.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 11% Hispanic / Latino 9% Asian 3% Black 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 7% Italian 4% Slovak 3%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 4% Other Indo-European 1% 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: ▼ -342.47%
• Current HPI: 347.3427
• Rent YoY: ▲ 0.71%
• 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

+263.0% since first listed

7 events — show timeline

• 2025-09-16 Listed $599,000 Fizber.com
• 2002-12-06 Sold (Public Records) $185,000 Public Records
• 2002-12-06 Sold (MLS) $185,000 NWMLS as Distributed by MLS Grid
• 2002-09-03 Listed $188,000 NWMLS as Distributed by MLS Grid
• 2001-04-03 Sold (MLS) $165,000 NWMLS as Distributed by MLS Grid
• 2001-04-02 Sold (Public Records) $165,000 Public Records
• 2001-01-15 Listed $165,000 NWMLS as Distributed by MLS Grid

Property tax history

+1.1%/yr

Latest (2026): $2,972 · +2.1% YoY. Source: county tax records.