517 NW Past Dr · Poulsbo, WA 98370

$265,000

3 bd · 1.0 ba · 1,584 sqft · Manufactured public records · 12 Days on market

Built 1976 1.12 ac lot

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Why this score? — see what drove the C 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 +22.5/30.0
• ARV discount +7.5/15.0
• DSCR +7.2/10.0
• Schools +5.4/10.0
• 1% rule +5.3/10.0
• Livability +4.2/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Situated on a 1.12-acre parcel with strong long-term investment potential. Sold AS-IS with no repairs to be made by the seller. Property currently has no power. For saftey please DO NOT ENTER THE BUILDING. Existing septic system is non-conforming, making this primarily a land-value opportunity best suited for cash buyers. Ideal for redevelopment, future investment hold, or a rehab project. Cash sale only — no seller financing, contingencies, or extended feasibility periods. Drive-by and exterior walk-arounds only. Great opportunity for investors, rehabbers, and cash buyers looking for their next project. Buyer to verify all information to their own satisfaction.

Key facts

• 1.12 acre lot
• Built 1976
• Listed 12 days

Property features AI

Finance

• Other: Zoned 1 dwelling unit per 5 acres; Lot size approximately 1.12 acres
• Financial info: Cash purchase preferred

Exterior

• Parking: Driveway parking
• Security: Partially fenced (security feature)
• Utilities: Electric service (PSE); Shared well water; Septic tank sewer
• Home design: Manufactured double-wide home; Single-story; Entry level on main floor; Facing direction not specified
• Construction: Double-wide manufactured home (Skyline); Standard frame construction; Metal/vinyl exterior; Composition roof; Tie-down foundation; Effective year built 1976
• Exterior features: Deck; Partially fenced lot; Dirt road access; Value in land

Interior

• Bedrooms: 3 bedrooms (all on main level); 2 additional possible bedrooms
• Flooring: Carpet flooring
• Bathrooms: 1 full bathroom (main level) with one tub and one shower
• Heating & cooling: No central heating; No cooling
• Interior features: Partially fenced

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $265k.

Deal economics

• At list price, monthly cash flow is $446 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• Cap rate 8.3% 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.
• Zoned schools: Vinland Elementary (523 students, 34% FRL); Poulsbo Middle School (685 students, 30% FRL); North Kitsap High School (1,063 students, 29% FRL).
• Market conditions: Rents flat; 270 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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 $2k of loan paydown is wiped out by about $8k 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

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $265,000

Questions for the listing agent

1. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.03% ✓
• Cap rate: 8.31%
• Cash-on-cash: 7.22%
• DSCR: 1.32
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -7.7%
• Equity multiple: 0.72×
• Total profit: $-20,691
• Equity at exit: $39,512

10-year hold

• IRR: -1.2%
• Equity multiple: 0.92×
• Total profit: $-5,613
• Equity at exit: $22,912

Cash invested: $74,200 (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: 270
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,723 medium
• Mortgage (P&I): −$1,390
• Tax from tax record: −$205 /mo · $2,462/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$572
• Net cashflow: $446

Break-even live

Break-even rent $2,159

Max offer price $265,000

Occupancy floor 79%

Sensitivity live

Price	-10% $596	-5% $521	+0% $446	+5% $371	+10% $296
Rent	-10% $231	-5% $339	+0% $446	+5% $554	+10% $661
Rate	-1.0pp $580	-0.5pp $514	base $446	+0.5pp $378	+1.0pp $308

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
26277 Edgewater Pl NW Poulsbo, WA	2.0	1.0	1112	$2,250	$2.02	22d	1	1.26mi
700 NW Advance Dr Poulsbo, WA	1.0–3.0	1.0–2.5	1155	$2,807	$2.43	15d	7	1.37mi
22295 Dauntless Dr NW Poulsbo, WA	2.0–3.0	2.0	1233	$2,650	$2.15	15d	2	1.42mi

Listing history 6 events

1. 2026-06-07
   statusdays on market $265,000 Pending 12 DOM
2. 2026-06-02
   days on market $265,000 Active 11 DOM
3. 2026-06-01
   days on market $265,000 Active 10 DOM
4. 2026-05-31
   days on market $265,000 Active 9 DOM
5. 2026-05-30
   days on market $265,000 Active 8 DOM
6. 2026-05-22
   listed $265,000 Active

ⓘ 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: $2,462 · $205/mo
• Projected year-2 tax: $2,597 · $216/mo
• Expected delta: +$135/yr (+$11/mo · 5.5%)

ⓘ 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 ≥85°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 7 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,681
• − Mortgage interest: −$14,844
• − Property taxes: −$2,462
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,614
• − Management: −$2,614
• − Depreciation: −$7,709
• Taxable income: $1,112
• Est. tax owed @ 24.0%: −$267
• After-tax cash flow: $5,088/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

1 event — show timeline

• 2026-05-22 Listed $265,000 NWMLS as Distributed by MLS Grid

Property tax history

+3.0%/yr

Latest (2026): $2,462 · +2.2% YoY. Source: county tax records.