2115 Rocky Point Rd NW #22

Rocky Point, WA 98312

$69,000B

2 bd · 1.0 ba · 784 sqft · Built 1984 · Manufactured · Pending · 88 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,868/mo
• Mortgage (P&I): −$362
• Tax + insurance: −$115
• HOA: −$0
• Vac / Maint / Mgmt: −$392
• Net cashflow: $999/mo
• Annual: $11,985/yr
• Cap rate: 23.66%
• Cash-on-cash: 62.04%
• DSCR: 3.76
• 1% rule: 2.71%
• Cash to close: $19,320

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $69k. Condition is rated good.
• At list price, monthly cash flow is $999 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $69k).
• It's been on market 88 days — a 6% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $65k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $477 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#243 in WA) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: cost of living C-, schools D-, amenities 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 flat; 349 active listings in the ZIP; 27 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 48% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• At projected returns (-3.0% appreciation + 0.3% rent growth), your $19k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% 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.
• 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?
• 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.