1034 Hanford Ave · Bremerton, WA 98310

$595,000

6 bd · 3.0 ba · 2,572 sqft · MultiFamily public records · 18 Days on market

Built 1988 5,663 sqft lot $231/sqft · at area comps Est $568k · at est.

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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).

• Cash flow +15.7/30.0
• ARV discount +5.3/15.0
• DSCR +4.9/10.0
• Livability +4.3/5.0
• Schools +3.9/10.0
• 1% rule +3.2/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Townhouse-style duplex featuring two large 1,286 SF 3BD/1.5BTH units, each with in-unit W/ D and private garage. Unit B fully remodeled with new LVP flooring, remodeled baths, interior paint, updated lighting, and stainless appliances—ideal for owner-user or lease at $2,400 based on area rent comps. Unit A rented at $1,950 (below market) with upside to ~$2,200 (supported by neighboring identical duplex rents). Tenants pay utilities directly. Property includes 2 garages + additional storage, copper plumbing, some updated windows, roof replaced 2014, and mature low-maintenance landscaping. 6.6% current cap rate with upside to 7.6% at market rents.

Key facts

• Fully remodeled
• Private garage
• Stainless appliances

Tags

• PRIVATE GARAGE
• FULLY REMODELED
• NEW LVP FLOORING
• REMODELED BATHS
• UPDATED LIGHTING
• STAINLESS APPLIANCES

Property features AI

Finance

• Financial info: Listing accepts cash and conventional financing; Gross scheduled income: $51,600; Gross adjusted income: $49,020; Total monthly income: $4,300; Net operating income: $39,496; Total expenses: $9,524; Insurance expense: $2,616; Other expenses: $2,100; Gross rent multiplier: 11.5; Vacancy rate: 5%; Total units in building: 2 (no units below grade)

Exterior

• Parking: Covered parking for 2 vehicles; 2-car garage
• Utilities: Electric service; Sewer connected
• Home design: Duplex (residential income, multi-family); 2 stories; Poured concrete foundation
• Construction: Wood construction; Composition roof
• Exterior features: Wood exterior; Wood products used on exterior

Interior

• Kitchen: Each unit includes a range/oven; Each unit includes a refrigerator; Each unit includes a dishwasher
• Bedrooms: Both units are 3-bedroom units
• Flooring: Vinyl, vinyl plank and carpet
• Bathrooms: Both units have 2 bathrooms
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Vinyl, vinyl plank and carpet flooring
• Laundry & utility: Each unit has a washer and dryer

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $595k.

Deal economics

• At list price, monthly cash flow is $265 ($3k/yr) — positive. Per door: $133/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $490k (17.6% below list).
• Recommended offer: $490k (17.6% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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.
• Zoned schools: Armin Jahr Elementary (380 students, 83% FRL); Mountain View Middle School (844 students, 71% FRL); Bremerton High School (1,221 students, 66% FRL) — zoned schools average 73% FRL vs 55% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 97 active listings in the ZIP; solid renter incomes; 1,294 units permitted in Kitsap County in 2024 (302 in 5+ unit buildings).
• At $4,903/mo this rent would consume 78% of the median local household income ($76k/yr) (locally 1418% 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 $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 18 days — a 2% lower offer ($586k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y ago; this cycle's ask is 23700% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $182k; list at $595k implies a 227% gain — meaningful room to come down on a strong offer.

Recommended offer $490,300 (17.6% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.82% ✗
• Cap rate: 6.83%
• Cash-on-cash: 1.91%
• DSCR: 1.09
• GRM: 10.1

CMA / ARV

• ARV (median comp): $567,794
• List price: $595,000
• Delta: 4.79%
• Verdict: FAIR
• Comps: 10 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.55% rent growth · sell at horizon

5-year hold

• IRR: -15.8%
• Equity multiple: 0.45×
• Total profit: $-91,546
• Equity at exit: $88,716

10-year hold

• IRR: -11.7%
• Equity multiple: 0.37×
• Total profit: $-105,001
• Equity at exit: $51,445

Cash invested: $166,600 (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 98310

• Rents YoY: 0.6%
• Active inventory: 97
• Price-to-rent: 20.2×

Monthly cashflow live

• Estimated rent: $4,903 high
• Mortgage (P&I): −$3,120
• Tax from tax record: −$240 /mo · $2,878/yr
• Insurance: −$248
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,030
• Net cashflow: $265

Break-even live

Break-even rent $4,567

Max offer price $595,000

Occupancy floor 90%

Sensitivity live

Price	-10% $602	-5% $434	+0% $265	+5% $97	+10% $-71
Rent	-10% $-122	-5% $72	+0% $265	+5% $459	+10% $653
Rate	-1.0pp $565	-0.5pp $417	base $265	+0.5pp $111	+1.0pp $-46

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$4,904
Total (2 units)			$4,903

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: $148,750
• Closing costs: $17,850
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-02
   days on market $595,000 Active 18 DOM
2. 2026-06-01
   days on market $595,000 Active 17 DOM
3. 2026-05-31
   days on market $595,000 Active 16 DOM
4. 2026-05-30
   days on market $595,000 Active 15 DOM
5. 2026-05-15
   listed $595,000 Active
6. 2014-08-05
   historical
7. 2014-07-30
   soldstatus $182,000 Sold
8. 2014-07-30
   soldstatus $182,000
9. 2014-03-14
   status Pending Short Sale
10. 2014-02-27
    status Pending
11. 2014-02-07
    price $190,000
12. 2014-01-22
    price $200,000
13. 2014-01-11
    price $210,000
14. 2013-12-26
    price $220,000
15. 2013-12-10
    price $230,000
16. 2013-11-21
    price $240,000
17. 2013-10-29
    listed $250,000 Active
18. 2007-02-16
    soldstatus $335,000
19. 2007-01-20
    historical
20. 2006-10-26
    listed $335,000
21. 2004-09-30
    soldstatus $299,000
22. 2003-06-13
    soldstatus $218,360

ⓘ 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: $2,878 · $240/mo
• Projected year-2 tax: $5,831 · $486/mo
• Expected delta: +$2,953/yr (+$246/mo · 102.6%)

ⓘ 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 · 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: $58,836
• − Mortgage interest: −$33,329
• − Property taxes: −$2,878
• − Insurance: −$2,975
• − Repairs & maintenance: −$4,707
• − Management: −$4,707
• − Depreciation: −$17,309
• Taxable loss: −$7,069
• Est. tax savings @ 24.0%: +$1,696
• After-tax cash flow: $4,881/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): 22,643
• Household income: $75,878
• Rent vs Own: 48.9% rent · 51.1% own
• Severe rent burden: 1418.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 61% Hispanic / Latino 15% Two or more races 13% Asian 6% Black 5% Pacific Islander 4%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 4% Portuguese 4% Lithuanian 3%
• Foreign-born: 11% · Canada, China
• Languages at home: 84% English-only · Spanish 6% Other Asian/Pacific 3% Tagalog/Filipino 3%

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: ▼ -533.38%
• Current HPI: 374.6915
• Rent YoY: ▲ 0.55%
• 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

-98.9% since first listed

18 events — show timeline

• 2026-06-11 Listed for Rent $2,500 APPFOLIO
• 2014-08-05 Delisted — NWMLS as Distributed by MLS Grid
• 2014-07-30 Sold (Public Records) $182,000 Public Records
• 2014-07-30 Sold (MLS) $182,000 NWMLS as Distributed by MLS Grid
• 2014-03-14 Pending — NWMLS as Distributed by MLS Grid
• 2014-02-27 Pending — NWMLS as Distributed by MLS Grid
• 2014-02-07 Price Changed $190,000 NWMLS as Distributed by MLS Grid
• 2014-01-22 Price Changed $200,000 NWMLS as Distributed by MLS Grid
• 2014-01-11 Price Changed $210,000 NWMLS as Distributed by MLS Grid
• 2013-12-26 Price Changed $220,000 NWMLS as Distributed by MLS Grid
• 2013-12-10 Price Changed $230,000 NWMLS as Distributed by MLS Grid
• 2013-11-21 Price Changed $240,000 NWMLS as Distributed by MLS Grid
• 2013-10-29 Listed $250,000 NWMLS as Distributed by MLS Grid
• 2007-02-16 Sold (MLS) $335,000 NWMLS as Distributed by MLS Grid
• 2007-01-20 Delisted — NWMLS as Distributed by MLS Grid
• 2006-10-26 Listed $335,000 NWMLS as Distributed by MLS Grid
• 2004-09-30 Sold (Public Records) $299,000 Public Records
• 2003-06-13 Sold (Public Records) $218,360 Public Records

Property tax history

+1.5%/yr

Latest (2019): $2,878 · -10.2% YoY. Source: county tax records.