5307 state highway 303 #120 · Tracyton, WA 98311

$85,000

3 bd · 2.0 ba · 1,536 sqft · Manufactured · 20 Days on market

Built 1984 Fair condition 1,536 sqft lot $55/sqft · 19% below area Est $105k · 19% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +5.5/10.0
• Livability +3.7/5.0
• Rent growth +2.6/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Camelot Estates! This charming 3 bedroom 2 Bathroom Home features Not one But Two spacious living rooms filled with natural light , A comfortable primary suite with walk-in closet, private bath , and enjoy direct access to the backyard deck overlooking your well maintained lawn, Did I mention the fully fenced backyard ? Perfect for unwinding and relaxing . Owner also installed High end cellular Boost system that has exterior and interior antennas . It works with Verizon , T Mobile and AT & T . Convenient location near shopping , schools, restaurants, ferries, and bases . Move in ready and full of charm !

Key facts

• Well maintained lawn
• Walk in closet
• Spacious living room

Tags

• SPACIOUS LIVING ROOM
• WALK IN CLOSET
• DIRECT ACCESS TO BACKYARD DECK
• WELL MAINTAINED LAWN

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $85k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $85k).
• Recommended offer: $84k (1.5% below list) — sets the bar for market timing.
• Cap rate 27.6% 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 $588 of loan paydown is wiped out by about $3k 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 $24k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($84k) is reasonable based on typical stale-listing flexibility.

Recommended offer $83,725 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 3.12% ✓
• Cap rate: 27.57%
• Cash-on-cash: 76.00%
• DSCR: 4.38
• GRM: 2.7

CMA / ARV

• ARV (median comp): $105,002
• List price: $85,000
• Delta: -4.81%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6748 Scorpio Ln NE	0.12mi	3/2.0	1,620 (+6%)	7mo	$314,350	$194	79
5307 State Highway 303 NE #33	0.00mi	3/2.0	1,344 (-12%)	1mo	$130,000	$97	79
5307 State Highway 303 NE #109	0.10mi	3/2.0	1,400 (-9%)	4mo	$145,000	$104	77
5307 State Hwy 303 #49	0.15mi	3/2.0	1,456 (-5%)	11mo	$30,000	$21	75
5307 State Highway 303 #186	0.18mi	2/2.0 (-1)	1,440 (-6%)	23mo	$50,000	$35	57
940 Yoder Ln NE	0.71mi	2/2.0 (-1)	1,344 (-12%)	7mo	$309,000	$230	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 72.8%
• Equity multiple: 4.16×
• Total profit: $75,180
• Equity at exit: $12,674

10-year hold

• IRR: 75.9%
• Equity multiple: 7.79×
• Total profit: $161,702
• Equity at exit: $7,349

Cash invested: $23,800 (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: 2.7×

Monthly cashflow live

• Estimated rent: $2,652 high
• Mortgage (P&I): −$446
• Tax est. 1.5%: −$106 /mo · $1,275/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$557
• Net cashflow: $1,507

Break-even live

Break-even rent $744

Max offer price $85,000

Occupancy floor 38%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1303 NE Jasmine Ln Bremerton, WA	2.0	1.5	1152	$2,600	$2.26	44d	1	0.26mi
4257 Pronghorn Pl Bremerton, WA	3.0	2.5	1680	$2,950	$1.76	13d	1	0.45mi
4245 Pronghorn Pl Bremerton, WA	3.0	2.5	1680	$2,850	$1.70	44d	1	0.47mi
778 NE Mesa Ln Bremerton, WA	1.0–3.0	1.0–2.0	877	$2,150	$2.45	13d	3	0.50mi
6101 Washington 303 Bremerton, WA	1.0–3.0	1.0–2.0	1010	$2,880	$2.85	13d	70	0.56mi
4105 Pronghorn Pl Bremerton, WA	4.0	2.5	1769	$3,095	$1.75	44d	1	0.57mi
1911 NE Riddell Rd Bremerton, WA	2.0	1.0–2.0	858	$1,980	$2.31	13d	10	0.60mi
3850 Constellation Loop Bremerton, WA	2.0	2.5	1363	$2,600	$1.91	21d	1	0.62mi
1231 NE McWilliams Rd Bremerton, WA	1.0–3.0	1.0–2.0	961	$2,600	$2.71	13d	26	0.62mi
3831 Maple Ave Unit A Bremerton, WA	2.0	1.0	1100	$2,500	$2.27	44d	1	0.82mi
3232 Pine Rd Bremerton, WA	2.0–3.0	2.0	980	$2,375	$2.42	13d	9	1.24mi
100 NE Miramar Cir Bremerton, WA	3.0	2.5	1446	$2,500	$1.73	21d	1	1.34mi
131 Blackfish Ct Bremerton, WA	3.0	2.5	2228	$3,400	$1.53	13d	1	1.34mi
1381 NE Fairgrounds Rd Bremerton, WA	1.0–3.0	1.0–2.0	949	$2,315	$2.44	13d	14	1.34mi

Listing history 15 events

1. 2026-06-18
   days on market $85,000 Active 20 DOM
2. 2026-06-17
   days on market $85,000 Active 19 DOM
3. 2026-06-16
   days on market $85,000 Active 18 DOM
4. 2026-06-15
   pricedays on market $85,000 Active 17 DOM
5. 2026-06-14
   days on market $90,000 Active 15 DOM
6. 2026-06-13
   days on market $90,000 Active 14 DOM
7. 2026-06-10
   days on market $90,000 Active 12 DOM
8. 2026-06-09
   days on market $90,000 Active 11 DOM
9. 2026-06-08
   days on market $90,000 Active 10 DOM
10. 2026-06-07
    days on market $90,000 Active 9 DOM
11. 2026-06-05
    days on market $90,000 Active 6 DOM
12. 2026-06-02
    days on market $90,000 Active 4 DOM
13. 2026-06-01
    days on market $90,000 Active 3 DOM
14. 2026-05-31
    days on market $90,000 Active 2 DOM
15. 2026-05-30
    pricestatusdays on marketlisting id $90,000 Active 1 DOM

ⓘ 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: $31,819
• − Mortgage interest: −$4,761
• − Property taxes: −$1,275
• − Insurance: −$425
• − Repairs & maintenance: −$2,546
• − Management: −$2,546
• − Depreciation: −$2,473
• Taxable income: $17,794
• Est. tax owed @ 24.0%: −$4,271
• After-tax cash flow: $13,818/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 · 12 photos

Fair 45/100 Moderate rehab

This home requires moderate renovations to update the kitchen and bathroom, paint interior walls, and replace exterior siding. Improvements will significantly increase its resale and rental value.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate bathroom cabinets — dated and in need of replacement
• Moderate kitchen appliances — dated and in need of replacement
• Moderate bathroom fixtures — dated and in need of replacement
• Moderate exterior siding — moderate wear and tear
• Moderate interior walls — moderate wear and tear

Value-add opportunities

• Both update kitchen cabinets and appliances — modernizing the kitchen will improve both resale and rental value
• Both update bathroom cabinets and fixtures — modernizing the bathroom will improve both resale and rental value
• Both paint interior walls — painting interior walls will improve the home's curb appeal and interior aesthetics
• Both replace exterior siding — replacing the exterior siding will improve the home's curb appeal and overall appearance
• Both landscape and improve curb appeal — improving the landscaping and curb appeal will increase the home's resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
bathroom cabinets · dated and in need of replacement	Moderate	$3,000–15,000
kitchen appliances · dated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · dated and in need of replacement	Moderate	$3,000–15,000
exterior siding · moderate wear and tear	Moderate	$3,000–15,000
interior walls · moderate wear and tear	Moderate	$3,000–15,000
Total estimated repair cost · 6 items		$18,000–90,000

Value-add ROI direction

• Both update kitchen cabinets and appliances — modernizing the kitchen will improve both resale and rental value ↑
• Both update bathroom cabinets and fixtures — modernizing the bathroom will improve both resale and rental value ↑
• Both paint interior walls — painting interior walls will improve the home's curb appeal and interior aesthetics ↑
• Both replace exterior siding — replacing the exterior siding will improve the home's curb appeal and overall appearance ↑
• Both landscape and improve curb appeal — improving the landscaping and curb appeal will increase the home's resale and rental 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
• 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