600 NE Lincoln Rd #35 · Poulsbo, WA 98370

$198,500

2 bd · 2.0 ba · 1,026 sqft · Manufactured · 80 Days on market

Built 2002 Good condition $193/sqft · 53% above area

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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 +25.2/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.6/10.0
• Schools +5.4/10.0
• Livability +4.2/5.0
• Condition / age +3.8/5.0
• Rent growth +2.7/5.0
• Appreciation +0.0/10.0

Listing remarks

You won't be caught being restless in Poulsbo, instead you will fall in love with this charming 55+ park known as Seabird Park an oasis in the heart of downtown Poulsbo. You will discover parks, marinas, convenience to shopping, the Doctor's Clinic, the Poulsbo Library, and the most irresistible savory pastries in Sluys Bakery with a variety of crafted coffee shops to top it off. You will find this relaxing 2 bedroom 1.75 bath home move in ready with a living room filled with natural light coming from the vaulted ceilings and clear story windows with additional light streaming in from the kitchen skylight which enhances the open concept design shared with the living and dining areas, both t

Key facts

• Clear story windows
• Downtown poulsbo
• Kitchen skylight

Tags

• DOWNTOWN POULSBO
• NATURAL LIGHT
• VAULTED CEILINGS
• CLEAR STORY WINDOWS
• KITCHEN SKYLIGHT
• OPEN CONCEPT DESIGN

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $198k. Condition is rated good.

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 ($2k rent vs $198k).
• Recommended offer: $187k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.0% 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; 6 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 $1k of loan paydown is wiped out by about $6k 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 80 days — a 6% lower offer ($187k) is reasonable based on typical stale-listing flexibility.

Recommended offer $186,590 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
6. 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.
7. 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: 1.16% ✓
• Cap rate: 8.99%
• Cash-on-cash: 9.64%
• DSCR: 1.43
• GRM: 7.2

CMA / ARV

• ARV (median comp): $129,479
• List price: $198,500
• Delta: 53.31%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
600 NE Lincoln Rd #1	0.04mi	2/2.0	1,040 (+1%)	13mo	$220,000	$212	85
600 NE Lincoln Rd #4	0.04mi	3/2.0 (+1)	1,080 (+5%)	2mo	$240,000	$222	83
600 NE Lincoln Rd #26	0.04mi	2/2.0	1,163 (+13%)	11mo	$160,000	$138	67
600 NE Lincoln Rd #12	0.04mi	2/2.0	900 (-12%)	16mo	$151,000	$168	65

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 · 0.71% rent growth · sell at horizon

5-year hold

• IRR: -4.4%
• Equity multiple: 0.84×
• Total profit: $-8,882
• Equity at exit: $29,597

10-year hold

• IRR: 2.4%
• Equity multiple: 1.16×
• Total profit: $8,699
• Equity at exit: $17,163

Cash invested: $55,580 (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: 7.2×

Monthly cashflow live

• Estimated rent: $2,302 high
• Mortgage (P&I): −$1,041
• Tax est. 1.5%: −$248 /mo · $2,978/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$483
• Net cashflow: $446

Break-even live

Break-even rent $1,736

Max offer price $198,500

Occupancy floor 76%

Sensitivity live

Price	-10% $584	-5% $515	+0% $446	+5% $378	+10% $309
Rent	-10% $265	-5% $356	+0% $446	+5% $537	+10% $628
Rate	-1.0pp $546	-0.5pp $497	base $446	+0.5pp $395	+1.0pp $343

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: $49,625
• Closing costs: $5,955
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
19101 3rd Ave NE Unit 201 Poulsbo, WA	2.0	1.0	850	$2,000	$2.35	22d	1	0.23mi
19059 Jensen Way NE Poulsbo, WA	1.0	1.0	624	$2,368	$3.80	14d	3	0.29mi
2122 NE Hostmark St Poulsbo, WA	1.0–3.0	1.0–1.5	920	$2,500	$2.72	14d	6	0.98mi
20455 1st Ave NE Poulsbo, WA	1.0–3.0	1.0–2.0	1015	$2,538	$2.50	14d	4	0.98mi
20031 Winton Ln NW Poulsbo, WA	2.0	1.0	905	$1,999	$2.21	14d	2	1.03mi
17429 Nordic Cove Ln NW Poulsbo, WA	2.0	1.0	1100	$2,800	$2.55	45d	1	1.32mi

Listing history 15 events

1. 2026-06-15
   status $198,500 Pending 80 DOM
2. 2026-06-15
   days on market $198,500 Active 80 DOM
3. 2026-06-14
   days on market $198,500 Active 78 DOM
4. 2026-06-13
   days on market $198,500 Active 77 DOM
5. 2026-06-10
   days on market $198,500 Active 75 DOM
6. 2026-06-09
   days on market $198,500 Active 74 DOM
7. 2026-06-08
   days on market $198,500 Active 73 DOM
8. 2026-06-07
   days on market $198,500 Active 72 DOM
9. 2026-06-02
   days on market $198,500 Active 67 DOM
10. 2026-06-01
    days on market $198,500 Active 66 DOM
11. 2026-05-31
    days on market $198,500 Active 65 DOM
12. 2026-05-30
    days on market $198,500 Active 64 DOM
13. 2026-05-03
    price $210,000
14. 2026-03-29
    price $225,000
15. 2026-03-27
    listed $210,000 Active

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 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 9 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,618
• − Mortgage interest: −$11,119
• − Property taxes: −$2,978
• − Insurance: −$992
• − Repairs & maintenance: −$2,209
• − Management: −$2,209
• − Depreciation: −$5,775
• Taxable income: $2,336
• Est. tax owed @ 24.0%: −$561
• After-tax cash flow: $4,797/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

Good 75/100 Cosmetic rehab

This charming 2-bedroom home in Seabird Park is move-in ready with good condition and potential for value increases through minor updates.

Value-add opportunities

• Resale paint interior walls — Fresh paint can enhance the home's curb appeal and make it more inviting
• Resale update kitchen cabinets — Modernizing the kitchen can increase the home's value
• Rental landscaping — Well-maintained landscaping can attract more renters and increase rental value

Renovation cost estimate screening

Value-add ROI direction

• Resale paint interior walls — Fresh paint can enhance the home's curb appeal and make it more inviting ↑
• Resale update kitchen cabinets — Modernizing the kitchen can increase the home's value ↑
• Rental landscaping — Well-maintained landscaping can attract more renters and increase 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: 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

• Census place: Poulsbo, WA
• 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

+0.0% since first listed

3 events — show timeline

• 2026-05-03 Price Changed $210,000 NWMLS as Distributed by MLS Grid
• 2026-03-29 Price Changed $225,000 NWMLS as Distributed by MLS Grid
• 2026-03-27 Listed $210,000 NWMLS as Distributed by MLS Grid