6281 Crestner Dr SW #392

Port Orchard, WA 98367

$524,950F

4 bd · 2.5 ba · 2,457 sqft · Built 2027 · SingleFamily · Active · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,800/mo
• Mortgage (P&I): −$3,520
• Tax + insurance: −$1,119
• HOA: −$71
• Vac / Maint / Mgmt: −$798
• Net cashflow: $-1,707/mo
• Annual: $-20,484/yr
• Cap rate: 3.24%
• Cash-on-cash: -10.90%
• DSCR: 0.51
• 1% rule: 0.57%
• Cash to close: $187,918

Investor read

• This is a 4-bed/2.5-bath single-family listed at $525k.
• At list price, monthly cash flow is $-2k ($-20k/yr) — negative.
• To cash-flow at today's rent, offer at most $424k (19.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $380k (27.6% below list).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $380k (27.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#110 in WA, #2,167 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, employment A+, housing A+; Watch: crime D-, commute F, cost of living F.
• South Kitsap School District (suburban): math 52% / reading 64% proficiency, ranked #71 of 291 in WA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Sunnyslope Elementary School (437 students, 33% FRL); South Kitsap High School (2,389 students, 40% FRL).
• Market conditions: Rents rising (+1.6%/yr); 356 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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).
• Kitsap County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• This rent runs 39% of the median local income ($115k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• Crime grade is D 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?
• 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?
• 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.