3371 SE Bielmeier Rd #85 · Bethel, WA 98367

$55,000

2 bd · 1.0 ba · 924 sqft · Manufactured · 246 Days on market

Built 1981 $60/sqft · 63% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Livability +3.4/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

BUYER INCENTIVE!!! Seller will pay for 2 MONTHS OF YOUR SPACE RENT~ Motivated Seller!!!! Spacious 2 bedroom, 1 bathroom home with many updates throughout located in the perfect location, close to Seattle Ferry, Hwy 16, shopping and other urban services. Some of the updates include newer interior/exterior paint, new skirting, newer roof over porch area, newer steps out the back door, newer carpet in bedrooms, laminate flooring and updated kitchen with gas (propane) range. The vinyl windows keep it nice and cozy throughout the home. In the kitchen you will find a large breakfast bar, newer counter tops and newly painted cabinets. All appliances are included. Outside you will find a 1-car carp

Key facts

• Laminate flooring
• Updated kitchen
• Parking

Tags

• NEWER INTERIOR EXTERIOR PAINT
• NEWER ROOF OVER PORCH AREA
• NEWER STEPS OUT THE BACK DOOR
• NEWER CARPET IN BEDROOMS
• LAMINATE FLOORING
• UPDATED KITCHEN

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $55k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• Cap rate 34.7% vs local median 3.6% in Bethel — 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 68/100 on livability (#279 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A, crime B+; Watch: health & safety C-, cost of living D+, schools D-.
• 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.
• Market conditions: Rents rising (+1.6%/yr); 341 active listings in the ZIP; 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 $380 of loan paydown is wiped out by about $2k 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 + 1.6% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 246 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 17y ago; this cycle's ask has dropped $15k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $18k; list at $55k implies a 206% gain — meaningful room to come down on a strong offer.

Recommended offer $48,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 246 days. Have you received any prior offers? Is the seller open to a 12% 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 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?
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: 3.87% ✓
• Cap rate: 34.73%
• Cash-on-cash: 101.55%
• DSCR: 5.52
• GRM: 2.2

CMA / ARV

• ARV (median comp): $150,296
• List price: $55,000
• Delta: -63.41%
• Verdict: UNDERPRICED
• Comps: 18 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3371 SE Bielmeier Rd #47	0.00mi	2/2.0	924 (0%)	8mo	$66,000	$71	90
3371 SE Bielmeier Rd #33	0.11mi	2/1.0	864 (-6%)	4mo	$69,900	$81	81

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 · 1.6% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 5.62×
• Total profit: $71,161
• Equity at exit: $8,201

10-year hold

• IRR: —
• Equity multiple: 11.21×
• Total profit: $157,165
• Equity at exit: $4,755

Cash invested: $15,400 (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 98367

• Rents YoY: 1.6%
• Active inventory: 341
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $2,131 medium
• Mortgage (P&I): −$288
• Tax est. 1.5%: −$69 /mo · $825/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$447
• Net cashflow: $1,303

Break-even live

Break-even rent $481

Max offer price $55,000

Occupancy floor 34%

Sensitivity live

Price	-10% $1,341	-5% $1,322	+0% $1,303	+5% $1,284	+10% $1,265
Rent	-10% $1,135	-5% $1,219	+0% $1,303	+5% $1,387	+10% $1,472
Rate	-1.0pp $1,331	-0.5pp $1,317	base $1,303	+0.5pp $1,289	+1.0pp $1,274

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Listing history 36 events

1. 2026-06-18
   days on market $55,000 Active 246 DOM
2. 2026-06-17
   days on market $55,000 Active 245 DOM
3. 2026-06-16
   days on market $55,000 Active 244 DOM
4. 2026-06-15
   days on market $55,000 Active 243 DOM
5. 2026-06-14
   days on market $55,000 Active 241 DOM
6. 2026-06-13
   days on market $55,000 Active 240 DOM
7. 2026-06-10
   days on market $55,000 Active 238 DOM
8. 2026-06-09
   days on market $55,000 Active 237 DOM
9. 2026-06-08
   days on market $55,000 Active 236 DOM
10. 2026-06-07
    days on market $55,000 Active 235 DOM
11. 2026-06-05
    days on market $55,000 Active 232 DOM
12. 2026-06-03
    days on market $55,000 Active 231 DOM
13. 2026-06-02
    days on market $55,000 Active 230 DOM
14. 2026-06-01
    days on market $55,000 Active 229 DOM
15. 2026-05-31
    days on market $55,000 Active 228 DOM
16. 2026-05-30
    days on market $55,000 Active 227 DOM
17. 2026-04-21
    price $55,000
18. 2026-04-02
    price $59,000
19. 2026-02-02
    status Active
20. 2026-01-20
    status Pending
21. 2025-11-05
    price $60,000
22. 2025-10-02
    listed $69,696 Active
23. 2019-01-14
    soldstatus $18,000 Sold
24. 2018-12-21
    status Pending
25. 2018-11-19
    price $23,000
26. 2018-09-20
    price $24,900
27. 2018-08-11
    price $26,900
28. 2018-07-18
    price $28,900
29. 2018-07-07
    status Active
30. 2018-06-26
    status Pending
31. 2018-05-29
    status Active
32. 2018-05-22
    status Pending Inspection
33. 2018-05-11
    listed $29,900 Active
34. 2009-12-09
    soldstatus $15,000 Sold
35. 2009-11-04
    historical Contingent
36. 2009-10-01
    listed $17,000 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 ≥86°F today · 14 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: $25,569
• − Mortgage interest: −$3,081
• − Property taxes: −$825
• − Insurance: −$275
• − Repairs & maintenance: −$2,046
• − Management: −$2,046
• − Depreciation: −$1,600
• Taxable income: $15,697
• Est. tax owed @ 24.0%: −$3,767
• After-tax cash flow: $11,871/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: South Kitsap School District
• NCES district ID: 5308160
• Math proficiency: 52% ▲ 2.00%
• Reading proficiency: 64% ▲ 3.00%
• Median HH income: $62,824
• Composite: 52.31/100
• National rank: #3445
• State rank: #71 of 291 in WA

Livability — Bethel

• Score: 68/100
• State rank: #279
• US rank: #9629

Category grades

Amenities F Commute F Cost of living D+ Crime B+ Employment A Housing A+ Health & safety C- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bethel, WA
• County: Kitsap County · 243,099 people
• Metro: Bremerton-Silverdale-Port Orchard, WA
• Population (ZIP): 31,756
• Household income: $115,482
• Rent vs Own: 14.8% rent · 85.2% own
• Severe rent burden: 595.0

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 (78%)
• Race & ethnicity: White 78% Two or more races 11% Hispanic / Latino 7% Asian 4% Pacific Islander 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 7% Portuguese 6% Slovak 4%
• Foreign-born: 6% · Canada, South Korea, Vietnam
• Languages at home: 91% English-only · Spanish 3% Tagalog/Filipino 2% Other Asian/Pacific 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: ▼ -441.02%
• Current HPI: 351.671
• Rent YoY: ▲ 1.60%
• 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

+223.5% since first listed

20 events — show timeline

• 2026-04-21 Price Changed $55,000 NWMLS as Distributed by MLS Grid
• 2026-04-02 Price Changed $59,000 NWMLS as Distributed by MLS Grid
• 2026-02-02 Relisted — NWMLS as Distributed by MLS Grid
• 2026-01-20 Pending — NWMLS as Distributed by MLS Grid
• 2025-11-05 Price Changed $60,000 NWMLS as Distributed by MLS Grid
• 2025-10-02 Listed $69,696 NWMLS as Distributed by MLS Grid
• 2019-01-14 Sold (MLS) $18,000 NWMLS as Distributed by MLS Grid
• 2018-12-21 Pending — NWMLS as Distributed by MLS Grid
• 2018-11-19 Price Changed $23,000 NWMLS as Distributed by MLS Grid
• 2018-09-20 Price Changed $24,900 NWMLS as Distributed by MLS Grid
• 2018-08-11 Price Changed $26,900 NWMLS as Distributed by MLS Grid
• 2018-07-18 Price Changed $28,900 NWMLS as Distributed by MLS Grid
• 2018-07-07 Relisted — NWMLS as Distributed by MLS Grid
• 2018-06-26 Pending — NWMLS as Distributed by MLS Grid
• 2018-05-29 Relisted — NWMLS as Distributed by MLS Grid
• 2018-05-22 Pending — NWMLS as Distributed by MLS Grid
• 2018-05-11 Listed $29,900 NWMLS as Distributed by MLS Grid
• 2009-12-09 Sold (MLS) $15,000 NWMLS as Distributed by MLS Grid
• 2009-11-04 Contingent — NWMLS as Distributed by MLS Grid
• 2009-10-01 Listed $17,000 NWMLS as Distributed by MLS Grid