3290 Rocky Point Rd NW

Rocky Point, WA 98312

$249,999C-

2 bd · 2.0 ba · 1,416 sqft · Built 1971 · Manufactured · Pending · 101 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,051/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$232
• HOA: −$0
• Vac / Maint / Mgmt: −$431
• Net cashflow: $77/mo
• Annual: $926/yr
• Cap rate: 6.66%
• Cash-on-cash: 1.32%
• DSCR: 1.06
• 1% rule: 0.82%
• Cash to close: $70,000

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $250k.
• At list price, monthly cash flow is $77 ($926/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (17.9% below list).
• It's been on market 101 days — a 9% lower offer ($227k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $205k (17.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#243 in WA) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: cost of living C-, amenities F, commute 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: Crownhill Elementary School (329 students, 61% FRL); Mountain View Middle School (844 students, 71% FRL); Bremerton High School (1,221 students, 66% FRL).
• Market conditions: Rents flat; 350 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• 4 sale attempts since 10y ago; this cycle's ask has dropped $100k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $250k implies a 257% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• It's been on market 101 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.