1555 High Ave · Bremerton, WA 98337

$399,900

4 bd · 2.0 ba · 1,429 sqft · SingleFamily public records · 6 Days on market

Built 1935 6,098 sqft lot $280/sqft · 23% above area Est $506k · 21% under

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Why this score? — see what drove the D- 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).

• ARV discount +15.0/15.0
• Cash flow +6.4/30.0
• Rent growth +5.0/5.0
• Livability +4.3/5.0
• Schools +3.9/10.0
• Condition / age +2.5/5.0
• 1% rule +1.0/10.0
• DSCR +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks

Originally built in 1935 and full of timeless character, this charming 4 bedroom home with peek-a-boo views offers the perfect blend of classic appeal with original hardwood floors and updates throughout the years. With 1429 sq ft of finished living space plus an unfinished 793 sq ft basement, there's plenty of room for storage, hobbies, or future expansion potential. Recent improvements include newer Hardy plank siding and a newer roof. Mature landscaping and a covered parking all provide curb appeal and peace of mind. Come put your final touches on the inside and you will truly have a solid investment in a conveniently located and great neighborhood, minutes from the ferry, PSNS, Bangor,

Key facts

• Covered parking
• Newer roof
• Mature landscaping

Tags

• ORIGINAL HARDWOOD FLOORS
• NEWER HARDY PLANK SIDING
• NEWER ROOF
• MATURE LANDSCAPING
• COVERED PARKING

Property features AI

Finance

• Financial info: Financing accepted: Cash, Conventional, FHA, VA

Exterior

• Parking: Detached carport; Covered parking for 2 vehicles; Driveway and off-street parking
• Security: Partially fenced yard
• Utilities: Electric and oil energy sources; Community water (City of Bremerton); Sewer connected (City of Bremerton); Puget Sound Energy power; Xfinity internet
• Home design: Single-family residence; One-and-a-half stories with basement; Built on lot; House structure; Main-level entry; Has a view; Property condition: Very good
• Construction: Cement plank construction; Composition roof; Poured concrete foundation; Unfinished basement
• Exterior features: Cement plank siding; Partially fenced; Deck; Garden space; Outbuildings; Cable TV and high‑speed internet available; Secluded lot with curbs, paved access and sidewalks

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 4 bedrooms total — 1 on the main level, 3 on the upper level (primary bedroom on main)
• Flooring: Softwood; Vinyl; Carpet
• Bathrooms: 1 full bathroom; 1 half bathroom; One bathtub and one shower
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Dining room; Skylights; Vaulted ceilings; Walk-in closets; Water heater (located in basement); Wood-burning fireplace
• Laundry & utility: Washer; Dryer; Utility room on lower level

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $400k.

Deal economics

• At list price, monthly cash flow is $-698 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $277k (30.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $240k (39.9% below list).
• Recommended offer: $240k (39.9% below list) — sets the bar for 1% rule.
• Cap rate 4.2% vs local median 3.5% in Bremerton — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 86/100 on livability (#22 in WA, #431 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime 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.
• Market conditions: Rents rising fast (+9.8%/yr); 40 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,294 units permitted in Kitsap County in 2024 (302 in 5+ unit buildings).
• This rent runs 42% of the median local income ($69k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k 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

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $240,173 (39.9% below list)

Questions for the listing agent

1. 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?
2. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. Crime grade is F 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.60% ✗
• Cap rate: 4.20%
• Cash-on-cash: -7.48%
• DSCR: 0.67
• GRM: 13.9

CMA / ARV

• ARV (median comp): $505,935
• List price: $399,900
• Delta: -20.96%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1561 High Ave	0.02mi	4/2.0	1,440 (+1%)	2mo	$485,000	$337	96
1724 14th St	0.18mi	3/2.0 (-1)	1,449 (+1%)	1mo	$448,000	$309	83
1515 Pennsylvania Ave	0.10mi	4/3.0	1,528 (+7%)	7mo	$434,500	$284	74
1514 PENNSYLVANIA Ave	0.11mi	3/2.0 (-1)	1,269 (-11%)	4mo	$472,000	$372	68
1325 Marguerite Ave	0.25mi	3/2.5 (-1)	1,533 (+7%)	7mo	$425,000	$277	63
724 Park Dr	0.54mi	4/1.0	1,545 (+8%)	1mo	$505,000	$327	57
567 Juniper St	0.64mi	4/2.0	1,360 (-5%)	7mo	$355,000	$261	56
917 McKenzie Ave	0.70mi	3/2.5 (-1)	1,440 (+1%)	4mo	$474,000	$329	56
1530 N Lafayette Ave	0.71mi	3/1.0 (-1)	1,398 (-2%)	4mo	$399,950	$286	51
1012 High Ave	0.41mi	3/2.0 (-1)	1,618 (+13%)	6mo	$479,777	$297	49
1400 4th St	0.75mi	3/2.0 (-1)	1,368 (-4%)	6mo	$395,900	$289	48
2013 11th St	0.45mi	3/1.0 (-1)	1,254 (-12%)	6mo	$350,000	$279	44

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -24.4%
• Equity multiple: 0.14×
• Total profit: $-96,635
• Equity at exit: $59,626

10-year hold

• IRR: -10.3%
• Equity multiple: 0.25×
• Total profit: $-83,899
• Equity at exit: $34,576

Cash invested: $111,972 (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 98337

• Home prices YoY: -8.0%
• Rents YoY: 9.8%
• Active inventory: 40
• Price-to-rent: 13.9×

Monthly cashflow live

• Estimated rent: $2,402 high
• Mortgage (P&I): −$2,097
• Tax from tax record: −$332 /mo · $3,980/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$504
• Net cashflow: $-698

Break-even live

Break-even rent $3,285

Max offer price $276,587

Occupancy floor —

Sensitivity live

Price	-10% $-472	-5% $-585	+0% $-698	+5% $-811	+10% $-924
Rent	-10% $-888	-5% $-793	+0% $-698	+5% $-603	+10% $-508
Rate	-1.0pp $-497	-0.5pp $-596	base $-698	+0.5pp $-802	+1.0pp $-907

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1117 Marguerite Ave Bremerton, WA	3.0	2.5	1404	$2,875	$2.05	45d	1	0.41mi
1222 9th St Bremerton, WA	3.0	1.0	1072	$2,000	$1.87	45d	1	0.54mi
1720 N Wycoff Ave Unit 2 Bremerton, WA	3.0	2.0	1100	$2,100	$1.91	14d	1	0.61mi
1720 N Wycoff Ave Bremerton, WA	3.0	2.0	1300	$2,400	$1.85	45d	1	0.61mi
2318 10th St Bremerton, WA	3.0	1.0	1840	$1,900	$1.03	45d	1	0.62mi
1919 5th St Bremerton, WA	3.0	1.0	1521	$2,399	$1.58	22d	1	0.75mi
657 Highland Ave Bremerton, WA	3.0	1.0	1014	$2,200	$2.17	45d	1	0.91mi
3232 Pine Rd Bremerton, WA	2.0–3.0	2.0	980	$2,375	$2.42	14d	9	1.13mi
341 Bertha Ave Bremerton, WA	3.0	2.0	1614	$2,595	$1.61	14d	1	1.32mi
2501 Fir Ave Bremerton, WA	3.0	1.0	1000	$2,150	$2.15	22d	1	1.33mi
3202 Farragut Ave Unit 2 Bremerton, WA	3.0	2.0	1226	$2,450	$2.00	45d	1	1.49mi
3202 Farragut Ave Unit 2 Bremerton, WA	3.0	2.0	1226	$2,450	$2.00	22d	1	1.49mi

Listing history 2 events

1. 2026-05-18
   status Pending
2. 2026-05-15
   listed $399,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $3,980 · $332/mo
• Projected year-2 tax: $3,980 · $332/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 · 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: $28,821
• − Mortgage interest: −$22,401
• − Property taxes: −$3,980
• − Insurance: −$2,000
• − Repairs & maintenance: −$2,306
• − Management: −$2,306
• − Depreciation: −$11,633
• Taxable loss: −$15,804
• Est. tax savings @ 24.0%: +$3,793
• After-tax cash flow: $-4,584/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: Bremerton School District
• NCES district ID: 5300660
• Math proficiency: 36% ▼ -3.00%
• Reading proficiency: 51% ▲ 1.00%
• Median HH income: $46,765
• Composite: 39.34/100
• National rank: #8163
• State rank: #194 of 291 in WA

Livability — Bremerton

• Score: 86/100
• State rank: #22
• US rank: #431

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bremerton, WA
• County: Kitsap County · 243,099 people
• City population: 94,488
• Metro: Bremerton-Silverdale-Port Orchard, WA
• Population (ZIP): 7,370
• Household income: $68,561
• Rent vs Own: 53.6% rent · 46.4% own
• Severe rent burden: 345.0

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 (75%)
• Race & ethnicity: White 75% Two or more races 11% Hispanic / Latino 7% Asian 5% Black 3% Native American 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 10% Portuguese 2% Lithuanian 2%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 2% Tagalog/Filipino 2% Vietnamese 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: ▼ -36.44%
• Current HPI: 419.3603
• Rent YoY: ▲ 9.81%
• 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

Property tax history

+4.2%/yr

Latest (2026): $3,980 · +0.5% YoY. Source: county tax records.