101 Pleasant Harbor Marina Unit C-21 · Brinnon, WA 98320

$35,000

1 bd · 1.0 ba · 400 sqft · Moorage · 62 Days on market

Built 2008

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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
• Appreciation +6.2/10.0
• Schools +4.0/10.0
• Livability +3.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Prepare to enjoy life on the water at Pleasant Harbor Marina in Brinnon. One of the most scenic spots on the Hood Canal, the marina provides direct access to boating, sailing, fishing, and more. Nearby is the heart of the Olympic Mountains eastside, with Dosewallips State Park, Hama Hama Oysters, and Lake Cushman all within a short drive. This slip is 40 feet in length and accommodates vessels up to 28 feet. The lease runs through 2038 for this spot. The marina includes access to the pool, laundry and parking. Live aboard is possible for owners of this slip with Marina management's approval. Come take a look at idyllic Pleasant Harbor in Brinnon!

Key facts

• Access to parking
• Access to the pool
• Access to laundry

Tags

• DIRECT ACCESS TO BOATING
• ACCESS TO THE POOL
• ACCESS TO LAUNDRY
• ACCESS TO PARKING
• LIVE ABOARD POSSIBLE

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath moorage listed at $35k.

Deal economics

• At list price, monthly cash flow is $390 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($799 rent vs $35k).
• Recommended offer: $33k (6.0% below list) — sets the bar for market timing.
• Cap rate 19.7% vs local median 0.9% in Brinnon — 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 59/100 on livability (#488 in WA) — a working-class tenant base; expect higher turnover. Strengths: employment B; Watch: crime C-, cost of living C-, health & safety C-.
• Brinnon School District (rural): math 30% / reading 60% proficiency, ranked #192 of 291 in WA (top 66%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 82 active listings in the ZIP; 147 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($242 loan paydown + $822 appreciation (2.4% local appreciation)).
• Jefferson County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (2.4% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($33k) is reasonable based on typical stale-listing flexibility.

Recommended offer $32,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 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 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: 2.28% ✓
• Cap rate: 19.65%
• Cash-on-cash: 47.71%
• DSCR: 3.12
• GRM: 3.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.35% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 52.1%
• Equity multiple: 3.84×
• Total profit: $27,852
• Equity at exit: $14,469

10-year hold

• IRR: 52.4%
• Equity multiple: 7.73×
• Total profit: $65,918
• Equity at exit: $21,358

Cash invested: $9,800 (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 98320

• Home prices YoY: 1.1%
• Active inventory: 82
• Price-to-rent: 3.6×

Monthly cashflow live

• Estimated rent: $799 medium
• Mortgage (P&I): −$184
• Tax est. 1.5%: −$44 /mo · $525/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$168
• Net cashflow: $390

Break-even live

Break-even rent $306

Max offer price $35,000

Occupancy floor 46%

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $35,000 Active 62 DOM
2. 2026-06-17
   days on market $35,000 Active 61 DOM
3. 2026-06-16
   days on market $35,000 Active 60 DOM
4. 2026-06-15
   days on market $35,000 Active 59 DOM
5. 2026-06-15
   days on market $35,000 Active 58 DOM
6. 2026-06-13
   days on market $35,000 Active 57 DOM
7. 2026-06-12
   days on market $35,000 Active 56 DOM
8. 2026-06-09
   days on market $35,000 Active 53 DOM
9. 2026-06-08
   days on market $35,000 Active 52 DOM
10. 2026-06-08
    days on market $35,000 Active 51 DOM
11. 2026-06-05
    days on market $35,000 Active 49 DOM
12. 2026-06-03
    pricedays on market $35,000 Active 47 DOM
13. 2026-06-02
    days on market $40,000 Active 46 DOM
14. 2026-06-01
    days on market $40,000 Active 45 DOM
15. 2026-05-31
    days on market $40,000 Active 44 DOM
16. 2026-04-17
    listed $40,000 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥88°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $9,593
• − Mortgage interest: −$1,961
• − Property taxes: −$525
• − Insurance: −$175
• − Repairs & maintenance: −$767
• − Management: −$767
• − Depreciation: −$1,018
• Taxable income: $4,379
• Est. tax owed @ 24.0%: −$1,051
• After-tax cash flow: $3,625/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: Brinnon School District
• NCES district ID: 5300750
• Math proficiency: 30% ▼ -10.00%
• Reading proficiency: 60% ▬ 0.00%
• Median HH income: $39,455
• Composite: 39.79/100
• National rank: #7979
• State rank: #192 of 291 in WA

Livability — Brinnon

• Score: 59/100
• State rank: #488
• US rank: #20372

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Brinnon, WA
• Population (ZIP): 1,313

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 31,415 people
• By 2030: 31,568 · +0.5%
• By 2040: 30,911 · -1.6%
• By 2050: 29,927 · -4.7%
• By 2075: 28,489 · -9.3%
• By 2100: 26,483 · -15.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 12% Native American 3% Hispanic / Latino 2%
• Common ancestry: Italian 7% Iranian 7% Portuguese 7%
• Foreign-born: 3%
• Languages at home: 97% English-only · Other Indo-European 1% Other Asian/Pacific 1% French/Haitian/Cajun 1%

Political lean MEDSL · Jefferson

• 2024 margin: Solid D (+45.3) · D 71.0% · R 25.7% · Other 3.2%
• 2008→2024 swing: +10.7pp toward D · 2008: 34.6pp · 2024: 45.3pp
• All cycles: 2024: D+45.3 2020: D+41.4 2016: D+32.7 2012: D+31.4 2008: D+34.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 2.35%
• Current HPI: 211.0153
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-04-17 Listed $40,000 NWMLS as Distributed by MLS Grid