1215 Burwell St · Bremerton, WA 98337

$1,950,000

6 bd · 3.0 ba · 3,716 sqft · MultiFamily public records · 42 Days on market

Built 1908 0.29 ac lot $525/sqft · 169% above area Est $1681k · 16% over

---

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).

• Cash flow +13.3/30.0
• Rent growth +5.0/5.0
• Livability +4.3/5.0
• DSCR +4.0/10.0
• Schools +3.9/10.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• ARV discount +0.3/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 11 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Investor Alert!!! This 11 unit complex on 2 tax parcels is ideally located minutes away from the PSNS State Street Gate offering convenient access to Ferries, PSNS, and all that downtown Bremerton has to offer (fabulous new restaurants, shops, nightlife, Beautiful waterfront parks and marina. .. .MORE). This Stabilized asset boasts a TRUE 6.4% cap rate INCLUDING: Management (10%), Maintenance and Repairs, Utilities, Taxes and Insurance. .. .you won't find many properties that pencil this well when you are honest about your expenses. Self managing these units would provide a cap rate over 7.3%!! Storage available for tenants to rent for additional income as well as 5 garage spaces. Fully

Key facts

• 11 unit complex
• Downtown bremerton
• 2 tax parcels

Tags

• 11 UNIT COMPLEX
• 2 TAX PARCELS
• MINUTES AWAY FROM PSNS
• CONVENIENT ACCESS TO FERRIES
• DOWNTOWN BREMERTON
• TRUE 6.4% CAP RATE

What this means for you Summary

Snapshot

• This is a 11 × 1-bed/?-bath units multifamily listed at $1.95M.

Deal economics

• At list price, monthly cash flow is $14 ($168/yr) — positive. Per door: $1/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.49M (23.8% below list).
• Recommended offer: $1.49M (23.8% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 3.5% in Bremerton — 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 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); 39 active listings in the ZIP; 1,294 units permitted in Kitsap County in 2024 (302 in 5+ unit buildings).
• At $14,862/mo this rent would consume 260% of the median local household income ($69k/yr) (locally 345% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $13k of loan paydown is wiped out by about $58k 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

• It's been on market 42 days — a 3% lower offer ($1.89M) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 26y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $1.00M; list at $1.95M implies a 95% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1,486,200 (23.8% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.76% ✗
• Cap rate: 6.30%
• Cash-on-cash: 0.03%
• DSCR: 1.00
• GRM: 10.9

CMA / ARV

• ARV (median comp): $1,680,850
• List price: $1,950,000
• Delta: 16.01%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -11.5%
• Equity multiple: 0.57×
• Total profit: $-237,401
• Equity at exit: $290,751

10-year hold

• IRR: 3.2%
• Equity multiple: 1.27×
• Total profit: $148,446
• Equity at exit: $168,600

Cash invested: $546,000 (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: 39
• Price-to-rent: 120.3×

Monthly cashflow live

• Estimated rent: $14,862 medium
• Mortgage (P&I): −$10,226
• Tax from tax record: −$688 /mo · $8,262/yr
• Insurance: −$812
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,121
• Net cashflow: $14

Break-even live

Break-even rent $14,844

Max offer price $1,950,000

Occupancy floor 95%

11-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 11× units	1	—	$14,861
Total (11 units)			$14,862

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: $487,500
• Closing costs: $58,500
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-18
   days on market $1,950,000 Active 42 DOM
2. 2026-06-17
   days on market $1,950,000 Active 41 DOM
3. 2026-06-16
   days on market $1,950,000 Active 40 DOM
4. 2026-06-15
   days on market $1,950,000 Active 39 DOM
5. 2026-06-14
   days on market $1,950,000 Active 37 DOM
6. 2026-06-13
   days on market $1,950,000 Active 36 DOM
7. 2026-06-10
   days on market $1,950,000 Active 34 DOM
8. 2026-06-09
   days on market $1,950,000 Active 33 DOM
9. 2026-06-08
   days on market $1,950,000 Active 32 DOM
10. 2026-06-07
    days on market $1,950,000 Active 31 DOM
11. 2026-06-02
    days on market $1,950,000 Active 26 DOM
12. 2026-06-01
    days on market $1,950,000 Active 25 DOM
13. 2026-05-31
    days on market $1,950,000 Active 24 DOM
14. 2026-05-30
    days on market $1,950,000 Active 23 DOM
15. 2026-05-07
    listed $1,950,000 Active
16. 2025-08-21
    historical $1,425
17. 2025-08-14
    listed $1,425
18. 2016-07-29
    soldstatus $1,000,000 Sold
19. 2016-07-29
    soldstatus $1,000,000
20. 2016-05-27
    status Pending
21. 2016-05-13
    status Pending Inspection
22. 2016-04-02
    status Active
23. 2016-03-30
    status Pending Inspection
24. 2016-03-09
    listed $1,000,000 Active
25. 2001-01-12
    soldstatus $152,000
26. 2001-01-12
    soldstatus $152,000
27. 2000-11-10
    listed $148,000
28. 1991-10-23
    soldstatus $110,000
29. 1991-10-23
    soldstatus $110,000
30. 1988-01-29
    soldstatus $75,000

ⓘ 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: $8,262 · $688/mo
• Projected year-2 tax: $19,110 · $1,592/mo
• Expected delta: +$10,848/yr (+$904/mo · 131.3%)

ⓘ 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 4/10 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: $178,344
• − Mortgage interest: −$109,230
• − Property taxes: −$8,262
• − Insurance: −$9,750
• − Repairs & maintenance: −$14,268
• − Management: −$14,268
• − Depreciation: −$56,727
• Taxable loss: −$34,160
• Est. tax savings @ 24.0%: +$8,198
• After-tax cash flow: $8,366/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

Price history

+2500.0% since first listed

16 events — show timeline

• 2026-05-07 Listed $1,950,000 NWMLS as Distributed by MLS Grid
• 2025-08-21 Rental Removed $1,425 APPFOLIO
• 2025-08-14 Listed for Rent $1,425 APPFOLIO
• 2016-07-29 Sold (Public Records) $1,000,000 Public Records
• 2016-07-29 Sold (MLS) $1,000,000 NWMLS as Distributed by MLS Grid
• 2016-05-27 Pending — NWMLS as Distributed by MLS Grid
• 2016-05-13 Pending — NWMLS as Distributed by MLS Grid
• 2016-04-02 Relisted — NWMLS as Distributed by MLS Grid
• 2016-03-30 Pending — NWMLS as Distributed by MLS Grid
• 2016-03-09 Listed $1,000,000 NWMLS as Distributed by MLS Grid
• 2001-01-12 Sold (Public Records) $152,000 Public Records
• 2001-01-12 Sold (MLS) $152,000 NWMLS as Distributed by MLS Grid
• 2000-11-10 Listed $148,000 NWMLS as Distributed by MLS Grid
• 1991-10-23 Sold (Public Records) $110,000 Public Records
• 1991-10-23 Sold (Public Records) $110,000 Public Records
• 1988-01-29 Sold (Public Records) $75,000 Public Records

Property tax history

+5.4%/yr

Latest (2026): $8,262 · +1.4% YoY. Source: county tax records.