8161 Sandy Rd NE

Bainbridge Island, WA 98311

$184,000B

4 bd · 2.0 ba · 1,161 sqft · Built 1951 · SingleFamily · Active · 102 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,778/mo
• Mortgage (P&I): −$965
• Tax + insurance: −$187
• HOA: −$0
• Vac / Maint / Mgmt: −$583
• Net cashflow: $1,043/mo
• Annual: $12,514/yr
• Cap rate: 13.09%
• Cash-on-cash: 24.29%
• DSCR: 2.08
• 1% rule: 1.51%
• Cash to close: $51,520

Investor read

• This is a 4-bed/2.0-bath single-family listed at $184k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $184k).
• It's been on market 102 days — a 9% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $167k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#111 in WA, #2,257 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, health & safety A; Watch: amenities F, cost of living F.
• Central Kitsap School District (urban): math 55% / reading 67% proficiency, ranked #49 of 291 in WA (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Brownsville Elementary (425 students, 34% FRL); Ridgetop Middle School (744 students, 41% FRL); Olympic High School (1,162 students, 48% FRL) — zoned schools average 41% FRL vs 23% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 156 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• At projected returns (-3.0% appreciation + 0.3% rent growth), your $52k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 13.1% vs local median 1.2% in Bainbridge Island — 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.
• This rent runs 31% of the median local income ($109k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1951 — 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 A-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?
• 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.