325 N Cambrian · Bremerton, WA 98312

$429,000

4 bd · 2.0 ba · 1,874 sqft · MultiFamily public records · 5 Days on market

Built 1939 10,454 sqft lot

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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).

• Cash flow +15.6/30.0
• ARV discount +7.5/15.0
• DSCR +4.8/10.0
• Livability +4.3/5.0
• Schools +3.9/10.0
• 1% rule +3.5/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Excellent investment opportunity with owner-occupant flexibility and future upside. This duplex sits on a large lot with potential for at least one DADU, creating even more income potential or re-sale value down the road. Each unit offers 2 bedrooms and 1 bathroom, with recent updates including newer vinyl windows, waterproof flooring, fresh interior paint, updated fixtures, new exterior door, chain link fencing, and slope-support between backyards to ensure tenant safety. The lower unit is occupied by a long-term tenant who would love to stay, providing immediate rental stability. Extensive off-street parking and two separate garages add convenience and value for both tenants and owners. I

Key facts

• Newer vinyl windows
• Waterproof flooring
• Large lot

Tags

• LARGE LOT
• DADU POTENTIAL
• NEWER VINYL WINDOWS
• WATERPROOF FLOORING
• FRESH INTERIOR PAINT
• UPDATED FIXTURES

Property features AI

Finance

• Financial info: Gross scheduled income: $43,200 annually; Gross adjusted income: $43,200; Total monthly income: $3,600; Net operating income: $37,337; Total expenses: $5,863.30; Insurance expense: $2,534; Gross rent multiplier: 9.9; Actual rents reported: Unit 325 $1,850; Unit 325 1/2 $1,750; Financing accepted: Cash, Conventional, FHA, VA

Exterior

• Parking: Three covered spaces; Three carport spaces; Ten uncovered parking spaces
• Utilities: Electric service; Public water (Bremerton Utility); Sewer connected (Bremerton Utility); Power by PSE; Water/sewer/garbage fee listed
• Home design: Duplex (residential income, multi-family); Two stories
• Construction: Cement plank and wood construction; Composition roof
• Exterior features: Cement plank and wood exterior; Wood products detailing; Paved lot

Interior

• Kitchen: Each unit has a range/oven; Each unit has a refrigerator; No units list a dishwasher
• Bedrooms: Two 2-bedroom units (Unit 325 and Unit 325 1/2)
• Flooring: Vinyl plank
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Baseboard heating; No central cooling
• Interior features: Vinyl plank flooring; Baseboard heating
• Laundry & utility: Units do not include washer/dryer (no in-unit laundry)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $429k.

Deal economics

• At list price, monthly cash flow is $180 ($2k/yr) — positive. Per door: $90/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 $363k (15.3% below list).
• Recommended offer: $363k (15.3% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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.
• Zoned schools: West Hills S.T.E.M. Academy (313 students, 74% FRL); Mountain View Middle School (844 students, 71% FRL); Bremerton High School (1,221 students, 66% FRL) — zoned schools average 70% FRL vs 55% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 352 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,294 units permitted in Kitsap County in 2024 (302 in 5+ unit buildings).
• At $3,632/mo this rent would consume 48% of the median local household income ($90k/yr) (locally 993% 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 $3k of loan paydown is wiped out by about $13k 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 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 24y 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 $245k; list at $429k implies a 75% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $363,200 (15.3% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1939 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.85% ✗
• Cap rate: 6.80%
• Cash-on-cash: 1.80%
• DSCR: 1.08
• GRM: 9.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.28% rent growth · sell at horizon

5-year hold

• IRR: -16.3%
• Equity multiple: 0.44×
• Total profit: $-67,852
• Equity at exit: $63,965

10-year hold

• IRR: -13.2%
• Equity multiple: 0.31×
• Total profit: $-82,404
• Equity at exit: $37,092

Cash invested: $120,120 (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 98312

• Rents YoY: 0.3%
• Active inventory: 352
• Price-to-rent: 19.7×

Monthly cashflow live

• Estimated rent: $3,632 high
• Mortgage (P&I): −$2,250
• Tax from tax record: −$261 /mo · $3,131/yr
• Insurance: −$179
• HOA: −$0
• Vacancy / Maint / Mgmt: −$763
• Net cashflow: $180

Break-even live

Break-even rent $3,404

Max offer price $429,000

Occupancy floor 90%

Sensitivity live

Price	-10% $423	-5% $301	+0% $180	+5% $58	+10% $-63
Rent	-10% $-107	-5% $36	+0% $180	+5% $323	+10% $467
Rate	-1.0pp $396	-0.5pp $289	base $180	+0.5pp $69	+1.0pp $-44

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,632
Total (2 units)			$3,632

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: $107,250
• Closing costs: $12,870
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2318 10th St Bremerton, WA	3.0	1.0	1840	$1,900	$1.03	45d	1	0.37mi
341 Bertha Ave Bremerton, WA	3.0	2.0	1614	$2,595	$1.61	15d	1	0.42mi
1919 5th St Bremerton, WA	3.0	1.0	1521	$2,399	$1.58	23d	1	0.53mi
3202 Farragut Ave Unit 2 Bremerton, WA	3.0	2.0	1226	$2,450	$2.00	23d	1	0.56mi
3202 Farragut Ave Unit 2 Bremerton, WA	3.0	2.0	1226	$2,450	$2.00	45d	1	0.56mi
1117 Marguerite Ave Bremerton, WA	3.0	2.5	1404	$2,875	$2.05	45d	1	0.62mi
1720 N Wycoff Ave Bremerton, WA	3.0	2.0	1300	$2,400	$1.85	45d	1	0.70mi
4520 Bay Vista Blvd Bremerton, WA	1.0–3.0	1.0–2.0	927	$2,875	$3.10	15d	9	0.94mi
4508 Sand Dollar St Bremerton, WA	5.0	3.0	2175	$3,195	$1.47	23d	1	0.95mi
4535 Sand Dollar St Bremerton, WA	3.0	2.0	1319	$2,600	$1.97	23d	1	0.97mi
4772 Deadwood St Bremerton, WA	4.0	2.5	1843	$2,950	$1.60	45d	1	1.01mi
4114 McCall Blvd W Bremerton, WA	3.0	2.0	1800	$2,500	$1.39	15d	1	1.30mi
1212 Evans Ave W Bremerton, WA	3.0	1.5	1856	$2,600	$1.40	45d	1	1.30mi
1185 Shorewood Dr Bremerton, WA	3.0	2.0	1528	$2,500	$1.64	45d	1	1.32mi
1216 Humphrey Ave W Bremerton, WA	3.0	2.5	1800	$2,799	$1.55	45d	1	1.36mi

Listing history 23 events

1. 2026-06-03
   status $429,000 Pending 5 DOM
2. 2026-06-02
   days on market $429,000 Active 5 DOM
3. 2026-06-01
   days on market $429,000 Active 4 DOM
4. 2026-05-31
   days on market $429,000 Active 3 DOM
5. 2026-05-30
   days on market $429,000 Active 2 DOM
6. 2026-05-28
   listed $429,000 Active
7. 2025-05-17
   historical $1,600
8. 2025-05-02
   listed $1,600
9. 2025-05-02
   historical $1,600
10. 2025-05-02
    listed $1,600
11. 2020-05-27
    soldstatus $245,000 Sold
12. 2020-04-15
    status Pending Inspection
13. 2020-03-29
    price $249,950
14. 2020-02-25
    listed $289,950 Active
15. 2006-06-01
    soldstatus $208,000
16. 2006-05-31
    soldstatus $208,000
17. 2006-01-26
    listed $208,500
18. 2003-07-28
    soldstatus $111,200
19. 2003-07-28
    soldstatus $111,200
20. 2003-06-01
    listed $119,900
21. 2003-02-13
    soldstatus $61,000
22. 2003-02-12
    soldstatus $61,000
23. 2002-12-06
    listed $59,900

ⓘ 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: $3,131 · $261/mo
• Projected year-2 tax: $4,204 · $350/mo
• Expected delta: +$1,073/yr (+$89/mo · 34.3%)

ⓘ 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 10 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,584
• − Mortgage interest: −$24,031
• − Property taxes: −$3,131
• − Insurance: −$2,145
• − Repairs & maintenance: −$3,487
• − Management: −$3,487
• − Depreciation: −$12,480
• Taxable loss: −$5,176
• Est. tax savings @ 24.0%: +$1,242
• After-tax cash flow: $3,401/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): 36,307
• Household income: $90,449
• Rent vs Own: 36.5% rent · 63.5% own
• Severe rent burden: 993.0

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 (68%)
• Race & ethnicity: White 68% Two or more races 13% Hispanic / Latino 12% Asian 4% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: Italian 7% Portuguese 5% Slovak 4%
• Foreign-born: 6% · Canada, China
• Languages at home: 91% English-only · Spanish 4% Tagalog/Filipino 2% Other Asian/Pacific 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: ▼ -436.68%
• Current HPI: 379.2342
• Rent YoY: ▲ 0.28%
• 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

+616.2% since first listed

18 events — show timeline

• 2026-05-28 Listed $429,000 NWMLS as Distributed by MLS Grid
• 2025-05-17 Rental Removed $1,600 SHOWMOJO
• 2025-05-02 Listed for Rent $1,600 SHOWMOJO
• 2025-05-02 Rental Removed $1,600 SHOWMOJO2
• 2025-05-02 Listed for Rent $1,600 SHOWMOJO2
• 2020-05-27 Sold (MLS) $245,000 NWMLS as Distributed by MLS Grid
• 2020-04-15 Pending — NWMLS as Distributed by MLS Grid
• 2020-03-29 Price Changed $249,950 NWMLS as Distributed by MLS Grid
• 2020-02-25 Listed $289,950 NWMLS as Distributed by MLS Grid
• 2006-06-01 Sold (MLS) $208,000 NWMLS as Distributed by MLS Grid
• 2006-05-31 Sold (Public Records) $208,000 Public Records
• 2006-01-26 Listed $208,500 NWMLS as Distributed by MLS Grid
• 2003-07-28 Sold (Public Records) $111,200 Public Records
• 2003-07-28 Sold (MLS) $111,200 NWMLS as Distributed by MLS Grid
• 2003-06-01 Listed $119,900 NWMLS as Distributed by MLS Grid
• 2003-02-13 Sold (Public Records) $61,000 Public Records
• 2003-02-12 Sold (MLS) $61,000 NWMLS as Distributed by MLS Grid
• 2002-12-06 Listed $59,900 NWMLS as Distributed by MLS Grid

Property tax history

+3.1%/yr

Latest (2026): $3,131 · +0.5% YoY. Source: county tax records.