10185 May Ranch Ln SW · Bremerton, WA 98367

$340,000

3 bd · 2.0 ba · 1,288 sqft · Manufactured public records · 145 Days on market

Built 1980 5.01 ac lot $264/sqft · 19% below area Est $421k · 19% 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 +12.8/30.0
• Schools +5.2/10.0
• Livability +4.3/5.0
• DSCR +3.8/10.0
• Rent growth +2.9/5.0
• 1% rule +2.8/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Incredible 5-acre opportunity in Port Orchard! The existing manufactured home needs major repair and is valued minimally, but could be rehabbed if desired. Ideal for redevelopment—bring in a new manufactured home or build your custom residence and take advantage of existing power, water, and septic already in place. Private, usable acreage offers endless potential. Perfect for builders, investors, or anyone seeking a ready-to-go homesite. The value is in the land and the utilities—don’t miss this rare chance! SOLD-AS-IS

Key facts

• 5 acre opportunity
• Existing power
• Ready to go homesite

Tags

• 5 ACRE OPPORTUNITY
• EXISTING POWER
• EXISTING WATER
• EXISTING SEPTIC
• PRIVATE USABLE ACREAGE
• READY TO GO HOMESITE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $340k.

Deal economics

• At list price, monthly cash flow is $-30 ($-358/yr) — negative.
• To cash-flow at today's rent, offer at most $335k (1.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $265k (22.0% below list).
• Recommended offer: $265k (22.0% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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.
• South Kitsap School District (suburban): math 52% / reading 64% proficiency, ranked #71 of 291 in WA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.6%/yr); 341 active listings in the ZIP; high-income renter base; 1,294 units permitted in Kitsap County in 2024 (302 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 145 days — a 12% lower offer ($299k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $40k; list at $340k implies a 750% gain — meaningful room to come down on a strong offer.

Recommended offer $265,145 (22.0% 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. It's been on market 145 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 0.78% ✗
• Cap rate: 6.19%
• Cash-on-cash: -0.38%
• DSCR: 0.98
• GRM: 10.7

CMA / ARV

• ARV (median comp): $421,049
• List price: $340,000
• Delta: -19.25%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10185 May Ranch Ln SW	0.00mi	3/2.0	1,288 (0%)	1mo	$325,000	$252	99
11574 Alpine Dr SW	0.60mi	3/2.0	1,352 (+5%)	11mo	$515,000	$381	55

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 · 1.6% rent growth · sell at horizon

5-year hold

• IRR: -18.4%
• Equity multiple: 0.36×
• Total profit: $-60,775
• Equity at exit: $50,695

10-year hold

• IRR: -13.5%
• Equity multiple: 0.26×
• Total profit: $-70,462
• Equity at exit: $29,397

Cash invested: $95,200 (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 98367

• Rents YoY: 1.6%
• Active inventory: 341
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $2,651 medium
• Mortgage (P&I): −$1,783
• Tax from tax record: −$200 /mo · $2,397/yr
• Insurance: −$142
• HOA: −$0
• Vacancy / Maint / Mgmt: −$557
• Net cashflow: $-30

Break-even live

Break-even rent $2,689

Max offer price $334,735

Occupancy floor 96%

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: $85,000
• Closing costs: $10,200
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-04
   status Pending
2. 2026-04-24
   price $340,000
3. 2025-12-09
   listed $350,000 Active
4. 1997-04-07
   soldstatus $40,000
5. 1984-10-04
   soldstatus $22,000

ⓘ 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: $2,397 · $200/mo
• Projected year-2 tax: $3,332 · $278/mo
• Expected delta: +$935/yr (+$78/mo · 39.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥86°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: $31,817
• − Mortgage interest: −$19,045
• − Property taxes: −$2,397
• − Insurance: −$1,700
• − Repairs & maintenance: −$2,545
• − Management: −$2,545
• − Depreciation: −$9,891
• Taxable loss: −$6,307
• Est. tax savings @ 24.0%: +$1,514
• After-tax cash flow: $1,156/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: South Kitsap School District
• NCES district ID: 5308160
• Math proficiency: 52% ▲ 2.00%
• Reading proficiency: 64% ▲ 3.00%
• Median HH income: $62,824
• Composite: 52.31/100
• National rank: #3445
• State rank: #71 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

• County: Kitsap County · 243,099 people
• City population: 94,488
• Metro: Bremerton-Silverdale-Port Orchard, WA
• Population (ZIP): 31,756
• Household income: $115,482
• Rent vs Own: 14.8% rent · 85.2% own
• Severe rent burden: 595.0

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 (78%)
• Race & ethnicity: White 78% Two or more races 11% Hispanic / Latino 7% Asian 4% Pacific Islander 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 7% Portuguese 6% Slovak 4%
• Foreign-born: 6% · Canada, South Korea, Vietnam
• Languages at home: 91% English-only · Spanish 3% Tagalog/Filipino 2% Other Asian/Pacific 2%

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: ▼ -441.02%
• Current HPI: 351.671
• Rent YoY: ▲ 1.60%
• 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

+1445.5% since first listed

5 events — show timeline

• 2026-05-04 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-24 Price Changed $340,000 NWMLS as Distributed by MLS Grid
• 2025-12-09 Listed $350,000 NWMLS as Distributed by MLS Grid
• 1997-04-07 Sold (Public Records) $40,000 Public Records
• 1984-10-04 Sold (Public Records) $22,000 Public Records

Property tax history

+1.7%/yr

Latest (2026): $2,397 · +0.5% YoY. Source: county tax records.