10185 May Ranch Ln SW

Bremerton, WA 98367

$340,000C-

3 bd · 2.0 ba · 1,288 sqft · Built 1980 · Manufactured · Pending · 145 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,772/mo
• Mortgage (P&I): −$1,783
• Tax + insurance: −$341
• HOA: −$0
• Vac / Maint / Mgmt: −$582
• Net cashflow: $66/mo
• Annual: $788/yr
• Cap rate: 6.52%
• Cash-on-cash: 0.83%
• DSCR: 1.04
• 1% rule: 0.82%
• Cash to close: $95,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $340k.
• At list price, monthly cash flow is $66 ($788/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $277k (18.5% below list).
• It's been on market 145 days — a 12% lower offer ($299k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $277k (18.5% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Kitsap County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• Current owner paid $40k; list at $340k implies a 750% gain — meaningful room to come down on a strong offer.
• Cap rate 6.5% 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.

Questions for listing agent

• It's been on market 145 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• 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 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?
• 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?
• 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.