1754 NE Mesford Rd #38 · Poulsbo, WA 98370

$189,000

2 bd · 2.0 ba · 1,404 sqft · Manufactured · 49 Days on market

Built 1989 1,456 sqft lot $135/sqft · at area comps Est $183k · at est.

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Why this score? — see what drove the B- 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 +27.7/30.0
• DSCR +9.7/10.0
• 1% rule +7.6/10.0
• ARV discount +6.0/15.0
• Schools +5.4/10.0
• Livability +4.2/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Viking Park, a highly desirable 55+ community in the heart of Poulsbo! This beautifully refreshed home offers 2 bedrooms plus a versatile office, perfect for hobbies, crafts, or a quiet retreat, and 1.75 bathrooms for comfortable living. Step inside to a light filled, vaulted living room where natural light creates an inviting and airy atmosphere. Enjoy all new neutral paint and brand new carpet, making this home truly move in ready. Designed with convenience in mind, you will find abundant storage throughout, plus a huge secure storage shed for all your extras. Outside, the fenced backyard is ideal for your furry friend and perfect for summer gatherings with friends and neighbor

Key facts

• Clubhouse
• Community amenities
• Scenic walking paths

Tags

• FENCED BACKYARD
• HUGE SECURE STORAGE SHED
• COMMUNITY AMENITIES
• CLUBHOUSE
• OUTDOOR GATHERING SPACES
• SCENIC WALKING PATHS

Property features AI

Finance

• Other: Calculated building area: 1404 square feet; Lot dimensions approximately 52 x 28; Lot size about 0.0334 acres; Green features: double pane windows
• Financial info: Listing terms: Cash or Conventional; Land lease: $1,034
• HOA & community: Located in Viking Park (89 homes); Senior community (senior exemption applies); Pets allowed: cats and dogs (see remarks); Park amenities include BBQs, clubhouse, common area, RV parking; Park approved for sale

Exterior

• Parking: Carport
• Utilities: Public water (City of Poulsbo); Public sewer (City of Poulsbo); Electric and propane energy sources; Electric water heater; Power: PSE; Xfinity available for cable and internet
• Home design: Manufactured double-wide home; Single-story; Vaulted ceilings; Entry; Bath off primary; Walk-in closet; Good condition
• Construction: Wood construction; Composition roof; Wood skirt; Pillar/post/pier foundation; Manufactured after 6/15/1976; Make: GLDNWEST; Model: 9000-005-465-0008; Body type: Double Wide
• Exterior features: Wood products exterior; Patio/porch/deck; Paved lot; View

Interior

• Kitchen: Disposal; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Vinyl; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Heating & cooling: Forced air heating; Heat pump; Forced air cooling; Heat pump cooling
• Interior features: Fireplace (gas); Water heater
• Laundry & utility: Washer; Dryer; Utility room; Water heater located at back of house inside siding panel

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $189k.

Deal economics

• At list price, monthly cash flow is $568 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $189k).
• Recommended offer: $183k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.9% vs local median 2.7% in Poulsbo — 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 85/100 on livability (#30 in WA, #508 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: cost of living F.
• North Kitsap School District (suburban): math 53% / reading 65% proficiency, ranked #54 of 291 in WA (top 19%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Poulsbo Elementary School (448 students, 26% FRL); North Kitsap High School (1,063 students, 29% FRL) — zoned schools at 28% FRL track the district average.
• Market conditions: Rents flat; 265 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $1k of loan paydown is wiped out by about $6k 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 49 days — a 3% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y 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 $76k; list at $189k implies a 150% gain — meaningful room to come down on a strong offer.

Recommended offer $183,330 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.26% ✓
• Cap rate: 9.90%
• Cash-on-cash: 12.88%
• DSCR: 1.57
• GRM: 6.6

CMA / ARV

• ARV (median comp): $182,887
• List price: $189,000
• Delta: 3.34%
• Verdict: FAIR
• Comps: 8 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1754 NE Mesford Rd #12	0.00mi	3/2.0 (+1)	1,404 (0%)	7mo	$190,000	$135	89
1754 NE Mesford Rd #25	0.00mi	2/2.0	1,404 (0%)	16mo	$193,300	$138	87
1754 NE Mesford Rd #10	0.00mi	2/2.0	1,404 (0%)	21mo	$195,000	$139	82
1754 NE Mesford Rd #33	0.00mi	2/2.0	1,512 (+8%)	16mo	$188,700	$125	74
1754 NE Mesford Rd #55	0.00mi	3/2.0 (+1)	1,372 (-2%)	23mo	$174,000	$127	72
1754 NE Mesford Rd #21	0.00mi	2/2.0	1,264 (-10%)	23mo	$157,500	$125	64

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 · 0.71% rent growth · sell at horizon

5-year hold

• IRR: 0.1%
• Equity multiple: 1.00×
• Total profit: $236
• Equity at exit: $28,181

10-year hold

• IRR: 7.3%
• Equity multiple: 1.49×
• Total profit: $25,981
• Equity at exit: $16,341

Cash invested: $52,920 (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 98370

• Rents YoY: 0.7%
• Active inventory: 265
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $2,372 medium
• Mortgage (P&I): −$991
• Tax est. 1.5%: −$236 /mo · $2,835/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$498
• Net cashflow: $568

Break-even live

Break-even rent $1,653

Max offer price $189,000

Occupancy floor 71%

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2122 NE Hostmark St Poulsbo, WA	1.0–3.0	1.0–1.5	920	$2,500	$2.72	13d	6	0.36mi
18533 Skog Ct NE Poulsbo, WA	2.0	1.0	1600	$2,100	$1.31	43d	1	0.60mi
20455 1st Ave NE Poulsbo, WA	1.0–3.0	1.0–2.0	1015	$2,538	$2.50	13d	4	1.35mi

Listing history 19 events

1. 2026-06-15
   statusdays on market $189,000 Pending 49 DOM
2. 2026-06-14
   days on market $189,000 Active 48 DOM
3. 2026-06-13
   days on market $189,000 Active 47 DOM
4. 2026-06-10
   days on market $189,000 Active 45 DOM
5. 2026-06-09
   days on market $189,000 Active 44 DOM
6. 2026-06-08
   days on market $189,000 Active 43 DOM
7. 2026-06-07
   days on market $189,000 Active 42 DOM
8. 2026-06-02
   days on market $189,000 Active 37 DOM
9. 2026-06-01
   days on market $189,000 Active 36 DOM
10. 2026-05-31
    days on market $189,000 Active 35 DOM
11. 2026-05-30
    days on market $189,000 Active 34 DOM
12. 2026-05-04
    status Active
13. 2026-05-01
    status Pending
14. 2026-04-23
    listed $189,000 Active
15. 2017-05-05
    soldstatus $75,500 Sold
16. 2017-04-24
    status Pending Inspection
17. 2017-04-20
    status Active
18. 2017-04-10
    status Pending Inspection
19. 2017-04-06
    listed $75,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥85°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,466
• − Mortgage interest: −$10,587
• − Property taxes: −$2,835
• − Insurance: −$945
• − Repairs & maintenance: −$2,277
• − Management: −$2,277
• − Depreciation: −$5,498
• Taxable income: $4,047
• Est. tax owed @ 24.0%: −$971
• After-tax cash flow: $5,844/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: North Kitsap School District
• NCES district ID: 5305760
• Math proficiency: 53% ▼ -1.00%
• Reading proficiency: 65% ▲ 1.00%
• Median HH income: $68,919
• Composite: 53.68/100
• National rank: #3092
• State rank: #54 of 291 in WA

Livability — Poulsbo

• Score: 85/100
• State rank: #30
• US rank: #508

Category grades

Amenities A+ Commute A+ Cost of living F Crime B+ Employment A+ Housing A Health & safety A+ User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Poulsbo, WA
• County: Kitsap County · 243,099 people
• City population: 33,655
• Metro: Bremerton-Silverdale-Port Orchard, WA
• Population (ZIP): 33,655
• Household income: $116,756
• Rent vs Own: 24.5% rent · 75.5% own
• Severe rent burden: 904.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 11% Hispanic / Latino 9% Asian 3% Black 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 7% Italian 4% Slovak 3%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 4% Other Indo-European 1% 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: ▼ -342.47%
• Current HPI: 347.3427
• Rent YoY: ▲ 0.71%
• 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

+152.0% since first listed

9 events — show timeline

• 2026-06-14 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-04 Relisted — NWMLS as Distributed by MLS Grid
• 2026-05-01 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-23 Listed $189,000 NWMLS as Distributed by MLS Grid
• 2017-05-05 Sold (MLS) $75,500 NWMLS as Distributed by MLS Grid
• 2017-04-24 Pending — NWMLS as Distributed by MLS Grid
• 2017-04-20 Relisted — NWMLS as Distributed by MLS Grid
• 2017-04-10 Pending — NWMLS as Distributed by MLS Grid
• 2017-04-06 Listed $75,000 NWMLS as Distributed by MLS Grid