3371 SE Bielmeier Rd #95 · Bethel, WA 98367

$168,990

2 bd · 2.0 ba · 860 sqft · Manufactured · 127 Days on market

Built 2024 Good condition $196/sqft · 148% above area

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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 +26.4/30.0
• DSCR +9.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Schools +5.2/10.0
• Condition / age +4.0/5.0
• Livability +3.4/5.0
• Rent growth +2.9/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Kitsap West Mobile Home Park—one of South Kitsap’s most coveted all-ages communities. This brand-new 2-bedroom, 1.75-bath home offers modern design, quality construction, and comfortable living spaces that lives much larger in person. The open-concept layout is both functional and inviting, featuring a well-appointed kitchen with plenty of cabinets for storage, a breakfast bar for casual dining, and ample space for your dining table—ideal for everyday living and entertaining. The spacious primary suite includes a private bath and a walk-in closet, while the second bedroom also offers a walk-in closet for added storage. A separate laundry room adds everyday conve

Key facts

• Private bath
• Walk in closet
• Open concept layout

Tags

• OPEN CONCEPT LAYOUT
• WELL APPOINTED KITCHEN
• BREAKFAST BAR
• PRIVATE BATH
• WALK IN CLOSET
• SEPARATE LAUNDRY ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $169k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $441 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $169k).
• Recommended offer: $149k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 3.6% in Bethel — 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 68/100 on livability (#279 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A, crime B+; Watch: health & safety C-, cost of living D+, schools D-.
• 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 $1k of loan paydown is wiped out by about $5k 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 127 days — a 12% lower offer ($149k) is reasonable based on typical stale-listing flexibility.

Recommended offer $148,711 (12.0% below list)

Questions for the listing agent

1. It's been on market 127 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 1.21% ✓
• Cap rate: 9.43%
• Cash-on-cash: 11.19%
• DSCR: 1.50
• GRM: 6.9

CMA / ARV

• ARV (median comp): $68,084
• List price: $168,990
• Delta: 148.21%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3371 SE Bielmeier Rd #33	0.03mi	2/1.0	864 (+0%)	4mo	$69,900	$81	90
3371 SE Bielmeier Rd #47	0.12mi	2/2.0	924 (+7%)	8mo	$66,000	$71	76

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: -1.2%
• Equity multiple: 0.96×
• Total profit: $-2,087
• Equity at exit: $25,197

10-year hold

• IRR: 7.0%
• Equity multiple: 1.49×
• Total profit: $23,197
• Equity at exit: $14,611

Cash invested: $47,317 (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: 6.9×

Monthly cashflow live

• Estimated rent: $2,037 medium
• Mortgage (P&I): −$886
• Tax est. 1.5%: −$211 /mo · $2,535/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $441

Break-even live

Break-even rent $1,478

Max offer price $168,990

Occupancy floor 73%

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: $42,248
• Closing costs: $5,070
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $168,990 Active 127 DOM
2. 2026-06-17
   days on market $168,990 Active 126 DOM
3. 2026-06-16
   days on market $168,990 Active 125 DOM
4. 2026-06-15
   days on market $168,990 Active 124 DOM
5. 2026-06-14
   days on market $168,990 Active 122 DOM
6. 2026-06-13
   days on market $168,990 Active 121 DOM
7. 2026-06-10
   days on market $168,990 Active 119 DOM
8. 2026-06-09
   days on market $168,990 Active 118 DOM
9. 2026-06-08
   days on market $168,990 Active 117 DOM
10. 2026-06-07
    days on market $168,990 Active 116 DOM
11. 2026-06-05
    days on market $168,990 Active 113 DOM
12. 2026-06-03
    days on market $168,990 Active 112 DOM
13. 2026-06-02
    days on market $168,990 Active 111 DOM
14. 2026-06-01
    days on market $168,990 Active 110 DOM
15. 2026-05-31
    days on market $168,990 Active 109 DOM
16. 2026-05-30
    days on market $168,990 Active 108 DOM
17. 2026-02-11
    listed $168,990 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 ≥86°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,440
• − Mortgage interest: −$9,466
• − Property taxes: −$2,535
• − Insurance: −$845
• − Repairs & maintenance: −$1,955
• − Management: −$1,955
• − Depreciation: −$4,916
• Taxable income: $2,768
• Est. tax owed @ 24.0%: −$664
• After-tax cash flow: $4,629/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.

Condition & rehab AI · 12 photos

Good 80/100 None rehab

This well-maintained, modern manufactured home in Kitsap West Mobile Home Park is move-in ready with good condition and minimal repairs needed.

Value-add opportunities

• Both Paint exterior — Fresh paint can enhance curb appeal and value
• Both Replace carpet with hardwood — Hardwood flooring is more durable and can increase value
• Both Install smart home features — Smart home features can increase both resale and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Fresh paint can enhance curb appeal and value ↑
• Both Replace carpet with hardwood — Hardwood flooring is more durable and can increase value ↑
• Both Install smart home features — Smart home features can increase both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Bethel

• Score: 68/100
• State rank: #279
• US rank: #9629

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bethel, WA
• County: Kitsap County · 243,099 people
• 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

1 event — show timeline

• 2026-02-11 Listed $168,990 NWMLS as Distributed by MLS Grid