801 Veneta Ave · Bremerton, WA 98337

$799,900

2 bd · 6.0 ba · 4,752 sqft · MultiFamily public records · 296 Days on market

Built 1912 8,276 sqft lot $168/sqft · 25% above area Est $639k · 25% over ↓ 11% since listing

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Why this score? — see what drove the C+ 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 +29.0/30.0
• DSCR +10.0/10.0
• 1% rule +7.4/10.0
• Rent growth +5.0/5.0
• Livability +4.3/5.0
• Schools +3.9/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

6-plex features one unit with 0 bedroom and 1 bathroom, four units with 1 bedroom and 1 bathroom, and one unit with 3 bedrooms and 2 bathrooms. Current long-term tenants are on month-to-month lease. This investment offers a unique opportunity to add value without any updates to the building or units. The rents are significantly below market and can be increased by an average of 18% to meet current market rents. Current Cap Rate of 8.02% would be raised to 10.16%! Opportunity to renovate and increase rent even more in the future. DSCR loans available. DO NOT DISTURB TENANTS!

Key facts

• 8,276 sq ft lot
• Built 1912
• Listed 296 days

What this means for you Summary

Snapshot

• This is a 1×?bd/1ba + 4×1bd/1ba + 1×3bd/2ba units multifamily listed at $800k.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $457/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $800k).
• Recommended offer: $704k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.4% 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.
• Market conditions: Rents rising fast (+9.8%/yr); 39 active listings in the ZIP; 1,294 units permitted in Kitsap County in 2024 (302 in 5+ unit buildings).
• At $9,908/mo this rent would consume 173% of the median local household income ($69k/yr) (locally 345% 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 $6k of loan paydown is wiped out by about $24k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $224k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 296 days — a 12% lower offer ($704k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $703,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 296 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.24% ✓
• Cap rate: 10.41%
• Cash-on-cash: 14.70%
• DSCR: 1.65
• GRM: 6.7

CMA / ARV

• ARV (median comp): $639,408
• List price: $799,900
• Delta: 25.10%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 10.4%
• Equity multiple: 1.43×
• Total profit: $97,382
• Equity at exit: $119,268

10-year hold

• IRR: 23.1%
• Equity multiple: 3.45×
• Total profit: $547,649
• Equity at exit: $69,161

Cash invested: $223,972 (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 98337

• Home prices YoY: -8.0%
• Rents YoY: 9.8%
• Active inventory: 39
• Price-to-rent: 41.2×

Monthly cashflow live

• Estimated rent: $9,908 high
• Mortgage (P&I): −$4,195
• Tax from tax record: −$555 /mo · $6,664/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,081
• Net cashflow: $2,744

Break-even live

Break-even rent $6,435

Max offer price $799,900

Occupancy floor 67%

Sensitivity live

Price	-10% $3,197	-5% $2,970	+0% $2,744	+5% $2,518	+10% $2,291
Rent	-10% $1,961	-5% $2,353	+0% $2,744	+5% $3,135	+10% $3,527
Rate	-1.0pp $3,147	-0.5pp $2,947	base $2,744	+0.5pp $2,537	+1.0pp $2,326

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

Units	Beds	Baths	Est. rent
1× unit	0	1	$1,619
▸ 4× units	1	1	$6,372
1× unit	3	2	$1,919
Total (6 units)			$9,908

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: $199,975
• Closing costs: $23,997
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $799,900 Active 296 DOM
2. 2026-06-17
   days on market $799,900 Active 295 DOM
3. 2026-06-16
   remarks 580-char remark
4. 2026-06-16
   price $799,900 Active 294 DOM
5. 2026-06-16
   days on market $824,900 Active 294 DOM
6. 2026-06-15
   days on market $824,900 Active 293 DOM
7. 2026-06-14
   days on market $824,900 Active 291 DOM
8. 2026-06-13
   days on market $824,900 Active 290 DOM
9. 2026-06-10
   days on market $824,900 Active 288 DOM
10. 2026-06-09
    days on market $824,900 Active 287 DOM
11. 2026-06-08
    days on market $824,900 Active 286 DOM
12. 2026-06-07
    days on market $824,900 Active 285 DOM
13. 2026-06-03
    price $824,900 Active 280 DOM
14. 2026-06-02
    days on market $849,900 Active 280 DOM
15. 2026-06-01
    days on market $849,900 Active 279 DOM
16. 2026-05-31
    days on market $849,900 Active 278 DOM
17. 2026-05-30
    days on market $849,900 Active 277 DOM
18. 2026-05-19
    price $849,900
19. 2026-05-06
    price $874,900
20. 2026-04-24
    price $899,900
21. 2025-08-26
    listed $949,900 Active

ⓘ 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: $6,664 · $555/mo
• Projected year-2 tax: $7,839 · $653/mo
• Expected delta: +$1,175/yr (+$98/mo · 17.6%)

ⓘ 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 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $118,896
• − Mortgage interest: −$44,807
• − Property taxes: −$6,664
• − Insurance: −$4,000
• − Repairs & maintenance: −$9,512
• − Management: −$9,512
• − Depreciation: −$23,270
• Taxable income: $21,132
• Est. tax owed @ 24.0%: −$5,072
• After-tax cash flow: $27,855/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): 7,370
• Household income: $68,561
• Rent vs Own: 53.6% rent · 46.4% own
• Severe rent burden: 345.0

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 (75%)
• Race & ethnicity: White 75% Two or more races 11% Hispanic / Latino 7% Asian 5% Black 3% Native American 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 10% Portuguese 2% Lithuanian 2%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 2% Tagalog/Filipino 2% Vietnamese 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: ▼ -36.44%
• Current HPI: 419.3603
• Rent YoY: ▲ 9.81%
• 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

-10.5% since first listed

4 events — show timeline

• 2026-05-19 Price Changed $849,900 NWMLS as Distributed by MLS Grid
• 2026-05-06 Price Changed $874,900 NWMLS as Distributed by MLS Grid
• 2026-04-24 Price Changed $899,900 NWMLS as Distributed by MLS Grid
• 2025-08-26 Listed $949,900 NWMLS as Distributed by MLS Grid

Property tax history

+4.5%/yr

Latest (2026): $6,664 · +0.5% YoY. Source: county tax records.