801 Veneta Ave

Bremerton, WA 98337

$799,900C+

2 bd · 6.0 ba · 4,752 sqft · Built 1912 · MultiFamily · Active · 296 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,908/mo
• Mortgage (P&I): −$4,195
• Tax + insurance: −$889
• HOA: −$0
• Vac / Maint / Mgmt: −$2,081
• Net cashflow: $2,744/mo
• Annual: $32,927/yr
• Cap rate: 10.41%
• Cash-on-cash: 14.70%
• DSCR: 1.65
• 1% rule: 1.24%
• Cash to close: $223,972

Investor read

• This is a 1×?bd/1ba + 4×1bd/1ba + 1×3bd/2ba units multifamily listed at $800k.
• 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).
• It's been on market 296 days — a 12% lower offer ($704k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $704k (12.0% below list) — sets the bar for market timing.
• 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.
• 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.
• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1912 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?