1569 NE Fontaine Way · Poulsbo, WA 98370

$475,000

4 bd · 2.5 ba · 1,682 sqft · SingleFamily public records · 57 Days on market

Built 2014 2,178 sqft lot $282/sqft · 14% below area Est $549k · 14% under $27/mo HOA · 1% of rent ↓ 2% since listing

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Why this score? — see what drove the D 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).

• ARV discount +13.6/15.0
• Cash flow +8.0/30.0
• Schools +5.4/10.0
• Livability +4.2/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• 1% rule +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to your new home in Caldart Heights! Planted directly in the heart of Poulsbo, this spacious 1,628 sqft 4-bed/2.5-bath home + office offers comfort, style & convenience. The open main floor layout is perfect for entertaining, feat a cozy fireplace & newer carpet throughout. The spacious kitchen flows seamlessly into the living & dining areas, creating the ideal gathering space. Upstairs, you’ll find a versatile loft & a private primary suite complete w/ an en-suite bath. Enjoy year-round comfort w/ ductless A/C & the ease of a low-maintenance yard. Built in 2014 w/ durable Hardiplank siding & an attached garage, this home is move-in ready &

Key facts

• 2,178 sq ft lot
• Garage
• Built 2014

Property features AI

Finance

• Other: Bus line nearby (route 344)
• Financial info: Acceptable financing: Cash, Conventional, FHA, State Bond, VA Loan
• HOA & community: Has HOA — $325 annually; HOA covers common area maintenance, lawn service, road maintenance, and snow removal; Community features include CCRs, playground, and trails

Exterior

• Parking: Attached garage; Has garage (garage area ~264 sq ft); Covered parking for 1 vehicle; Driveway and off-street parking
• Security: Security system
• Utilities: Electric energy source; Public water (City of Poulsbo); Sewer connected (City of Poulsbo); Power provided by Puget Sound Energy; Cable connected (Comcast); Internet connected (Xfinity)
• Home design: Single family residence (house); Two stories; Entry at main level; South-facing
• Construction: Built on lot; Effective year built 2014; Cement plank (fiber cement) siding; Composition roof; Poured concrete foundation; Built by Highmark Homes LLC
• Exterior features: Cement planked exterior; Garden space; Cable TV and high-speed internet available; Lot features include alley, curbs, open space, paved surfaces, and sidewalks; Level topography; Has view

Interior

• Kitchen: Kitchen with eating space; Dishwasher; Garbage disposal; Microwave; Refrigerator
• Bedrooms: 4 bedrooms total (all on upper level); Primary bedroom located on second level
• Flooring: Laminate; Vinyl; Carpet
• Bathrooms: 2 full bathrooms; 1 half bathroom; Two bathtubs; Two showers; Half bath on main level
• Heating & cooling: Wall furnace; Has heating; Has cooling
• Interior features: Dining room; Fireplace; Loft; Pantry; Security system; Walk-in closet(s); Water heater
• Laundry & utility: Washer; Dryer; Utility room on second level; Water heater located in garage (electric)

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $475k.

Deal economics

• At list price, monthly cash flow is $-486 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $389k (18.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $326k (31.4% below list).
• Recommended offer: $326k (31.4% below list) — sets the bar for 1% rule.
• Cap rate 5.1% 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); Poulsbo Middle School (685 students, 30% FRL); North Kitsap High School (1,063 students, 29% FRL) — zoned schools at 28% FRL track the district average.
• Market conditions: Rents flat; 270 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 1,294 units permitted in Kitsap County in 2024 (302 in 5+ unit buildings).
• This rent runs 33% of the median local income ($117k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k 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 57 days — a 3% lower offer ($461k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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.

Recommended offer $325,795 (31.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.69% ✗
• Cap rate: 5.07%
• Cash-on-cash: -4.38%
• DSCR: 0.81
• GRM: 12.1

CMA / ARV

• ARV (median comp): $549,170
• List price: $475,000
• Delta: -13.51%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
19766 Garnet Ct NE	0.20mi	3/2.0 (-1)	1,660 (-1%)	1mo	$650,000	$392	81
19855 Stavanger Loop NE	0.22mi	3/2.5 (-1)	1,728 (+3%)	0mo	$565,000	$327	80
19975 Stavanger Pl NE	0.30mi	3/2.5 (-1)	1,669 (-1%)	2mo	$582,000	$349	78
19763 12th Ave NE	0.27mi	3/2.0 (-1)	1,656 (-2%)	3mo	$635,000	$383	76
20367 Fortune Pl NE	0.52mi	3/2.0 (-1)	1,706 (+1%)	1mo	$625,000	$366	66
19546 23rd Ave NE	0.51mi	4/3.0	1,722 (+2%)	6mo	$599,900	$348	65
2037 NE Ridgewood Dr	0.32mi	3/2.5 (-1)	1,848 (+10%)	2mo	$555,000	$300	62
1776 Bungalow Way NE	0.35mi	3/3.0 (-1)	1,850 (+10%)	2mo	$575,000	$311	58
1356 Lena Pl NE	0.55mi	4/2.5	1,930 (+15%)	0mo	$705,000	$365	49
2162 NE Kevos Pond Dr	0.50mi	3/2.5 (-1)	1,460 (-13%)	2mo	$560,000	$384	48
20165 Bue Rund Loop NE	0.41mi	3/2.5 (-1)	1,917 (+14%)	6mo	$600,000	$313	47
2358 NE Adler Ct	0.65mi	3/2.5 (-1)	1,858 (+10%)	2mo	$606,000	$326	46

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: -26.1%
• Equity multiple: 0.13×
• Total profit: $-115,323
• Equity at exit: $70,824

10-year hold

• IRR: -31.7%
• Equity multiple: -0.27×
• Total profit: $-169,364
• Equity at exit: $41,069

Cash invested: $133,000 (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: 270
• Price-to-rent: 12.1×

Monthly cashflow live

• Estimated rent: $3,258 medium
• Mortgage (P&I): −$2,491
• Tax from tax record: −$343 /mo · $4,122/yr
• Insurance: −$198
• HOA: −$27
• Vacancy / Maint / Mgmt: −$684
• Net cashflow: $-486

Break-even live

Break-even rent $3,873

Max offer price $389,226

Occupancy floor —

Sensitivity live

Price	-10% $-217	-5% $-351	+0% $-486	+5% $-620	+10% $-754
Rent	-10% $-743	-5% $-614	+0% $-486	+5% $-357	+10% $-228
Rate	-1.0pp $-246	-0.5pp $-365	base $-486	+0.5pp $-609	+1.0pp $-734

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	$2,801	$3.04	15d	6	0.58mi
20455 1st Ave NE Poulsbo, WA	1.0–3.0	1.0–2.0	1015	$2,917	$2.87	15d	4	1.12mi

HOA detail

• Monthly dues: $27 · $324/yr

Listing history 20 events

1. 2026-06-22
   days on market $475,000 Active 57 DOM
2. 2026-06-18
   days on market $475,000 Active 54 DOM
3. 2026-06-17
   days on market $475,000 Active 53 DOM
4. 2026-06-16
   days on market $475,000 Active 52 DOM
5. 2026-06-15
   days on market $475,000 Active 51 DOM
6. 2026-06-14
   days on market $475,000 Active 49 DOM
7. 2026-06-13
   days on market $475,000 Active 48 DOM
8. 2026-06-10
   days on market $475,000 Active 46 DOM
9. 2026-06-09
   days on market $475,000 Active 45 DOM
10. 2026-06-09
    price $475,000 Active 44 DOM
11. 2026-06-08
    days on market $489,000 Active 44 DOM
12. 2026-06-07
    days on market $489,000 Active 43 DOM
13. 2026-06-02
    days on market $489,000 Active 38 DOM
14. 2026-06-01
    days on market $489,000 Active 37 DOM
15. 2026-05-31
    days on market $489,000 Active 36 DOM
16. 2026-05-30
    days on market $489,000 Active 35 DOM
17. 2026-04-25
    listed $499,000 Active
18. 2023-03-20
    soldstatus $461,000 Closed
19. 2023-02-08
    status Pending
20. 2023-01-30
    listed $485,000 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: $4,122 · $343/mo
• Projected year-2 tax: $4,655 · $388/mo
• Expected delta: +$533/yr (+$44/mo · 12.9%)

ⓘ 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 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: $39,095
• − Mortgage interest: −$26,607
• − Property taxes: −$4,122
• − Insurance: −$2,375
• − Repairs & maintenance: −$3,128
• − Management: −$3,128
• − HOA: −$324
• − Depreciation: −$13,818
• Taxable loss: −$14,406
• Est. tax savings @ 24.0%: +$3,457
• After-tax cash flow: $-2,369/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

-2.1% since first listed

6 events — show timeline

• 2026-06-08 Price Changed $475,000 NWMLS as Distributed by MLS Grid
• 2026-05-19 Price Changed $489,000 NWMLS as Distributed by MLS Grid
• 2026-04-25 Listed $499,000 NWMLS as Distributed by MLS Grid
• 2023-03-20 Sold (MLS) $461,000 NWMLS as Distributed by MLS Grid
• 2023-02-08 Pending — NWMLS as Distributed by MLS Grid
• 2023-01-30 Listed $485,000 NWMLS as Distributed by MLS Grid

Property tax history

+17.8%/yr

Latest (2026): $4,122 · +2.4% YoY. Source: county tax records.