6168 Telford Way SW #411 · Port Orchard, WA 98367

$574,950

5 bd · 3.0 ba · 2,457 sqft · SingleFamily · 85 Days on market

Built 2026 4,577 sqft lot $234/sqft · 15% below area Est $676k · 15% under $71/mo HOA · 2% of rent

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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 +14.2/15.0
• Cash flow +6.7/30.0
• Schools +5.2/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• 1% rule +1.9/10.0
• DSCR +0.9/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to the Master Planned Community of McCormick! This 2,457 sq. ft. Features open-concept living with 9' Ceilings on main level, Bedroom and full bath, a cozy fireplace, quartz countertops in kitchen and baths, luxury vinyl plank flooring, white painted millwork, and stainless appliances. Large Primary Suite with 5-piece en-suite. Fully fenced, landscaped backyard w/ Covered Patio. ENERGY STAR® certified for comfort and efficiency. Minutes from freeways, trails, and parks.

Key facts

• Quartz countertops
• Stainless appliances
• Cozy fireplace

Tags

• OPEN-CONCEPT LIVING
• COZY FIREPLACE
• QUARTZ COUNTERTOPS
• LUXURY VINYL PLANK FLOORING
• WHITE PAINTED MILLWORK
• STAINLESS APPLIANCES

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath single-family listed at $575k.

Deal economics

• At list price, monthly cash flow is $-925 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $441k (23.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $395k (31.3% below list).
• Recommended offer: $395k (31.3% below list) — sets the bar for 1% rule.
• Cap rate 4.4% vs local median 3.0% in Port Orchard — 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 79/100 on livability (#110 in WA, #2,167 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, employment A+, housing A+; Watch: crime D-, commute F, cost of living F.
• 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); 356 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,294 units permitted in Kitsap County in 2024 (302 in 5+ unit buildings).
• This rent runs 41% of the median local income ($115k/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 $4k of loan paydown is wiped out by about $17k 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 85 days — a 6% lower offer ($540k) is reasonable based on typical stale-listing flexibility.

Recommended offer $394,887 (31.3% 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 85 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-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?
7. Crime grade is D 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?
8. 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?
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 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: 4.36%
• Cash-on-cash: -6.89%
• DSCR: 0.69
• GRM: 12.1

CMA / ARV

• ARV (median comp): $676,144
• List price: $574,950
• Delta: -14.97%
• 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
6141 Crestner Dr SW #406	0.04mi	4/2.5 (-1)	2,457 (0%)	2mo	$600,000	$244	89
6000 Thornhill Ave SW	0.15mi	5/3.0	2,741 (+12%)	3mo	$707,752	$258	72
6043 Trace Dr SW #453	0.08mi	4/2.5 (-1)	2,758 (+12%)	1mo	$672,950	$244	68
6103 Trace Dr SW	0.09mi	4/2.5 (-1)	2,758 (+12%)	1mo	$661,800	$240	68
5884 Trace Dr SW #275	0.18mi	5/3.0	2,741 (+12%)	6mo	$720,000	$263	67
6102 Crestner Dr SW	0.03mi	4/2.5 (-1)	2,758 (+12%)	7mo	$677,300	$246	65
4224 SW Rustler St	0.08mi	4/2.5 (-1)	2,758 (+12%)	7mo	$656,000	$238	63
6114 Lochan Rd SW #370	0.17mi	4/3.0 (-1)	2,809 (+14%)	1mo	$842,346	$300	62
4351 SW Kerbin Ln #366	0.16mi	4/3.0 (-1)	2,809 (+14%)	3mo	$739,900	$263	61
4360 SW Kerbin Ln #378	0.20mi	4/3.0 (-1)	2,809 (+14%)	2mo	$739,900	$263	61
6559 Gleneagle Ave SW	0.44mi	4/2.5 (-1)	2,631 (+7%)	6mo	$645,000	$245	56
6909 Wentworth Ave SW	0.69mi	4/2.5 (-1)	2,379 (-3%)	4mo	$720,000	$303	52

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: -29.8%
• Equity multiple: 0.02×
• Total profit: $-157,447
• Equity at exit: $85,727

10-year hold

• IRR: -38.3%
• Equity multiple: -0.46×
• Total profit: $-234,410
• Equity at exit: $49,711

Cash invested: $160,986 (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: 356
• Price-to-rent: 12.1×

Monthly cashflow live

• Estimated rent: $3,949 medium
• Mortgage (P&I): −$3,015
• Tax est. 1.5%: −$719 /mo · $8,624/yr
• Insurance: −$240
• HOA: −$71
• Vacancy / Maint / Mgmt: −$829
• Net cashflow: $-925

Break-even live

Break-even rent $5,119

Max offer price $441,138

Occupancy floor —

Sensitivity live

Price	-10% $-527	-5% $-726	+0% $-925	+5% $-1,123	+10% $-1,322
Rent	-10% $-1,237	-5% $-1,081	+0% $-925	+5% $-769	+10% $-613
Rate	-1.0pp $-635	-0.5pp $-779	base $-925	+0.5pp $-1,074	+1.0pp $-1,225

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: $143,738
• Closing costs: $17,248
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5924 Trace Dr SW Port Orchard, WA	4.0	4.0	2949	$4,200	$1.42	15d	1	0.15mi
6982 Marymac Dr SW Port Orchard, WA	4.0	2.0	2336	$3,600	$1.54	22d	1	0.80mi
4467 Hibiscus Cir SW Port Orchard, WA	4.0	3.0	2700	$3,550	$1.31	45d	1	1.04mi
4357 Wandering Way Port Orchard, WA	4.0	3.0	2758	$3,495	$1.27	15d	1	1.21mi

HOA detail

• Monthly dues: $71 · $852/yr

Listing history 20 events

1. 2026-06-21
   days on market $574,950 Active 85 DOM
2. 2026-06-18
   days on market $574,950 Active 82 DOM
3. 2026-06-17
   pricedays on market $574,950 Active 81 DOM
4. 2026-06-16
   days on market $594,950 Active 80 DOM
5. 2026-06-15
   days on market $594,950 Active 79 DOM
6. 2026-06-14
   days on market $594,950 Active 77 DOM
7. 2026-06-13
   days on market $594,950 Active 76 DOM
8. 2026-06-10
   days on market $594,950 Active 74 DOM
9. 2026-06-09
   days on market $594,950 Active 73 DOM
10. 2026-06-08
    days on market $594,950 Active 72 DOM
11. 2026-06-07
    days on market $594,950 Active 71 DOM
12. 2026-06-05
    days on market $594,950 Active 68 DOM
13. 2026-06-03
    days on market $594,950 Active 67 DOM
14. 2026-06-03
    price $594,950 Active 66 DOM
15. 2026-06-02
    days on market $595,224 Active 66 DOM
16. 2026-06-01
    days on market $595,224 Active 65 DOM
17. 2026-05-31
    days on market $595,224 Active 64 DOM
18. 2026-05-30
    days on market $595,224 Active 63 DOM
19. 2026-04-29
    price $595,224
20. 2026-03-28
    listed $590,224 Active

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

Taxation est. · year 1

• Rental income: $47,386
• − Mortgage interest: −$32,206
• − Property taxes: −$8,624
• − Insurance: −$2,875
• − Repairs & maintenance: −$3,791
• − Management: −$3,791
• − HOA: −$852
• − Depreciation: −$16,726
• Taxable loss: −$21,478
• Est. tax savings @ 24.0%: +$5,155
• After-tax cash flow: $-5,942/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: 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 — Port Orchard

• Score: 79/100
• State rank: #110
• US rank: #2167

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Port Orchard, WA
• County: Kitsap County · 243,099 people
• City population: 68,721
• 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

+0.8% since first listed

2 events — show timeline

• 2026-04-29 Price Changed $595,224 NWMLS as Distributed by MLS Grid
• 2026-03-28 Listed $590,224 NWMLS as Distributed by MLS Grid