5624 Wisteria Ln NE · Tracyton, WA 98311

$269,750

2 bd · 1.5 ba · 1,134 sqft · Townhouse public records · 79 Days on market

Built 1990 2,178 sqft lot $238/sqft · 6% below area Est $288k · 6% under $212/mo HOA · 10% 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 +10.4/15.0
• Cash flow +9.5/30.0
• Schools +5.5/10.0
• Livability +3.7/5.0
• 1% rule +3.2/10.0
• DSCR +2.7/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Updated end unit townhouse is quiet and centrally located community. Tucked away neighborhood yet convenient to Bremerton shopping and bases. New roof installed about 5 years ago. Home has been updated with new flooring, cabinets, granite countertops, interior paint and much more. Upstairs full bath expanded for better function, updated with new fixtures including a vessel style sink. Large primary with direct access to full bath. Main level has wood stove that more than heats the entire home. Private deck accessed from dining room. Laundry conveniently located on upper level near bedrooms. Secure storage shed included. Reserved covered parking spot in front of unit. HOA covers all exterior

Key facts

• New flooring
• Granite countertops
• End unit townhouse

Tags

• END UNIT TOWNHOUSE
• QUIET COMMUNITY
• TUCKED AWAY NEIGHBORHOOD
• NEW ROOF
• NEW FLOORING
• GRANITE COUNTERTOPS

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath townhouse listed at $270k.

Deal economics

• At list price, monthly cash flow is $-189 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $236k (12.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $220k (18.4% below list).
• Recommended offer: $220k (18.4% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 3.7% in Tracyton — 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 73/100 on livability (#193 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, health & safety A+; Watch: schools D+, cost of living D+, amenities F.
• Central Kitsap School District (urban): math 55% / reading 67% proficiency, ranked #49 of 291 in WA (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 151 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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 $2k of loan paydown is wiped out by about $8k 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 79 days — a 6% lower offer ($254k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 25y 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.
• Current owner paid $201k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $220,086 (18.4% 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 79 days. Have you received any prior offers? Is the seller open to a 18% 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 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.82% ✗
• Cap rate: 5.45%
• Cash-on-cash: -3.00%
• DSCR: 0.87
• GRM: 10.2

CMA / ARV

• ARV (median comp): $288,430
• List price: $269,750
• Delta: -6.48%
• Verdict: FAIR
• Comps: 17 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5600 Wisteria Ln NE	0.03mi	2/1.5	1,136 (+0%)	6mo	$277,000	$244	93
5708 Wisteria Ln NE	0.03mi	2/1.5	1,132 (-0%)	9mo	$275,000	$243	91
1315 NE Jasmine Ln	0.05mi	2/1.5	1,152 (+2%)	12mo	$277,000	$240	85

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 · 0.27% rent growth · sell at horizon

5-year hold

• IRR: -24.5%
• Equity multiple: 0.18×
• Total profit: $-61,568
• Equity at exit: $40,221

10-year hold

• IRR: -31.1%
• Equity multiple: -0.21×
• Total profit: $-91,693
• Equity at exit: $23,323

Cash invested: $75,530 (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 98311

• Rents YoY: 0.3%
• Active inventory: 151
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $2,201 high
• Mortgage (P&I): −$1,415
• Tax from tax record: −$189 /mo · $2,266/yr
• Insurance: −$112
• HOA: −$212
• Vacancy / Maint / Mgmt: −$462
• Net cashflow: $-189

Break-even live

Break-even rent $2,440

Max offer price $236,343

Occupancy floor —

Sensitivity live

Price	-10% $-36	-5% $-113	+0% $-189	+5% $-265	+10% $-342
Rent	-10% $-363	-5% $-276	+0% $-189	+5% $-102	+10% $-15
Rate	-1.0pp $-53	-0.5pp $-121	base $-189	+0.5pp $-259	+1.0pp $-330

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: $67,438
• Closing costs: $8,092
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1303 NE Jasmine Ln Bremerton, WA	2.0	1.5	1152	$2,600	$2.26	44d	1	0.03mi
5163 NE Mariah Ln Bremerton, WA	1.0–2.0	1.0	821	$1,895	$2.31	14d	2	0.31mi
5180 Gibson Ln NE Unit B204 Bremerton, WA	1.0	1.0	708	$1,745	$2.46	44d	1	0.32mi
6101 Washington 303 Bremerton, WA	1.0–3.0	1.0–2.0	1010	$2,378	$2.35	14d	70	0.33mi
1231 NE McWilliams Rd Bremerton, WA	1.0–3.0	1.0–2.0	961	$2,227	$2.32	14d	26	0.40mi
1970 NE Fuson Rd Bremerton, WA	1.0–2.0	1.0–2.0	676	$2,297	$3.40	14d	12	0.43mi
820 NE Riddell Rd Unit D Bremerton, WA	2.0	1.0	974	$1,650	$1.69	22d	1	0.55mi
1911 NE Riddell Rd Bremerton, WA	2.0	1.0–2.0	858	$1,980	$2.31	14d	10	0.66mi
778 NE Mesa Ln Bremerton, WA	1.0–3.0	1.0–2.0	877	$1,822	$2.08	14d	3	0.72mi
3850 Constellation Loop Bremerton, WA	2.0	2.5	1363	$2,600	$1.91	22d	1	0.83mi
1823 NE Rustic Ln Bremerton, WA	1.0	1.0	814	$1,850	$2.27	44d	1	0.97mi
3831 Maple Ave Unit A Bremerton, WA	2.0	1.0	1100	$2,500	$2.27	44d	1	0.98mi
4020 Bledsoe Ave Bremerton, WA	1.0–2.0	1.0–2.0	744	$1,875	$2.52	14d	4	1.05mi
1381 NE Fairgrounds Rd Bremerton, WA	1.0–3.0	1.0–2.0	949	$2,022	$2.13	14d	14	1.13mi
100 NE Miramar Cir Bremerton, WA	3.0	2.5	1446	$2,500	$1.73	22d	1	1.21mi
685 Sylvan Way Bremerton, WA	2.0	2.0	1040	$2,100	$2.02	14d	2	1.33mi
3280 Pine Rd Bremerton, WA	2.0	1.0	810	$1,671	$2.06	14d	5	1.39mi
5848 Olive Ave NE Bremerton, WA	3.0	2.0	1421	$2,700	$1.90	44d	1	1.44mi
3232 Pine Rd Bremerton, WA	2.0–3.0	2.0	980	$1,718	$1.75	14d	9	1.46mi

HOA detail

• Monthly dues: $212 · $2,544/yr

Listing history 35 events

1. 2026-06-18
   days on market $269,750 Active 79 DOM
2. 2026-06-17
   days on market $269,750 Active 78 DOM
3. 2026-06-16
   days on market $269,750 Active 77 DOM
4. 2026-06-15
   days on market $269,750 Active 76 DOM
5. 2026-06-14
   days on market $269,750 Active 74 DOM
6. 2026-06-13
   days on market $269,750 Active 73 DOM
7. 2026-06-10
   days on market $269,750 Active 71 DOM
8. 2026-06-09
   days on market $269,750 Active 70 DOM
9. 2026-06-08
   days on market $269,750 Active 69 DOM
10. 2026-06-07
    days on market $269,750 Active 68 DOM
11. 2026-06-05
    pricedays on market $269,750 Active 65 DOM
12. 2026-06-02
    days on market $274,950 Active 63 DOM
13. 2026-06-01
    days on market $274,950 Active 62 DOM
14. 2026-05-31
    days on market $274,950 Active 61 DOM
15. 2026-05-30
    days on market $274,950 Active 60 DOM
16. 2026-05-02
    status Active
17. 2026-04-23
    status Pending
18. 2026-04-21
    status Active
19. 2026-04-17
    status Pending
20. 2026-03-17
    listed $274,950 Active
21. 2021-02-24
    soldstatus $201,000 Sold
22. 2021-02-06
    status Pending
23. 2021-01-21
    status Pending Inspection
24. 2021-01-09
    listed $205,000 Active
25. 2006-07-14
    soldstatus $169,000
26. 2006-07-14
    soldstatus $169,000
27. 2006-05-15
    listed $169,000
28. 2002-11-22
    soldstatus $85,000
29. 2002-11-21
    soldstatus $85,000
30. 2002-08-27
    listed $90,000
31. 2001-06-22
    soldstatus $77,500
32. 2001-06-22
    soldstatus $77,500
33. 2001-03-23
    listed $77,500
34. 1992-05-22
    soldstatus $76,500
35. 1990-11-09
    soldstatus $66,950

ⓘ 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: $2,266 · $189/mo
• Projected year-2 tax: $2,644 · $220/mo
• Expected delta: +$378/yr (+$31/mo · 16.7%)

ⓘ 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 ≥86°F today · 15 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: $26,410
• − Mortgage interest: −$15,110
• − Property taxes: −$2,266
• − Insurance: −$1,349
• − Repairs & maintenance: −$2,113
• − Management: −$2,113
• − HOA: −$2,544
• − Depreciation: −$7,847
• Taxable loss: −$6,931
• Est. tax savings @ 24.0%: +$1,663
• After-tax cash flow: $-606/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: Central Kitsap School District
• NCES district ID: 5301080
• Math proficiency: 55% ▲ 1.00%
• Reading proficiency: 67% ▬ 0.00%
• Median HH income: $64,825
• Composite: 54.87/100
• National rank: #2813
• State rank: #49 of 291 in WA

Livability — Tracyton

• Score: 73/100
• State rank: #193
• US rank: #5240

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tracyton, WA
• County: Kitsap County · 243,099 people
• City population: 21,604
• Metro: Bremerton-Silverdale-Port Orchard, WA
• Population (ZIP): 28,168
• Household income: $108,757
• Rent vs Own: 24.0% rent · 76.0% own
• Severe rent burden: 502.0

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 (67%)
• Race & ethnicity: White 67% Two or more races 14% Hispanic / Latino 9% Asian 9% Black 3% Pacific Islander 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 4% Italian 4% Slovak 3%
• Foreign-born: 9% · Canada, Vietnam, China
• Languages at home: 89% English-only · Tagalog/Filipino 4% Spanish 3% Vietnamese 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: ▼ -378.18%
• Current HPI: 356.6272
• Rent YoY: ▲ 0.27%
• 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

+310.7% since first listed

20 events — show timeline

• 2026-05-02 Relisted — NWMLS as Distributed by MLS Grid
• 2026-04-23 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-21 Relisted — NWMLS as Distributed by MLS Grid
• 2026-04-17 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-17 Listed $274,950 NWMLS as Distributed by MLS Grid
• 2021-02-24 Sold (MLS) $201,000 NWMLS as Distributed by MLS Grid
• 2021-02-06 Pending — NWMLS as Distributed by MLS Grid
• 2021-01-21 Pending — NWMLS as Distributed by MLS Grid
• 2021-01-09 Listed $205,000 NWMLS as Distributed by MLS Grid
• 2006-07-14 Sold (Public Records) $169,000 Public Records
• 2006-07-14 Sold (MLS) $169,000 NWMLS as Distributed by MLS Grid
• 2006-05-15 Listed $169,000 NWMLS as Distributed by MLS Grid
• 2002-11-22 Sold (MLS) $85,000 NWMLS as Distributed by MLS Grid
• 2002-11-21 Sold (Public Records) $85,000 Public Records
• 2002-08-27 Listed $90,000 NWMLS as Distributed by MLS Grid
• 2001-06-22 Sold (Public Records) $77,500 Public Records
• 2001-06-22 Sold (MLS) $77,500 NWMLS as Distributed by MLS Grid
• 2001-03-23 Listed $77,500 NWMLS as Distributed by MLS Grid
• 1992-05-22 Sold (Public Records) $76,500 Public Records
• 1990-11-09 Sold (Public Records) $66,950 Public Records

Property tax history

+3.0%/yr

Latest (2026): $2,266 · +1.2% YoY. Source: county tax records.