5624 Wisteria Ln NE

Tracyton, WA 98311

$269,750D-

2 bd · 1.5 ba · 1,134 sqft · Built 1990 · Townhouse · Active · 79 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,201/mo
• Mortgage (P&I): −$1,415
• Tax + insurance: −$301
• HOA: −$212
• Vac / Maint / Mgmt: −$462
• Net cashflow: $-189/mo
• Annual: $-2,269/yr
• Cap rate: 5.45%
• Cash-on-cash: -3.00%
• DSCR: 0.87
• 1% rule: 0.82%
• Cash to close: $75,530

Investor read

• This is a 2-bed/1.5-bath townhouse listed at $270k.
• 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).
• It's been on market 79 days — a 6% lower offer ($254k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $220k (18.4% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Kitsap County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 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.
• 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.

Questions for listing agent

• 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?
• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 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?
• 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?
• 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.