14 Leitch Pl · Camano, WA 98239

$270,000

4 bd · 3.0 ba · 1,490 sqft · SingleFamily · 24 Days on market

Built 1900 9,579 sqft lot $181/sqft · 45% below area Est $491k · 45% under $54/mo HOA · 2% of rent

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Why this score? — see what drove the C+ 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).

• Cash flow +22.1/30.0
• ARV discount +15.0/15.0
• DSCR +7.1/10.0
• Schools +5.6/10.0
• 1% rule +5.1/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Do I hear summer vacation get away? This unique home is located in a beach community with a shared boat launch. The home has two joined manufactured homes, a large garage, patio and deck with a view to the sound! The home could be used as two separate living arrangements as it has a door between the two homes that can be closed. The home needs some TLC such as paint and flooring to put a shine on it! The one home has a 1 bedroom with an on-suite, large kitchen, dining room, living room, laundry, full guest bath and a side room that was being used as a library. The single wide has a kitchen, living room, two bedrooms and a full bath. The larger home empties to a large, covered deck with a vi

Key facts

• Shared boat launch
• Beach community
• Large covered deck

Tags

• BEACH COMMUNITY
• SHARED BOAT LAUNCH
• LARGE COVERED DECK
• WORKSHOP WITH SINK BASIN
• FRENCH DOORS ON FRONT

Property features AI

Finance

• Other: Located on a dead-end street; Lot is level; Lot size approximately 0.2199 acres; MLS square footage listed as 1,490 (self approx measurement); Living area reported as 1,490
• Financial info: Listing terms: Cash, Conventional
• HOA & community: Has HOA; annual association fee of $650 (includes items noted in remarks); Association contact: Tammy Ross, Treasurer; Community features include boat launch and CCRs; Community waterfront / private beach access

Exterior

• Parking: 1 covered parking space; 6 uncovered parking spaces; Driveway; Detached garage; Off-street parking; RV parking
• Security: Fully fenced
• Utilities: Community water (NW Naturals/HOA Community); Septic tank sewer; Electric power (PSE); Electric water heater
• Home design: Manufactured home (double wide); One story; Main-level entry; North-facing; Has a view; Property condition: Good
• Construction: Built or effective year 1962; Construction materials: Metal/vinyl and wood; See remarks for roof and foundation details
• Exterior features: Deck; Fully fenced yard; Outbuildings; Patio; RV parking; Metal/vinyl and wood exterior

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 4 bedrooms (all on main level)
• Flooring: Vinyl; Carpet
• Bathrooms: 2 full bathrooms; 1 three-quarter bathroom; 2 bathtubs; 3 showers
• Heating & cooling: Forced air heating; No cooling
• Interior features: Ceiling fan(s); Dining room; Walk-in closet(s); Water heater
• Laundry & utility: Water heater (electric) located outside each building type

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $270k.

Deal economics

• At list price, monthly cash flow is $7 ($89/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $270k).
• Recommended offer: $266k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 1.7% in Camano — 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 67/100 on livability (#293 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+, crime A-; Watch: health & safety C-, amenities F, commute F.
• Coupeville School District (rural): math 54% / reading 73% proficiency, ranked #40 of 291 in WA (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 138 active listings in the ZIP; solid renter incomes; 402 units permitted in Island County in 2024 (54 in 5+ unit buildings).
• This rent runs 35% of the median local income ($92k/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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Island County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($266k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $265,950 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
7. What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
8. Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
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: 1.01% ✓
• Cap rate: 8.22%
• Cash-on-cash: 6.89%
• DSCR: 1.31
• GRM: 8.3

CMA / ARV

• ARV (median comp): $491,000
• List price: $270,000
• Delta: -45.01%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -16.0%
• Equity multiple: 0.43×
• Total profit: $-43,068
• Equity at exit: $40,258

10-year hold

• IRR: -7.5%
• Equity multiple: 0.52×
• Total profit: $-36,033
• Equity at exit: $23,345

Cash invested: $75,600 (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 98239

• Active inventory: 138
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,725 medium
• Mortgage (P&I): −$1,416
• Tax from tax record: −$136 /mo · $1,635/yr
• Insurance: −$112
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$54
• Vacancy / Maint / Mgmt: −$572
• Net cashflow: $7

Break-even live

Break-even rent $2,715

Max offer price $270,000

Occupancy floor 95%

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: $67,500
• Closing costs: $8,100
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $54 · $648/yr

Listing history 1 events

1. 2026-04-08
   listed $270,000 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: $1,635 · $136/mo
• Projected year-2 tax: $2,646 · $220/mo
• Expected delta: +$1,011/yr (+$84/mo · 61.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone AE · 49% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 8 d/yr ≥80°F today · 22 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 7 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,697
• − Mortgage interest: −$15,124
• − Property taxes: −$1,635
• − Insurance: −$6,469
• − Repairs & maintenance: −$2,616
• − Management: −$2,616
• − HOA: −$648
• − Depreciation: −$7,855
• Taxable loss: −$4,264
• Est. tax savings @ 24.0%: +$1,023
• After-tax cash flow: $1,112/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: Coupeville School District
• NCES district ID: 5301800
• Math proficiency: 54% ▲ 4.00%
• Reading proficiency: 73% ▲ 1.00%
• Median HH income: $57,404
• Composite: 56.12/100
• National rank: #2536
• State rank: #40 of 291 in WA

Livability — Camano

• Score: 67/100
• State rank: #293
• US rank: #10282

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Island County · 71,196 people
• City population: 17,535
• Metro: Oak Harbor, WA
• Population (ZIP): 7,656
• Household income: $92,125
• Rent vs Own: 14.2% rent · 85.8% own
• Severe rent burden: 140.0

Population outlook (Island County) Hauer SSP2

• Today (2025): 82,019 people
• By 2030: 81,329 · -0.8%
• By 2040: 78,552 · -4.2%
• By 2050: 77,042 · -6.1%
• By 2075: 80,799 · -1.5%
• By 2100: 84,451 · +3.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 6% Two or more races 6% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 5% Portuguese 3% Slovak 3%
• Foreign-born: 8% · Canada, China
• Languages at home: 94% English-only · Spanish 2% Other Indo-European 1% Chinese 0%

Political lean MEDSL · Island

• 2024 margin: D (+16.6) · D 56.8% · R 40.3% · Other 2.9%
• 2008→2024 swing: +10.3pp toward D · 2008: 6.2pp · 2024: 16.6pp
• All cycles: 2024: D+16.6 2020: D+12.0 2016: D+5.9 2012: D+4.4 2008: D+6.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -274.50%
• Current HPI: 193.7597
• Rent YoY: —
• Metro: Oak Harbor, 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 events — show timeline

• 2026-05-26 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-08 Listed $270,000 NWMLS as Distributed by MLS Grid

Property tax history

+21.2%/yr

Latest (2026): $1,635 · +5.6% YoY. Source: county tax records.