1821 NW Rude Rd · Poulsbo, WA 98370

$225,000

1 bd · 1.0 ba · 1,200 sqft · SingleFamily public records · 9 Days on market

Built 1942 0.67 ac lot $188/sqft · 52% below area ↓ 7% 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).

• Cash flow +14.6/30.0
• ARV discount +7.5/15.0
• Schools +5.4/10.0
• DSCR +4.5/10.0
• Livability +4.2/5.0
• 1% rule +4.0/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits in the heart of Poulsbo! Situated on a generous . 26-acre lot, this unique property offers exceptional potential for investors, builders, or buyers seeking a redevelopment project in a desirable location. The property currently features a 1942 single-story home and an additional single-wide structure, both considered tear-downs and being sold as-is. Utilities already on site including 2 septic systems and 2 wells, with ample space to reimagine including designing a multigenerational property. This parcel presents an ideal opportunity to build new, create an investment property, or design a custom residence surrounded by the natural beauty and charm of the Pacific Northwes

Key facts

• Custom residence
• 2 septic systems
• Investment property

Tags

• 1942 SINGLE-STORY HOME
• 2 SEPTIC SYSTEMS
• 2 WELLS
• MULTIGENERATIONAL PROPERTY
• INVESTMENT PROPERTY
• CUSTOM RESIDENCE

Property features AI

Finance

• Other: Property listed as having value in land
• Financial info: Cash listing terms

Exterior

• Parking: 1 covered space (carport attached); 3 uncovered spaces; Driveway parking; RV parking
• Utilities: Individual well and shared well (see remarks); Septic tank
• Home design: Single-family residence, 1 story; Built on lot; House structure; Has a view; Effective year built 1942
• Construction: Wood construction (see remarks); Composition roof; Built 1942 (effective year)
• Exterior features: Wood products exterior (see remarks); Dirt road access; Brush, garden space, and wooded vegetation; RV parking

Interior

• Bedrooms: 1 bedroom (main level)
• Bathrooms: 1 full bathroom with bathtub and shower
• Heating & cooling: Baseboard heating; No cooling
• Interior features: Unfinished basement; Wood-burning fireplace (see remarks)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $53 ($640/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $204k (9.5% below list).
• Recommended offer: $204k (9.5% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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); North Kitsap High School (1,063 students, 29% FRL) — zoned schools at 28% FRL track the district average.
• Market conditions: Rents flat; 265 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $203,576 (9.5% below list)

Questions for the listing agent

1. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.90% ✗
• Cap rate: 6.58%
• Cash-on-cash: 1.02%
• DSCR: 1.05
• GRM: 9.2

CMA / ARV

• ARV (median comp): $467,692
• List price: $225,000
• Delta: -51.89%
• Verdict: UNDERPRICED
• Comps: 16 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1821 NW Rude Rd	0.00mi	1/1.0	1,200 (0%)	0mo	$210,000	$175	100

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: -17.3%
• Equity multiple: 0.40×
• Total profit: $-37,619
• Equity at exit: $33,548

10-year hold

• IRR: -14.2%
• Equity multiple: 0.27×
• Total profit: $-46,233
• Equity at exit: $19,454

Cash invested: $63,000 (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: 265
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $2,036 high
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,375/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$428
• Net cashflow: $53

Break-even live

Break-even rent $1,968

Max offer price $225,000

Occupancy floor 92%

Sensitivity live

Price	-10% $209	-5% $131	+0% $53	+5% $-24	+10% $-102
Rent	-10% $-107	-5% $-27	+0% $53	+5% $134	+10% $214
Rate	-1.0pp $167	-0.5pp $111	base $53	+0.5pp $-5	+1.0pp $-64

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20031 Winton Ln NW Poulsbo, WA	2.0	1.0	905	$1,999	$2.21	14d	2	0.97mi
700 NW Advance Dr Poulsbo, WA	1.0–3.0	1.0–2.5	1155	$1,910	$1.65	14d	7	0.99mi
22295 Dauntless Dr NW Poulsbo, WA	2.0–3.0	2.0	1233	$2,325	$1.88	14d	2	1.06mi
22275 Dauntless Dr NW Unit 101 Poulsbo, WA	1.0	1.0	760	$1,850	$2.43	44d	1	1.08mi
20455 1st Ave NE Poulsbo, WA	1.0–3.0	1.0–2.0	1015	$2,159	$2.13	14d	4	1.20mi

Listing history 2 events

1. 2026-05-18
   status Pending
2. 2026-05-08
   listed $225,000 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥86°F today · 15 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: $24,429
• − Mortgage interest: −$12,603
• − Property taxes: −$3,375
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,954
• − Management: −$1,954
• − Depreciation: −$6,545
• Taxable loss: −$3,128
• Est. tax savings @ 24.0%: +$751
• After-tax cash flow: $1,391/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

• 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

-6.7% since first listed

3 events — show timeline

• 2026-06-16 Sold (MLS) $210,000 NWMLS as Distributed by MLS Grid
• 2026-05-18 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-08 Listed $225,000 NWMLS as Distributed by MLS Grid

Property tax history

-0.3%/yr

Latest (2026): $440 · +0.9% YoY. Source: county tax records.