60 NE Kappert Cove Rd · Belfair, WA 98528

$170,000

2 bd · 1.0 ba · 735 sqft · Manufactured · 60 Days on market

Built 2024 Excellent condition $231/sqft · 6% below area Est $180k · 6% under

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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 +20.5/30.0
• ARV discount +10.0/15.0
• DSCR +6.5/10.0
• 1% rule +5.4/10.0
• Condition / age +4.8/5.0
• Schools +3.5/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

YESSSS! This is your opportunity for tiny home living at the beach! Embrace the peaceful pace of life in this exclusive 55+ community. Imagine waking up to the gentle sounds of the water and starting your morning with a stroll along your private community beach. Do you love clams? This beach gives you access to the best PNW clams during the season with your license! This pristine, 2025-placed home offers the perfect blend of modern luxury and easy living, featuring a beautiful and spacious kitchen with stainless appliances, a large, bright living area and 2 bedrooms. 2 large storage units outside too! The Port of Allyn Public dock and boat launch is close by as well as Belfair State Park. W

Key facts

• Public dock
• Covered front porch
• Private deck

Tags

• PRIVATE COMMUNITY BEACH
• LARGE STORAGE UNITS
• PUBLIC DOCK
• BOAT LAUNCH
• COVERED FRONT PORCH
• PRIVATE DECK

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $170k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $225 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $165k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 2.9% in Belfair — 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 68/100 on livability (#272 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, cost of living A-; Watch: health & safety C-, schools F, amenities F.
• North Mason School District (rural): math 32% / reading 41% proficiency, ranked #233 of 291 in WA (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 145 active listings in the ZIP; 299 units permitted in Mason County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Mason County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.

Recommended offer $164,900 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 1.04% ✓
• Cap rate: 7.88%
• Cash-on-cash: 5.68%
• DSCR: 1.25
• GRM: 8.0

CMA / ARV

• ARV (median comp): $179,953
• List price: $170,000
• Delta: -5.53%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
60 E Kappert Cove Rd	0.02mi	2/1.0	735 (0%)	8mo	$180,000	$245	92

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -7.5%
• Equity multiple: 0.72×
• Total profit: $-13,174
• Equity at exit: $25,348

10-year hold

• IRR: 2.1%
• Equity multiple: 1.15×
• Total profit: $7,111
• Equity at exit: $14,698

Cash invested: $47,600 (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 98528

• Active inventory: 145
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,772 medium
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,550/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $225

Break-even live

Break-even rent $1,487

Max offer price $170,000

Occupancy floor 82%

Sensitivity live

Price	-10% $343	-5% $284	+0% $225	+5% $167	+10% $108
Rent	-10% $85	-5% $155	+0% $225	+5% $295	+10% $365
Rate	-1.0pp $311	-0.5pp $268	base $225	+0.5pp $181	+1.0pp $136

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $170,000 Active 60 DOM
2. 2026-06-18
   days on market $170,000 Active 57 DOM
3. 2026-06-17
   days on market $170,000 Active 56 DOM
4. 2026-06-16
   days on market $170,000 Active 55 DOM
5. 2026-06-15
   days on market $170,000 Active 54 DOM
6. 2026-06-14
   days on market $170,000 Active 52 DOM
7. 2026-06-13
   pricedays on market $170,000 Active 51 DOM
8. 2026-06-10
   days on market $175,000 Active 49 DOM
9. 2026-06-09
   days on market $175,000 Active 48 DOM
10. 2026-06-08
    days on market $175,000 Active 47 DOM
11. 2026-06-07
    days on market $175,000 Active 46 DOM
12. 2026-06-02
    days on market $175,000 Active 41 DOM
13. 2026-06-01
    days on market $175,000 Active 40 DOM
14. 2026-05-31
    days on market $175,000 Active 39 DOM
15. 2026-05-30
    days on market $175,000 Active 38 DOM
16. 2026-04-22
    listed $185,000 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 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥87°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: $21,267
• − Mortgage interest: −$9,523
• − Property taxes: −$2,550
• − Insurance: −$850
• − Repairs & maintenance: −$1,701
• − Management: −$1,701
• − Depreciation: −$4,945
• Taxable loss: −$4
• Est. tax savings @ 24.0%: +$1
• After-tax cash flow: $2,704/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.

Condition & rehab AI · 13 photos

Excellent 95/100 None rehab

This move-in-ready manufactured home is in excellent condition with no visible repairs needed. It offers a peaceful beachfront lifestyle with modern amenities and a well-maintained exterior.

Value-add opportunities

• Both Paint the exterior siding — Enhances curb appeal and value
• Both Replace the front porch railings — Improves safety and aesthetics
• Both Install a new deck cover — Protects the deck and enhances curb appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Paint the exterior siding — Enhances curb appeal and value ↑
• Both Replace the front porch railings — Improves safety and aesthetics ↑
• Both Install a new deck cover — Protects the deck and enhances curb appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: North Mason School District
• NCES district ID: 5305790
• Math proficiency: 32% ▼ -4.00%
• Reading proficiency: 41% ▼ -5.00%
• Median HH income: $55,458
• Composite: 34.67/100
• National rank: #10069
• State rank: #233 of 291 in WA

Livability — Belfair

• Score: 68/100
• State rank: #272
• US rank: #9436

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 12,398

Population outlook (Mason County) Hauer SSP2

• Today (2025): 60,005 people
• By 2030: 58,567 · -2.4%
• By 2040: 54,735 · -8.8%
• By 2050: 51,470 · -14.2%
• By 2075: 46,276 · -22.9%
• By 2100: 39,883 · -33.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 12% Two or more races 9% Black 2% Asian 2%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 7% Italian 6% Slovak 5%
• Foreign-born: 7% · Canada, Vietnam
• Languages at home: 90% English-only · Spanish 7% Other Indo-European 1% Vietnamese 1%

Political lean MEDSL · Mason

• 2024 margin: Toss-up / Even · D 47.2% · R 49.7% · Other 3.2%
• 2008→2024 swing: -11.2pp toward R · 2008: 8.7pp · 2024: -2.5pp
• All cycles: 2024: R+2.5 2020: R+3.9 2016: R+6.0 2012: D+6.9 2008: D+8.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -207.97%
• Current HPI: 205.0499
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-04-22 Listed $185,000 NWMLS as Distributed by MLS Grid