3371 SE Bielmeier Rd #26

Bethel, WA 98367

$38,000C-

2 bd · 1.0 ba · 784 sqft · Built 1987 · Manufactured · Active · 97 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,084/mo
• Mortgage (P&I): −$199
• Tax + insurance: −$63
• HOA: −$0
• Vac / Maint / Mgmt: −$438
• Net cashflow: $1,383/mo
• Annual: $16,602/yr
• Cap rate: 49.98%
• Cash-on-cash: 156.03%
• DSCR: 7.94
• 1% rule: 5.48%
• Cash to close: $10,640

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $38k.
• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $38k).
• It's been on market 97 days — a 9% lower offer ($35k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $35k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $263 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#279 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A, crime B+; Watch: health & safety C-, cost of living D+, schools D-.
• South Kitsap School District (suburban): math 52% / reading 64% proficiency, ranked #71 of 291 in WA (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.6%/yr); 356 active listings in the ZIP; high-income renter base; 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.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 50.0% vs local median 3.6% in Bethel — 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

• It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• 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?
• 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.
• 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.
• 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.