545 Hendricks St #13 · Port Townsend, WA 98368

$99,950

2 bd · 1.0 ba · 728 sqft · Manufactured · 300 Days on market

Built 1984 Good condition 1,560 sqft lot $137/sqft · 32% above area Est $75k · 32% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.9/10.0
• Condition / age +4.0/5.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to carefree living with this beautifully updated 2bd/1bth manufactured home. A modern kitchen features all new stainless steel appliances, teak butcher block countertops, and plenty of storage. New full-size washer & dryer in unit. Ample double-pane windows and skylight offer tons of natural light. New waterproof laminate flooring throughout. Deluxe bathroom with brand new walk-in shower and designer vanity. The site backs up to a greenbelt and has its own yard - perfect for a pet! Monthly fee of $850 includes lot lease, water, sewer, and garbage. One block from a hospital, QFC, gas station, coffee, restaurants, and bakery. Only 2 miles from downtown, the boatyard, marina

Key facts

• Natural light
• Modern kitchen
• Skylight

Tags

• MODERN KITCHEN
• STAINLESS STEEL APPLIANCES
• TEAK BUTCHER BLOCK COUNTERTOPS
• DOUBLE-PANE WINDOWS
• SKYLIGHT
• NATURAL LIGHT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $100k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $980 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 18.1% vs local median 2.5% in Port Townsend — 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 58/100 on livability (#506 in WA) — a working-class tenant base; expect higher turnover. Watch: health & safety C-, employment D+, crime D.
• Port Townsend School District (town): math 47% / reading 64% proficiency, ranked #101 of 291 in WA (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Salish Coast Elementary (441 students, 51% FRL); Blue Heron Middle School (265 students, 48% FRL); Port Townsend High School (377 students, 49% FRL).
• Market conditions: 209 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 147 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• This rent runs 36% of the median local income ($70k/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 $692 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Jefferson County population projected to shrink 5% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 300 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.

Recommended offer $87,956 (12.0% below list)

Questions for the listing agent

1. It's been on market 300 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 2.12% ✓
• Cap rate: 18.05%
• Cash-on-cash: 42.00%
• DSCR: 2.87
• GRM: 3.9

CMA / ARV

• ARV (median comp): $75,460
• List price: $99,950
• Delta: 32.45%
• Verdict: OVERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
545 Hendricks St #33	0.02mi	1/1.0 (-1)	696 (-4%)	8mo	$25,500	$37	81
545 Hendricks St #40	0.00mi	2/1.0	744 (+2%)	21mo	$75,000	$101	79

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: 38.7%
• Equity multiple: 2.65×
• Total profit: $46,222
• Equity at exit: $14,903

10-year hold

• IRR: 45.1%
• Equity multiple: 5.31×
• Total profit: $120,712
• Equity at exit: $8,642

Cash invested: $27,986 (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 98368

• Active inventory: 209
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $2,114 medium
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,499/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$444
• Net cashflow: $980

Break-even live

Break-even rent $874

Max offer price $99,950

Occupancy floor 49%

Sensitivity live

Price	-10% $1,049	-5% $1,014	+0% $980	+5% $945	+10% $910
Rent	-10% $812	-5% $896	+0% $980	+5% $1,063	+10% $1,147
Rate	-1.0pp $1,030	-0.5pp $1,005	base $980	+0.5pp $954	+1.0pp $927

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: $24,988
• Closing costs: $2,998
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1421 Landes St Unit 1546263P Port Townsend, WA	1.0	1.0	742	$2,419	$3.26	16d	1	0.60mi

Listing history 18 events

1. 2026-06-22
   days on market $99,950 Active 300 DOM
2. 2026-06-19
   days on market $99,950 Active 297 DOM
3. 2026-06-18
   days on market $99,950 Active 296 DOM
4. 2026-06-17
   days on market $99,950 Active 295 DOM
5. 2026-06-16
   days on market $99,950 Active 294 DOM
6. 2026-06-15
   days on market $99,950 Active 293 DOM
7. 2026-06-14
   days on market $99,950 Active 291 DOM
8. 2026-06-12
   days on market $99,950 Active 290 DOM
9. 2026-06-09
   days on market $99,950 Active 287 DOM
10. 2026-06-08
    days on market $99,950 Active 286 DOM
11. 2026-06-07
    days on market $99,950 Active 285 DOM
12. 2026-06-05
    days on market $99,950 Active 282 DOM
13. 2026-06-03
    days on market $99,950 Active 281 DOM
14. 2026-06-02
    days on market $99,950 Active 280 DOM
15. 2026-06-01
    days on market $99,950 Active 279 DOM
16. 2026-05-31
    days on market $99,950 Active 278 DOM
17. 2026-05-30
    days on market $99,950 Active 277 DOM
18. 2025-08-26
    listed $99,950 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 1/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥82°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,371
• − Mortgage interest: −$5,599
• − Property taxes: −$1,499
• − Insurance: −$500
• − Repairs & maintenance: −$2,030
• − Management: −$2,030
• − Depreciation: −$2,908
• Taxable income: $10,806
• Est. tax owed @ 24.0%: −$2,593
• After-tax cash flow: $9,161/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

Good 80/100 Cosmetic rehab

This beautifully updated 2bd/1bth manufactured home is in good condition with recent updates to the kitchen and bathroom. The home is move-in ready with new flooring and appliances, and is located in a desirable location with a greenbelt and yard.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value
• Both exterior paint — refreshes the home's appearance
• Both landscaping and curb appeal — improves the home's overall appeal

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and adds value ↑
• Both exterior paint — refreshes the home's appearance ↑
• Both landscaping and curb appeal — improves the home's overall 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: Port Townsend School District
• NCES district ID: 5306840
• Math proficiency: 47% ▼ -2.00%
• Reading proficiency: 64% ▼ -2.00%
• Median HH income: $46,686
• Composite: 48.79/100
• National rank: #4526
• State rank: #101 of 291 in WA

Livability — Port Townsend

• Score: 58/100
• State rank: #506
• US rank: #20880

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Port Townsend, WA
• County: Jefferson County · 17,304 people
• City population: 17,304
• Metro: nan
• Population (ZIP): 17,304
• Household income: $69,688
• Rent vs Own: 26.1% rent · 73.9% own
• Severe rent burden: 345.0

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 31,415 people
• By 2030: 31,568 · +0.5%
• By 2040: 30,911 · -1.6%
• By 2050: 29,927 · -4.7%
• By 2075: 28,489 · -9.3%
• By 2100: 26,483 · -15.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 8% Hispanic / Latino 4% Asian 2%
• Common ancestry: Slovak 7% Portuguese 5% Lithuanian 3%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Spanish 4% Chinese 1% French/Haitian/Cajun 1%

Political lean MEDSL · Jefferson

• 2024 margin: Solid D (+45.3) · D 71.0% · R 25.7% · Other 3.2%
• 2008→2024 swing: +10.7pp toward D · 2008: 34.6pp · 2024: 45.3pp
• All cycles: 2024: D+45.3 2020: D+41.4 2016: D+32.7 2012: D+31.4 2008: D+34.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -577.30%
• Current HPI: 183.9706
• Rent YoY: —
• Metro: nan
• 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

• 2025-08-26 Listed $99,950 NWMLS as Distributed by MLS Grid