16300 State Highway 305 NE #45

Suquamish, WA 98370

$139,400B-

2 bd · 2.0 ba · 1,260 sqft · Built 1981 · Manufactured · Active · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,485/mo
• Mortgage (P&I): −$731
• Tax + insurance: −$232
• HOA: −$0
• Vac / Maint / Mgmt: −$522
• Net cashflow: $1,000/mo
• Annual: $12,001/yr
• Cap rate: 14.90%
• Cash-on-cash: 30.75%
• DSCR: 2.37
• 1% rule: 1.78%
• Cash to close: $39,032

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $139k. Condition is rated good.
• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• It's been on market 41 days — a 3% lower offer ($135k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $135k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $964 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#262 in WA) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A-, crime B+; Watch: cost of living C-, amenities F, commute 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: Suquamish Elementary School (328 students, 52% FRL); Kingston Middle School (491 students, 49% FRL); Kingston High School (610 students, 42% FRL) — zoned schools average 48% FRL vs 26% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 270 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 + 0.7% rent growth), your $39k cash investment doubles in ~5 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — Worn appearance
• Minor: bathroom fixtures — Need cleaning