4024 NW NW Country Ln NW #38

Kitsap Lake, WA 98312

$35,000D+

1 bd · 1.0 ba · 632 sqft · Built 1964 · Manufactured · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,534/mo
• Mortgage (P&I): −$184
• Tax + insurance: −$58
• HOA: −$0
• Vac / Maint / Mgmt: −$322
• Net cashflow: $970/mo
• Annual: $11,636/yr
• Cap rate: 39.54%
• Cash-on-cash: 118.74%
• DSCR: 6.28
• 1% rule: 4.38%
• Cash to close: $9,800

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $35k. Condition is rated good.
• At list price, monthly cash flow is $970 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $35k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $242 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Central Kitsap School District (urban): math 55% / reading 67% proficiency, ranked #49 of 291 in WA (top 17%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Silverdale Elementary (415 students, 35% FRL); Klahowya Secondary (969 students, 32% FRL).
• Market conditions: Rents flat; 349 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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 + 0.3% rent growth), your $10k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.