574 NW Silver Glen Ln #41

Silverdale, WA 98311

$185,000B

3 bd · 2.0 ba · 1,728 sqft · Built 1991 · Manufactured · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,576/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$375
• HOA: −$0
• Vac / Maint / Mgmt: −$541
• Net cashflow: $690/mo
• Annual: $8,284/yr
• Cap rate: 11.20%
• Cash-on-cash: 17.53%
• DSCR: 1.78
• 1% rule: 1.39%
• Cash to close: $51,800

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $185k. Condition is rated fair.
• At list price, monthly cash flow is $690 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $185k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#63 in WA, #1,155 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities D-, cost of living F.
• 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: Cottonwood Elementary School (382 students, 45% FRL); Olympic High School (1,162 students, 48% FRL) — zoned schools average 47% FRL vs 23% district-wide (24 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents flat; 151 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 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.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.2% vs local median 2.7% in Silverdale — 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

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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)

• Moderate: kitchen cabinets — dated and in need of updating
• Moderate: bathroom fixtures — standard fixtures, dated tile
• Major: flooring — carpeted floors in living areas, dated tile in kitchen