1912 1st Ave W · Navy Yard City, WA 98312

$227,700

3 bd · 2.0 ba · 1,782 sqft · Manufactured public records · 625 Days on market

Built 1990 0.27 ac lot $128/sqft · 43% below area Est $400k · 43% under ↓ 33% since listing

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Why this score? — see what drove the B 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 +28.0/30.0
• ARV discount +15.0/15.0
• DSCR +9.9/10.0
• 1% rule +7.2/10.0
• Livability +4.0/5.0
• Schools +3.9/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Interior inspections are not available, do not trespass. NO REPRESENTATION TO VALIDITY OF INFORMATION IS MADE, BUYER TO VERIFY ALL INFORMATION WHERIN.

Key facts

• 0.27 acre lot
• Built 1990
• Listed 625 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $228k.

Deal economics

• At list price, monthly cash flow is $706 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $228k).
• Recommended offer: $200k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 80/100 on livability (#89 in WA, #1,764 nationally) — a professional / high-income tenant draw. Strengths: housing A+, health & safety A+, crime A-; Watch: amenities D, commute F.
• Bremerton School District (urban): math 36% / reading 51% proficiency, ranked #194 of 291 in WA (top 67%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 349 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,294 units permitted in Kitsap County in 2024 (302 in 5+ unit buildings).
• This rent runs 37% of the median local income ($90k/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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Kitsap County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 625 days — a 12% lower offer ($200k) is reasonable based on typical stale-listing flexibility.

Recommended offer $200,376 (12.0% below list)

Questions for the listing agent

1. It's been on market 625 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. 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?
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: 1.22% ✓
• Cap rate: 10.01%
• Cash-on-cash: 13.28%
• DSCR: 1.59
• GRM: 6.9

CMA / ARV

• ARV (median comp): $400,000
• List price: $227,700
• Delta: -43.08%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2003 2nd Ave W	0.11mi	2/2.0 (-1)	1,638 (-8%)	10mo	$250,000	$153	68

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 · 0.28% rent growth · sell at horizon

5-year hold

• IRR: 0.3%
• Equity multiple: 1.01×
• Total profit: $665
• Equity at exit: $33,951

10-year hold

• IRR: 7.0%
• Equity multiple: 1.47×
• Total profit: $29,740
• Equity at exit: $19,687

Cash invested: $63,756 (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 98312

• Rents YoY: 0.3%
• Active inventory: 349
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $2,768 high
• Mortgage (P&I): −$1,194
• Tax from tax record: −$192 /mo · $2,305/yr
• Insurance: −$95
• HOA: −$0
• Vacancy / Maint / Mgmt: −$581
• Net cashflow: $706

Break-even live

Break-even rent $1,875

Max offer price $227,700

Occupancy floor 70%

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: $56,925
• Closing costs: $6,831
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5091 Granger St Bremerton, WA	4.0	2.5	2047	$3,000	$1.47	43d	1	0.29mi
5050 Granger St Bremerton, WA	3.0	2.5	1886	$3,100	$1.64	21d	1	0.31mi
1212 Evans Ave W Bremerton, WA	3.0	1.5	1856	$2,600	$1.40	43d	1	0.53mi
4114 McCall Blvd W Bremerton, WA	3.0	2.0	1800	$2,500	$1.39	13d	1	0.54mi
1216 Humphrey Ave W Bremerton, WA	3.0	2.5	1800	$2,799	$1.55	43d	1	0.57mi
3181 Sand Dollar Rd W Bremerton, WA	3.0	2.0	1974	$2,300	$1.17	21d	1	1.00mi
947 Baker Heights Loop Bremerton, WA	4.0	2.0	2311	$3,500	$1.51	21d	1	1.17mi
1029 Panoramic Loop Bremerton, WA	4.0	2.5	2501	$3,300	$1.32	43d	1	1.20mi
913 Timberline Ave Bremerton, WA	4.0	3.0	2501	$3,300	$1.32	43d	1	1.26mi
4535 Sand Dollar St Bremerton, WA	3.0	2.0	1319	$2,600	$1.97	21d	1	1.29mi
3202 Farragut Ave Unit 2 Bremerton, WA	3.0	2.0	1226	$2,450	$2.00	21d	1	1.29mi
3202 Farragut Ave Unit 2 Bremerton, WA	3.0	2.0	1226	$2,450	$2.00	43d	1	1.29mi
317 S Hartford Ave Bremerton, WA	2.0	1.0	1333	$1,900	$1.43	13d	1	1.31mi
4520 Bay Vista Blvd Bremerton, WA	1.0–3.0	1.0–2.0	927	$2,875	$3.10	13d	9	1.41mi

Listing history 18 events

1. 2026-06-18
   days on market $227,700 Active 625 DOM
2. 2026-06-17
   days on market $227,700 Active 624 DOM
3. 2026-06-16
   days on market $227,700 Active 623 DOM
4. 2026-06-15
   days on market $227,700 Active 622 DOM
5. 2026-06-14
   days on market $227,700 Active 620 DOM
6. 2026-06-13
   days on market $227,700 Active 619 DOM
7. 2026-06-10
   days on market $227,700 Active 617 DOM
8. 2026-06-09
   days on market $227,700 Active 616 DOM
9. 2026-06-08
   days on market $227,700 Active 615 DOM
10. 2026-06-07
    days on market $227,700 Active 614 DOM
11. 2026-06-02
    days on market $227,700 Active 609 DOM
12. 2026-06-01
    days on market $227,700 Active 608 DOM
13. 2026-05-31
    days on market $227,700 Active 607 DOM
14. 2026-05-30
    days on market $227,700 Active 606 DOM
15. 2026-05-05
    price $227,700
16. 2026-04-16
    price $338,100
17. 2026-04-16
    price $178,860
18. 2024-10-01
    listed $338,100 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $2,305 · $192/mo
• Projected year-2 tax: $2,305 · $192/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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 7 d/yr ≥86°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,218
• − Mortgage interest: −$12,755
• − Property taxes: −$2,305
• − Insurance: −$1,138
• − Repairs & maintenance: −$2,657
• − Management: −$2,657
• − Depreciation: −$6,624
• Taxable income: $5,081
• Est. tax owed @ 24.0%: −$1,219
• After-tax cash flow: $7,250/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.

Schools (NCES district)

• District: Bremerton School District
• NCES district ID: 5300660
• Math proficiency: 36% ▼ -3.00%
• Reading proficiency: 51% ▲ 1.00%
• Median HH income: $46,765
• Composite: 39.34/100
• National rank: #8163
• State rank: #194 of 291 in WA

Livability — Navy Yard City

• Score: 80/100
• State rank: #89
• US rank: #1764

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Navy Yard City, WA
• County: Kitsap County · 243,099 people
• Metro: Bremerton-Silverdale-Port Orchard, WA
• Population (ZIP): 36,307
• Household income: $90,449
• Rent vs Own: 36.5% rent · 63.5% own
• Severe rent burden: 993.0

Population outlook (Kitsap County) Hauer SSP2

• Today (2025): 277,525 people
• By 2030: 285,040 · +2.7%
• By 2040: 294,957 · +6.3%
• By 2050: 300,622 · +8.3%
• By 2075: 315,580 · +13.7%
• By 2100: 304,340 · +9.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Two or more races 13% Hispanic / Latino 12% Asian 4% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 1%
• Common ancestry: Italian 7% Portuguese 5% Slovak 4%
• Foreign-born: 6% · Canada, China
• Languages at home: 91% English-only · Spanish 4% Tagalog/Filipino 2% Other Asian/Pacific 1%

Political lean MEDSL · Kitsap

• 2024 margin: Strong D (+20.9) · D 58.8% · R 37.9% · Other 3.3%
• 2008→2024 swing: +8.6pp toward D · 2008: 12.3pp · 2024: 20.9pp
• All cycles: 2024: D+20.9 2020: D+18.1 2016: D+11.6 2012: D+11.1 2008: D+12.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -436.68%
• Current HPI: 379.2342
• Rent YoY: ▲ 0.28%
• Metro: Bremerton-Silverdale-Port Orchard, WA
• 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

-32.7% since first listed

4 events — show timeline

• 2026-05-05 Price Changed $227,700 NWMLS as Distributed by MLS Grid
• 2026-04-16 Price Changed $338,100 NWMLS as Distributed by MLS Grid
• 2026-04-16 Price Changed $178,860 NWMLS as Distributed by MLS Grid
• 2024-10-01 Listed $338,100 NWMLS as Distributed by MLS Grid

Property tax history

+2.0%/yr

Latest (2026): $2,305 · +1.2% YoY. Source: county tax records.