1912 1st Ave W

Navy Yard City, WA 98312

$227,700B

3 bd · 2.0 ba · 1,782 sqft · Built 1990 · Manufactured · Active · 625 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,768/mo
• Mortgage (P&I): −$1,194
• Tax + insurance: −$287
• HOA: −$0
• Vac / Maint / Mgmt: −$581
• Net cashflow: $706/mo
• Annual: $8,470/yr
• Cap rate: 10.01%
• Cash-on-cash: 13.28%
• DSCR: 1.59
• 1% rule: 1.22%
• Cash to close: $63,756

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $228k.
• 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).
• It's been on market 625 days — a 12% lower offer ($200k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $200k (12.0% below list) — sets the bar for market timing.
• 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.
• 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).
• Kitsap County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• This rent runs 37% of the median local income ($90k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.