1512 1510 Naval Ave · Bremerton, WA 98312

$445,000

2 bd · 1.0 ba · 954 sqft · MultiFamily public records · 5 Days on market

Built 1917 9,148 sqft lot Est $374k · 19% over

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Why this score? — see what drove the D- 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 +17.1/30.0
• DSCR +5.3/10.0
• Livability +4.3/5.0
• 1% rule +3.9/10.0
• Schools +3.9/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Don't miss this chance to own TWO beautifully updated homes! These homes are set just perfectly above street level for a little added privacy and have tons of parking. Conveniently located blocks from the public schools, Olympic College, shopping & dining! The moment you pull up you'll notice the old world charm of the main home with it's elevated front porch, inside a real craftsman touch that never ages and ample living & bedroom space! The DADU is fully functional with beautifully updated floors, cabinets and counters! The perfect place for any friends or maybe your first renter!? With this house hacking opportunity the options are endless. Maybe your looking for your first h

Key facts

• Updated cabinets
• Elevated front porch
• Updated floors

Tags

• ELEVATED FRONT PORCH
• FULLY FUNCTIONAL DADU
• UPDATED FLOORS
• UPDATED CABINETS
• UPDATED COUNTERS
• MATURE BACK YARD SPACE

Property features AI

Finance

• Other: Possible use: Residential
• Financial info: Gross scheduled income: $40,800/year; Gross adjusted income: $37,390/year; Total monthly income: $3,400; Net operating income: $30,180/year; Total expenses: $7,210/year; Insurance expense: $2,000/year; Gross rent multiplier: 10.91; Acceptable financing: Cash, Conventional, FHA, State Bond, VA Loan

Exterior

• Parking: 6 uncovered parking spaces
• Utilities: Public water; Sewer connected; Electric and natural gas available; Power service by PSE
• Home design: Duplex (residential income, multi-family); Single-story (1 story); Updated/remodeled
• Construction: Cement and wood construction materials; Composition roof; Poured concrete foundation; Built as duplex
• Exterior features: Cement/concrete exterior; Wood and wood product accents; Deck; Patio; Cable TV available; High-speed internet available; Gas available; Paved site

Interior

• Kitchen: Unit 1512: Range/Oven, Refrigerator, Dishwasher; Unit 1510: Range/Oven, Refrigerator
• Bedrooms: Unit 1512: 2 bedrooms; Unit 1510: 1 bedroom
• Flooring: Laminate; Vinyl plank
• Bathrooms: Unit 1512: 1 bathroom; Unit 1510: 1 bathroom
• Heating & cooling: Forced air heating; Wall furnace; No central cooling
• Interior features: Updated/remodeled condition; Laminate flooring; Vinyl plank flooring
• Laundry & utility: Unit 1512: Washer and dryer included; Unit 1510: Washer and dryer included

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath multifamily listed at $445k.

Deal economics

• At list price, monthly cash flow is $309 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $394k (11.5% below list).
• Recommended offer: $394k (11.5% below list) — sets the bar for 1% rule.
• Cap rate 7.1% vs local median 3.5% in Bremerton — 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.

Location & tenants

• Location reads 86/100 on livability (#22 in WA, #431 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 48% 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).
• At $3,940/mo this rent would consume 52% of the median local household income ($90k/yr) (locally 993% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k 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

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 24y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $365k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $394,000 (11.5% below list)

Questions for the listing agent

1. Built in 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
5. 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?
6. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.89% ✗
• Cap rate: 7.13%
• Cash-on-cash: 2.98%
• DSCR: 1.13
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $373,968
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1323 N Wycoff	0.41mi	2/1.0	868 (-9%)	10mo	$295,000	$340	57
1106 Lincoln Ave	0.52mi	2/2.0	1,033 (+8%)	5mo	$405,000	$392	54

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: -14.5%
• Equity multiple: 0.49×
• Total profit: $-63,007
• Equity at exit: $66,351

10-year hold

• IRR: -10.6%
• Equity multiple: 0.43×
• Total profit: $-70,721
• Equity at exit: $38,475

Cash invested: $124,600 (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: 18.8×

Monthly cashflow live

• Estimated rent: $3,940 medium
• Mortgage (P&I): −$2,334
• Tax from tax record: −$284 /mo · $3,410/yr
• Insurance: −$185
• HOA: −$0
• Vacancy / Maint / Mgmt: −$827
• Net cashflow: $309

Break-even live

Break-even rent $3,548

Max offer price $445,000

Occupancy floor 87%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$3,940
Total (2 units)			$3,940

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: $111,250
• Closing costs: $13,350
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1604 Naval Ave Bremerton, WA	2.0	2.0	1065	$1,850	$1.74	21d	2	0.16mi
1720 Olympic Ave Bremerton, WA	3.0	1.0	855	$2,100	$2.46	43d	1	0.18mi
1588 Naval Ave #10 Bremerton, WA	2.0	2.0	972	$1,450	$1.49	43d	1	0.19mi
1742 Anderson St Bremerton, WA	3.0	1.0	855	$1,899	$2.22	43d	1	0.19mi
1708 Houston Ave Bremerton, WA	3.0	1.0	854	$1,750	$2.05	13d	1	0.21mi
2127 12th St Unit A208 Bremerton, WA	2.0	1.0	800	$1,450	$1.81	21d	1	0.23mi
2127 12th St Bremerton, WA	2.0	1.0	800	$1,500	$1.88	21d	1	0.23mi
2127 12th St Unit C207 Bremerton, WA	2.0	1.0	800	$1,495	$1.87	13d	1	0.23mi
2127 12th St Bremerton, WA	2.0	1.0	800	$1,595	$1.99	43d	1	0.23mi
1540 N Callow Ave Apt D Bremerton, WA	2.0	1.0	682	$1,675	$2.46	13d	1	0.32mi
1720 N Wycoff Ave Unit 2 Bremerton, WA	3.0	2.0	1100	$2,100	$1.91	13d	1	0.41mi
2106 7th St Bremerton, WA	2.0	2.0	1040	$2,450	$2.36	43d	1	0.46mi
1208 10th St Bremerton, WA	2.0	1.0	950	$1,850	$1.95	43d	1	0.56mi
1222 9th St Bremerton, WA	3.0	1.0	1072	$2,000	$1.87	43d	1	0.56mi
1736 4th St Bremerton, WA	2.0	1.0	1035	$1,700	$1.64	43d	1	0.64mi
814 Chester Ave Unit B Bremerton, WA	1.0	1.0	782	$1,400	$1.79	21d	1	0.64mi
828 Broadway Ave Unit A Bremerton, WA	1.0	1.0	646	$1,195	$1.85	21d	1	0.68mi
1903 Burwell St Unit 2 Bremerton, WA	2.0	1.0	858	$1,895	$2.21	21d	1	0.71mi
500 Lebo Blvd Apt 301 Bremerton, WA	1.0	1.0	733	$1,475	$2.01	13d	1	0.77mi
500 Lebo Blvd Apt 205 Bremerton, WA	1.0	1.0	733	$1,425	$1.94	21d	1	0.77mi
500 Lebo Blvd Unit 105 Bremerton, WA	1.0	1.0	733	$1,375	$1.88	44d	1	0.77mi
500 Lebo Blvd Apt 205 Bremerton, WA	1.0	1.0	733	$1,450	$1.98	43d	1	0.77mi
500 Lebo Blvd Apt 305 Bremerton, WA	1.0	1.0	733	$1,450	$1.98	13d	1	0.77mi
500 Lebo Blvd Unit 102 Bremerton, WA	1.0	1.0	733	$1,400	$1.91	43d	1	0.77mi
500 Lebo Blvd Unit 304 Bremerton, WA	2.0	1.0	917	$1,600	$1.74	21d	1	0.77mi
114 Lebo Blvd Bremerton, WA	1.0	1.0	600	$1,450	$2.42	13d	1	0.79mi
550 Lebo Blvd Bremerton, WA	1.0	1.0	1000	$1,550	$1.55	13d	1	0.80mi
119 Elm St Unit A Bremerton WA 98310 Bremerton, WA	2.0	1.0	600	$2,000	$3.33	43d	1	0.80mi
119 Elm St Unit B Bremerton, WA 98310 Bremerton, WA	2.0	1.0	600	$2,000	$3.33	43d	1	0.80mi
2733 Hefner Ave Unit 2733 Bremerton, WA	3.0	1.0	874	$1,900	$2.17	13d	1	0.81mi
100 N Lafayette Ave Bremerton, WA	1.0	1.0	600	$1,485	$2.48	43d	1	0.89mi
1010 Burwell St Bremerton, WA	1.0–2.0	1.0	719	$2,100	$2.92	43d	4	0.89mi
629 Adele Ave Unit B Bremerton, WA	2.0	1.0	960	$1,750	$1.82	43d	1	0.93mi
1104 Pacific Ave Bremerton, WA	1.0	1.0	600	$1,475	$2.46	21d	1	0.93mi
113 S Cambrian Ave Bremerton, WA	1.0	1.0	540	$1,350	$2.50	43d	1	0.93mi
637 Pleasant Ave Bremerton, WA	1.0	1.0	600	$1,300	$2.17	21d	1	1.03mi
602 4th St Bremerton, WA	1.0	1.0	550	$1,350	$2.45	43d	1	1.03mi
614 Sheridan Rd Bremerton, WA	1.0	1.0	550	$1,600	$2.91	13d	4	1.03mi
657 Highland Ave Bremerton, WA	3.0	1.0	1014	$2,200	$2.17	43d	1	1.05mi
133 S Marion Ave Unit G Bremerton, WA	1.0	1.0	528	$1,275	$2.41	13d	1	1.05mi

Listing history 5 events

1. 2026-06-10
   status $445,000 Pending 5 DOM
2. 2026-06-09
   days on market $445,000 Active 5 DOM
3. 2026-06-08
   days on market $445,000 Active 4 DOM
4. 2026-06-07
   remarks 691-char remark
5. 2026-06-07
   listed $445,000 Active 3 DOM

ⓘ 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: $3,410 · $284/mo
• Projected year-2 tax: $4,361 · $363/mo
• Expected delta: +$951/yr (+$79/mo · 27.9%)

ⓘ 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 7/10 Severe 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $47,280
• − Mortgage interest: −$24,927
• − Property taxes: −$3,410
• − Insurance: −$2,225
• − Repairs & maintenance: −$3,782
• − Management: −$3,782
• − Depreciation: −$12,945
• Taxable loss: −$3,792
• Est. tax savings @ 24.0%: +$910
• After-tax cash flow: $4,623/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 — Bremerton

• Score: 86/100
• State rank: #22
• US rank: #431

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bremerton, WA
• County: Kitsap County · 243,099 people
• City population: 94,488
• 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

+888.9% since first listed

25 events — show timeline

• 2026-06-04 Listed $445,000 NWMLS as Distributed by MLS Grid
• 2026-06-04 Listed $445,000 NWMLS as Distributed by MLS Grid
• 2021-06-09 Sold (MLS) $365,000 NWMLS as Distributed by MLS Grid
• 2021-06-09 Sold (MLS) $365,000 NWMLS as Distributed by MLS Grid
• 2021-05-06 Pending — NWMLS as Distributed by MLS Grid
• 2021-05-06 Pending — NWMLS as Distributed by MLS Grid
• 2021-05-05 Pending — NWMLS as Distributed by MLS Grid
• 2021-05-05 Pending — NWMLS as Distributed by MLS Grid
• 2021-05-01 Listed $319,950 NWMLS as Distributed by MLS Grid
• 2021-05-01 Listed $319,950 NWMLS as Distributed by MLS Grid
• 2007-04-27 Sold (Public Records) $156,250 Public Records
• 2007-04-27 Sold (MLS) $156,250 NWMLS as Distributed by MLS Grid
• 2007-04-27 Sold (MLS) $156,250 NWMLS as Distributed by MLS Grid
• 2007-04-23 Delisted — NWMLS as Distributed by MLS Grid
• 2007-04-20 Price Changed $165,000 NWMLS as Distributed by MLS Grid
• 2007-03-11 Price Changed $199,900 NWMLS as Distributed by MLS Grid
• 2007-02-07 Price Changed $205,000 NWMLS as Distributed by MLS Grid
• 2007-01-17 Listed $165,000 NWMLS as Distributed by MLS Grid
• 2007-01-12 Price Changed $214,900 NWMLS as Distributed by MLS Grid
• 2006-12-20 Listed $219,950 NWMLS as Distributed by MLS Grid
• 2002-05-21 Sold (Public Records) $98,500 Public Records
• 2002-05-21 Sold (MLS) $98,500 NWMLS as Distributed by MLS Grid
• 2002-01-18 Listed $99,500 NWMLS as Distributed by MLS Grid
• 1998-10-28 Sold (Public Records) $85,000 Public Records
• 1986-10-09 Sold (Public Records) $45,000 Public Records

Property tax history

+4.5%/yr

Latest (2026): $3,410 · +0.5% YoY. Source: county tax records.