All Forum Posts by: Megan Shay

@Shweta Bharti, for sure as @Nicholas Q. said! Consider Kitsap. It takes me an hour to get to downtown Seattle from the Bainbridge Island ferry if I time it right. Not bad at all. Sometimes I drive around which takes about the same amount of time. It's much more affordable here, plus we have solid employment (and rental market) with the Navy bases at Bremerton and Bangor, healthcare at Harrison in Silverdale and Bremerton, and the folks leaving Seattle. It's still sort of a secret for some reason, but in the last year the secret has gotten out. If you'd like to see stats, I'm happy to share, just PM me. Another benefit of Kitsap besides all that and the ferries as mentioned: you will NEVER see orcas on I-5. But I have seen them twice from the BI ferry. :-)

@Errol M Tazbaz, have you looked at Kitsap County yet? Might not look as good on paper as the other areas you're considering, but it's also not that far away, and much more affordable than King Co. More and more tech folks have been migrating this way in the last year, and I suspect that will continue. We also have a very strong rental base with the Bremerton Navy base and Bangor submarine base. Plus, Keyport. There's also strong healthcare employment in Silverdale, FWIW. 

Apparently my previous response was removed for having links and some images which contain my contact info. So, here's the post. Feel free to PM me for the stats. :-)
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I suppose convenience is relative. For instance, I live in Poulsbo. It takes me an hour to get to Seattle from my house, and half of that is the ferry trip itself (~35 min). Can work/make calls from the boat, vs being stuck in traffic. ;-) Depending on where I'm going, sometimes it makes more sense to drive around. In the end, timing tends to be similar. It's nice to have both options.

Tough to find something on BI with the higher pricepoint, unless you bump it way up. However, surrounding areas in Kitsap like Poulsbo, Kingston, Hansville, Indianola...those may work. Just so tough to find inventory right now. Lots of people looking for something small and cute. Just like what would work great for STR. Good luck!

@Anjoli Elizabeth Rowe, seems to be easy to keep rentals full, yes. Poulsbo is very popular with the Bangor and Keyport folks. Also more and more Seattle commuters now that the techies are WFH and/or won't need to go in every day when things open up again. 

As for the ROI, I can't tell you since it really would depend on how much down payment, etc. But from what I CAN tell, the "average" SF home on the nicer-but-not-super-fancy side rent for $2,000-3,000/month depending on the neighborhood and size. (That's just Poulsbo. It'll vary quite a bit between Bremerton-Silverdale-Poulsbo-Kingston).

Set up some Zillow alerts and keep an eye on those. It'll help you get a feel for what's where...and the prices. 

@Anjoli Elizabeth Rowe - modular, so far, tends to end up being on par with stick built. The savings are in time, but by the time you factor in transportation costs and installation (cranes, etc.), it's kind of a wash. The tiny home thing, you are likely to run into issues with zoning and permitting. Things are shifting, but doesn't seem that's a real viable option at this point. 

In Bremerton itself, there have been a fair number of duplexes/smaller MF. Prices vary, but can be had for $300-500k, depending on condition. Bremerton is a bit rough around the edges in general. Are you also looking at Poulsbo, Silverdale, and Kingston? PM me if you'd like more info. I live in Poulsbo. Moved over to this side of the pond 2+ years ago from the Seattle side and loving it. :-) 

Many Navy folks also buy in the ~$400-500k bracket, and then rent out the house when it's time to go. Neighborhoods like mine near the North Kitsap Middle and High Schools are particularly popular, as is the Vinland area. 

Good luck!

@Jay C. - very good point about the City of Seattle. I don't recommend rental property in the City. Very tenant-friendly, to the detriment of the landlords. Especially right now. 

House-hacking may be a viable option outside the city. For instance, there are duplexes in Bremerton for less than what you'd pay for the crappiest house in Seattle. Agreed, the appreciation game can be dicey. Though I do have a client who holds 6 properties on Mercer Island, purchased between 2015 and last year. This particular client is fine with them losing a little or breaking even. She just wants a portfolio that will appreciate enough to leave for her kids. To each their own. Just need to know your strategy and hold to it. And keep plenty in the pot for maintenance. ;-) 

@Shain Cannon you should at least jump aboard the ferry. ;-) Food for thought: twice. Never seen 'em on I-5. Yes, Brandon started out around here, and further west (Hoquiam, I think). Anyway, depending on the specific area, prices tend to run more like $300-500k for an "average" single-family home. Compare to $700-900k and $1.5M+ in Mercer Island and Bellevue. 

There is a very strong rental base with the Bremerton naval base and the submarine base at Bangor. Tenants tend to be in the higher income brackets as you go north. Bangor = more specialized, higher paid folks. Bremerton = younger, lower-ranking. Healthcase is huge here also with Harrison in Bremerton and the new/expanded hospital in Silverdale. The Seattle commuters have increased also since COVID. Used to be mostly Bainbridge folks, but it seems to be more varied now. 

FWIW, I came from Mercer Island to Poulsbo 3 years ago and I'm very happy with that decision. It's beautiful over here! And I still work on the other side of the pond, too. 

@Eric Huang, consider Kitsap County also. There is more here than Bainbridge Island. :-) I live in Poulsbo, 20 min to Bainbridge-Seattle ferry. Also, Kingston is just up the road. There's the ferry to Edmonds and fast ferry to downtown Seattle. Quite a few people have moved over to this side of the pond in 2020. You can get a LOT more bang for the buck here, and if going to the city every day isn't required, it's a very nice quality of life. PM me if you have any questions about Kitsap. 

Happy New Year!
 

Assessed value and market value (price) can be very different. The way tax assessed value is calculated is over my head. This might help explain. And of course, how your property taxes are calculated varies by municipality.