Buy an Investment Property Now or Wait? What to Consider

March 20, 2024

Owning an investment property is a great way to increase your income and build financial stability over the long term. But knowing when to make the leap from owning property to also managing additional property is challenging. We’ve gathered information to help you decide whether investing in a rental property is right for you.

Current Housing Market

It's important to consider current market data when deciding if now is a good time to purchase an investment property. Let's look at the numbers here in Kitsap County, Washington. While the number of sales was down last quarter, the average sale price rose to $665,000. And despite higher than average interest rates, home sellers overall still received 96 percent of their asking price. These numbers indicate that the housing market here remains strong. And remember, $665,000 was the average sale price in Kitsap County, an area with a lot of different types of properties. This includes everything from high-end waterfront homes on Bainbridge Island to small condos in Bremerton, and everything in between. With so much variety, it’s possible to find a second property that meets your financial budget and investment needs.

Current Rental Market

Kitsap County's rental market remains healthy. We gathered data using the 700+ rental properties we manage here at Windermere Property Management. The following rental rates are the average for a 3-bedroom, 2-bath single-family home:

Bainbridge Island: $3,200 per month
Bremerton: $2,319 per month
Hansville: $2,100 per month
Kingston/Indianola: $2,600 per month
Port Orchard: $2,775 per month
Poulsbo: $2,800 per month
Silverdale: $2,813 per month

As you’re researching investment properties, keep these averages in mind. Take time to do a cost-benefit analysis of various properties with a mortgage calculator to ensure that rental rates will more than cover your monthly expenses. And remember, while interest rates are higher than average right now, as real estate experts often say, you marry the home, but date the rate. You can always refinance when the rates go down, which will allow you to make more on your rental property in the future. If you have specific financial questions, we recommend talking to Windermere’s partner at Penrith Loans. Penrith Branch Manager/Mortgage Consultant Cherie Kesti is an excellent local resource. She has over 20 years of experience in the home financing industry.

Buy Now or Wait?

Based on Kitsap County’s real estate market and his local expertise, Cameron Tappe, thinks now is a good time to buy. Tappe is a former Windermere Realtor and one of our current Windermere Property Managers. "In Kitsap County, the demand for housing is on the rise, with nearly 1,500 new housing units needed each year to meet the growing needs of the community. Whether through purchasing income-generating properties, developing new housing units, or purchasing your first rental property, seizing this moment can pave the way for long-term wealth accumulation and financial security. With increasing demand for housing in Kitsap County, investing in real estate not only makes financial sense but also contributes to meeting the critical need for housing in our community," explains Tappe.

Managing Your Rental Property

If you do decide to move forward with purchasing a rental property, you’ll have to prepare it for future tenants. Then you’ll have to decide whether you want to be a landlord, which comes with many responsibilities. Being a landlord involves much more than simply renting. You must be familiar with local tenant laws and know how to manage renters. This includes screening tenants, drawing up a lease, setting a security deposit, collecting monthly payments, managing preventive maintenance, and fielding fix-it calls as needed. While not a full-time job, managing a rental property is a significant time commitment. If you have concerns about owning a rental property, this list of common misconceptions may help assuage your fears and help you better understand the benefits.

Utilizing a Full-Service Property Management Company

If managing a rental property sounds like too much to deal with, Windermere Property Management is available to help. A full-service property management company, we serve property owners and tenants throughout Kitsap County. Our staff takes care of handling all your rental management needs. This includes effectively marketing your property, correctly pricing rentals for our market, screening tenants, collecting payments through our tenant/owner online portal, resolving maintenance issues, and more.

We are also able to find and screen renters quickly. Our average turnover time for the rental properties we manage is 15 days. This is much faster than most individual landlords can achieve on their own and with a lot less stress. For more detailed information on how our trusted, locally-owned property management company can help, you can learn more on our website or contact us today.

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Managing Expectations When Renting Your Home

August 19, 2025

Renting out your home often comes with a mix of emotions and expectations. Managing your expectations as the owner and those of your tenants is a crucial part of the rental process. Here are some tips to help you achieve successful outcomes. Understanding the Rental Market Before renting out your home, do your research. Look at your local rental market. Are there a lot of homes for rent in your city? What about in your neighborhood? Do they sit unoccupied or are they rented out quickly? What is the average rental price for a home that is similar to yours? It’s important to set competitive rental prices while understanding supply and demand. If you work with a reputable property management company that has local expertise, they will know the market well and will properly price your rental. Preparing Your Home for Rent Ensure your home is rent-ready by prioritizing safety. As a landlord, you will be required to keep the premises fit for human habitation . This Washington state law encompasses many safety standards and home repair projects. For example, landlords must make sure that carbon monoxide and smoke detectors are in working order, as well as major electrical and plumbing fixtures and appliances. Now is the time to make any necessary repairs and deep clean your property. Whether you are renting your home furnished or unfurnished, everything should be in good condition. Check out our article for tips on preparing your property for rent . Additionally, you may want to consider some budget-friendly upgrades to enhance your home before you rent it out. It can increase the value of your home and attract more attention. Setting Realistic Financial Expectations While an investment property can be financially beneficial, we highly recommend calculating potential rental income and expenses. It’s important to understand the costs of property management and maintenance. Also, you’ll want to prepare for potential vacancies and financial fluctuations. Consider the legal side of rental properties as well. Every landlord should be familiar with local, state, and federal fair housing laws . For instance, Washington has specific laws about how security deposits are assessed, held, and returned to tenants. Increasing the rent or terminating a lease requires adherence to specific guidelines. Therefore, you’ll want to take time to do your research and consider these legal factors when pricing your home for rent . If the legal side of property management or the time required to effectively manage a rental seems overwhelming, you may want to utilize a property management company. While this does come at a cost, it can be beneficial , saving you time and money by offering professional marketing, preventative maintenance, built-in tenant screening, and property managers who are well-versed in landlord-tenant laws. Check out our local experts here at Windermere Property Management . Communication and Relationship Management After screening potential tenants, conducting credit checks, and calling references, it is essential to foster positive landlord-tenant relationships with your new renters. This begins with clear, open communication. Setting expectations with tenants from the start paves the way for transparency and builds trust. Renting out your home requires both project management and relationship management. This means that you are ready to handle sudden, needed repairs, answer contract questions, and deal with unexpected issues in a prompt and professional manner. Long-Term Planning It’s wise to set long-term goals for your rental property from the start. Renting out your home for a couple of years while you’re living elsewhere comes with one set of expectations and requirements, while renting it out as passive income for the next 10+ years is very different. Additionally, if you plan to sell it within the next few years, you will also have certain objectives to meet regarding upkeep and preserving or increasing its market value. Your local rental market may also change, so creating a plan that is both proactive and flexible is the key. If you have any questions, our property managers are here to assist you.