2500 Samish Way #13 · Bellingham, WA 98229

$53,900

2 bd · 1.0 ba · 576 sqft · Manufactured public records · 126 Days on market

Built 1969 705 sqft lot Est $75k · 28% under

---

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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This thoughtfully updated 2-bedroom, 1-bath home in Crest Haven Park offers a bright and comfortable living space just minutes from Lake Padden. Recent improvements such as fresh paint, updated flooring, and newer windows, create a clean, modern feel while preserving the home’s charm. The kitchen includes stainless steel appliances and opens to a cozy living area. A newer heat pump and in-unit washer and dryer add comfort and convenience. The sturdy porch serves both entrances and extends your living space year-round. Affordable and move-in ready, this home is a great find in a desirable, well-maintained community.

Key facts

• Covered porch
• Updated flooring
• Newer heat pump

Tags

• UPDATED FLOORING
• STAINLESS STEEL APPLIANCES
• NEWER HEAT PUMP
• IN-UNIT WASHER AND DRYER
• COVERED PORCH

Property features AI

Finance

• Other: MLS status: Active; On market date: January 18, 2026; Cumulative days on market: 285
• Financial info: Listing terms: Cash or Conventional; Land lease: $925/month
• HOA & community: Located in Cres Haven Mobile Court (about 50 homes); Pets allowed: cats and dogs; Common area in the park; Land lease monthly amount

Exterior

• Parking: 1 uncovered open parking space
• Utilities: Electric energy source; Public water (billed through the park); Sewer billed through the park; Power by PSE; Xfinity cable and internet
• Home design: Manufactured single-wide home; One level; Faces north; Good condition; Make: lamplighter; Structure type: manufactured house
• Construction: Metal/Vinyl construction materials; Flat roof; Built on tie down foundation
• Exterior features: Metal/vinyl exterior; Patio/porch/deck; Paved lot

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range; Kitchen with eating space
• Bedrooms: 2 bedrooms
• Flooring: Vinyl plank; Tie down foundation
• Bathrooms: 1 full bathroom with tub and shower
• Heating & cooling: Forced air heating; Heat pump for heating and cooling
• Interior features: Water heater (exterior access, tank); Double pane windows
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $54k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $54k).
• Recommended offer: $47k (12.0% below list) — sets the bar for market timing.
• Cap rate 35.8% vs local median 2.0% in Bellingham — 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 80/100 on livability (#102 in WA, #1,947 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living F.
• Bellingham School District (urban): math 47% / reading 63% proficiency, ranked #106 of 291 in WA (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+3.4%/yr); 275 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,190 units permitted in Whatcom County in 2024 (327 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $373 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Whatcom County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.4% rent growth), your $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 126 days — a 12% lower offer ($47k) is reasonable based on typical stale-listing flexibility.

Recommended offer $47,432 (12.0% below list)

Questions for the listing agent

1. It's been on market 126 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 3.92% ✓
• Cap rate: 35.85%
• Cash-on-cash: 105.55%
• DSCR: 5.70
• GRM: 2.1

CMA / ARV

• ARV (on-the-fly): $74,880
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2500 Samish Way #44	0.05mi	2/1.0	576 (0%)	9mo	$75,000	$130	90
2500 Samish Way #62	0.04mi	2/1.0	644 (+12%)	16mo	$65,000	$101	66

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 · 3.38% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.08×
• Total profit: $76,637
• Equity at exit: $8,037

10-year hold

• IRR: —
• Equity multiple: 12.86×
• Total profit: $179,003
• Equity at exit: $4,660

Cash invested: $15,092 (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 98229

• Rents YoY: 3.4%
• Active inventory: 275
• Price-to-rent: 2.1×

Monthly cashflow live

• Estimated rent: $2,111 medium
• Mortgage (P&I): −$283
• Tax from tax record: −$35 /mo · $417/yr
• Insurance: −$22
• HOA: −$0
• Vacancy / Maint / Mgmt: −$443
• Net cashflow: $1,328

Break-even live

Break-even rent $430

Max offer price $53,900

Occupancy floor 32%

Sensitivity live

Price	-10% $1,358	-5% $1,343	+0% $1,328	+5% $1,312	+10% $1,297
Rent	-10% $1,161	-5% $1,244	+0% $1,328	+5% $1,411	+10% $1,494
Rate	-1.0pp $1,355	-0.5pp $1,341	base $1,328	+0.5pp $1,314	+1.0pp $1,299

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: $13,475
• Closing costs: $1,617
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3129 Old Fairhaven Pkwy Bellingham, WA	2.0	1.0	711	$2,310	$3.25	14d	2	0.69mi
705 32nd St Bellingham, WA	3.0	1.0–2.0	792	$2,095	$2.65	22d	23	1.33mi
517 32nd St Bellingham, WA	1.0	1.0	410	$1,367	$3.33	22d	4	1.46mi
2305 Douglas Ave Bellingham, WA	1.0–4.0	1.0–4.0	1089	$2,222	$2.04	14d	16	1.50mi

Listing history 1 events

1. 2026-01-18
   listed $53,900 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: $417 · $35/mo
• Projected year-2 tax: $528 · $44/mo
• Expected delta: +$112/yr (+$9/mo · 26.8%)

ⓘ 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 1/10 Low 7 d/yr ≥83°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,327
• − Mortgage interest: −$3,019
• − Property taxes: −$417
• − Insurance: −$270
• − Repairs & maintenance: −$2,026
• − Management: −$2,026
• − Depreciation: −$1,568
• Taxable income: $16,001
• Est. tax owed @ 24.0%: −$3,840
• After-tax cash flow: $12,090/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: Bellingham School District
• NCES district ID: 5300420
• Math proficiency: 47% ▼ -6.00%
• Reading proficiency: 63% ▼ -1.00%
• Median HH income: $47,678
• Composite: 48.49/100
• National rank: #4632
• State rank: #106 of 291 in WA

Livability — Bellingham

• Score: 80/100
• State rank: #102
• US rank: #1947

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellingham, WA
• County: Whatcom County · 209,776 people
• City population: 130,296
• Metro: Bellingham, WA
• Population (ZIP): 33,298
• Household income: $90,945
• Rent vs Own: 30.3% rent · 69.7% own
• Severe rent burden: 1040.0

Population outlook (Whatcom County) Hauer SSP2

• Today (2025): 240,408 people
• By 2030: 254,667 · +5.9%
• By 2040: 281,365 · +17.0%
• By 2050: 307,592 · +27.9%
• By 2075: 375,576 · +56.2%
• By 2100: 421,637 · +75.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (77%)
• Race & ethnicity: White 77% Two or more races 13% Hispanic / Latino 10% Asian 3%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: Portuguese 6% Italian 4% Slovak 4%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 88% English-only · Spanish 7% Chinese 1% German/W. Germanic 1%

Political lean MEDSL · Whatcom

• 2024 margin: Strong D (+24.9) · D 60.8% · R 35.9% · Other 3.3%
• 2008→2024 swing: +6.9pp toward D · 2008: 18.0pp · 2024: 24.9pp
• All cycles: 2024: D+24.9 2020: D+23.9 2016: D+17.7 2012: D+12.1 2008: D+18.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -652.00%
• Current HPI: 413.1478
• Rent YoY: ▲ 3.38%
• Metro: Bellingham, 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

1 event — show timeline

• 2026-01-18 Listed $53,900 NWMLS as Distributed by MLS Grid

Property tax history

+55.2%/yr

Latest (2026): $417 · +718.2% YoY. Source: county tax records.