1200 Lincoln St #120 · Bellingham, WA 98229

$79,900

3 bd · 2.0 ba · 1,104 sqft · Manufactured public records · 101 Days on market

Built 2005 Est $65k · 23% over ↓ 11% since listing

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Why this score? — see what drove the C+ 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
• 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
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Lakeway Estates, one of Bellingham's premier mobile home parks! This corner lot home is a must see! This move in ready well maintained home has 3 bedrooms, 1 3/4 bathrooms, bright living room, bright dining room, vaulted ceilings and skylights. Large open kitchen with a sun porch off the kitchen. Large primary bedroom with a 3/4 bathroom. 2 additional bedrooms for guests, office or hobbies. Energy efficient double pane vinyl windows. The carport has a storage shed with electricity and a covered walk to the front door. Club House with laundry room, library, billiard room, kitchen, salon, community clubs. Walking distance to shopping, groceries, bank, restaurants, coffee & public transp

Key facts

• Sun porch
• Corner lot
• Parking

Tags

• CORNER LOT
• SUN PORCH
• STORAGE SHED WITH ELECTRICITY
• WALKING DISTANCE TO SHOPPING

Property features AI

Finance

• Other: 5 minutes from I-5; Bus routes nearby: 190, 1905, 196
• Financial info: Land lease amount: $1,495; Listing terms: Cash or Conventional
• HOA & community: Located in Lakeway Estates (senior community); Approximately 220 homes in the park; Land lease

Exterior

• Parking: Carport
• Utilities: Electric energy source; Public water; City of Bellingham water; City of Bellingham sewer; PSE power; Electric water heater located in primary bedroom; Cable: Xfinity; Internet: Xfinity
• Home design: Manufactured double-wide home; One story; Faces southwest; Manufactured after 06/15/1976; Good condition; Make: 05 Greenbriar; Style: Manufactured - Double Wide
• Construction: Cement plank and wood construction; Composition roof; Concrete ribbon and pillar/post/pier foundation; Manufactured house structure
• Exterior features: Cement planked and wood exterior; Corner lot; Paved lot; Has view; Clubhouse (park amenity); Community laundry (park amenity)

Interior

• Kitchen: Kitchen with eating space; Dishwasher; Microwave; Stove/Range; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Vinyl; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Heating & cooling: Forced air heating; Heat pump; Forced air cooling
• Interior features: Water heater; Skylights; Vaulted ceilings; Ceiling fan(s); Bath off primary
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $80k.

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 $80k).
• Recommended offer: $73k (9.0% below list) — sets the bar for market timing.
• Cap rate 26.2% 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); 270 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); solid renter incomes; 1,190 units permitted in Whatcom County in 2024 (327 in 5+ unit buildings).
• This rent runs 30% of the median local income ($91k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 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 $22k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y ago; this cycle's ask has dropped $10k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $72,709 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 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: 2.88% ✓
• Cap rate: 26.22%
• Cash-on-cash: 71.18%
• DSCR: 4.17
• GRM: 2.9

CMA / ARV

• ARV (on-the-fly): $65,136
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1200 Lincoln St #120	0.00mi	3/2.0	1,104 (0%)	1mo	$77,000	$70	99
1200 Lincoln St #157	0.13mi	3/2.0	1,120 (+1%)	1mo	$70,900	$63	91
1200 Lincoln St #404	0.14mi	2/2.0 (-1)	1,147 (+4%)	2mo	$64,000	$56	80
1200 Lincoln St #413	0.19mi	2/2.0 (-1)	1,146 (+4%)	8mo	$45,000	$39	73
1200 Lincoln St #418	0.25mi	2/2.0 (-1)	1,152 (+4%)	9mo	$34,000	$30	69
1200 Lincoln St #272	0.17mi	2/2.0 (-1)	1,152 (+4%)	15mo	$70,000	$61	67
1200 Lincoln St #161	0.15mi	2/2.0 (-1)	1,152 (+4%)	21mo	$45,000	$39	63
1200 Lincoln Ave #297	0.24mi	2/2.0 (-1)	1,012 (-8%)	11mo	$59,900	$59	61
1200 Lincoln St #106	0.03mi	2/2.0 (-1)	1,248 (+13%)	14mo	$60,000	$48	60
1200 Lincoln St #193	0.26mi	2/2.0 (-1)	1,261 (+14%)	3mo	$89,900	$71	57
1200 Lincoln St #285	0.22mi	2/2.0 (-1)	1,248 (+13%)	8mo	$74,000	$59	56
1200 Lincoln St #306	0.27mi	2/2.0 (-1)	960 (-13%)	20mo	$37,500	$39	44

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: 71.2%
• Equity multiple: 4.24×
• Total profit: $72,451
• Equity at exit: $11,913

10-year hold

• IRR: 75.3%
• Equity multiple: 8.85×
• Total profit: $175,566
• Equity at exit: $6,908

Cash invested: $22,372 (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: 270
• Price-to-rent: 2.9×

Monthly cashflow live

• Estimated rent: $2,304 high
• Mortgage (P&I): −$419
• Tax from tax record: −$41 /mo · $493/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$484
• Net cashflow: $1,327

Break-even live

Break-even rent $625

Max offer price $79,900

Occupancy floor 37%

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1212 Nevada St Unit 1 Bellingham, WA	2.0	1.0	975	$1,750	$1.79	21d	1	0.11mi
1338 Puget St Unit 1 Bellingham, WA	2.0	1.0	801	$1,800	$2.25	13d	1	0.37mi
1471 Moore St Bellingham, WA	2.0–3.0	2.0	860	$1,895	$2.20	21d	6	0.39mi
1743 E Maple St Bellingham, WA	1.0–3.0	1.0–2.0	910	$2,500	$2.75	13d	12	0.45mi
1806 Lakeway Dr Bellingham, WA	2.0	1.0	1200	$2,075	$1.73	21d	1	0.49mi
208 N Samish Way Bellingham, WA	2.0	1.0–2.0	875	$2,769	$3.16	13d	8	0.51mi
1211 Jersey St Bellingham, WA	3.0	1.0	871	$2,411	$2.77	13d	12	0.51mi
1223 E Laurel St Unit 1223 Bellingham, WA	2.0	1.0	800	$2,150	$2.69	21d	1	0.53mi
1223 E Laurel St Unit 1229 Bellingham, WA	3.0	3.0	1200	$2,995	$2.50	21d	1	0.53mi
1223 E Laurel St Unit 1227 Bellingham, WA	3.0	3.0	1200	$2,595	$2.16	13d	1	0.53mi
935 Otis St Bellingham, WA	3.0	2.0	1000	$2,500	$2.50	21d	1	0.54mi
1316 High St Bellingham, WA	3.0	1.0–2.0	909	$2,410	$2.65	21d	5	0.57mi
1213 Billy Frank Jr. St Unit 2 Bellingham, WA	2.0	1.0	719	$1,750	$2.43	21d	1	0.57mi
3613 Consolidation Ave Bellingham, WA	3.0	2.0	1017	$2,378	$2.34	13d	8	0.58mi
110 Ashley Ave Bellingham, WA	3.0	2.0	1362	$2,298	$1.69	13d	5	0.59mi
1113 Billy Frank Jr. St Unit 3 Bellingham, WA	2.0	1.0	900	$1,795	$1.99	21d	1	0.63mi
1024 Billy Frank Jr St #301 Bellingham, WA	2.0	1.0	740	$2,300	$3.11	21d	1	0.64mi
1010 Billy Frank Jr St Bellingham, WA	2.0	1.0	850	$1,765	$2.08	13d	11	0.67mi
1205 N Garden St Bellingham, WA	2.0–4.0	1.0–1.5	830	$2,775	$3.34	21d	9	0.70mi
926 Billy Frank Jr St Bellingham, WA	4.0	2.0	1406	$3,400	$2.42	13d	1	0.71mi
1745 James St Unit 1745-A Bellingham, WA	2.0	1.0	728	$1,950	$2.68	13d	1	0.72mi
1117 N Garden St Bellingham, WA	3.0–4.0	2.0	1100	$2,233	$2.03	13d	3	0.73mi
3966 Byron Ave Unit 105 Bellingham, WA	2.0	2.0	995	$1,650	$1.66	21d	1	0.76mi
800 Liberty St Unit 17 Bellingham, WA	2.0	1.0	950	$1,795	$1.89	21d	1	0.76mi
1111 N Forest St Bellingham, WA	3.0	1.0–1.5	770	$2,375	$3.08	13d	4	0.80mi
3805 Elwood Ave Bellingham, WA	4.0	1.0–2.5	1213	$3,079	$2.54	13d	49	0.84mi
230 32nd St Unit 250-106 (ADA) Bellingham, WA	2.0	1.0	738	$1,725	$2.34	13d	1	0.87mi
508 E Ivy St Apt 101 Bellingham, WA	2.0	1.0	704	$1,795	$2.55	21d	1	0.93mi
508 E Ivy St Unit 104 Bellingham, WA	2.0	1.0	704	$1,850	$2.63	21d	1	0.93mi
120 Prospect St Unit PS08 Bellingham, WA	3.0	2.0	1200	$2,200	$1.83	21d	1	1.08mi
2115 New St Bellingham, WA	4.0	1.0	1116	$2,650	$2.37	21d	1	1.12mi
487 31st St Bellingham, WA	1.0–2.0	1.0	697	$1,890	$2.71	21d	33	1.12mi
524 32nd St Bellingham, WA	3.0	2.0	1100	$2,480	$2.25	21d	3	1.17mi
705 32nd St Bellingham, WA	3.0	1.0–2.0	792	$2,695	$3.40	21d	23	1.27mi
2329 Orleans St Apt 2 Bellingham, WA	2.0	1.0	750	$1,450	$1.93	21d	1	1.28mi
1300 Texas St Apt 1 Bellingham, WA	2.0	1.0	950	$1,600	$1.68	21d	1	1.30mi
1818 D St Bellingham, WA	2.0	1.0	646	$2,350	$3.64	13d	18	1.31mi
1726 Texas St Unit 204 Bellingham, WA	2.0	1.0	750	$1,675	$2.23	21d	1	1.33mi
1730 Texas St Unit 1 Bellingham, WA	2.0	1.0	816	$1,675	$2.05	21d	1	1.34mi
2139 Xenia Ln Bellingham, WA	3.0	2.0	1064	$2,300	$2.16	13d	1	1.36mi

Listing history 9 events

1. 2026-05-17
   status Pending
2. 2026-05-07
   status Active
3. 2026-05-05
   status Pending
4. 2026-03-28
   price $79,900
5. 2026-03-02
   price $84,900
6. 2026-02-02
   listed $89,900 Active
7. 2018-05-18
   soldstatus $85,000 Sold
8. 2018-04-16
   status Pending
9. 2018-04-06
   listed $89,500 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: $493 · $41/mo
• Projected year-2 tax: $783 · $65/mo
• Expected delta: +$290/yr (+$24/mo · 58.9%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 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: $27,650
• − Mortgage interest: −$4,476
• − Property taxes: −$493
• − Insurance: −$400
• − Repairs & maintenance: −$2,212
• − Management: −$2,212
• − Depreciation: −$2,324
• Taxable income: $15,534
• Est. tax owed @ 24.0%: −$3,728
• After-tax cash flow: $12,195/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

-10.7% since first listed

9 events — show timeline

• 2026-05-17 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-07 Relisted — NWMLS as Distributed by MLS Grid
• 2026-05-05 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-28 Price Changed $79,900 NWMLS as Distributed by MLS Grid
• 2026-03-02 Price Changed $84,900 NWMLS as Distributed by MLS Grid
• 2026-02-02 Listed $89,900 NWMLS as Distributed by MLS Grid
• 2018-05-18 Sold (MLS) $85,000 NWMLS as Distributed by MLS Grid
• 2018-04-16 Pending — NWMLS as Distributed by MLS Grid
• 2018-04-06 Listed $89,500 NWMLS as Distributed by MLS Grid

Property tax history

-1.6%/yr

Latest (2026): $493 · +5338.5% YoY. Source: county tax records.