2400 Donovan Ave Unit 38A · Bellingham, WA 98225

$225,000

3 bd · 2.0 ba · 1,512 sqft · Manufactured public records · 23 Days on market

Built 1996 Est $249k · 10% 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 +11.9/15.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Discover Fairhaven’s most affordable gem! This charming 3-bedroom, 2-bath, 1,512 sq. ft. home offers an inviting open-concept design with all the features you’ll love. The kitchen features bar seating and a dining area + breakfast nook, complemented by laminate floors for a modern touch (no carpet). Vaulted ceilings flow seamlessly into the living area, where two ceiling fans keep the space comfortable year-round. The spacious primary suite boasts an oversized shower plus an auxiliary shower, while the guest bathroom offers a full bath with a tub. Bonus office or den with French doors. Located in a welcoming 55+ community, this home is brimming with potential and perfectly situa

Key facts

• Open-concept design
• Laminate floors
• Ceiling fans

Tags

• OPEN-CONCEPT DESIGN
• BAR SEATING
• LAMINATE FLOORS
• VAULTED CEILINGS
• CEILING FANS
• OVERSIZED SHOWER

Property features AI

Finance

• Other: Bus route nearby (Route 14)
• Financial info: Land lease: $800; Listing terms: Cash
• HOA & community: Located in South End Mobile Estates (park approved for sale); Clubhouse in park; 83 homes in park; Senior community; Pets allowed: cats and dogs (see remarks)

Exterior

• Parking: Open/uncovered parking; 2 open parking spaces
• Security: Security system
• Utilities: Public water; City sewer; Electric service; Electric water heater; Puget Sound Energy power
• Home design: Manufactured double-wide home; One level; Southeast-facing entry
• Construction: Wood construction; Composition roof; Pillar/Post/Pier foundation; Manufactured after 6/15/1976; Skirted with wood
• Exterior features: Wood exterior materials; Patio/porch/deck; Paved lot; Shed for storage; Has view

Interior

• Kitchen: Dishwasher; Stove/Range; Refrigerator
• Bedrooms: 3 bedrooms
• Flooring: Laminate; Vinyl
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 3 showers
• Heating & cooling: Forced air heating; Has cooling
• Interior features: Water heater; Skylights; Vaulted ceilings; Ceiling fan(s); Walk-in closet; Bath off primary; Security system
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $225k.

Deal economics

• At list price, monthly cash flow is $997 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $222k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.6% 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.
• Zoned schools: Sehome High School (1,163 students, 25% FRL).
• Market conditions: Rents rising (+2.7%/yr); 235 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,190 units permitted in Whatcom County in 2024 (327 in 5+ unit buildings).
• At $3,051/mo this rent would consume 57% of the median local household income ($64k/yr) (locally 4351% 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 $2k of loan paydown is wiped out by about $7k 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 + 2.7% rent growth), your $63k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 17y ago; this cycle's ask has dropped $25k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $221,625 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 1.36% ✓
• Cap rate: 11.61%
• Cash-on-cash: 18.99%
• DSCR: 1.84
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $249,480
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2015 24th St #102	0.11mi	3/2.0	1,555 (+3%)	11mo	$185,000	$119	81
2015 24th St #94	0.10mi	2/2.0 (-1)	1,590 (+5%)	2mo	$215,000	$135	81
2015 24th St #24	0.16mi	3/2.0	1,539 (+2%)	16mo	$250,000	$162	76
2015 24th #44	0.22mi	2/2.5 (-1)	1,479 (-2%)	11mo	$340,000	$230	70
2015 24th St #31	0.22mi	2/2.0 (-1)	1,426 (-6%)	6mo	$235,000	$165	70
2015 24th St #82	0.17mi	2/2.0 (-1)	1,498 (-1%)	18mo	$255,000	$170	70
2015 24th St	0.15mi	3/2.0	1,298 (-14%)	1mo	$335,000	$258	68
2400 Donovan Ave #66	0.00mi	2/2.0 (-1)	1,386 (-8%)	18mo	$105,000	$76	66
2015 24th St #10	0.08mi	2/2.0 (-1)	1,303 (-14%)	10mo	$230,000	$177	60
425 Chuckanut Dr N #37	0.72mi	3/2.0	1,512 (0%)	15mo	$238,500	$158	54
425 Chuckanut Dr #16	0.66mi	2/2.0 (-1)	1,604 (+6%)	15mo	$134,000	$84	42
425 Chuckanut Dr N #5	0.70mi	2/2.0 (-1)	1,296 (-14%)	6mo	$330,000	$255	33

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 · 2.67% rent growth · sell at horizon

5-year hold

• IRR: 10.5%
• Equity multiple: 1.41×
• Total profit: $25,974
• Equity at exit: $33,548

10-year hold

• IRR: 19.3%
• Equity multiple: 2.59×
• Total profit: $100,082
• Equity at exit: $19,454

Cash invested: $63,000 (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 98225

• Rents YoY: 2.7%
• Active inventory: 235
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $3,051 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$140 /mo · $1,679/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$641
• Net cashflow: $997

Break-even live

Break-even rent $1,789

Max offer price $225,000

Occupancy floor 62%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1326 22nd St Bellingham, WA	4.0	2.0	1296	$3,450	$2.66	21d	1	0.31mi
1324 22nd St Bellingham, WA	4.0	2.0	1296	$3,450	$2.66	21d	1	0.31mi
1310 22nd St Bellingham, WA	4.0	2.0	1296	$3,450	$2.66	21d	1	0.35mi
2120 Harris Ave Bellingham, WA	4.0	2.0	1296	$3,450	$2.66	21d	1	0.35mi
2170 Douglas Ave Bellingham, WA	3.0–4.0	2.0	1069	$2,325	$2.17	13d	4	0.62mi
1002 21st St Bellingham, WA	3.0	2.0	1300	$2,550	$1.96	21d	1	0.65mi
2305 Douglas Ave Bellingham, WA	1.0–4.0	1.0–4.0	1089	$2,898	$2.66	13d	16	0.65mi
919 24th St Bellingham, WA	4.0	2.0	1322	$3,195	$2.42	13d	1	0.66mi
930 22nd St Bellingham, WA	1.0–3.0	1.0–2.0	900	$2,580	$2.87	21d	5	0.68mi
506 Cypress Rd Bellingham, WA	3.0	2.0	1950	$3,320	$1.70	13d	1	0.94mi
524 32nd St Bellingham, WA	3.0	2.0	1100	$2,480	$2.25	21d	3	1.04mi
3805 Elwood Ave Bellingham, WA	4.0	1.0–2.5	1213	$3,079	$2.54	13d	49	1.39mi

Listing history 17 events

1. 2026-06-01
   status $225,000 Pending 23 DOM
2. 2026-05-31
   days on market $225,000 Active 23 DOM
3. 2026-05-30
   days on market $225,000 Active 22 DOM
4. 2026-05-08
   listed $249,900 Active
5. 2022-06-24
   soldstatus $215,000 Closed
6. 2022-06-02
   status Pending
7. 2022-03-30
   listed $249,900 Active
8. 2022-03-30
   listed Active
9. 2016-06-28
   historical
10. 2016-06-10
    soldstatus $53,250 Sold
11. 2016-05-20
    status Pending Inspection
12. 2016-05-14
    listed $52,000 Active
13. 2009-09-11
    soldstatus $51,500 Sold
14. 2009-08-10
    status Pending
15. 2009-06-23
    status
16. 2009-06-12
    historical
17. 2009-06-03
    listed $59,900

ⓘ 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: $1,679 · $140/mo
• Projected year-2 tax: $2,205 · $184/mo
• Expected delta: +$526/yr (+$44/mo · 31.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥83°F today · 20 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: $36,613
• − Mortgage interest: −$12,603
• − Property taxes: −$1,679
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,929
• − Management: −$2,929
• − Depreciation: −$6,545
• Taxable income: $8,802
• Est. tax owed @ 24.0%: −$2,112
• After-tax cash flow: $9,849/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): 50,216
• Household income: $63,941
• Rent vs Own: 59.7% rent · 40.3% own
• Severe rent burden: 4351.0

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 (78%)
• Race & ethnicity: White 78% Hispanic / Latino 10% Two or more races 9% Asian 4% Black 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 5% Portuguese 5% Slovak 4%
• Foreign-born: 7% · Canada, China, Vietnam
• Languages at home: 89% English-only · Spanish 6% Chinese 1% Other Indo-European 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: ▼ -1126.32%
• Current HPI: 463.2721
• Rent YoY: ▲ 2.67%
• 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

+317.2% since first listed

14 events — show timeline

• 2026-05-08 Listed $249,900 NWMLS as Distributed by MLS Grid
• 2022-06-24 Sold (MLS) $215,000 NWMLS as Distributed by MLS Grid
• 2022-06-02 Pending — NWMLS as Distributed by MLS Grid
• 2022-03-30 Listed — NWMLS as Distributed by MLS Grid
• 2022-03-30 Listed $249,900 NWMLS as Distributed by MLS Grid
• 2016-06-28 Delisted — NWMLS as Distributed by MLS Grid
• 2016-06-10 Sold (MLS) $53,250 NWMLS as Distributed by MLS Grid
• 2016-05-20 Pending — NWMLS as Distributed by MLS Grid
• 2016-05-14 Listed $52,000 NWMLS as Distributed by MLS Grid
• 2009-09-11 Sold (MLS) $51,500 NWMLS as Distributed by MLS Grid
• 2009-08-10 Pending — NWMLS as Distributed by MLS Grid
• 2009-06-23 Relisted — NWMLS as Distributed by MLS Grid
• 2009-06-12 Delisted — NWMLS as Distributed by MLS Grid
• 2009-06-03 Listed $59,900 NWMLS as Distributed by MLS Grid

Property tax history

+6.6%/yr

Latest (2026): $1,679 · +125.1% YoY. Source: county tax records.