380 E Pole Rd #6

Lynden, WA 98264

$229,000C+

3 bd · 1.5 ba · 1,568 sqft · Built 2000 · Manufactured · Active · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,621/mo
• Mortgage (P&I): −$1,201
• Tax + insurance: −$282
• HOA: −$0
• Vac / Maint / Mgmt: −$550
• Net cashflow: $588/mo
• Annual: $7,060/yr
• Cap rate: 9.38%
• Cash-on-cash: 11.01%
• DSCR: 1.49
• 1% rule: 1.14%
• Cash to close: $64,120

Investor read

• This is a 3-bed/1.5-bath manufactured listed at $229k.
• At list price, monthly cash flow is $588 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $229k).
• It's been on market 27 days — a 2% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $226k (1.5% below list) — sets the bar for market timing.
• 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.
• Location reads 81/100 on livability (#80 in WA, #1,495 nationally) — a professional / high-income tenant draw. Strengths: commute A+, health & safety A+, housing A; Watch: cost of living F.
• Meridian School District (rural): math 45% / reading 56% proficiency, ranked #139 of 291 in WA (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.7%/yr); 190 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,190 units permitted in Whatcom County in 2024 (327 in 5+ unit buildings).
• 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 + 4.7% rent growth), your $64k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 9.4% vs local median 2.2% in Lynden — 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.
• This rent runs 30% of the median local income ($104k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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.
• 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.
• 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.