380 E Pole Rd #16

Lynden, WA 98264

$39,000C-

2 bd · 1.5 ba · 728 sqft · Built 1978 · Manufactured · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,778/mo
• Mortgage (P&I): −$205
• Tax + insurance: −$65
• HOA: −$0
• Vac / Maint / Mgmt: −$373
• Net cashflow: $1,135/mo
• Annual: $13,621/yr
• Cap rate: 41.22%
• Cash-on-cash: 124.73%
• DSCR: 6.55
• 1% rule: 4.56%
• Cash to close: $10,920

Investor read

• This is a 2-bed/1.5-bath manufactured listed at $39k.
• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $39k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $270 of loan paydown is wiped out by about $1k 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; 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 $11k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 41.2% 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.

Questions for listing agent

• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.