3497 Renee Dr · Sudden Valley, WA 98284

$675,000

3 bd · 2.0 ba · 1,872 sqft · SingleFamily public records · 22 Days on market

Built 1999 3.02 ac lot $361/sqft · 41% below area Est $1137k · 41% under

---

Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• Schools +4.2/10.0
• Livability +3.4/5.0
• Cash flow +2.9/30.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks

Desirable South Bay Lake Whatcom retreat on 3 private acres! This 1,872 SF home features 3 bedrooms, 2.5 baths, automatic generator, and a shop. The kitchen offers stainless steel appliances, granite countertop, and tile flooring. Upstairs you'll find the spacious primary suite with jetted tub, dual vanity, and beautiful tile floors. There is an amazing balcony off the primary suite that would be a perfect place for morning coffee and enjoy the peace and quiet. Additional full bath plus two additional bedrooms, including one with a walk-in closet. Radiant heat through out for constant clean heat. Enjoy peaceful outdoor living on the deck overlooking the tranquil setting with territorial and

Key facts

• Tile flooring
• Jetted tub
• Automatic generator

Tags

• SOUTH BAY LAKE WHATCOM RETREAT
• AUTOMATIC GENERATOR
• STAINLESS STEEL APPLIANCES
• GRANITE COUNTERTOP
• TILE FLOORING
• JETTED TUB

Property features AI

Finance

• Other: Lot size about 3.02 acres; Site features include cable TV, high speed internet, propane, RV parking, outbuildings and shop
• Financial info: Acceptable financing: Cash, Conventional, FHA, VA

Exterior

• Parking: Detached garage (2 covered spaces); Approximately 900 sq ft garage space; RV parking
• Utilities: Shared well water; Septic tank; Electric and propane energy sources; Puget Sound Energy power; Astound Broadband for cable and internet
• Home design: Single family residence, two stories; Built on lot; Main entry level; Faces southwest; Has a view; Property condition: good
• Construction: Wood construction; Composition roof; Poured concrete and slab foundation; Built as part of Shenk short plat
• Exterior features: Wood exterior and wood products; Deck; Patio; Outbuildings and shop; Garden space; Wooded setting; Dead-end street; RV parking

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms (all on upper level)
• Flooring: Ceramic tile; Carpet
• Bathrooms: 2 full bathrooms; 1 half bathroom; 2 bathtubs; 2 showers; Main level bathroom is a half bath
• Heating & cooling: Radiant heating; No central air conditioning
• Interior features: Ceiling fans; Dining room; French doors; Jetted tub; Skylights; Wired for generator; Water heater (electric/propane) located in mechanical room
• Laundry & utility: Water heater in mechanical room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $675k.

Deal economics

• At list price, monthly cash flow is $-2k ($-27k/yr) — negative.
• To cash-flow at today's rent, offer at most $284k (57.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $256k (62.0% below list).
• Recommended offer: $256k (62.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 68/100 on livability (#285 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: health & safety D, amenities F, cost of living F.
• Mount Baker School District (rural): math 40% / reading 53% proficiency, ranked #165 of 291 in WA (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Acme Elementary (203 students, 49% FRL); Mount Baker Junior High (278 students, 58% FRL); Mount Baker Senior High (517 students, 47% FRL) — zoned schools at 52% FRL track the district average.
• Market conditions: 232 active listings in the ZIP; solid renter incomes; 1,190 units permitted in Whatcom County in 2024 (327 in 5+ unit buildings).
• This rent runs 33% of the median local income ($93k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $72k of equity ($5k loan paydown + $68k appreciation (10.0% local appreciation)).
• Whatcom County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$116k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($665k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 24y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $295k; list at $675k implies a 129% gain — meaningful room to come down on a strong offer.

Recommended offer $256,377 (62.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.38% ✗
• Cap rate: 2.36%
• Cash-on-cash: -14.04%
• DSCR: 0.38
• GRM: 21.9

CMA / ARV

• ARV (median comp): $1,136,932
• List price: $675,000
• Delta: -40.63%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3686 South Bay Dr	0.51mi	4/3.5 (+1)	1,600 (-14%)	3mo	$1,350,000	$844	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 14.5%
• Equity multiple: 2.20×
• Total profit: $226,580
• Equity at exit: $608,093

10-year hold

• IRR: 14.3%
• Equity multiple: 5.11×
• Total profit: $777,533
• Equity at exit: $1,311,377

Cash invested: $189,000 (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 98284

• Home prices YoY: 3.5%
• Active inventory: 232
• Price-to-rent: 21.9×

Monthly cashflow live

• Estimated rent: $2,564 medium
• Mortgage (P&I): −$3,540
• Tax from tax record: −$415 /mo · $4,984/yr
• Insurance: −$281
• HOA: −$0
• Vacancy / Maint / Mgmt: −$538
• Net cashflow: $-2,211

Break-even live

Break-even rent $5,362

Max offer price $284,422

Occupancy floor —

Sensitivity live

Price	-10% $-1,829	-5% $-2,020	+0% $-2,211	+5% $-2,402	+10% $-2,593
Rent	-10% $-2,414	-5% $-2,312	+0% $-2,211	+5% $-2,110	+10% $-2,008
Rate	-1.0pp $-1,871	-0.5pp $-2,039	base $-2,211	+0.5pp $-2,386	+1.0pp $-2,564

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: $168,750
• Closing costs: $20,250
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-07
   status $675,000 Pending 22 DOM
2. 2026-06-05
   days on market $675,000 Active Under Contract 22 DOM
3. 2026-06-02
   days on market $675,000 Active Under Contract 20 DOM
4. 2026-06-01
   days on market $675,000 Active Under Contract 19 DOM
5. 2026-05-31
   days on market $675,000 Active Under Contract 18 DOM
6. 2026-05-30
   days on market $675,000 Active Under Contract 17 DOM
7. 2026-05-13
   listed $675,000 Active
8. 2008-12-01
   soldstatus $295,000 Sold
9. 2008-12-01
   soldstatus $295,000
10. 2008-10-31
    historical
11. 2008-10-27
    price $299,900
12. 2008-09-22
    price $349,900
13. 2008-08-01
    price $399,000
14. 2008-04-21
    listed $459,000
15. 2004-08-31
    soldstatus $224,900
16. 2003-05-01
    soldstatus $192,870
17. 2003-04-30
    soldstatus $192,870
18. 2003-03-18
    historical
19. 2003-03-15
    historical
20. 2003-02-21
    listed
21. 2002-11-18
    listed $199,000

ⓘ 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: $4,984 · $415/mo
• Projected year-2 tax: $6,615 · $551/mo
• Expected delta: +$1,631/yr (+$136/mo · 32.7%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 1/10 Low 7 d/yr ≥83°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,765
• − Mortgage interest: −$37,810
• − Property taxes: −$4,984
• − Insurance: −$3,375
• − Repairs & maintenance: −$2,461
• − Management: −$2,461
• − Depreciation: −$19,636
• Taxable loss: −$39,963
• Est. tax savings @ 24.0%: +$9,591
• After-tax cash flow: $-16,941/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: Mount Baker School District
• NCES district ID: 5305310
• Math proficiency: 40% ▲ 3.00%
• Reading proficiency: 53% ▼ -1.00%
• Median HH income: $53,695
• Composite: 42.37/100
• National rank: #6931
• State rank: #165 of 291 in WA

Livability — Sudden Valley

• Score: 68/100
• State rank: #285
• US rank: #9937

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Skagit County · 118,108 people
• Metro: Mount Vernon-Anacortes, WA
• Population (ZIP): 27,835
• Household income: $93,006
• Rent vs Own: 27.0% rent · 73.0% own
• Severe rent burden: 502.0

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 (76%)
• Race & ethnicity: White 76% Hispanic / Latino 14% Two or more races 8% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 12% Puerto Rican 1%
• Common ancestry: Portuguese 6% Slovak 4% Italian 3%
• Foreign-born: 5% · Canada, China
• Languages at home: 88% English-only · Spanish 10% 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: ▲ 43.42%
• Current HPI: 1280.83
• Rent YoY: —
• Metro: Mount Vernon-Anacortes, 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

+239.2% since first listed

16 events — show timeline

• 2026-06-05 Pending — NWMLS as Distributed by MLS Grid
• 2026-05-13 Listed $675,000 NWMLS as Distributed by MLS Grid
• 2008-12-01 Sold (Public Records) $295,000 Public Records
• 2008-12-01 Sold (MLS) $295,000 NWMLS as Distributed by MLS Grid
• 2008-10-31 Delisted — NWMLS as Distributed by MLS Grid
• 2008-10-27 Price Changed $299,900 NWMLS as Distributed by MLS Grid
• 2008-09-22 Price Changed $349,900 NWMLS as Distributed by MLS Grid
• 2008-08-01 Price Changed $399,000 NWMLS as Distributed by MLS Grid
• 2008-04-21 Listed $459,000 NWMLS as Distributed by MLS Grid
• 2004-08-31 Sold (Public Records) $224,900 Public Records
• 2003-05-01 Sold (MLS) $192,870 NWMLS as Distributed by MLS Grid
• 2003-04-30 Sold (Public Records) $192,870 Public Records
• 2003-03-18 Delisted — NWMLS as Distributed by MLS Grid
• 2003-03-15 Delisted — NWMLS as Distributed by MLS Grid
• 2003-02-21 Listed — NWMLS as Distributed by MLS Grid
• 2002-11-18 Listed $199,000 NWMLS as Distributed by MLS Grid

Property tax history

+3.5%/yr

Latest (2026): $4,984 · +11.8% YoY. Source: county tax records.