1200 Lincoln St #157 · Bellingham, WA 98229

$74,900

2 bd · 1.5 ba · 1,120 sqft · Manufactured public records · 58 Days on market

Built 1969 Est $66k · 13% over ↓ 5% since listing

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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
• 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 +1.5/15.0
• Appreciation +0.0/10.0

Listing remarks

Seller Motivated! Welcome to Lakeway Mobile Estates, an active community near amenities. This home is a must see. It is move-in ready and well maintained. This 1,120 sqft double-wide home is 3 doors down from the clubhouse. The home features 3 bedrooms, 1.75 baths, and a well-equipped kitchen. Newer laminate wood floors and the living room offers large windows and a cozy gas fireplace. The primary suite boasts a generous closet and en-suite bathroom. Energy efficient double pane vinyl windows. Outside, a corner lot with covered parking, storage shed, and covered front deck awaits. The house includes a vinyl roof installed 3-years ago, newer windows, hot water tank, furnace, and a re-levele

Key facts

• Large windows
• Cozy gas fireplace
• Generous closet

Tags

• MOVE IN READY
• WELL MAINTAINED
• WELL EQUIPPED KITCHEN
• LARGE WINDOWS
• COZY GAS FIREPLACE
• GENEROUS CLOSET

Property features AI

Finance

• Financial info: Land lease: $1,495; Listing terms: Cash, Conventional
• HOA & community: Located in Lakeway Estates (approximately 220 homes in the park); Park approved for sale; Senior exemption available; Park amenities include clubhouse and laundry

Exterior

• Parking: Carport
• Utilities: Public water (City of Bellingham); Public sewer (City of Bellingham); Electric power (PSE); Cable: Xfinity; Internet: Xfinity
• Home design: Manufactured double-wide home (Marlette); One level; Faces southwest; Mobile home remains on site
• Construction: Metal/vinyl and wood construction; Pillar/post/pier foundation; See remarks for roof
• Exterior features: Metal/vinyl and wood exterior; Patio/porch/deck; Corner lot; Has a view

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Refrigerator; Stove / Range
• Bedrooms: 3 bedrooms
• Flooring: Laminate; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub, 2 showers
• Heating & cooling: Forced air heating; Forced air cooling
• Interior features: Fireplace (gas); Water heater (electric, located outside the home); Ceiling fan(s); Double pane windows; Skylights; Walk-in closet; Dining room, entry, living room, utility room, kitchen without eating space
• Laundry & utility: Washer; Dryer; Laundry available in park

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath manufactured listed at $75k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Recommended offer: $73k (3.0% below list) — sets the bar for market timing.
• Cap rate 26.3% 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 22d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $518 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 $21k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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.

Recommended offer $72,653 (3.0% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 2.86% ✓
• Cap rate: 26.32%
• Cash-on-cash: 71.51%
• DSCR: 4.18
• GRM: 2.9

CMA / ARV

• ARV (on-the-fly): $66,080
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1200 Lincoln St #157	0.00mi	3/2.0 (+1)	1,120 (0%)	1mo	$70,900	$63	92
1200 Lincoln St #404	0.05mi	2/2.0	1,147 (+2%)	2mo	$64,000	$56	90
1200 Lincoln St #413	0.07mi	2/2.0	1,146 (+2%)	8mo	$45,000	$39	84
1200 Lincoln St #120	0.13mi	3/2.0 (+1)	1,104 (-1%)	1mo	$77,000	$70	84
1200 Lincoln St #418	0.13mi	2/2.0	1,152 (+3%)	9mo	$34,000	$30	80
1200 Lincoln St #272	0.05mi	2/2.0	1,152 (+3%)	15mo	$70,000	$61	78
1200 Lincoln St #161	0.02mi	2/2.0	1,152 (+3%)	21mo	$45,000	$39	75
1200 Lincoln St #193	0.13mi	2/2.0	1,261 (+13%)	3mo	$89,900	$71	69
1200 Lincoln St #285	0.09mi	2/2.0	1,248 (+11%)	8mo	$74,000	$59	68
1200 Lincoln Ave #297	0.12mi	2/2.0	1,012 (-10%)	11mo	$59,900	$59	67
1200 Lincoln St #106	0.15mi	2/2.0	1,248 (+11%)	14mo	$60,000	$48	60
1200 Lincoln St #306	0.14mi	2/2.0	960 (-14%)	20mo	$37,500	$39	51

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: 71.6%
• Equity multiple: 4.26×
• Total profit: $68,274
• Equity at exit: $11,168

10-year hold

• IRR: 75.6%
• Equity multiple: 8.88×
• Total profit: $165,303
• Equity at exit: $6,476

Cash invested: $20,972 (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: $2,144 high
• Mortgage (P&I): −$393
• Tax from tax record: −$20 /mo · $244/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$450
• Net cashflow: $1,250

Break-even live

Break-even rent $562

Max offer price $74,900

Occupancy floor 37%

Sensitivity live

Price	-10% $1,292	-5% $1,271	+0% $1,250	+5% $1,229	+10% $1,207
Rent	-10% $1,080	-5% $1,165	+0% $1,250	+5% $1,335	+10% $1,419
Rate	-1.0pp $1,288	-0.5pp $1,269	base $1,250	+0.5pp $1,230	+1.0pp $1,211

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: $18,725
• Closing costs: $2,247
• 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	22d	1	0.19mi
1743 E Maple St Bellingham, WA	1.0–3.0	1.0–2.0	910	$2,108	$2.32	14d	12	0.31mi
208 N Samish Way Bellingham, WA	2.0	1.0–2.0	875	$2,769	$3.16	14d	8	0.41mi
110 Ashley Ave Bellingham, WA	3.0	2.0	1362	$2,298	$1.69	14d	5	0.45mi
1338 Puget St Unit 1 Bellingham, WA	2.0	1.0	801	$1,800	$2.25	14d	1	0.46mi
3613 Consolidation Ave Bellingham, WA	3.0	2.0	1017	$2,378	$2.34	14d	8	0.47mi
1223 E Laurel St Unit 1223 Bellingham, WA	2.0	1.0	800	$2,150	$2.69	22d	1	0.48mi
1223 E Laurel St Unit 1227 Bellingham, WA	3.0	3.0	1200	$2,595	$2.16	14d	1	0.48mi
1223 E Laurel St Unit 1229 Bellingham, WA	3.0	3.0	1200	$2,995	$2.50	22d	1	0.48mi
935 Otis St Bellingham, WA	3.0	2.0	1000	$2,500	$2.50	22d	1	0.48mi
1471 Moore St Bellingham, WA	2.0–3.0	2.0	860	$1,675	$1.95	22d	6	0.53mi
1806 Lakeway Dr Bellingham, WA	2.0	1.0	1200	$2,075	$1.73	22d	1	0.55mi
1211 Jersey St Bellingham, WA	3.0	1.0	871	$2,411	$2.77	14d	12	0.56mi
3966 Byron Ave Unit 105 Bellingham, WA	2.0	2.0	995	$1,650	$1.66	22d	1	0.62mi
3966 Byron Ave Bellingham, WA	1.0	1.0	711	$1,450	$2.04	22d	1	0.62mi
1213 Billy Frank Jr. St Unit 2 Bellingham, WA	2.0	1.0	719	$1,750	$2.43	22d	1	0.63mi
1316 High St Bellingham, WA	3.0	1.0–2.0	909	$2,410	$2.65	22d	5	0.64mi
1024 Billy Frank Jr St #301 Bellingham, WA	2.0	1.0	740	$2,300	$3.11	22d	1	0.66mi
1113 Billy Frank Jr. St Unit 3 Bellingham, WA	2.0	1.0	900	$1,795	$1.99	22d	1	0.66mi
1010 Billy Frank Jr St Bellingham, WA	2.0	1.0	850	$1,765	$2.08	14d	11	0.68mi
3805 Elwood Ave Bellingham, WA	4.0	1.0–2.5	1213	$2,418	$1.99	14d	49	0.71mi
800 Liberty St Unit 17 Bellingham, WA	2.0	1.0	950	$1,795	$1.89	22d	1	0.72mi
1205 N Garden St Bellingham, WA	2.0–4.0	1.0–1.5	830	$2,150	$2.59	22d	9	0.76mi
230 32nd St Unit 250-106 (ADA) Bellingham, WA	2.0	1.0	738	$1,725	$2.34	14d	1	0.76mi
1117 N Garden St Bellingham, WA	3.0–4.0	2.0	1100	$2,233	$2.03	14d	3	0.78mi
421 E Maple St Bellingham, WA	1.0	1.0	875	$900	$1.03	22d	2	0.79mi
921 High St #7 Bellingham, WA	1.0	1.0	734	$2,300	$3.13	22d	1	0.80mi
1111 N Forest St Bellingham, WA	3.0	1.0–1.5	770	$2,375	$3.08	14d	4	0.85mi
1745 James St Unit 1745-A Bellingham, WA	2.0	1.0	728	$1,950	$2.68	14d	1	0.86mi
508 E Ivy St Apt 101 Bellingham, WA	2.0	1.0	704	$1,795	$2.55	22d	1	0.93mi
508 E Ivy St Unit 104 Bellingham, WA	2.0	1.0	704	$1,850	$2.63	22d	1	0.93mi
487 31st St Bellingham, WA	1.0–2.0	1.0	697	$1,890	$2.71	22d	33	1.01mi
524 32nd St Bellingham, WA	3.0	2.0	1100	$2,480	$2.25	22d	3	1.06mi
705 32nd St Bellingham, WA	3.0	1.0–2.0	792	$2,095	$2.65	22d	23	1.15mi
120 Prospect St Unit PS08 Bellingham, WA	3.0	2.0	1200	$2,200	$1.83	22d	1	1.18mi
317 N State St #306 Bellingham, WA	2.0	2.0	1410	$2,800	$1.99	14d	1	1.39mi
1818 D St Bellingham, WA	2.0	1.0	646	$2,350	$3.64	14d	18	1.41mi
2329 Orleans St Apt 2 Bellingham, WA	2.0	1.0	750	$1,450	$1.93	22d	1	1.41mi
1300 Texas St Apt 1 Bellingham, WA	2.0	1.0	950	$1,600	$1.68	22d	1	1.43mi
1726 Texas St Unit 204 Bellingham, WA	2.0	1.0	750	$1,675	$2.23	22d	1	1.46mi

Listing history 6 events

1. 2026-05-21
   status Pending
2. 2026-04-07
   price $74,900
3. 2026-03-23
   listed $78,000 Active
4. 2024-03-13
   soldstatus $74,000 Closed
5. 2024-01-15
   status Pending
6. 2023-12-19
   listed $78,500 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: $244 · $20/mo
• Projected year-2 tax: $734 · $61/mo
• Expected delta: +$490/yr (+$41/mo · 200.5%)

ⓘ 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: $25,734
• − Mortgage interest: −$4,196
• − Property taxes: −$244
• − Insurance: −$374
• − Repairs & maintenance: −$2,059
• − Management: −$2,059
• − Depreciation: −$2,179
• Taxable income: $14,623
• Est. tax owed @ 24.0%: −$3,510
• After-tax cash flow: $11,488/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

-4.6% since first listed

6 events — show timeline

• 2026-05-21 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-07 Price Changed $74,900 NWMLS as Distributed by MLS Grid
• 2026-03-23 Listed $78,000 NWMLS as Distributed by MLS Grid
• 2024-03-13 Sold (MLS) $74,000 NWMLS as Distributed by MLS Grid
• 2024-01-15 Pending — NWMLS as Distributed by MLS Grid
• 2023-12-19 Listed $78,500 NWMLS as Distributed by MLS Grid

Property tax history

+5.2%/yr

Latest (2025): $244 · +5.2% YoY. Source: county tax records.