4610 Elmwood Dr · Blaine, WA 98230

$540,000

3 bd · 2.5 ba · 1,518 sqft · SingleFamily public records · 30 Days on market

Built 2013 8,276 sqft lot Est $571k · 5% under ↓ 48% since listing

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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).

• Appreciation +10.0/10.0
• ARV discount +9.9/15.0
• Cash flow +6.6/30.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• DSCR +0.9/10.0
• 1% rule +0.7/10.0

Listing remarks

Welcome to this beautiful 3-bedroom home just steps from the beach in the sought-after Harbor Shores Seaside Community! This well-maintained home features granite countertops in the kitchen and bathrooms, stainless steel appliances, a brand new garbage disposal, walk-in pantry, Luxury Vinyl Plank Flooring in the main living areas, and cozy carpeted bedrooms. A recently installed EV charger adds convenience in the garage. Enjoy the outdoors from your custom paver patio overlooking a private park-like backyard with over 100 hand-selected native trees. Several fruit trees as well including cherry, pear, apple, and peach trees. Beautifully landscaped and low maintenance, this serene setting is

Key facts

• Custom paver patio
• Granite countertops
• Walk-in pantry

Tags

• GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• WALK-IN PANTRY
• LUXURY VINYL PLANK FLOORING
• CUSTOM PAVER PATIO
• PRIVATE PARK-LIKE BACKYARD

Property features AI

Finance

• Financial info: Accepts Cash, Conventional, FHA, and VA financing

Exterior

• Parking: Attached garage; Covered parking for 2 vehicles
• Utilities: Electric energy source; Public water; STEP sewer; Power provided by PSE
• Home design: Single-family residence; Two-story house; Built on lot
• Construction: Cement plank (fiber cement) siding; Composition roof; Slab foundation; Built as a two-story house
• Exterior features: Cement-planked exterior; Patio; Electric car charging; Sidewalk; Fruit trees; Garden space; Wooded lot; Community waterfront / private beach access; Level topography; Has view

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms (all on upper level); primary bedroom on second level
• Flooring: Ceramic tile; Hardwood; Vinyl plank; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 half bath
• Heating & cooling: Baseboard heating; No central air / cooling
• Interior features: Pantry; Living room; Dining room; Kitchen with eating space; Utility room
• Laundry & utility: Washer; Dryer; Utility room on main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $540k.

Deal economics

• At list price, monthly cash flow is $-885 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $384k (28.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $309k (42.7% below list).
• Recommended offer: $309k (42.7% below list) — sets the bar for 1% rule.
• Cap rate 4.3% vs local median 2.2% in Blaine — 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 78/100 on livability (#125 in WA, #2,491 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, housing A; Watch: amenities F, cost of living F.
• Blaine School District (town): math 49% / reading 55% proficiency, ranked #120 of 291 in WA (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Blaine Elementary School (463 students, 54% FRL); Blaine Middle School (459 students, 54% FRL); Blaine High School (609 students, 46% FRL) — zoned schools average 51% FRL vs 33% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.1%/yr); 461 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,190 units permitted in Whatcom County in 2024 (327 in 5+ unit buildings).
• This rent runs 43% of the median local income ($87k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $58k of equity ($4k loan paydown + $54k 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 ~$93k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($532k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y 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 $247k; list at $540k implies a 119% gain — meaningful room to come down on a strong offer.

Recommended offer $309,313 (42.7% 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. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.57% ✗
• Cap rate: 4.33%
• Cash-on-cash: -7.02%
• DSCR: 0.69
• GRM: 14.5

CMA / ARV

• ARV (on-the-fly): $570,768
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4590 Elmwood Dr	0.05mi	3/2.5	1,500 (-1%)	1mo	$569,000	$379	95
4606 Hall Rd	0.06mi	3/2.0	1,712 (+13%)	12mo	$530,000	$310	64
1163 Rene Ct	0.60mi	3/2.5	1,584 (+4%)	2mo	$620,000	$391	63
1416 Wilson Ave	0.55mi	3/2.0	1,574 (+4%)	12mo	$522,500	$332	56
1323 Wilson Ave	0.58mi	3/2.0	1,418 (-7%)	9mo	$532,500	$376	52
1321 Wilson Ave	0.60mi	3/2.0	1,326 (-13%)	11mo	$499,000	$376	40

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 · 3.1% rent growth · sell at horizon

5-year hold

• IRR: 19.3%
• Equity multiple: 2.57×
• Total profit: $237,850
• Equity at exit: $486,475

10-year hold

• IRR: 17.8%
• Equity multiple: 5.93×
• Total profit: $744,983
• Equity at exit: $1,049,101

Cash invested: $151,200 (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 98230

• Home prices YoY: 14.0%
• Rents YoY: 3.1%
• Active inventory: 461
• Price-to-rent: 14.5×

Monthly cashflow live

• Estimated rent: $3,093 medium
• Mortgage (P&I): −$2,832
• Tax from tax record: −$272 /mo · $3,260/yr
• Insurance: −$225
• HOA: −$0
• Vacancy / Maint / Mgmt: −$650
• Net cashflow: $-885

Break-even live

Break-even rent $4,213

Max offer price $383,681

Occupancy floor —

Sensitivity live

Price	-10% $-579	-5% $-732	+0% $-885	+5% $-1,038	+10% $-1,191
Rent	-10% $-1,129	-5% $-1,007	+0% $-885	+5% $-763	+10% $-641
Rate	-1.0pp $-613	-0.5pp $-748	base $-885	+0.5pp $-1,025	+1.0pp $-1,167

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: $135,000
• Closing costs: $16,200
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1350 Mitchell Ave Blaine, WA	2.0	1.0	1302	$2,095	$1.61	45d	1	1.25mi
8638 Harborview Rd Blaine, WA	3.0	3.0	2200	$4,250	$1.93	15d	1	1.26mi

Listing history 24 events

1. 2026-06-21
   days on market $540,000 Active 30 DOM
2. 2026-06-18
   price $540,000 Active 27 DOM
3. 2026-06-18
   days on market $550,000 Active 27 DOM
4. 2026-06-17
   days on market $550,000 Active 26 DOM
5. 2026-06-16
   days on market $550,000 Active 25 DOM
6. 2026-06-15
   days on market $550,000 Active 24 DOM
7. 2026-06-14
   days on market $550,000 Active 22 DOM
8. 2026-06-13
   days on market $550,000 Active 21 DOM
9. 2026-06-10
   days on market $550,000 Active 19 DOM
10. 2026-06-09
    days on market $550,000 Active 18 DOM
11. 2026-06-08
    days on market $550,000 Active 17 DOM
12. 2026-06-07
    days on market $550,000 Active 16 DOM
13. 2026-06-05
    days on market $550,000 Active 13 DOM
14. 2026-06-02
    days on market $550,000 Active 11 DOM
15. 2026-06-01
    days on market $550,000 Active 10 DOM
16. 2026-05-31
    days on market $550,000 Active 9 DOM
17. 2026-05-30
    days on market $550,000 Active 8 DOM
18. 2026-05-22
    status Active
19. 2026-05-21
    listed $550,000 Active
20. 2013-11-15
    soldstatus $247,000 Sold
21. 2013-10-29
    status Pending
22. 2013-10-10
    status Pending Inspection
23. 2013-09-17
    listed $249,900 Active
24. 2005-10-19
    soldstatus $1,050,000

ⓘ 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: $3,260 · $272/mo
• Projected year-2 tax: $5,292 · $441/mo
• Expected delta: +$2,032/yr (+$169/mo · 62.3%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥81°F today · 19 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: $37,118
• − Mortgage interest: −$30,248
• − Property taxes: −$3,260
• − Insurance: −$2,700
• − Repairs & maintenance: −$2,969
• − Management: −$2,969
• − Depreciation: −$15,709
• Taxable loss: −$20,738
• Est. tax savings @ 24.0%: +$4,977
• After-tax cash flow: $-5,641/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: Blaine School District
• NCES district ID: 5300570
• Math proficiency: 49% ▼ -1.00%
• Reading proficiency: 55% ▼ -2.00%
• Median HH income: $57,085
• Composite: 47.05/100
• National rank: #5128
• State rank: #120 of 291 in WA

Livability — Blaine

• Score: 78/100
• State rank: #125
• US rank: #2491

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Whatcom County · 209,776 people
• Metro: Bellingham, WA
• Population (ZIP): 18,744
• Household income: $86,623
• Rent vs Own: 20.4% rent · 79.6% own
• Severe rent burden: 454.0

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 11% Hispanic / Latino 9% Asian 3% Pacific Islander 2% Black 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 6% Iranian 4% Lithuanian 3%
• Foreign-born: 13% · Canada, China
• Languages at home: 89% English-only · Spanish 4% Russian/Polish/Slavic 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: ▲ 106.58%
• Current HPI: 868.68
• Rent YoY: ▲ 3.10%
• 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

-47.6% since first listed

7 events — show timeline

• 2026-05-22 Relisted — NWMLS as Distributed by MLS Grid
• 2026-05-21 Listed $550,000 NWMLS as Distributed by MLS Grid
• 2013-11-15 Sold (MLS) $247,000 NWMLS as Distributed by MLS Grid
• 2013-10-29 Pending — NWMLS as Distributed by MLS Grid
• 2013-10-10 Pending — NWMLS as Distributed by MLS Grid
• 2013-09-17 Listed $249,900 NWMLS as Distributed by MLS Grid
• 2005-10-19 Sold (Public Records) $1,050,000 Public Records

Property tax history

+16.8%/yr

Latest (2026): $3,260 · +1.8% YoY. Source: county tax records.