6978 Hannegan Rd · Lynden, WA 98264

$165,000

2 bd · 1.5 ba · 960 sqft · Manufactured public records · 20 Days on market

Built 1980 960 sqft lot

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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 +28.2/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• Schools +5.1/10.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Amazing opportunity to own a beautifully renovated and exceptionally well-cared-for home situated on a spacious leased lot. Privately tucked away yet conveniently close to town and everyday amenities, this property offers the perfect balance of peaceful living and affordability. Surrounded by mature landscaping, the outdoor space provides ample room for gardening, storage, entertaining, or simply relaxing in your own quiet retreat. Thoughtful updates include a new roof, energy-efficient heat pump, drywall throughout the home, and stylishly updated kitchen and bathrooms. Move-in ready with quality improvements already completed — this is truly a fantastic place to call home!

Key facts

• Renovated home
• Updated kitchen
• Outdoor space

Tags

• RENOVATED HOME
• MATURE LANDSCAPING
• OUTDOOR SPACE
• NEW ROOF
• ENERGY EFFICIENT HEAT PUMP
• UPDATED KITCHEN

Property features AI

Finance

• Other: Lot on a dead-end street
• Financial info: Listing terms: Cash
• HOA & community: Park name: Adrian Vanry Short; Pets allowed; Land lease: $650

Exterior

• Parking: Uncovered parking
• Utilities: Electric energy source; Community water; Power: PSE
• Home design: Manufactured home (double wide); One level; Average condition; Has a view; Make: Gibralter, Model: 80; Mobile home remains on site; Manufactured after 6/15/1976; Manufactured home park approved for sale
• Construction: Metal/vinyl construction materials; Metal roof; Tie-down foundation; Manufactured house structure type
• Exterior features: Patio/porch/deck; Metal/vinyl exterior

Interior

• Kitchen: Dishwasher; Stove/Range; Refrigerator
• Bedrooms: 2 bedrooms
• Flooring: Vinyl plank
• Bathrooms: 2 full bathrooms; 2 bathtubs
• Heating & cooling: Ductless heating; Has cooling
• Interior features: Water heater (electric, located in bathroom); Double pane windows
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath manufactured listed at $165k.

Deal economics

• At list price, monthly cash flow is $521 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $163k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.1% 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.

Location & tenants

• 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.
• Lynden School District (town): math 51% / reading 62% proficiency, ranked #82 of 291 in WA (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Fisher Elementary School (527 students, 56% FRL); Lynden High School (962 students, 40% FRL) — zoned schools average 48% FRL vs 29% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 + 4.7% rent growth), your $46k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 17y 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 $28k; list at $165k implies a 489% gain — meaningful room to come down on a strong offer.

Recommended offer $162,525 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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.
4. 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.
5. 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: 1.15% ✓
• Cap rate: 10.08%
• Cash-on-cash: 13.53%
• DSCR: 1.60
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.69% rent growth · sell at horizon

5-year hold

• IRR: 5.3%
• Equity multiple: 1.21×
• Total profit: $9,648
• Equity at exit: $24,602

10-year hold

• IRR: 16.0%
• Equity multiple: 2.40×
• Total profit: $64,737
• Equity at exit: $14,266

Cash invested: $46,200 (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 98264

• Rents YoY: 4.7%
• Active inventory: 190
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,893 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$40 /mo · $485/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $521

Break-even live

Break-even rent $1,233

Max offer price $165,000

Occupancy floor 67%

Sensitivity live

Price	-10% $614	-5% $568	+0% $521	+5% $474	+10% $428
Rent	-10% $371	-5% $446	+0% $521	+5% $596	+10% $671
Rate	-1.0pp $604	-0.5pp $563	base $521	+0.5pp $478	+1.0pp $435

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $165,000 Active 20 DOM
2. 2026-06-17
   days on market $165,000 Active 19 DOM
3. 2026-06-16
   days on market $165,000 Active 18 DOM
4. 2026-06-15
   days on market $165,000 Active 17 DOM
5. 2026-06-14
   days on market $165,000 Active 15 DOM
6. 2026-06-13
   days on market $165,000 Active 14 DOM
7. 2026-06-10
   days on market $165,000 Active 12 DOM
8. 2026-06-09
   days on market $165,000 Active 11 DOM
9. 2026-06-08
   days on market $165,000 Active 10 DOM
10. 2026-06-07
    days on market $165,000 Active 9 DOM
11. 2026-06-05
    days on market $165,000 Active 6 DOM
12. 2026-06-03
    days on market $165,000 Active 5 DOM
13. 2026-06-02
    days on market $165,000 Active 4 DOM
14. 2026-06-01
    days on market $165,000 Active 3 DOM
15. 2026-05-31
    days on market $165,000 Active 2 DOM
16. 2026-05-30
    remarks 682-char remark
17. 2026-05-30
    listed $165,000 Active 1 DOM

ⓘ 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: $485 · $40/mo
• Projected year-2 tax: $1,617 · $135/mo
• Expected delta: +$1,132/yr (+$94/mo · 233.4%)

ⓘ 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 ≥85°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 10 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,716
• − Mortgage interest: −$9,243
• − Property taxes: −$485
• − Insurance: −$825
• − Repairs & maintenance: −$1,817
• − Management: −$1,817
• − Depreciation: −$4,800
• Taxable income: $3,729
• Est. tax owed @ 24.0%: −$895
• After-tax cash flow: $5,357/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: Lynden School District
• NCES district ID: 5304620
• Math proficiency: 51% ▼ -3.00%
• Reading proficiency: 62% ▼ -1.00%
• Median HH income: $59,666
• Composite: 50.83/100
• National rank: #3886
• State rank: #82 of 291 in WA

Livability — Lynden

• Score: 81/100
• State rank: #80
• US rank: #1495

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Whatcom County · 209,776 people
• City population: 23,123
• Metro: Bellingham, WA
• Population (ZIP): 23,123
• Household income: $103,638
• Rent vs Own: 31.6% rent · 68.4% own
• Severe rent burden: 688.0

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 (75%)
• Race & ethnicity: White 75% Hispanic / Latino 15% Two or more races 10% Asian 2%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Iranian 17% Portuguese 3% Italian 3%
• Foreign-born: 11% · Canada, China
• Languages at home: 85% English-only · Spanish 10% Other Indo-European 2% Arabic 2%

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: ▼ -314.17%
• Current HPI: 370.7803
• Rent YoY: ▲ 4.69%
• 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

+407.7% since first listed

12 events — show timeline

• 2026-05-29 Listed $165,000 NWMLS as Distributed by MLS Grid
• 2019-02-01 Sold (MLS) $28,000 NWMLS as Distributed by MLS Grid
• 2019-01-09 Pending — NWMLS as Distributed by MLS Grid
• 2018-12-17 Listed $49,950 NWMLS as Distributed by MLS Grid
• 2015-11-25 Sold (MLS) $20,750 NWMLS as Distributed by MLS Grid
• 2015-11-16 Pending — NWMLS as Distributed by MLS Grid
• 2015-11-07 Relisted — NWMLS as Distributed by MLS Grid
• 2015-10-28 Pending — NWMLS as Distributed by MLS Grid
• 2015-10-16 Listed $19,900 NWMLS as Distributed by MLS Grid
• 2009-08-27 Sold (MLS) $30,000 NWMLS as Distributed by MLS Grid
• 2009-08-18 Pending — NWMLS as Distributed by MLS Grid
• 2009-07-02 Listed $32,500 NWMLS as Distributed by MLS Grid

Property tax history

+4.1%/yr

Latest (2026): $485 · +13.5% YoY. Source: county tax records.