8370 Harborview Rd #7

Birch Bay, WA 98230

$329,900D

3 bd · 2.0 ba · 1,512 sqft · Built 2000 · Manufactured · Active · 225 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,024/mo
• Mortgage (P&I): −$1,730
• Tax + insurance: −$550
• HOA: −$150
• Vac / Maint / Mgmt: −$635
• Net cashflow: $-41/mo
• Annual: $-489/yr
• Cap rate: 6.14%
• Cash-on-cash: -0.53%
• DSCR: 0.98
• 1% rule: 0.92%
• Cash to close: $92,372

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $330k.
• At list price, monthly cash flow is $-41 ($-489/yr) — negative.
• To cash-flow at today's rent, offer at most $324k (1.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $302k (8.3% below list).
• It's been on market 225 days — a 12% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $290k (12.0% below list) — sets the bar for market timing.
• In year one you build about $35k of equity ($2k loan paydown + $33k appreciation (10.0% local appreciation)).
• Location reads 62/100 on livability (#406 in WA) — a middle-class / working-renter tenant base. Strengths: housing A; Watch: cost of living D+, health & safety D, schools 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.
• Market conditions: Rents rising (+3.1%/yr); 454 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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 (10.0% appreciation + 3.1% rent growth), your $92k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$57k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 6.1% vs local median 2.6% in Birch Bay — 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.
• This rent runs 42% of the median local income ($87k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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?
• It's been on market 225 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.