2282 Yew St Unit C1 · Bellingham, WA 98229

$139,000

2 bd · 1.5 ba · 924 sqft · Manufactured · 1 Days on market

Built 1977 Good condition 701 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +3.3/5.0
• Appreciation +0.0/10.0

Listing remarks

Home move-in ready in the desirable Forest Park Mobile Home Community. This well-maintained home offers 2 bedrooms, 1.5 bathrooms plus bonus room. Open floor plan with bedrooms located on opposite ends of the home for added privacy. Bright dining space and kitchen with extra cabinet space, the living room is large and ready for entertaining. Spacious primary suite features a large closet. Back enclosed room for additional living space, can be used as home office, or hobby room or storage. Situated on a desirable corner conveniently located close to the park entrance. Conveniently located near shopping, medical services, parks, and downtown Bellingham, with easy access to Galbraith Mountain

Key facts

• Open floor plan
• Bonus room
• Back enclosed room

Tags

• MOVE IN READY
• BONUS ROOM
• OPEN FLOOR PLAN
• EXTRA CABINET SPACE
• BACK ENCLOSED ROOM
• CORNER LOT

Property features AI

Finance

• Other: Calculated living area: 924; Corner lot with view
• Financial info: Listed for cash; Land lease: $650/month
• HOA & community: Located in Forest Park Mobile Home Community; Park approved for sale

Exterior

• Parking: Carport
• Utilities: Electric energy source; Public water
• Home design: Manufactured single-wide home; One story; Flat roof; Model: HOME 77 MARLETTE; Residential manufactured home in a mobile home community; Mobile home remains on site
• Construction: Metal/vinyl construction; Flat roof; Tie down foundation; Manufactured house
• Exterior features: Metal/vinyl exterior; Awnings; Patio/porch/deck; Corner lot; Paved

Interior

• Kitchen: Microwave; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Ceramic tile; Vinyl
• Bathrooms: 1 full bath; 1 half bath
• Heating & cooling: Ductless heating; Cooling present
• Interior features: Microwave; Stove/Range; Ductless heating; Has cooling; Ceramic tile flooring; Vinyl flooring; Good condition; Has view
• Laundry & utility: Tie down foundation

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath manufactured listed at $139k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $572 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Cap rate 11.2% 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; 17 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 $961 of loan paydown is wiped out by about $4k 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 $39k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $139,000

Questions for the listing agent

1. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 1.40% ✓
• Cap rate: 11.23%
• Cash-on-cash: 17.62%
• DSCR: 1.78
• GRM: 6.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.38% rent growth · sell at horizon

5-year hold

• IRR: 9.5%
• Equity multiple: 1.38×
• Total profit: $14,650
• Equity at exit: $20,725

10-year hold

• IRR: 19.0%
• Equity multiple: 2.61×
• Total profit: $62,824
• Equity at exit: $12,018

Cash invested: $38,920 (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: 6.0×

Monthly cashflow live

• Estimated rent: $1,939 high
• Mortgage (P&I): −$729
• Tax est. 1.5%: −$174 /mo · $2,085/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $572

Break-even live

Break-even rent $1,216

Max offer price $139,000

Occupancy floor 66%

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2139 Xenia Ln Bellingham, WA	3.0	2.0	1064	$2,300	$2.16	13d	1	0.10mi
2233 Woburn St Bellingham, WA	2.0	1.0	750	$1,595	$2.13	13d	2	0.14mi
2520 Valencia St Unit A Bellingham, WA	2.0	1.0	864	$1,950	$2.26	13d	1	0.30mi
1800 Alabama St Bellingham, WA	1.0–2.0	1.0	825	$1,595	$1.93	13d	3	0.35mi
1717 Texas St Bellingham, WA	1.0	1.0	640	$1,395	$2.18	21d	2	0.38mi
1726 Texas St Unit 204 Bellingham, WA	2.0	1.0	750	$1,675	$2.23	21d	1	0.38mi
1730 Texas St Unit 1 Bellingham, WA	2.0	1.0	816	$1,675	$2.05	21d	1	0.38mi
1300 Texas St Apt 1 Bellingham, WA	2.0	1.0	950	$1,600	$1.68	21d	1	0.67mi
2329 Orleans St Apt 2 Bellingham, WA	2.0	1.0	750	$1,450	$1.93	21d	1	0.69mi
3126 Racine St Bellingham, WA	1.0–2.0	1.0–1.5	668	$2,225	$3.33	13d	3	0.93mi
3102 Orleans St Bellingham, WA	1.0	1.0	600	$1,850	$3.08	21d	1	1.02mi
3340 Southbend Pl Unit 101 Bellingham, WA	2.0	1.0	826	$1,975	$2.39	21d	1	1.09mi
1338 Puget St Unit 1 Bellingham, WA	2.0	1.0	801	$1,800	$2.25	13d	1	1.12mi
1745 James St Unit 1745-A Bellingham, WA	2.0	1.0	728	$1,950	$2.68	13d	1	1.12mi
1471 Moore St Bellingham, WA	2.0–3.0	2.0	860	$1,675	$1.95	21d	6	1.14mi
2100 Electric Ave Bellingham, WA	1.0–2.0	1.0–2.0	880	$3,150	$3.58	13d	11	1.19mi
1212 Nevada St Unit 1 Bellingham, WA	2.0	1.0	975	$1,750	$1.79	21d	1	1.38mi

Listing history 2 events

1. 2026-06-18
   remarks 699-char remark
2. 2026-06-18
   listed $139,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $23,273
• − Mortgage interest: −$7,786
• − Property taxes: −$2,085
• − Insurance: −$695
• − Repairs & maintenance: −$1,862
• − Management: −$1,862
• − Depreciation: −$4,044
• Taxable income: $4,939
• Est. tax owed @ 24.0%: −$1,185
• After-tax cash flow: $5,673/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This move-in ready manufactured home in the Forest Park Mobile Home Community offers a good condition with a fresh paint job and minor maintenance needed.

Value-add opportunities

• Resale Paint exterior siding — Fresh paint can enhance curb appeal and property value.
• Rental Clean gutters — Clean gutters improve drainage and reduce maintenance costs for tenants.

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior siding — Fresh paint can enhance curb appeal and property value. ↑
• Rental Clean gutters — Clean gutters improve drainage and reduce maintenance costs for tenants. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-06-18 Listed $139,000 NWMLS as Distributed by MLS Grid