4015 Eliza Ave #82 · Bellingham, WA 98226

$50,000

2 bd · 2.0 ba · 1,139 sqft · Manufactured public records · 5 Days on market

Built 1978 701 sqft lot Est $72k · 30% under

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Why this score? — see what drove the C- 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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits in Bakerview Estates! This 3-bedroom, 2-bath manufactured home offers a fantastic chance to build sweat equity in a desirable location. This home is a fixer-upper and is in need of repair as well as updating but features a functional floor plan and strong potential for the right buyer. Whether you’re looking for an affordable primary residence, investment property, or renovation project, this is a value-packed opportunity. Conveniently located near shopping, dining, schools, and everyday amenities. Owner financing may be available with 25% down, providing added flexibility for qualified buyers. Bring your vision and unlock the potential of this home!

Key facts

• Desirable location
• 3 parking spots
• Built 1978

Tags

• FUNCTIONAL FLOOR PLAN
• DESIRABLE LOCATION

Property features AI

Finance

• Other: Calculated building area 1,139 (source: MLS)
• Financial info: Cash offers only
• HOA & community: Land lease: $998/month; Manufactured home park approved for sale

Exterior

• Parking: 3 uncovered open parking spaces
• Utilities: Public water; Electric and wood energy sources; Electric water heater
• Home design: Manufactured double-wide home (Kingswood); One level; Fixer condition
• Construction: Metal roof; Metal/vinyl construction
• Exterior features: Metal/vinyl exterior; Paved lot

Interior

• Bedrooms: 3 bedrooms
• Bathrooms: 1 full bath; 1 three-quarter bath
• Heating & cooling: Forced air heating; Stove / free-standing heating; No cooling
• Interior features: Water heater (electric, located with outside access)

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $50k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).
• Cap rate 38.9% 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 flat; 378 active listings in the ZIP; 30 comparable units currently listed for rent nearby; rentals at typical pace (median 14d 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).
• This rent runs 32% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $346 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 + 0.4% rent growth), your $14k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $50,000

Questions for the listing agent

1. Built in 1978 — 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: 4.18% ✓
• Cap rate: 38.91%
• Cash-on-cash: 116.48%
• DSCR: 6.18
• GRM: 2.0

CMA / ARV

• ARV (on-the-fly): $71,757
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4015 Eliza Ave #120	0.12mi	2/2.0	1,152 (+1%)	4mo	$72,500	$63	89

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 · 0.42% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.23×
• Total profit: $73,155
• Equity at exit: $7,455

10-year hold

• IRR: —
• Equity multiple: 12.04×
• Total profit: $154,528
• Equity at exit: $4,323

Cash invested: $14,000 (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 98226

• Rents YoY: 0.4%
• Active inventory: 378
• Price-to-rent: 2.0×

Monthly cashflow live

• Estimated rent: $2,090 high
• Mortgage (P&I): −$262
• Tax from tax record: −$9 /mo · $112/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$439
• Net cashflow: $1,359

Break-even live

Break-even rent $370

Max offer price $50,000

Occupancy floor 30%

Sensitivity live

Price	-10% $1,387	-5% $1,373	+0% $1,359	+5% $1,345	+10% $1,331
Rent	-10% $1,194	-5% $1,276	+0% $1,359	+5% $1,441	+10% $1,524
Rate	-1.0pp $1,384	-0.5pp $1,372	base $1,359	+0.5pp $1,346	+1.0pp $1,333

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 30 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3928 Northwest Ave Bellingham, WA	2.0	1.0–2.0	736	$2,370	$3.22	14d	4	0.19mi
4018 Northwest Ave Bellingham, WA	2.0	1.5	820	$1,600	$1.95	14d	1	0.21mi
525 Darby Dr Bellingham, WA	1.0–2.0	1.0	891	$2,680	$3.01	14d	5	0.30mi
2600 Alderwood Ave Bellingham, WA	2.0	1.0	770	$1,650	$2.14	21d	1	0.47mi
263 W Bakerview Rd #209 Bellingham, WA	1.0	1.0	828	$1,800	$2.17	14d	1	0.49mi
3412 Northwest Ave Bellingham, WA	3.0	2.5	1045	$2,505	$2.40	14d	2	0.57mi
704 Fuchsia Loop Bellingham, WA	1.0	1.5	750	$1,600	$2.13	21d	1	0.61mi
3206 W Maplewood Ave Unit 101 Bellingham, WA	2.0	1.0	800	$1,595	$1.99	21d	1	0.66mi
3315 Galena Ln Unit 3315-201 Bellingham, WA	2.0	1.5	840	$1,750	$2.08	21d	1	0.68mi
3327 Northwest Ave Unit 07 Bellingham, WA	2.0	1.0	754	$1,500	$1.99	21d	1	0.69mi
2700 W Maplewood Ave Unit 302 Bellingham, WA	2.0	1.5	750	$1,795	$2.39	21d	1	0.70mi
3303 Hilda Ln Unit 3303 109 Bellingham, WA	3.0	1.5	1064	$2,010	$1.89	21d	1	0.70mi
2605 W Maplewood Ave Bellingham, WA	2.0	1.0–2.0	894	$1,850	$2.07	14d	1	0.83mi
1300 Mahogany Ave Bellingham, WA	2.0	1.0–2.5	913	$2,855	$3.13	14d	11	0.83mi
4355 Fuchsia Dr Bellingham, WA	2.0	1.0–2.5	809	$2,200	$2.72	14d	16	0.86mi
4233 Traverse Dr Bellingham, WA	2.0	2.5	1007	$2,500	$2.48	14d	5	0.87mi
430 W Stuart Rd Bellingham, WA	2.0	1.0–2.0	651	$2,214	$3.40	14d	14	0.98mi
3900 Deemer Rd Unit 109 Bellingham, WA	2.0	2.0	867	$1,850	$2.13	21d	1	1.01mi
420 W Stuart Rd Bellingham, WA	2.0	1.0–2.0	668	$1,974	$2.96	14d	14	1.04mi
200- Tull Pl Bellingham, WA	3.0	2.5	1263	$2,595	$2.05	14d	13	1.06mi
256 Prince Ave Unit 402 Bellingham, WA	2.0	2.0	846	$2,200	$2.60	14d	1	1.09mi
256 Prince Ave Unit 417 Bellingham, WA	2.0	2.0	948	$2,100	$2.22	21d	1	1.09mi
273 Tull Ct Bellingham, WA	2.0–3.0	1.5–2.0	1102	$1,950	$1.77	14d	5	1.12mi
3955 Primrose Ln Unit 25-307 Bellingham, WA	2.0	1.0	905	$1,725	$1.91	21d	1	1.16mi
1500 E Victor St Unit 7 Bellingham, WA	2.0	1.0	775	$1,850	$2.39	21d	1	1.16mi
4380 Tull Rd Bellingham, WA	1.0–2.0	1.0–1.5	697	$1,675	$2.40	21d	3	1.20mi
3128 Greenwood Ave Bellingham, WA	3.0	1.5	1040	$3,000	$2.88	21d	1	1.26mi
545 E Kellogg Rd Bellingham, WA	3.0	1.0–2.0	747	$2,017	$2.70	14d	14	1.33mi
3429 Redwood Ave Bellingham, WA	3.0	2.0	1403	$2,700	$1.92	14d	1	1.36mi
3021 Bennett Dr Bellingham, WA	3.0	1.5	1104	$2,800	$2.54	21d	1	1.46mi

Listing history 6 events

1. 2026-06-18
   days on market $50,000 Active 5 DOM
2. 2026-06-17
   days on market $50,000 Active 4 DOM
3. 2026-06-16
   days on market $50,000 Active 3 DOM
4. 2026-06-15
   days on market $50,000 Active 2 DOM
5. 2026-06-14
   remarks 677-char remark
6. 2026-06-14
   listed $50,000 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: $112 · $9/mo
• Projected year-2 tax: $490 · $41/mo
• Expected delta: +$378/yr (+$32/mo · 338.2%)

ⓘ 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 2/10 Low 7 d/yr ≥85°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,082
• − Mortgage interest: −$2,801
• − Property taxes: −$112
• − Insurance: −$250
• − Repairs & maintenance: −$2,007
• − Management: −$2,007
• − Depreciation: −$1,455
• Taxable income: $16,452
• Est. tax owed @ 24.0%: −$3,948
• After-tax cash flow: $12,358/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): 46,782
• Household income: $79,375
• Rent vs Own: 37.6% rent · 62.4% own
• Severe rent burden: 2061.0

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 (72%)
• Race & ethnicity: White 72% Two or more races 10% Hispanic / Latino 9% Asian 6% Native American 5% Black 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 6% Iranian 4% Slovak 4%
• Foreign-born: 11% · Canada, China, Vietnam
• Languages at home: 88% English-only · Spanish 5% Chinese 2% 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: ▼ -573.37%
• Current HPI: 406.1085
• Rent YoY: ▲ 0.42%
• 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

• 2026-06-13 Listed $50,000 NWMLS as Distributed by MLS Grid

Property tax history

-0.6%/yr

Latest (2026): $112 · +6.6% YoY. Source: county tax records.