425 N Chuckanut Dr #42 · Bellingham, WA 98229

$275,000

2 bd · 2.0 ba · 1,539 sqft · Manufactured public records · 16 Days on market

Built 1988 701 sqft lot Est $249k · 10% over

---

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).

• Cash flow +20.5/30.0
• DSCR +6.5/10.0
• Schools +4.8/10.0
• 1% rule +4.5/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• ARV discount +2.9/15.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to Robin Lane Park, a peaceful 55+ community ideally located just minutes from historic Fairhaven's shops, restaurants, waterfront, and miles of scenic trails. This well-maintained home offers an exceptional combination of comfort, affordability, and recent upgrades. Enjoy year-round comfort with a newer heat pump providing efficient heating and cooling, triple-pane windows, and an inviting layout filled with natural light. Recent improvements include over $25,000 in structural upgrades, including leveling, reinforced floor framing, new subflooring, foundation repairs, updated plumbing, and brand-new carpet throughout, making this home move-in ready. The expansive covered porch with

Key facts

• Structural upgrades
• Recent upgrades
• Powered storage shed

Tags

• RECENT UPGRADES
• NEWER HEAT PUMP
• TRIPLE-PANE WINDOWS
• STRUCTURAL UPGRADES
• EXPANSIVE COVERED PORCH
• POWERED STORAGE SHED

Property features AI

Finance

• Other: Direction faces east; Double pane windows noted for energy efficiency
• Financial info: Land lease $655; Listing terms: Cash, Conventional
• HOA & community: Robin Lane Mobile Park (54 homes); Park approved for sale; Senior community

Exterior

• Parking: Carport
• Utilities: Electric energy source; Public water (City of Bellingham); City of Bellingham sewer; PSE power; Electric water heater (in closet)
• Home design: Manufactured double-wide home; One level; East-facing; Bradbury make; Good condition; Has view; Mobile home remains
• Construction: Metal/vinyl construction materials; Composition roof; Metal skirting; Pillar/post/pier foundation; Manufactured after 06/15/1976
• Exterior features: Metal/vinyl exterior; Paved lot; Common area (park)

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Laminate; Vinyl; Carpet
• Bathrooms: 1 full bath; 1 three-quarter bath
• Heating & cooling: Forced air heating; Heat pump (heating and cooling)
• Interior features: Water heater in closet; Bath off primary; Double pane windows; Patio/porch/deck; Walk-in closet
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $275k.

Deal economics

• At list price, monthly cash flow is $364 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $262k (4.6% below list).
• Recommended offer: $262k (4.6% below list) — sets the bar for 1% rule.
• Cap rate 7.9% 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.
• Zoned schools: Sehome High School (1,163 students, 25% FRL).
• Market conditions: Rents rising (+3.4%/yr); 270 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,190 units permitted in Whatcom County in 2024 (327 in 5+ unit buildings).
• This rent runs 35% of the median local income ($91k/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 $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y 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.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $262,338 (4.6% 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 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?
3. 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?
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: 0.95% ✗
• Cap rate: 7.88%
• Cash-on-cash: 5.68%
• DSCR: 1.25
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $249,318
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
425 Chuckanut Dr #16	0.04mi	2/2.0	1,604 (+4%)	15mo	$134,000	$84	79
425 Chuckanut Dr N #37	0.05mi	3/2.0 (+1)	1,512 (-2%)	15mo	$238,500	$158	77
425 Chuckanut Dr N #29	0.09mi	3/2.0 (+1)	1,436 (-7%)	4mo	$176,000	$123	76
2015 24th St #94	0.62mi	2/2.0	1,590 (+3%)	2mo	$215,000	$135	64
2015 24th St #102	0.62mi	3/2.0 (+1)	1,555 (+1%)	11mo	$185,000	$119	55
2015 24th #44	0.68mi	2/2.5	1,479 (-4%)	11mo	$340,000	$230	51
2015 24th St #82	0.68mi	2/2.0	1,498 (-3%)	18mo	$255,000	$170	48
2015 24th St #31	0.74mi	2/2.0	1,426 (-7%)	6mo	$235,000	$165	48
2015 24th St #24	0.72mi	3/2.0 (+1)	1,539 (0%)	16mo	$250,000	$162	48
2015 24th St #29	0.72mi	3/2.0 (+1)	1,558 (+1%)	18mo	$260,000	$167	44
2400 Donovan Ave #66	0.68mi	2/2.0	1,386 (-10%)	18mo	$105,000	$76	37
2015 24th St #25	0.73mi	3/2.0 (+1)	1,608 (+4%)	20mo	$268,000	$167	37

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 · 3.38% rent growth · sell at horizon

5-year hold

• IRR: -7.2%
• Equity multiple: 0.73×
• Total profit: $-20,422
• Equity at exit: $41,003

10-year hold

• IRR: 2.8%
• Equity multiple: 1.21×
• Total profit: $15,950
• Equity at exit: $23,777

Cash invested: $77,000 (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 98229

• Rents YoY: 3.4%
• Active inventory: 270
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $2,623 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$151 /mo · $1,816/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$551
• Net cashflow: $364

Break-even live

Break-even rent $2,162

Max offer price $275,000

Occupancy floor 81%

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
506 Cypress Rd Bellingham, WA	3.0	2.0	1950	$3,320	$1.70	13d	1	0.28mi
1002 21st St Bellingham, WA	3.0	2.0	1300	$2,550	$1.96	20d	1	0.93mi
2170 Douglas Ave Bellingham, WA	3.0–4.0	2.0	1069	$2,325	$2.17	13d	4	0.97mi
930 22nd St Bellingham, WA	1.0–3.0	1.0–2.0	900	$2,008	$2.23	20d	5	1.01mi
2305 Douglas Ave Bellingham, WA	1.0–4.0	1.0–4.0	1089	$2,222	$2.04	13d	16	1.05mi

Listing history 13 events

1. 2026-06-18
   days on market $275,000 Active 16 DOM
2. 2026-06-17
   days on market $275,000 Active 15 DOM
3. 2026-06-16
   days on market $275,000 Active 14 DOM
4. 2026-06-15
   days on market $275,000 Active 13 DOM
5. 2026-06-14
   days on market $275,000 Active 11 DOM
6. 2026-06-13
   days on market $275,000 Active 10 DOM
7. 2026-06-10
   days on market $275,000 Active 8 DOM
8. 2026-06-09
   days on market $275,000 Active 7 DOM
9. 2026-06-08
   days on market $275,000 Active 6 DOM
10. 2026-06-07
    days on market $275,000 Active 5 DOM
11. 2026-06-05
    days on market $275,000 Active 2 DOM
12. 2026-06-03
    remarks 699-char remark
13. 2026-06-03
    listed $275,000 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: $1,816 · $151/mo
• Projected year-2 tax: $2,695 · $225/mo
• Expected delta: +$879/yr (+$73/mo · 48.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 8 d/yr ≥83°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,481
• − Mortgage interest: −$15,404
• − Property taxes: −$1,816
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,518
• − Management: −$2,518
• − Depreciation: −$8,000
• Taxable loss: −$151
• Est. tax savings @ 24.0%: +$36
• After-tax cash flow: $4,410/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): 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

+27.9% since first listed

7 events — show timeline

• 2026-06-02 Listed $275,000 NWMLS as Distributed by MLS Grid
• 2025-05-14 Sold (MLS) $240,000 NWMLS as Distributed by MLS Grid
• 2025-03-31 Pending — NWMLS as Distributed by MLS Grid
• 2025-03-17 Listed $274,900 NWMLS as Distributed by MLS Grid
• 2021-01-06 Sold (MLS) $215,000 NWMLS as Distributed by MLS Grid
• 2020-12-09 Pending — NWMLS as Distributed by MLS Grid
• 2020-12-07 Listed $215,000 NWMLS as Distributed by MLS Grid

Property tax history

+24.7%/yr

Latest (2026): $1,816 · +140.1% YoY. Source: county tax records.