2284 Yew St Unit K3 · Bellingham, WA 98229

$158,900

2 bd · 1.5 ba · 864 sqft · Manufactured public records · 14 Days on market

Built 1975 Est $141k · 13% over

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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 +29.9/30.0
• DSCR +10.0/10.0
• 1% rule +7.4/10.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• ARV discount +1.7/15.0
• Appreciation +0.0/10.0

Listing remarks

Safe and quiet living in this gorgeous remodeled manufactured home in one of the area's most affordable parks. Located near Lake Padden and Galbraith Mountain but also on a bus line and 10 minutes to downtown Bellingham, this is likely the most affordable living option around. Completely updated and newly remodeled, the attractive and bright, spacious open concept inside boasts new appliances, vinyl plank flooring, paint, trim, windows, insulation, paint inside and out, carpet, vapor barrier, yard and landscaping. Outside is plenty of parking on the new driveway, a handy shed for tools or toys, a front and back deck and a location backing up to the forest. There's a healthy, green lawn, abu

Key facts

• Updated appliances
• Handy shed
• New driveway

Tags

• REMODELED MANUFACTURED HOME
• UPDATED APPLIANCES
• VINYL PLANK FLOORING
• NEW DRIVEWAY
• HANDY SHED
• FRONT AND BACK DECK

Property features AI

Finance

• Other: Calculated living area 864; Structure type: Manufactured house; Style: Manufactured double wide
• Financial info: Listing terms: Cash or Conventional
• HOA & community: Located in Forest Park (park-approved for sale); Park amenities include common area; Pets allowed (cats and dogs; see remarks); Land lease of $650/month

Exterior

• Parking: Uncovered parking; 3 open parking spaces
• Utilities: Electric energy source; Community water (park); Park sewer; Power by PSE; Electric water heater
• Home design: Manufactured double-wide home (Homette model 36x24); Updated/remodeled condition; One level; Faces south; Mobile home remains on site
• Construction: Metal/vinyl and wood construction; Composition and torch down roof; Wood skirting; Tie-down foundation
• Exterior features: Metal/vinyl and wood exterior; Dead-end street; Paved access; View

Interior

• Kitchen: Kitchen without eating space; Dining room adjacent
• Bedrooms: 2 bedrooms
• Flooring: Vinyl plank; Carpet
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Water heater; Double pane windows; Patio/porch/deck; Walk-in closet
• Laundry & utility: Back shed for storage

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath manufactured listed at $159k.

Deal economics

• At list price, monthly cash flow is $590 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $159k).
• Cap rate 10.7% 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: Wade King Elementary School (346 students, 24% FRL); Sehome High School (1,163 students, 25% FRL).
• Market conditions: Rents rising (+3.4%/yr); 270 active listings in the ZIP; 4 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 $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 + 3.4% rent growth), your $44k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $158,900

Questions for the listing agent

1. Built in 1975 — 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: 1.24% ✓
• Cap rate: 10.75%
• Cash-on-cash: 15.90%
• DSCR: 1.71
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $140,832
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2284 Yew st Rd Unit B6	0.20mi	2/1.0	784 (-9%)	6mo	$128,000	$163	68

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: 1.28×
• Total profit: $12,521
• Equity at exit: $23,693

10-year hold

• IRR: 16.8%
• Equity multiple: 2.40×
• Total profit: $62,210
• Equity at exit: $13,739

Cash invested: $44,492 (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: 6.7×

Monthly cashflow live

• Estimated rent: $1,977 medium
• Mortgage (P&I): −$833
• Tax from tax record: −$73 /mo · $874/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $590

Break-even live

Break-even rent $1,231

Max offer price $158,900

Occupancy floor 65%

Sensitivity live

Price	-10% $680	-5% $635	+0% $590	+5% $545	+10% $500
Rent	-10% $433	-5% $512	+0% $590	+5% $668	+10% $746
Rate	-1.0pp $670	-0.5pp $630	base $590	+0.5pp $549	+1.0pp $507

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: $39,725
• Closing costs: $4,767
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3966 Byron Ave Unit 105 Bellingham, WA	2.0	2.0	995	$1,650	$1.66	21d	1	1.35mi
3966 Byron Ave Bellingham, WA	1.0	1.0	711	$1,450	$2.04	21d	1	1.35mi
3805 Elwood Ave Bellingham, WA	4.0	1.0–2.5	1213	$2,418	$1.99	13d	49	1.43mi
1743 E Maple St Bellingham, WA	1.0–3.0	1.0–2.0	910	$2,108	$2.32	13d	12	1.46mi

Listing history 12 events

1. 2026-06-18
   days on market $158,900 Active 14 DOM
2. 2026-06-17
   days on market $158,900 Active 13 DOM
3. 2026-06-16
   days on market $158,900 Active 12 DOM
4. 2026-06-15
   days on market $158,900 Active 11 DOM
5. 2026-06-14
   days on market $158,900 Active 9 DOM
6. 2026-06-13
   days on market $158,900 Active 8 DOM
7. 2026-06-10
   days on market $158,900 Active 6 DOM
8. 2026-06-09
   days on market $158,900 Active 5 DOM
9. 2026-06-08
   days on market $158,900 Active 4 DOM
10. 2026-06-07
    days on market $158,900 Active 3 DOM
11. 2026-06-05
    remarks 699-char remark
12. 2026-06-05
    listed $158,900 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: $874 · $73/mo
• Projected year-2 tax: $1,557 · $130/mo
• Expected delta: +$683/yr (+$57/mo · 78.1%)

ⓘ 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 4/10 Moderate
• 🌡 Heat 1/10 Low 6 d/yr ≥83°F today · 13 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: $23,727
• − Mortgage interest: −$8,901
• − Property taxes: −$874
• − Insurance: −$794
• − Repairs & maintenance: −$1,898
• − Management: −$1,898
• − Depreciation: −$4,623
• Taxable income: $4,739
• Est. tax owed @ 24.0%: −$1,137
• After-tax cash flow: $5,939/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

• 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

• 2026-06-04 Listed $158,900 NWMLS as Distributed by MLS Grid

Property tax history

+11.9%/yr

Latest (2026): $874 · +284.2% YoY. Source: county tax records.