1200 Lincoln St #424 · Bellingham, WA 98229

$60,000

2 bd · 1.5 ba · 864 sqft · Manufactured public records · 21 Days on market

Built 1974

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Well kept 2 BR, 1 Bath doublewide in Lakeway Estates. Updated mobile home in very good condition with many upgrades. Large covered porch to relax and enjoy your day. Park approval required for new owners. Most residents are over 55 years old. 20% are allowed to be under 55. Rentals are allowed. This mobile home has air-conditioning for the hot summer days. Roof is 9 years old.

Key facts

• Updated mobile home
• Large covered porch
• Roof is 9 years old

Tags

• LARGE COVERED PORCH
• AIR-CONDITIONING
• UPDATED MOBILE HOME
• ROOF IS 9 YEARS OLD

Property features AI

Finance

• Other: Calculated building area 864 square feet; Structure type: Manufactured house, double wide; Levels: One
• Financial info: Listing terms: Cash or Conventional; Land lease amount applicable
• HOA & community: Located in Lakeway Estates manufactured home park; Park approved for sale; Senior community with senior exemption; Clubhouse, high-speed internet available, RV parking in park; Approximately 218 homes in the park; Land lease

Exterior

• Parking: Carport (storage located at carport)
• Utilities: Electric energy source; Community water (Lakeway Estates); Sewer via Lakeway Estates; Power by PSE; Cable connected (Comcast); Internet connected (Xfinity)
• Home design: Manufactured double-wide (Redman Flamingo); One level; Very good condition; Slab foundation
• Construction: Metal skirting; Composition roof; Metal/vinyl construction
• Exterior features: Metal/vinyl exterior; Corner lot; Paved lot; Patio/porch/deck; Has view

Interior

• Kitchen: Stove/Range; Refrigerator; Dishwasher; Kitchen with eating space
• Bedrooms: 2 bedrooms
• Flooring: Laminate; Carpet
• Bathrooms: 1 full bathroom with bathtub
• Heating & cooling: Forced air heating; Heat pump for heating and cooling
• Interior features: Water heater (electric, located exterior); Double pane windows; Bath off primary; Patio/porch/deck
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath manufactured listed at $60k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• Cap rate 31.8% 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; 40 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 $415 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 + 3.4% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y 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.
• Current owner paid $34k; list at $60k implies a 76% gain — meaningful room to come down on a strong offer.

Recommended offer $59,100 (1.5% below list)

Questions for the listing agent

1. Built in 1974 — 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: 3.45% ✓
• Cap rate: 31.84%
• Cash-on-cash: 91.24%
• DSCR: 5.06
• GRM: 2.4

CMA / ARV

• ARV (on-the-fly): $27,648
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1200 Lincoln St #410	0.10mi	2/1.0	840 (-3%)	11mo	$25,500	$30	80
1200 Lincoln St #292	0.05mi	2/1.0	936 (+8%)	4mo	$30,000	$32	78
1200 Lincoln St #253	0.16mi	2/1.0	840 (-3%)	11mo	$30,000	$36	77
1200 Lincoln St #195	0.10mi	2/1.0	840 (-3%)	20mo	$25,000	$30	72
1200 Lincoln St #124	0.24mi	2/1.5	912 (+6%)	13mo	$62,500	$69	68
1200 Lincoln St #242	0.19mi	2/2.0	924 (+7%)	13mo	$8,000	$9	67
1200 Lincoln St #306	0.06mi	2/2.0	960 (+11%)	20mo	$37,500	$39	60
1200 Lincoln St #402	0.16mi	2/1.0	763 (-12%)	13mo	$19,000	$25	60

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: 92.4%
• Equity multiple: 5.31×
• Total profit: $72,425
• Equity at exit: $8,946

10-year hold

• IRR: 95.3%
• Equity multiple: 11.18×
• Total profit: $171,099
• Equity at exit: $5,188

Cash invested: $16,800 (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: 2.4×

Monthly cashflow live

• Estimated rent: $2,071 high
• Mortgage (P&I): −$315
• Tax from tax record: −$19 /mo · $227/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$435
• Net cashflow: $1,277

Break-even live

Break-even rent $454

Max offer price $60,000

Occupancy floor 33%

Sensitivity live

Price	-10% $1,311	-5% $1,294	+0% $1,277	+5% $1,260	+10% $1,243
Rent	-10% $1,114	-5% $1,196	+0% $1,277	+5% $1,359	+10% $1,441
Rate	-1.0pp $1,308	-0.5pp $1,293	base $1,277	+0.5pp $1,262	+1.0pp $1,246

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1743 E Maple St Bellingham, WA	1.0–3.0	1.0–2.0	910	$2,108	$2.32	14d	12	0.17mi
208 N Samish Way Bellingham, WA	2.0	1.0–2.0	875	$2,769	$3.16	14d	8	0.26mi
3613 Consolidation Ave Bellingham, WA	3.0	2.0	1017	$2,378	$2.34	14d	8	0.30mi
1015 Otis St Bellingham, WA	1.0	1.0	525	$1,150	$2.19	21d	1	0.31mi
1212 Nevada St Unit 1 Bellingham, WA	2.0	1.0	975	$1,750	$1.79	21d	1	0.36mi
935 Otis St Bellingham, WA	3.0	2.0	1000	$2,500	$2.50	21d	1	0.36mi
1223 E Laurel St Unit 1223 Bellingham, WA	2.0	1.0	800	$2,150	$2.69	21d	1	0.37mi
3966 Byron Ave Unit 105 Bellingham, WA	2.0	2.0	995	$1,650	$1.66	21d	1	0.47mi
3966 Byron Ave Bellingham, WA	1.0	1.0	711	$1,450	$2.04	21d	1	0.47mi
3805 Elwood Ave Bellingham, WA	4.0	1.0–2.5	1213	$2,418	$1.99	14d	49	0.55mi
1211 Jersey St Bellingham, WA	3.0	1.0	871	$2,411	$2.77	14d	12	0.56mi
230 32nd St Unit 250-106 (ADA) Bellingham, WA	2.0	1.0	738	$1,725	$2.34	14d	1	0.60mi
800 Liberty St Unit 17 Bellingham, WA	2.0	1.0	950	$1,795	$1.89	21d	1	0.61mi
1024 Billy Frank Jr St #301 Bellingham, WA	2.0	1.0	740	$2,300	$3.11	21d	1	0.62mi
1338 Puget St Unit 1 Bellingham, WA	2.0	1.0	801	$1,800	$2.25	14d	1	0.63mi
1213 Billy Frank Jr. St Unit 2 Bellingham, WA	2.0	1.0	719	$1,750	$2.43	21d	1	0.63mi
1010 Billy Frank Jr St Bellingham, WA	2.0	1.0	850	$1,765	$2.08	14d	11	0.64mi
1113 Billy Frank Jr. St Unit 3 Bellingham, WA	2.0	1.0	900	$1,795	$1.99	21d	1	0.64mi
1316 High St Bellingham, WA	3.0	1.0–2.0	909	$2,410	$2.65	21d	5	0.67mi
1471 Moore St Bellingham, WA	2.0–3.0	2.0	860	$1,675	$1.95	21d	6	0.68mi
921 High St #7 Bellingham, WA	1.0	1.0	734	$2,300	$3.13	21d	1	0.75mi
1205 N Garden St Bellingham, WA	2.0–4.0	1.0–1.5	830	$2,150	$2.59	21d	9	0.77mi
1117 N Garden St Bellingham, WA	3.0–4.0	2.0	1100	$2,233	$2.03	14d	3	0.77mi
421 E Maple St Bellingham, WA	1.0	1.0	875	$900	$1.03	21d	2	0.77mi
819 High St #102 Bellingham, WA	1.0	1.0	616	$1,800	$2.92	21d	1	0.81mi
1100 N Forest St Bellingham, WA	1.0	1.0	600	$1,650	$2.75	21d	1	0.81mi
1111 N Forest St Bellingham, WA	3.0	1.0–1.5	770	$2,375	$3.08	14d	4	0.84mi
487 31st St Bellingham, WA	1.0–2.0	1.0	697	$1,890	$2.71	21d	33	0.85mi
508 E Ivy St Apt 101 Bellingham, WA	2.0	1.0	704	$1,795	$2.55	21d	1	0.85mi
508 E Ivy St Unit 104 Bellingham, WA	2.0	1.0	704	$1,850	$2.63	21d	1	0.85mi
524 32nd St Bellingham, WA	3.0	2.0	1100	$2,480	$2.25	21d	3	0.89mi
202 E Holly St Bellingham, WA	1.0	1.0	397	$1,650	$4.15	21d	9	0.93mi
1745 James St Unit 1745-A Bellingham, WA	2.0	1.0	728	$1,950	$2.68	14d	1	0.98mi
112 E Maple St Bellingham, WA	1.0	1.0	555	$1,725	$3.11	14d	1	0.98mi
112 E Maple St Bellingham, WA	1.0	1.0	602	$1,712	$2.84	21d	2	0.99mi
1015 Railroad Ave #303 Bellingham, WA	1.0	1.0	640	$1,800	$2.81	14d	1	0.99mi
705 32nd St Bellingham, WA	3.0	1.0–2.0	792	$2,095	$2.65	21d	23	0.99mi
711 Astor St Bellingham, WA	1.0	1.0	660	$2,075	$3.14	21d	1	1.44mi
2506 Douglas Ave Bellingham, WA	2.0	1.0	880	$1,875	$2.13	14d	2	1.46mi
2305 Douglas Ave Bellingham, WA	1.0–4.0	1.0–4.0	1089	$2,222	$2.04	14d	16	1.46mi

Listing history 26 events

1. 2026-06-18
   days on market $60,000 Active 21 DOM
2. 2026-06-17
   days on market $60,000 Active 20 DOM
3. 2026-06-16
   days on market $60,000 Active 19 DOM
4. 2026-06-15
   days on market $60,000 Active 18 DOM
5. 2026-06-14
   days on market $60,000 Active 16 DOM
6. 2026-06-13
   days on market $60,000 Active 15 DOM
7. 2026-06-10
   days on market $60,000 Active 13 DOM
8. 2026-06-09
   days on market $60,000 Active 12 DOM
9. 2026-06-08
   days on market $60,000 Active 11 DOM
10. 2026-06-07
    days on market $60,000 Active 10 DOM
11. 2026-06-05
    days on market $60,000 Active 7 DOM
12. 2026-06-03
    days on market $60,000 Active 6 DOM
13. 2026-06-02
    days on market $60,000 Active 5 DOM
14. 2026-06-01
    days on market $60,000 Active 4 DOM
15. 2026-05-31
    days on market $60,000 Active 3 DOM
16. 2026-05-30
    days on market $60,000 Active 2 DOM
17. 2026-05-21
    listed $60,000 Active
18. 2014-02-03
    historical
19. 2014-01-31
    soldstatus $34,000 Sold
20. 2014-01-28
    status Pending
21. 2014-01-16
    status Pending Inspection
22. 2014-01-14
    price $36,000
23. 2014-01-14
    listed $38,000 Active
24. 2013-11-14
    soldstatus $29,000 Sold
25. 2013-10-16
    status Pending
26. 2013-10-02
    listed $29,950 Active

ⓘ 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: $227 · $19/mo
• Projected year-2 tax: $588 · $49/mo
• Expected delta: +$361/yr (+$30/mo · 159.0%)

ⓘ 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 3/10 Moderate 7 d/yr ≥83°F today · 17 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: $24,850
• − Mortgage interest: −$3,361
• − Property taxes: −$227
• − Insurance: −$300
• − Repairs & maintenance: −$1,988
• − Management: −$1,988
• − Depreciation: −$1,745
• Taxable income: $15,240
• Est. tax owed @ 24.0%: −$3,658
• After-tax cash flow: $11,671/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

+100.3% since first listed

10 events — show timeline

• 2026-05-21 Listed $60,000 NWMLS as Distributed by MLS Grid
• 2014-02-03 Delisted — NWMLS as Distributed by MLS Grid
• 2014-01-31 Sold (MLS) $34,000 NWMLS as Distributed by MLS Grid
• 2014-01-28 Pending — NWMLS as Distributed by MLS Grid
• 2014-01-16 Pending — NWMLS as Distributed by MLS Grid
• 2014-01-14 Price Changed $36,000 NWMLS as Distributed by MLS Grid
• 2014-01-14 Listed $38,000 NWMLS as Distributed by MLS Grid
• 2013-11-14 Sold (MLS) $29,000 NWMLS as Distributed by MLS Grid
• 2013-10-16 Pending — NWMLS as Distributed by MLS Grid
• 2013-10-02 Listed $29,950 NWMLS as Distributed by MLS Grid

Property tax history

-0.3%/yr

Latest (2016): $227 · -3.3% YoY. Source: county tax records.