5426 Quail Run · Blaine, WA 98230

$899,500

3 bd · 2.5 ba · 2,637 sqft · SingleFamily public records · 48 Days on market

Built 1997 0.37 ac lot $341/sqft · 11% below area Est $1009k · 11% under $165/mo HOA · 5% of rent

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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).

• ARV discount +12.4/15.0
• Appreciation +10.0/10.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Cash flow +2.4/30.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0

Listing remarks

Nestled on the first hole of the Arnold Palmer–designed Semiahmoo Golf & Country Club, this elegant home offers 170 feet of premier fairway frontage, a large one-third plus acre lot and an exceptional Pacific Northwest resort lifestyle. A short stroll brings you to the clubhouse and driving range, making early tee times and twilight practice sessions effortlessly convenient. Inside, soaring 12-foot ceilings, rich hardwood floors, detailed moldings, wainscoting, and plantation shutters create a sense of timeless sophistication, while the flow and scale of the rooms keep the home warm, welcoming, and livable every day. The beautifully appointed kitchen opens directly to the great

Key facts

• Formal dining room
• Golf course views
• Classic millwork

Tags

• ONE THIRD PLUS ACRE LOT
• GOLF COURSE VIEWS
• STRIKING RIVER ROCK FIREPLACE
• CUSTOM BUILT IN CABINETRY
• FORMAL DINING ROOM
• CLASSIC MILLWORK

Property features AI

Finance

• Other: Directions: I-5 exit 270, 7 miles to Semiahmoo. Take St. Andrews Green III and continue to stop. Left on Wood Duck Way. Left on Quail Run. Home at end of a cul-de-sac on right.; Level topography
• Financial info: Listing terms: Cash or Conventional
• HOA & community: HOA (Semiahmoo Resort Association); HOA fee $165 per month; HOA covers common area maintenance, road maintenance, snow removal; Community amenities include CCRs, clubhouse, golf, park, playground

Exterior

• Parking: Attached garage; Off-street parking; Covered parking for 3 vehicles
• Security: Gated community; Security gate
• Utilities: Public water; Public sewer available; Power provided by City of Blaine; Water served by City of Blaine; Sewer served by City of Blaine
• Home design: Single family residence; Two-story house; Main entry level; Natural gas energy source
• Construction: Wood construction; Composition roof; Poured concrete foundation; Built on lot
• Exterior features: Wood exterior; Patio; Garden space; Located on a cul-de-sac; Paved access; Has view

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Refrigerator; Stove / range
• Bedrooms: 3 bedrooms (all on upper level)
• Flooring: Ceramic tile; Hardwood; Carpet
• Bathrooms: 2 full bathrooms; 1 half bathroom; 2 bathtubs; 2 showers; Half bath located on main level
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Dining room; Fireplace (gas); French doors; Hot tub / spa; Vaulted ceilings; Walk-in closets
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $900k.

Deal economics

• At list price, monthly cash flow is $-3k ($-38k/yr) — negative.
• To cash-flow at today's rent, offer at most $344k (61.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $337k (62.6% below list).
• Recommended offer: $337k (62.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 78/100 on livability (#125 in WA, #2,491 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, housing A; Watch: amenities F, cost of living F.
• Blaine School District (town): math 49% / reading 55% proficiency, ranked #120 of 291 in WA (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Blaine Elementary School (463 students, 54% FRL); Blaine High School (609 students, 46% FRL) — zoned schools average 50% FRL vs 33% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.1%/yr); 461 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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).
• At $3,367/mo this rent would consume 47% of the median local household income ($87k/yr) (locally 454% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $96k of equity ($6k loan paydown + $90k appreciation (10.0% local appreciation)).
• Whatcom County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$155k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($873k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 23y 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 $500k; list at $900k implies a 80% gain — meaningful room to come down on a strong offer.

Recommended offer $336,658 (62.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 63% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.37% ✗
• Cap rate: 2.10%
• Cash-on-cash: -14.98%
• DSCR: 0.33
• GRM: 22.3

CMA / ARV

• ARV (median comp): $1,009,025
• List price: $899,500
• Delta: -10.85%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
8815 Goshawk Rd	0.28mi	3/2.0	2,688 (+2%)	1mo	$900,000	$335	81
8778 Clubhouse Point Dr	0.09mi	3/3.0	2,905 (+10%)	2mo	$1,300,000	$448	75
8848 Bald Eagle Dr	0.34mi	3/2.5	2,507 (-5%)	4mo	$1,400,000	$558	72
5419 Quail Run	0.03mi	3/3.0	2,948 (+12%)	6mo	$1,000,000	$339	72
8675 Great Horned Owl Ln	0.30mi	3/2.5	2,720 (+3%)	14mo	$750,000	$276	69
5351 Canvasback Rd	0.25mi	3/2.5	2,301 (-13%)	1mo	$1,032,525	$449	66
8975 Snowy Owl Ln	0.64mi	3/2.5	2,574 (-2%)	0mo	$839,000	$326	66
8834 Goldeneye Ln	0.51mi	2/3.5 (-1)	2,635 (-0%)	2mo	$675,000	$256	65
5481 Wood Duck Loop	0.26mi	3/2.0	2,322 (-12%)	2mo	$1,030,000	$444	64
5541 Peregrine Way	0.31mi	3/3.0	2,825 (+7%)	14mo	$1,250,000	$442	60
8759 Wood Duck Way	0.16mi	3/3.5	2,950 (+12%)	11mo	$1,250,000	$424	60
5550 Peregrine Way	0.32mi	2/2.5 (-1)	2,290 (-13%)	12mo	$769,000	$336	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.1% rent growth · sell at horizon

5-year hold

• IRR: 13.9%
• Equity multiple: 2.15×
• Total profit: $289,796
• Equity at exit: $810,341

10-year hold

• IRR: 13.9%
• Equity multiple: 5.01×
• Total profit: $1,011,150
• Equity at exit: $1,747,531

Cash invested: $251,860 (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 98230

• Home prices YoY: 14.0%
• Rents YoY: 3.1%
• Active inventory: 461
• Price-to-rent: 22.3×

Monthly cashflow live

• Estimated rent: $3,367 medium
• Mortgage (P&I): −$4,717
• Tax from tax record: −$547 /mo · $6,559/yr
• Insurance: −$375
• HOA: −$165
• Vacancy / Maint / Mgmt: −$707
• Net cashflow: $-3,144

Break-even live

Break-even rent $7,346

Max offer price $344,131

Occupancy floor —

Sensitivity live

Price	-10% $-2,635	-5% $-2,889	+0% $-3,144	+5% $-3,398	+10% $-3,653
Rent	-10% $-3,410	-5% $-3,277	+0% $-3,144	+5% $-3,011	+10% $-2,878
Rate	-1.0pp $-2,691	-0.5pp $-2,915	base $-3,144	+0.5pp $-3,377	+1.0pp $-3,614

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: $224,875
• Closing costs: $26,985
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9032 Gleneagle Dr Blaine, WA	3.0	3.0	2328	$3,200	$1.37	14d	1	0.89mi
9048 Gleneagle Dr Blaine, WA	3.0	2.5	2295	$3,250	$1.42	22d	1	0.92mi
8638 Harborview Rd Blaine, WA	3.0	3.0	2200	$4,250	$1.93	14d	1	1.39mi

HOA detail

• Monthly dues: $165 · $1,980/yr

Listing history 26 events

1. 2026-06-21
   days on market $899,500 Active 48 DOM
2. 2026-06-18
   days on market $899,500 Active 45 DOM
3. 2026-06-17
   days on market $899,500 Active 44 DOM
4. 2026-06-16
   days on market $899,500 Active 43 DOM
5. 2026-06-15
   days on market $899,500 Active 42 DOM
6. 2026-06-14
   days on market $899,500 Active 40 DOM
7. 2026-06-13
   days on market $899,500 Active 39 DOM
8. 2026-06-10
   days on market $899,500 Active 37 DOM
9. 2026-06-09
   days on market $899,500 Active 36 DOM
10. 2026-06-08
    days on market $899,500 Active 35 DOM
11. 2026-06-07
    days on market $899,500 Active 34 DOM
12. 2026-06-05
    days on market $899,500 Active 31 DOM
13. 2026-06-02
    days on market $899,500 Active 29 DOM
14. 2026-06-01
    days on market $899,500 Active 28 DOM
15. 2026-05-31
    days on market $899,500 Active 27 DOM
16. 2026-05-30
    days on market $899,500 Active 26 DOM
17. 2026-05-04
    listed $899,500 Active
18. 2010-02-25
    soldstatus $500,000 Sold
19. 2010-02-25
    soldstatus $500,000
20. 2010-02-22
    status Pending
21. 2010-02-17
    status Pending Inspection
22. 2010-02-10
    listed $538,850 Active
23. 2003-06-30
    soldstatus $415,000
24. 2003-06-27
    soldstatus $415,000
25. 2003-05-02
    listed $431,800
26. 2000-06-16
    soldstatus $355,000

ⓘ 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: $6,559 · $547/mo
• Projected year-2 tax: $8,815 · $735/mo
• Expected delta: +$2,256/yr (+$188/mo · 34.4%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 6 d/yr ≥79°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,399
• − Mortgage interest: −$50,386
• − Property taxes: −$6,559
• − Insurance: −$4,498
• − Repairs & maintenance: −$3,232
• − Management: −$3,232
• − HOA: −$1,980
• − Depreciation: −$26,167
• Taxable loss: −$55,654
• Est. tax savings @ 24.0%: +$13,357
• After-tax cash flow: $-24,369/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: Blaine School District
• NCES district ID: 5300570
• Math proficiency: 49% ▼ -1.00%
• Reading proficiency: 55% ▼ -2.00%
• Median HH income: $57,085
• Composite: 47.05/100
• National rank: #5128
• State rank: #120 of 291 in WA

Livability — Blaine

• Score: 78/100
• State rank: #125
• US rank: #2491

Category grades

Amenities F Commute A+ Cost of living F Crime B- Employment B Housing A Health & safety A+ User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Blaine, WA
• County: Whatcom County · 209,776 people
• Metro: Bellingham, WA
• Population (ZIP): 18,744
• Household income: $86,623
• Rent vs Own: 20.4% rent · 79.6% own
• Severe rent burden: 454.0

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 11% Hispanic / Latino 9% Asian 3% Pacific Islander 2% Black 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 6% Iranian 4% Lithuanian 3%
• Foreign-born: 13% · Canada, China
• Languages at home: 89% English-only · Spanish 4% Russian/Polish/Slavic 1% 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: ▲ 106.58%
• Current HPI: 868.68
• Rent YoY: ▲ 3.10%
• 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

+153.4% since first listed

10 events — show timeline

• 2026-05-04 Listed $899,500 NWMLS as Distributed by MLS Grid
• 2010-02-25 Sold (Public Records) $500,000 Public Records
• 2010-02-25 Sold (MLS) $500,000 NWMLS as Distributed by MLS Grid
• 2010-02-22 Pending — NWMLS as Distributed by MLS Grid
• 2010-02-17 Pending — NWMLS as Distributed by MLS Grid
• 2010-02-10 Listed $538,850 NWMLS as Distributed by MLS Grid
• 2003-06-30 Sold (MLS) $415,000 NWMLS as Distributed by MLS Grid
• 2003-06-27 Sold (Public Records) $415,000 Public Records
• 2003-05-02 Listed $431,800 NWMLS as Distributed by MLS Grid
• 2000-06-16 Sold (Public Records) $355,000 Public Records

Property tax history

+1.0%/yr

Latest (2026): $6,559 · +1.4% YoY. Source: county tax records.