4000 Flynn St #112 · Bellingham, WA 98229

$120,000

2 bd · 1.5 ba · 784 sqft · Manufactured public records · 2 Days on market

Built 1979 701 sqft lot Est $107k · 12% over

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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
• Schools +4.8/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• ARV discount +2.2/15.0
• Appreciation +0.0/10.0

Listing remarks

Tucked into a spacious spot in a well-kept community near the shores of Lake Whatcom, this charming 2-bedroom, 1-bath home offers the kind of peaceful, unhurried lifestyle that's hard to find. With greenbelt on two sides, you'll enjoy natural privacy and the soothing sounds of nature right outside your door, walk to the lake and trails of Whatcom Falls. Serene, comfortable, and move-in ready — this is Pacific Northwest living at its sweetest. The space rent includes water/sewer and garbage and offers a large space with a detached shed and room to grow. New kitchen cabinets, bathroom vanity, and exterior paint. This peaceful retreat is the perfect place to slow down and settle in.

Key facts

• Exterior paint
• Bathroom vanity
• New kitchen cabinets

Tags

• GREENBELT ON TWO SIDES
• DETACHED SHED
• NEW KITCHEN CABINETS
• BATHROOM VANITY
• EXTERIOR PAINT
• WALK TO THE LAKE

Property features AI

Finance

• Other: Taxes listed (verify independently)
• Financial info: Listing terms: Cash
• HOA & community: Located in Mill Wheel Park (approximately 155 homes); Park amenities include clubhouse and common area; Land lease: $600/month; Water and sewer included in HOA

Exterior

• Parking: 2 open uncovered parking spaces
• Utilities: Electric and wood energy sources; Community/public water (water included in HOA); Sewer included in HOA; Power service by PSE
• Home design: Manufactured single-wide home; One story; Updated/remodeled; Model 60/14; Mobile home remains on site
• Construction: Metal/vinyl construction materials; Torch down roof
• Exterior features: Metal and vinyl exterior; Paved lot; Patio/porch/deck; Has a view

Interior

• Kitchen: Dishwasher; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Vinyl plank
• Bathrooms: 1 full bathroom
• Heating & cooling: Ductless heating
• Interior features: Fireplace (wood burning)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath manufactured listed at $120k.

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 ($3k rent vs $120k).
• Cap rate 18.4% 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; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 14d 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 34% 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 $830 of loan paydown is wiped out by about $4k 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 $34k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $120,000

Questions for the listing agent

1. Built in 1979 — 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: 2.15% ✓
• Cap rate: 18.40%
• Cash-on-cash: 43.25%
• DSCR: 2.92
• GRM: 3.9

CMA / ARV

• ARV (on-the-fly): $107,408
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4000 Flynn St #50	0.16mi	2/1.0	768 (-2%)	3mo	$105,000	$137	85
4000 Flynn St #11	0.12mi	1/1.0 (-1)	840 (+7%)	8mo	$80,000	$95	69
4000 Flynn St #132	0.04mi	2/1.0	720 (-8%)	17mo	$155,000	$215	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: 40.5%
• Equity multiple: 2.75×
• Total profit: $58,721
• Equity at exit: $17,892

10-year hold

• IRR: 47.0%
• Equity multiple: 5.60×
• Total profit: $154,716
• Equity at exit: $10,375

Cash invested: $33,600 (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: 3.9×

Monthly cashflow live

• Estimated rent: $2,583 medium
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$542
• Net cashflow: $1,211

Break-even live

Break-even rent $1,050

Max offer price $120,000

Occupancy floor 48%

Sensitivity live

Price	-10% $1,294	-5% $1,253	+0% $1,211	+5% $1,170	+10% $1,128
Rent	-10% $1,007	-5% $1,109	+0% $1,211	+5% $1,313	+10% $1,415
Rate	-1.0pp $1,272	-0.5pp $1,242	base $1,211	+0.5pp $1,180	+1.0pp $1,148

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2100 Electric Ave Bellingham, WA	1.0–2.0	1.0–2.0	880	$3,150	$3.58	13d	11	0.37mi
2139 Xenia Ln Bellingham, WA	3.0	2.0	1064	$2,300	$2.16	13d	1	1.38mi
2233 Woburn St Bellingham, WA	2.0	1.0	750	$1,595	$2.13	13d	2	1.48mi

Listing history 4 events

1. 2026-06-18
   days on market $120,000 Active 2 DOM
2. 2026-06-17
   listing id $120,000 Active 1 DOM
3. 2026-06-16
   remarks 688-char remark
4. 2026-06-16
   listed $120,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 73% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥83°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 10 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,993
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$600
• − Repairs & maintenance: −$2,479
• − Management: −$2,479
• − Depreciation: −$3,491
• Taxable income: $13,422
• Est. tax owed @ 24.0%: −$3,221
• After-tax cash flow: $11,312/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

1 event — show timeline

• 2026-06-16 Listed $120,000 NWMLS as Distributed by MLS Grid

Property tax history

+1.2%/yr

Latest (2026): $141 · +4.5% YoY. Source: county tax records.