2240 Peace Portal Drive, Unit#15

Blaine, WA 98230

$87,500A-

2 bd · 2.0 ba · 868 sqft · Built 1983 · Manufactured · Active · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,908/mo
• Mortgage (P&I): −$459
• Tax + insurance: −$146
• HOA: −$0
• Vac / Maint / Mgmt: −$401
• Net cashflow: $903/mo
• Annual: $10,836/yr
• Cap rate: 18.68%
• Cash-on-cash: 44.23%
• DSCR: 2.97
• 1% rule: 2.18%
• Cash to close: $24,500

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $88k.
• At list price, monthly cash flow is $903 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $88k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $9k of equity ($605 loan paydown + $9k appreciation (10.0% local appreciation)).
• 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); 454 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).
• Whatcom County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.1% rent growth), your $24k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 18.7% vs local median 2.1% in Blaine — 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.