3927 S Sanna Wind Way · Langley, WA 98260

$430,000

2 bd · 1.0 ba · 1,680 sqft · SingleFamily public records · 114 Days on market

Built 1996 7,770 sqft lot $256/sqft · 43% below area Est $753k · 43% under

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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 +15.0/15.0
• Cash flow +5.7/30.0
• Schools +5.0/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.3/10.0
• DSCR +0.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Discover exceptional value in this beautifully renovated home near the waterfront village of Langley. This one-level residence is priced to sell quick and offers a rare opportunity for anyone seeking a stylish, affordable living option in an in-demand market. Open floor plan, vaulted ceilings and bright interior create an inviting space ready for immediate move-in or rental income potential. Property has been carefully updated by a local builder/owner with high-quality finishes througout. Situated moments from trails and a vibrant local community, this home delivers both relaxation and convenience. Offers are encouraged as this outstanding deal won’t last long. Reach out today to sche

Key facts

• Waterfront village
• Open floor plan
• Renovated home

Tags

• RENOVATED HOME
• WATERFRONT VILLAGE
• OPEN FLOOR PLAN
• VAULTED CEILINGS
• BRIGHT INTERIOR
• RENTAL INCOME POTENTIAL

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $430k.

Deal economics

• At list price, monthly cash flow is $-887 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $273k (36.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $229k (46.8% below list).
• Recommended offer: $229k (46.8% below list) — sets the bar for 1% rule.
• Cap rate 3.8% vs local median 1.3% in Langley — 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 (#88 in WA, #1,696 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: cost of living F.
• South Whidbey School District (rural): math 47% / reading 64% proficiency, ranked #87 of 291 in WA (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: South Whidbey Elementary (571 students, 35% FRL); South Whidbey Middle (204 students, 41% FRL); South Whidbey High School (384 students, 30% FRL).
• Market conditions: 96 active listings in the ZIP; solid renter incomes; 402 units permitted in Island County in 2024 (54 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Island County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($391k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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.

Recommended offer $228,604 (46.8% 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 114 days. Have you received any prior offers? Is the seller open to a 47% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 0.53% ✗
• Cap rate: 3.82%
• Cash-on-cash: -8.84%
• DSCR: 0.61
• GRM: 15.7

CMA / ARV

• ARV (median comp): $753,340
• List price: $430,000
• Delta: -42.92%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3898 Lone Lake Rd	0.12mi	3/2.0 (+1)	1,552 (-8%)	21mo	$525,000	$338	56
3751 Bells Ln	0.48mi	2/2.5	1,858 (+11%)	2mo	$1,165,000	$627	52
3704 Bells Ln	0.58mi	3/2.0 (+1)	1,576 (-6%)	17mo	$465,000	$295	39

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -32.0%
• Equity multiple: -0.05×
• Total profit: $-126,322
• Equity at exit: $64,114

10-year hold

• IRR: -37.1%
• Equity multiple: -0.52×
• Total profit: $-183,315
• Equity at exit: $37,179

Cash invested: $120,400 (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 98260

• Active inventory: 96
• Price-to-rent: 15.7×

Monthly cashflow live

• Estimated rent: $2,286 medium
• Mortgage (P&I): −$2,255
• Tax from tax record: −$259 /mo · $3,109/yr
• Insurance: −$179
• HOA: −$0
• Vacancy / Maint / Mgmt: −$480
• Net cashflow: $-887

Break-even live

Break-even rent $3,409

Max offer price $273,271

Occupancy floor —

Sensitivity live

Price	-10% $-644	-5% $-766	+0% $-887	+5% $-1,009	+10% $-1,131
Rent	-10% $-1,068	-5% $-978	+0% $-887	+5% $-797	+10% $-707
Rate	-1.0pp $-671	-0.5pp $-778	base $-887	+0.5pp $-999	+1.0pp $-1,112

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: $107,500
• Closing costs: $12,900
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-03-02
   price $430,000
2. 2026-02-02
   listed $435,000 Active
3. 2021-03-26
   soldstatus $419,000 Sold
4. 2021-03-26
   soldstatus $419,000
5. 2021-02-19
   status Pending
6. 2021-02-12
   status Pending Inspection
7. 2020-12-05
   listed $419,000 Active
8. 2011-12-15
   soldstatus $45,000

ⓘ 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: $3,109 · $259/mo
• Projected year-2 tax: $4,214 · $351/mo
• Expected delta: +$1,105/yr (+$92/mo · 35.6%)

ⓘ 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 2/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥84°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,432
• − Mortgage interest: −$24,087
• − Property taxes: −$3,109
• − Insurance: −$2,150
• − Repairs & maintenance: −$2,195
• − Management: −$2,195
• − Depreciation: −$12,509
• Taxable loss: −$18,811
• Est. tax savings @ 24.0%: +$4,515
• After-tax cash flow: $-6,132/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: South Whidbey School District
• NCES district ID: 5308190
• Math proficiency: 47% ▲ 2.00%
• Reading proficiency: 64% ▲ 4.00%
• Median HH income: $62,601
• Composite: 50.31/100
• National rank: #4050
• State rank: #87 of 291 in WA

Livability — Langley

• Score: 80/100
• State rank: #88
• US rank: #1696

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Island County · 71,196 people
• City population: 5,320
• Metro: Oak Harbor, WA
• Population (ZIP): 5,320
• Household income: $101,987
• Rent vs Own: 15.6% rent · 84.4% own
• Severe rent burden: 152.0

Population outlook (Island County) Hauer SSP2

• Today (2025): 82,019 people
• By 2030: 81,329 · -0.8%
• By 2040: 78,552 · -4.2%
• By 2050: 77,042 · -6.1%
• By 2075: 80,799 · -1.5%
• By 2100: 84,451 · +3.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 6% Asian 3% Hispanic / Latino 2%
• Common ancestry: Portuguese 9% Slovak 7% Lithuanian 5%
• Foreign-born: 4% · Canada, South Korea, Vietnam
• Languages at home: 97% English-only · Spanish 2% Other Indo-European 1% Other Asian/Pacific 1%

Political lean MEDSL · Island

• 2024 margin: D (+16.6) · D 56.8% · R 40.3% · Other 2.9%
• 2008→2024 swing: +10.3pp toward D · 2008: 6.2pp · 2024: 16.6pp
• All cycles: 2024: D+16.6 2020: D+12.0 2016: D+5.9 2012: D+4.4 2008: D+6.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -370.15%
• Current HPI: 211.9851
• Rent YoY: —
• Metro: Oak Harbor, 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

+855.6% since first listed

8 events — show timeline

• 2026-03-02 Price Changed $430,000 NWMLS as Distributed by MLS Grid
• 2026-02-02 Listed $435,000 NWMLS as Distributed by MLS Grid
• 2021-03-26 Sold (Public Records) $419,000 Public Records
• 2021-03-26 Sold (MLS) $419,000 NWMLS as Distributed by MLS Grid
• 2021-02-19 Pending — NWMLS as Distributed by MLS Grid
• 2021-02-12 Pending — NWMLS as Distributed by MLS Grid
• 2020-12-05 Listed $419,000 NWMLS as Distributed by MLS Grid
• 2011-12-15 Sold (Public Records) $45,000 Public Records

Property tax history

+14.1%/yr

Latest (2026): $3,109 · +9.5% YoY. Source: county tax records.