6350 Portal Way #20 · Ferndale, WA 98248

$310,000

3 bd · 1.5 ba · 1,512 sqft · Manufactured public records · 337 Days on market

Built 2007 $205/sqft · at area comps Est $297k · at est.

---

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).

• Cash flow +16.6/30.0
• ARV discount +5.6/15.0
• DSCR +5.2/10.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• 1% rule +3.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Seller is Motivated. A Wonderful Opportunity is ready for you in the Portal Creek Estates Community. Experience peaceful, low-maintenance living in this lovingly cared-for 3-bed, 2-bath home located in the highly regarded 55+ Portal Creek Estates community. The open-concept living, dining, and kitchen areas offer a bright, welcoming atmosphere perfect for hosting friends or enjoying quiet evenings at home. The smart split-bedroom design provides a private primary suite, while the additional bedrooms offer space for guests, hobbies, or an office. Step outside to a fully fenced backyard surrounded by mature landscaping, plus a one-car garage with excellent storage. This home has been meticulo

Key facts

• Open concept kitchen
• Paved walkway
• Garage

Tags

• OPEN CONCEPT KITCHEN
• PARTIAL FENCED BACKYARD
• PAVED WALKWAY
• LUSH MATURE LANDSCAPING
• METICULOUSLY MAINTAINED

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath manufactured listed at $310k.

Deal economics

• At list price, monthly cash flow is $187 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $265k (14.4% below list).
• Recommended offer: $265k (14.4% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 2.5% in Ferndale — 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 81/100 on livability (#79 in WA, #1,471 nationally) — a professional / high-income tenant draw. Strengths: commute A+, health & safety A+, housing A; Watch: amenities F, cost of living D-.
• Ferndale School District (suburban): math 43% / reading 58% proficiency, ranked #138 of 291 in WA (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.8%/yr); 232 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,190 units permitted in Whatcom County in 2024 (327 in 5+ unit buildings).
• This rent runs 35% 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 $2k of loan paydown is wiped out by about $9k 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.

Negotiation context

• It's been on market 337 days — a 12% lower offer ($273k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $35k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $265,486 (14.4% below list)

Questions for the listing agent

1. It's been on market 337 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.86% ✗
• Cap rate: 7.02%
• Cash-on-cash: 2.59%
• DSCR: 1.12
• GRM: 9.7

CMA / ARV

• ARV (median comp): $297,463
• List price: $310,000
• Delta: 4.21%
• Verdict: FAIR
• Comps: 4 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6350 Portal Way #13	0.05mi	3/2.0	1,404 (-7%)	0mo	$315,000	$224	84
6350 Portal Way #83	0.07mi	3/2.0	1,596 (+6%)	7mo	$365,000	$229	80
6350 Portal Way #6	0.07mi	2/2.0 (-1)	1,319 (-13%)	22mo	$315,000	$239	50

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 · 4.79% rent growth · sell at horizon

5-year hold

• IRR: -10.4%
• Equity multiple: 0.61×
• Total profit: $-33,545
• Equity at exit: $46,222

10-year hold

• IRR: 1.0%
• Equity multiple: 1.07×
• Total profit: $6,442
• Equity at exit: $26,803

Cash invested: $86,800 (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 98248

• Rents YoY: 4.8%
• Active inventory: 232
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $2,655 medium
• Mortgage (P&I): −$1,626
• Tax from tax record: −$155 /mo · $1,863/yr
• Insurance: −$129
• HOA: −$0
• Vacancy / Maint / Mgmt: −$558
• Net cashflow: $187

Break-even live

Break-even rent $2,418

Max offer price $310,000

Occupancy floor 88%

Sensitivity live

Price	-10% $363	-5% $275	+0% $187	+5% $99	+10% $12
Rent	-10% $-23	-5% $82	+0% $187	+5% $292	+10% $397
Rate	-1.0pp $343	-0.5pp $266	base $187	+0.5pp $107	+1.0pp $25

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: $77,500
• Closing costs: $9,300
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2274 Thornton St Ferndale, WA	3.0	1.0	1100	$2,500	$2.27	15d	1	1.20mi
6160 Jupiter Pl Ferndale, WA	4.0	1.0	1275	$2,675	$2.10	45d	1	1.40mi

Listing history 26 events

1. 2026-06-21
   days on market $310,000 Active 337 DOM
2. 2026-06-18
   days on market $310,000 Active 334 DOM
3. 2026-06-17
   days on market $310,000 Active 333 DOM
4. 2026-06-16
   days on market $310,000 Active 332 DOM
5. 2026-06-15
   days on market $310,000 Active 331 DOM
6. 2026-06-14
   days on market $310,000 Active 329 DOM
7. 2026-06-13
   days on market $310,000 Active 328 DOM
8. 2026-06-10
   days on market $310,000 Active 326 DOM
9. 2026-06-09
   days on market $310,000 Active 325 DOM
10. 2026-06-08
    days on market $310,000 Active 324 DOM
11. 2026-06-07
    days on market $310,000 Active 323 DOM
12. 2026-06-03
    days on market $310,000 Active 319 DOM
13. 2026-06-02
    days on market $310,000 Active 318 DOM
14. 2026-06-01
    days on market $310,000 Active 317 DOM
15. 2026-05-31
    days on market $310,000 Active 316 DOM
16. 2026-05-30
    days on market $310,000 Active 315 DOM
17. 2026-05-12
    price $310,000
18. 2026-02-08
    price $325,000
19. 2026-01-02
    status Active
20. 2025-11-20
    price $335,000
21. 2025-11-06
    price $355,000
22. 2025-10-21
    price $340,000
23. 2025-07-17
    listed $345,000 Active
24. 2022-06-17
    soldstatus $285,000 Closed
25. 2022-05-23
    status Pending
26. 2022-05-20
    listed $285,000 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: $1,863 · $155/mo
• Projected year-2 tax: $3,038 · $253/mo
• Expected delta: +$1,175/yr (+$98/mo · 63.0%)

ⓘ 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 ≥82°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,858
• − Mortgage interest: −$17,365
• − Property taxes: −$1,863
• − Insurance: −$1,550
• − Repairs & maintenance: −$2,549
• − Management: −$2,549
• − Depreciation: −$9,018
• Taxable loss: −$3,035
• Est. tax savings @ 24.0%: +$728
• After-tax cash flow: $2,975/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: Ferndale School District
• NCES district ID: 5302850
• Math proficiency: 43% ▲ 1.00%
• Reading proficiency: 58% ▲ 4.00%
• Median HH income: $59,413
• Composite: 46.06/100
• National rank: #5494
• State rank: #138 of 291 in WA

Livability — Ferndale

• Score: 81/100
• State rank: #79
• US rank: #1471

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ferndale, WA
• County: Whatcom County · 209,776 people
• City population: 28,498
• Metro: Bellingham, WA
• Population (ZIP): 28,498
• Household income: $91,060
• Rent vs Own: 23.3% rent · 76.7% own
• Severe rent burden: 582.0

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 (75%)
• Race & ethnicity: White 75% Hispanic / Latino 11% Two or more races 8% Asian 6% Native American 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Iranian 5% Portuguese 4% Italian 4%
• Foreign-born: 12% · Canada, China
• Languages at home: 83% English-only · Spanish 6% Other Indo-European 5% Russian/Polish/Slavic 3%

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: ▼ -427.43%
• Current HPI: 407.6077
• Rent YoY: ▲ 4.79%
• 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

+8.8% since first listed

10 events — show timeline

• 2026-05-12 Price Changed $310,000 NWMLS as Distributed by MLS Grid
• 2026-02-08 Price Changed $325,000 NWMLS as Distributed by MLS Grid
• 2026-01-02 Relisted — NWMLS as Distributed by MLS Grid
• 2025-11-20 Price Changed $335,000 NWMLS as Distributed by MLS Grid
• 2025-11-06 Price Changed $355,000 NWMLS as Distributed by MLS Grid
• 2025-10-21 Price Changed $340,000 NWMLS as Distributed by MLS Grid
• 2025-07-17 Listed $345,000 NWMLS as Distributed by MLS Grid
• 2022-06-17 Sold (MLS) $285,000 NWMLS as Distributed by MLS Grid
• 2022-05-23 Pending — NWMLS as Distributed by MLS Grid
• 2022-05-20 Listed $285,000 NWMLS as Distributed by MLS Grid

Property tax history

+4.2%/yr

Latest (2026): $1,863 · +10.3% YoY. Source: county tax records.