2392 Douglas Rd #4 · Ferndale, WA 98248

$174,000

2 bd · 1.0 ba · 788 sqft · Manufactured public records · 92 Days on market

Built 1968 701 sqft lot $221/sqft · 15% above area Est $151k · 15% over ↓ 5% since listing

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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).

• Cash flow +20.6/30.0
• DSCR +6.5/10.0
• 1% rule +5.4/10.0
• Schools +4.6/10.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• ARV discount +0.7/15.0
• Appreciation +0.0/10.0

Listing remarks

Great opportunity to own this completely updated charming home. Spacious bright kitchen with lots of cabinets for storage, large living room, new double pain windows, new flooring, new paint, new Led lighting, new decks, move in ready. All new appliances included. Extra parking space, storage shed included. Located in Lamplighter Park, close distance to town amenities, grocery stores and downtown. Buyer must be approved by the park before closing. This is a Must See!!

Key facts

• Bright kitchen
• New flooring
• New paint

Tags

• UPDATED HOME
• BRIGHT KITCHEN
• NEW DOUBLE PANE WINDOWS
• NEW FLOORING
• NEW PAINT
• NEW LED LIGHTING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $174k.

Deal economics

• At list price, monthly cash flow is $232 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $174k).
• Recommended offer: $158k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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); 230 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,190 units permitted in Whatcom County in 2024 (327 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 92 days — a 9% lower offer ($158k) is reasonable based on typical stale-listing flexibility.

Recommended offer $158,340 (9.0% below list)

Questions for the listing agent

1. It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.04% ✓
• Cap rate: 7.89%
• Cash-on-cash: 5.72%
• DSCR: 1.25
• GRM: 8.0

CMA / ARV

• ARV (median comp): $151,113
• List price: $174,000
• Delta: 15.15%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.79% rent growth · sell at horizon

5-year hold

• IRR: -5.4%
• Equity multiple: 0.79×
• Total profit: $-10,054
• Equity at exit: $25,944

10-year hold

• IRR: 6.2%
• Equity multiple: 1.50×
• Total profit: $24,564
• Equity at exit: $15,044

Cash invested: $48,720 (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: 230
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,816 high
• Mortgage (P&I): −$912
• Tax est. 1.5%: −$218 /mo · $2,610/yr
• Insurance: −$72
• HOA: −$0
• Vacancy / Maint / Mgmt: −$381
• Net cashflow: $232

Break-even live

Break-even rent $1,522

Max offer price $174,000

Occupancy floor 82%

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: $43,500
• Closing costs: $5,220
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2375 Main St Unit 2371 203 Ferndale, WA	2.0	2.0	986	$1,675	$1.70	43d	1	0.21mi
2342 Main St Apt 2 Ferndale, WA	2.0	1.0	888	$1,650	$1.86	43d	1	0.29mi
2256 Douglas Rd Apt 1 Ferndale, WA	2.0	1.0	802	$1,500	$1.87	43d	1	0.38mi
2250 Main St Unit 102 Ferndale, WA	2.0	2.0	1000	$1,835	$1.83	21d	1	0.46mi
2325 Ferndale Ter Unit 2331-3 Ferndale, WA	2.0	1.0	810	$1,700	$2.10	13d	1	0.55mi
5752 Legoe Ave #202 Ferndale, WA	3.0	2.0	1100	$1,950	$1.77	43d	1	0.63mi
5739 Fallbrook Ln Unit 101 Ferndale, WA	2.0	1.5	1088	$1,995	$1.83	13d	1	0.65mi
2175 Siddle Loop Unit 103 Ferndale, WA	2.0	2.0	1058	$2,015	$1.90	21d	1	0.70mi
2177 Siddle Loop Unit 103 Ferndale, WA	2.0	2.0	1058	$1,965	$1.86	21d	1	0.71mi
2160 Siddle Loop Unit 103 Ferndale, WA	2.0	2.0	1058	$2,015	$1.90	21d	1	0.76mi
5601 3rd Ave Unit 7 Ferndale, WA	1.0	1.0	600	$1,200	$2.00	13d	1	0.79mi
2127 Siddle St Unit 102 Ferndale, WA	2.0	2.0	1003	$1,890	$1.88	21d	1	0.84mi
5775 Golden Eagle Dr Ferndale, WA	1.0	1.0	600	$1,350	$2.25	43d	1	0.91mi
5731 3rd Ave Unit 101 Ferndale, WA	2.0	1.5	1027	$1,700	$1.66	43d	1	0.98mi
2274 Thornton St Ferndale, WA	3.0	1.0	1100	$2,500	$2.27	13d	1	1.28mi

Listing history 17 events

1. 2026-06-18
   days on market $174,000 Active 92 DOM
2. 2026-06-17
   days on market $174,000 Active 91 DOM
3. 2026-06-16
   days on market $174,000 Active 90 DOM
4. 2026-06-15
   days on market $174,000 Active 89 DOM
5. 2026-06-14
   days on market $174,000 Active 87 DOM
6. 2026-06-13
   pricedays on market $174,000 Active 86 DOM
7. 2026-06-10
   days on market $184,500 Active 84 DOM
8. 2026-06-09
   days on market $184,500 Active 83 DOM
9. 2026-06-08
   days on market $184,500 Active 82 DOM
10. 2026-06-07
    days on market $184,500 Active 81 DOM
11. 2026-06-03
    days on market $184,500 Active 77 DOM
12. 2026-06-02
    days on market $184,500 Active 76 DOM
13. 2026-06-01
    days on market $184,500 Active 75 DOM
14. 2026-05-31
    days on market $184,500 Active 74 DOM
15. 2026-05-30
    days on market $184,500 Active 73 DOM
16. 2026-04-20
    price $184,500
17. 2026-03-18
    listed $194,500 Active

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

Taxation est. · year 1

• Rental income: $21,792
• − Mortgage interest: −$9,747
• − Property taxes: −$2,610
• − Insurance: −$870
• − Repairs & maintenance: −$1,743
• − Management: −$1,743
• − Depreciation: −$5,062
• Taxable income: $16
• Est. tax owed @ 24.0%: −$4
• After-tax cash flow: $2,782/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

-5.1% since first listed

2 events — show timeline

• 2026-04-20 Price Changed $184,500 NWMLS as Distributed by MLS Grid
• 2026-03-18 Listed $194,500 NWMLS as Distributed by MLS Grid

Property tax history

+9.2%/yr

Latest (2026): $181 · +41.5% YoY. Source: county tax records.