1 Lake Louise Dr #31 · Sudden Valley, WA 98229

$225,000

3 bd · 2.0 ba · 1,294 sqft · Condo public records · 66 Days on market

Built 1974 $664/mo HOA · 23% of rent

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Why this score? — see what drove the C- 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 +17.9/30.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• DSCR +5.6/10.0
• Schools +4.8/10.0
• Livability +3.4/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Large 3-bedroom view unit which overlooks the lower 9 holes of the golf course towards Lake Whatcom. This unit is in original condition and is essentially a blank canvas for someone wanting to purchase a unit and select their own updates to make their condominium a brand new unit. The exterior of every unit in the Lakeridge complex is currently under a full restoration project which includes new roofs, new siding, new exterior lighting, new energy efficient windows, new insulation, and exterior paint, etc. What an amazing opportunity to purchase in a complex which will be brand new again! Large primary bedroom suite. This unit has a large deck which is wonderful for entertaining on the vie

Key facts

• New siding
• New roofs
• New decks

Tags

• FULL RESTORATION PROJECT
• NEW ROOFS
• NEW SIDING
• NEW EXTERIOR LIGHTING
• NEW ENERGY EFFICIENT WINDOWS
• NEW DECKS

Property features AI

Finance

• Other: Building name: Lakeridge Condominiums; Multi-family structure; Two stories total; Calculated living area available (assessor source)
• Financial info: Listing terms: Cash
• HOA & community: Monthly HOA fee ($664.16) covering common area maintenance, lawn service, road maintenance, security, and snow removal; HOA contact: Brandye Hubbs (Windermere); Community of 45 units; 7 units in this building; Pets allowed; Community waterfront / private beach access; Bus service nearby

Exterior

• Parking: Individual garage (covered); Off-street parking; 1 uncovered space; Parking space number 31
• Security: Security service
• Utilities: Electric service; Electric water heater (located in garage storage area); Water: Lake Whatcom Water & Sewer District; Sewer: Lake Whatcom Water & Sewer District; Power: Puget Sound Energy; Cable: Comcast; Internet: Xfinity
• Home design: Attached condominium; Condo with two levels; Unit faces north; Entry on main level; Unit is on the 1st floor of the building; Unit view
• Construction: Wood construction; Composition roof
• Exterior features: Wood exterior; Balcony/Deck/Patio; Ground floor unit; Insulated windows; Yard; Storage at side of building (storage #31)

Interior

• Kitchen: Dishwasher; Garbage disposal; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms (all on upper level)
• Flooring: Vinyl; Carpet
• Bathrooms: 1 full bath; 1 half bath; 1 bathtub; 1 shower
• Heating & cooling: Baseboard heating; No central cooling
• Interior features: Electric cooking; Electric dryer hookup; Washer hookup; Water heater; Window coverings; Garbage disposal
• Laundry & utility: Washer hookup; Electric dryer hookup; Washer included

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $225k.

Deal economics

• At list price, monthly cash flow is $190 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $212k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 2.7% in Sudden Valley — 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 68/100 on livability (#285 in WA) — a middle-class / working-renter tenant base. Strengths: employment A+, housing A+; Watch: health & safety D, amenities 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.
• Zoned schools: Geneva Elementary School (432 students, 28% FRL); Bellingham High School (1,218 students, 34% FRL) — zoned schools at 31% FRL track the district average.
• Market conditions: Rents rising (+3.4%/yr); 270 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 39% 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 $7k 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 66 days — a 6% lower offer ($212k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 23% of rent.

Recommended offer $211,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.30% ✓
• Cap rate: 7.31%
• Cash-on-cash: 3.62%
• DSCR: 1.16
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.38% rent growth · sell at horizon

5-year hold

• IRR: -9.8%
• Equity multiple: 0.64×
• Total profit: $-22,822
• Equity at exit: $33,548

10-year hold

• IRR: 0.4%
• Equity multiple: 1.03×
• Total profit: $1,981
• Equity at exit: $19,454

Cash invested: $63,000 (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: 6.4×

Monthly cashflow live

• Estimated rent: $2,929 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$186 /mo · $2,229/yr
• Insurance: −$94
• HOA: −$664
• Vacancy / Maint / Mgmt: −$615
• Net cashflow: $190

Break-even live

Break-even rent $2,688

Max offer price $225,000

Occupancy floor 88%

Sensitivity live

Price	-10% $318	-5% $254	+0% $190	+5% $127	+10% $63
Rent	-10% $-41	-5% $75	+0% $190	+5% $306	+10% $422
Rate	-1.0pp $304	-0.5pp $248	base $190	+0.5pp $132	+1.0pp $73

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
45 Windward Dr Bellingham, WA	4.0	3.0	1857	$3,645	$1.96	14d	1	0.77mi
136 Windward Dr Bellingham, WA	3.0	1.0	1100	$2,500	$2.27	14d	1	0.85mi

HOA detail condo

• Monthly dues: $664 · $7,968/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $225,000 Active 66 DOM
2. 2026-06-17
   days on market $225,000 Active 65 DOM
3. 2026-06-16
   days on market $225,000 Active 64 DOM
4. 2026-06-15
   days on market $225,000 Active 63 DOM
5. 2026-06-14
   days on market $225,000 Active 61 DOM
6. 2026-06-13
   days on market $225,000 Active 60 DOM
7. 2026-06-10
   days on market $225,000 Active 58 DOM
8. 2026-06-09
   days on market $225,000 Active 57 DOM
9. 2026-06-08
   days on market $225,000 Active 56 DOM
10. 2026-06-07
    days on market $225,000 Active 55 DOM
11. 2026-06-05
    days on market $225,000 Active 52 DOM
12. 2026-06-03
    days on market $225,000 Active 51 DOM
13. 2026-06-02
    days on market $225,000 Active 50 DOM
14. 2026-06-01
    days on market $225,000 Active 49 DOM
15. 2026-05-31
    days on market $225,000 Active 48 DOM
16. 2026-05-30
    days on market $225,000 Active 47 DOM
17. 2026-04-13
    listed $250,000 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: $2,229 · $186/mo
• Projected year-2 tax: $2,229 · $186/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 8 d/yr ≥84°F today · 20 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,145
• − Mortgage interest: −$12,603
• − Property taxes: −$2,229
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,812
• − Management: −$2,812
• − HOA: −$7,968
• − Depreciation: −$6,545
• Taxable loss: −$949
• Est. tax savings @ 24.0%: +$228
• After-tax cash flow: $2,511/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 — Sudden Valley

• Score: 68/100
• State rank: #285
• US rank: #9937

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sudden Valley, WA
• County: Whatcom County · 209,776 people
• 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

• 2026-04-13 Listed $250,000 NWMLS as Distributed by MLS Grid

Property tax history

+2.9%/yr

Latest (2026): $2,229 · -35.1% YoY. Source: county tax records.