1200 Lincoln St #255 · Bellingham, WA 98229

$64,800

2 bd · 1.5 ba · 780 sqft · Manufactured public records · 76 Days on market

Built 1970

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

A charming, bright, remodeled and well-cared single-wide home conveniently located in the 55+ Lakeway Estates Mobile Home Park with community club house. Walking distance to Fred Meyer, Whole Foods, shopping, restaurants, bus lines and trail systems. Two bedroom/one full bath & one 3/4 bath. Many newly updated features including new interior painting, newly painted kitchen cabinets & bathrooms, new furnace with central air, windows, blinds, kitchen hood, plumbing for bathrooms and many more for low maintenance and comfortable living. Spacious carport and a separate storage shed.

Key facts

• Community club house
• Remodeled
• Walkable access

Tags

• REMODELED
• COMMUNITY CLUB HOUSE
• WALKABLE ACCESS
• NEW WINDOWS
• SEPARATE STORAGE SHED

Property features AI

Finance

• Financial info: Land lease: $1,495; Cash sale only
• HOA & community: Located in Lakeway Mobile Estate Park (senior community); Park amenities include BBQs and clubhouse; Approximately 218 homes in the park; Senior exemption

Exterior

• Parking: Carport
• Utilities: Public water (COB); Public sewer (COB); Electricity by PSE
• Home design: Manufactured single-wide; One level; Manufactured house (Marlette); West-facing; Has view
• Construction: Metal/vinyl construction; Tie down foundation
• Exterior features: Metal/vinyl exterior; Corner lot; Paved lot

Interior

• Kitchen: Dishwasher; Garbage disposal; Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 shower
• Interior features: Dishwasher; Garbage disposal; Refrigerator; Stove/Range
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath manufactured listed at $65k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Recommended offer: $61k (6.0% below list) — sets the bar for market timing.
• Cap rate 28.9% vs local median 2.0% in Bellingham — 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 (#102 in WA, #1,947 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime 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.
• Market conditions: Rents rising (+3.4%/yr); 270 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $448 of loan paydown is wiped out by about $2k 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.
• At projected returns (-3.0% appreciation + 3.4% rent growth), your $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 76 days — a 6% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 15y ago; this cycle's ask has dropped $4k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $5k; list at $65k implies a 1196% gain — meaningful room to come down on a strong offer.

Recommended offer $60,912 (6.0% below list)

Questions for the listing agent

1. It's been on market 76 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 1970 — 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. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 3.13% ✓
• Cap rate: 28.85%
• Cash-on-cash: 80.57%
• DSCR: 4.58
• GRM: 2.7

CMA / ARV

• ARV (on-the-fly): $23,400
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1200 Lincoln St #402	0.05mi	2/1.0	763 (-2%)	13mo	$19,000	$25	81
1200 Lincoln St #267	0.03mi	2/1.0	720 (-8%)	10mo	$3,000	$4	76
1200 Lincoln St #253	0.03mi	2/1.0	840 (+8%)	10mo	$30,000	$36	75
1200 Lincoln St #410	0.07mi	2/1.0	840 (+8%)	11mo	$25,500	$30	73
1200 Lincoln St #121	0.10mi	2/1.0	728 (-7%)	20mo	$57,500	$79	66
1200 Lincoln St #139	0.06mi	2/1.5	672 (-14%)	12mo	$8,000	$12	64
1200 Lincoln St #132	0.07mi	2/1.0	728 (-7%)	23mo	$26,000	$36	64
1200 Lincoln St #195	0.16mi	2/1.0	840 (+8%)	20mo	$25,000	$30	61

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 · 3.38% rent growth · sell at horizon

5-year hold

• IRR: 81.2%
• Equity multiple: 4.74×
• Total profit: $67,860
• Equity at exit: $9,662

10-year hold

• IRR: 84.6%
• Equity multiple: 9.94×
• Total profit: $162,187
• Equity at exit: $5,603

Cash invested: $18,144 (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: 2.7×

Monthly cashflow live

• Estimated rent: $2,028 high
• Mortgage (P&I): −$340
• Tax from tax record: −$17 /mo · $209/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $1,218

Break-even live

Break-even rent $486

Max offer price $64,800

Occupancy floor 35%

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: $16,200
• Closing costs: $1,944
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1212 Nevada St Unit 1 Bellingham, WA	2.0	1.0	975	$1,750	$1.79	21d	1	0.19mi
1743 E Maple St Bellingham, WA	1.0–3.0	1.0–2.0	910	$2,108	$2.32	13d	12	0.31mi
208 N Samish Way Bellingham, WA	2.0	1.0–2.0	875	$2,769	$3.16	13d	8	0.41mi
1015 Otis St Bellingham, WA	1.0	1.0	525	$1,150	$2.19	21d	1	0.42mi
1338 Puget St Unit 1 Bellingham, WA	2.0	1.0	801	$1,800	$2.25	13d	1	0.46mi
3613 Consolidation Ave Bellingham, WA	3.0	2.0	1017	$2,378	$2.34	13d	8	0.47mi
1223 E Laurel St Unit 1223 Bellingham, WA	2.0	1.0	800	$2,150	$2.69	21d	1	0.48mi
935 Otis St Bellingham, WA	3.0	2.0	1000	$2,500	$2.50	21d	1	0.48mi
1471 Moore St Bellingham, WA	2.0–3.0	2.0	860	$1,675	$1.95	21d	6	0.53mi
1211 Jersey St Bellingham, WA	3.0	1.0	871	$2,411	$2.77	13d	12	0.56mi
3966 Byron Ave Unit 105 Bellingham, WA	2.0	2.0	995	$1,650	$1.66	21d	1	0.62mi
3966 Byron Ave Bellingham, WA	1.0	1.0	711	$1,450	$2.04	21d	1	0.62mi
1213 Billy Frank Jr. St Unit 2 Bellingham, WA	2.0	1.0	719	$1,750	$2.43	21d	1	0.63mi
1316 High St Bellingham, WA	3.0	1.0–2.0	909	$2,410	$2.65	21d	5	0.64mi
1024 Billy Frank Jr St #301 Bellingham, WA	2.0	1.0	740	$2,300	$3.11	21d	1	0.66mi
1113 Billy Frank Jr. St Unit 3 Bellingham, WA	2.0	1.0	900	$1,795	$1.99	21d	1	0.66mi
1010 Billy Frank Jr St Bellingham, WA	2.0	1.0	850	$1,765	$2.08	13d	11	0.68mi
3805 Elwood Ave Bellingham, WA	4.0	1.0–2.5	1213	$2,418	$1.99	13d	49	0.71mi
800 Liberty St Unit 17 Bellingham, WA	2.0	1.0	950	$1,795	$1.89	21d	1	0.72mi
1205 N Garden St Bellingham, WA	2.0–4.0	1.0–1.5	830	$2,150	$2.59	21d	9	0.76mi
230 32nd St Unit 250-106 (ADA) Bellingham, WA	2.0	1.0	738	$1,725	$2.34	13d	1	0.76mi
1117 N Garden St Bellingham, WA	3.0–4.0	2.0	1100	$2,233	$2.03	13d	3	0.78mi
421 E Maple St Bellingham, WA	1.0	1.0	875	$900	$1.03	21d	2	0.79mi
921 High St #7 Bellingham, WA	1.0	1.0	734	$2,300	$3.13	21d	1	0.80mi
1100 N Forest St Bellingham, WA	1.0	1.0	600	$1,650	$2.75	21d	1	0.82mi
1111 N Forest St Bellingham, WA	3.0	1.0–1.5	770	$2,375	$3.08	13d	4	0.85mi
1745 James St Unit 1745-A Bellingham, WA	2.0	1.0	728	$1,950	$2.68	13d	1	0.86mi
819 High St #102 Bellingham, WA	1.0	1.0	616	$1,800	$2.92	21d	1	0.87mi
202 E Holly St Bellingham, WA	1.0	1.0	397	$1,650	$4.15	21d	9	0.91mi
508 E Ivy St Unit 104 Bellingham, WA	2.0	1.0	704	$1,850	$2.63	21d	1	0.93mi
508 E Ivy St Apt 101 Bellingham, WA	2.0	1.0	704	$1,795	$2.55	21d	1	0.93mi
112 E Maple St Bellingham, WA	1.0	1.0	555	$1,725	$3.11	13d	1	0.99mi
112 E Maple St Bellingham, WA	1.0	1.0	602	$1,712	$2.84	21d	2	1.00mi
1015 Railroad Ave #303 Bellingham, WA	1.0	1.0	640	$1,800	$2.81	13d	1	1.00mi
487 31st St Bellingham, WA	1.0–2.0	1.0	697	$1,890	$2.71	21d	33	1.01mi
524 32nd St Bellingham, WA	3.0	2.0	1100	$2,480	$2.25	21d	3	1.06mi
705 32nd St Bellingham, WA	3.0	1.0–2.0	792	$2,095	$2.65	21d	23	1.15mi
1818 D St Bellingham, WA	2.0	1.0	646	$2,350	$3.64	13d	18	1.41mi
711 Astor St Bellingham, WA	1.0	1.0	660	$2,075	$3.14	21d	1	1.41mi
2329 Orleans St Apt 2 Bellingham, WA	2.0	1.0	750	$1,450	$1.93	21d	1	1.41mi

Listing history 23 events

1. 2026-06-18
   days on market $64,800 Active 76 DOM
2. 2026-06-17
   days on market $64,800 Active 75 DOM
3. 2026-06-16
   days on market $64,800 Active 74 DOM
4. 2026-06-15
   days on market $64,800 Active 73 DOM
5. 2026-06-14
   days on market $64,800 Active 71 DOM
6. 2026-06-13
   days on market $64,800 Active 70 DOM
7. 2026-06-10
   days on market $64,800 Active 68 DOM
8. 2026-06-09
   days on market $64,800 Active 67 DOM
9. 2026-06-08
   days on market $64,800 Active 66 DOM
10. 2026-06-07
    days on market $64,800 Active 65 DOM
11. 2026-06-05
    days on market $64,800 Active 62 DOM
12. 2026-06-03
    days on market $64,800 Active 61 DOM
13. 2026-06-02
    days on market $64,800 Active 60 DOM
14. 2026-06-01
    days on market $64,800 Active 59 DOM
15. 2026-05-31
    days on market $64,800 Active 58 DOM
16. 2026-05-30
    days on market $64,800 Active 57 DOM
17. 2026-04-05
    price $64,800
18. 2026-04-03
    listed $68,400 Active
19. 2012-06-01
    historical
20. 2012-06-01
    soldstatus $5,000 Sold
21. 2012-04-23
    status Pending Inspection
22. 2012-03-26
    price $10,000
23. 2011-09-08
    listed $15,000 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: $209 · $17/mo
• Projected year-2 tax: $635 · $53/mo
• Expected delta: +$426/yr (+$35/mo · 203.5%)

ⓘ 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 3/10 Moderate 7 d/yr ≥83°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,342
• − Mortgage interest: −$3,630
• − Property taxes: −$209
• − Insurance: −$324
• − Repairs & maintenance: −$1,947
• − Management: −$1,947
• − Depreciation: −$1,885
• Taxable income: $14,399
• Est. tax owed @ 24.0%: −$3,456
• After-tax cash flow: $11,163/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 — Bellingham

• Score: 80/100
• State rank: #102
• US rank: #1947

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellingham, WA
• County: Whatcom County · 209,776 people
• City population: 130,296
• 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

+332.0% since first listed

7 events — show timeline

• 2026-04-05 Price Changed $64,800 NWMLS as Distributed by MLS Grid
• 2026-04-03 Listed $68,400 NWMLS as Distributed by MLS Grid
• 2012-06-01 Delisted — NWMLS as Distributed by MLS Grid
• 2012-06-01 Sold (MLS) $5,000 NWMLS as Distributed by MLS Grid
• 2012-04-23 Pending — NWMLS as Distributed by MLS Grid
• 2012-03-26 Price Changed $10,000 NWMLS as Distributed by MLS Grid
• 2011-09-08 Listed $15,000 NWMLS as Distributed by MLS Grid

Property tax history

+4.6%/yr

Latest (2024): $209 · -8.0% YoY. Source: county tax records.