1200 Lincoln St #231 · Bellingham, WA 98229

$64,000

3 bd · 2.0 ba · 1,344 sqft · Manufactured public records · 132 Days on market

Built 1983 1,344 sqft lot Est $79k · 19% under ↓ 13% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Enjoy easy living in Lakeway Estates, one of Bellingham’s most established manufactured home communities. This well-maintained double-wide offers a rare 3-bedroom, 2-bath layout with a functional floor plan and generous living spaces. Covered parking adds everyday convenience, while the community clubhouse and nearby walking paths encourage an active, connected lifestyle. Ideally located close to shopping, dining, coffee shops, and public transportation. Current availability allows limited residents under 55! A great opportunity for those seeking space, comfort, and a low-maintenance lifestyle in a prime location.

Key facts

• Coffee shops
• Community clubhouse
• Shopping

Tags

• MANUFACTURED HOME COMMUNITIES
• COMMUNITY CLUBHOUSE
• WALKING PATHS
• SHOPPING
• DINING
• COFFEE SHOPS

Property features AI

Finance

• Other: Tax year 2025
• Financial info: Land lease $1,100; Listing terms: Cash
• HOA & community: Located in Lakeway Estates (manufactured home park); Park amenities include BBQs and clubhouse; Park approved for sale; Senior community

Exterior

• Parking: Carport
• Utilities: Public water; Public sewer; PSE power; Cable connected (Xfinity)
• Home design: Manufactured home (double wide); One story; Faces east; Good condition; Has view; Bath off primary
• Construction: Wood construction; Composition roof; Metal skirting; Tie down foundation; Manufactured after 06/15/1976
• Exterior features: Wood products exterior; Corner lot; Paved lot

Interior

• Kitchen: Refrigerator; Stove / Range
• Bedrooms: 3 bedrooms
• Flooring: Laminate; Carpet
• Bathrooms: 2 full bathrooms; 1 bathtub; 2 showers
• Heating & cooling: High-efficiency heating (90%+); Natural gas energy source
• Interior features: Fireplace (wood burning); Water heater (tankless)
• Laundry & utility: Water heater located in bathroom closet

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $64k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $64k).
• Recommended offer: $56k (12.0% below list) — sets the bar for market timing.
• Cap rate 35.0% 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; 28 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).
• This rent runs 32% 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 $442 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 132 days — a 12% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 9y ago; this cycle's ask has dropped $15k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $56,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 132 days. Have you received any prior offers? Is the seller open to a 12% 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. 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?
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: 3.82% ✓
• Cap rate: 35.03%
• Cash-on-cash: 102.63%
• DSCR: 5.57
• GRM: 2.2

CMA / ARV

• ARV (on-the-fly): $79,296
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1200 Lincoln St #196	0.23mi	2/2.0 (-1)	1,304 (-3%)	6mo	$55,000	$42	75
1200 Lincoln St #193	0.22mi	2/2.0 (-1)	1,261 (-6%)	3mo	$89,900	$71	72
1200 Lincoln St #285	0.17mi	2/2.0 (-1)	1,248 (-7%)	8mo	$74,000	$59	68
1200 Lincoln St #106	0.07mi	2/2.0 (-1)	1,248 (-7%)	14mo	$60,000	$48	68
1200 Lincoln St #404	0.09mi	2/2.0 (-1)	1,147 (-15%)	2mo	$64,000	$56	65
1200 Lincoln St #184	0.19mi	2/2.0 (-1)	1,260 (-6%)	22mo	$135,000	$107	58
1200 Lincoln St #413	0.14mi	2/2.0 (-1)	1,146 (-15%)	8mo	$45,000	$39	57
1200 Lincoln St #418	0.21mi	2/2.0 (-1)	1,152 (-14%)	9mo	$34,000	$30	54
1200 Lincoln St #272	0.13mi	2/2.0 (-1)	1,152 (-14%)	15mo	$70,000	$61	53
1200 Lincoln St #274	0.12mi	3/2.0	1,146 (-15%)	22mo	$104,000	$91	51
1200 Lincoln St #161	0.11mi	2/2.0 (-1)	1,152 (-14%)	21mo	$45,000	$39	49
1200 Lincoln St #282	0.16mi	2/2.0 (-1)	1,152 (-14%)	22mo	$133,000	$115	46

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: —
• Equity multiple: 5.92×
• Total profit: $88,190
• Equity at exit: $9,543

10-year hold

• IRR: —
• Equity multiple: 12.52×
• Total profit: $206,409
• Equity at exit: $5,534

Cash invested: $17,920 (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: 2.2×

Monthly cashflow live

• Estimated rent: $2,446 high
• Mortgage (P&I): −$336
• Tax from tax record: −$37 /mo · $449/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$514
• Net cashflow: $1,533

Break-even live

Break-even rent $506

Max offer price $64,000

Occupancy floor 32%

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: $16,000
• Closing costs: $1,920
• Reserves months: —
• Total cash needed: —

Rent comps 28 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	0.18mi
1743 E Maple St Bellingham, WA	1.0–3.0	1.0–2.0	910	$2,500	$2.75	13d	12	0.37mi
208 N Samish Way Bellingham, WA	2.0	1.0–2.0	875	$2,769	$3.16	13d	8	0.42mi
1223 E Laurel St Unit 1229 Bellingham, WA	3.0	3.0	1200	$2,995	$2.50	21d	1	0.46mi
1223 E Laurel St Unit 1227 Bellingham, WA	3.0	3.0	1200	$2,595	$2.16	13d	1	0.46mi
1471 Moore St Bellingham, WA	2.0–3.0	2.0	860	$1,895	$2.20	21d	6	0.47mi
935 Otis St Bellingham, WA	3.0	2.0	1000	$2,500	$2.50	21d	1	0.47mi
1211 Jersey St Bellingham, WA	3.0	1.0	871	$2,411	$2.77	13d	12	0.49mi
3613 Consolidation Ave Bellingham, WA	3.0	2.0	1017	$2,378	$2.34	13d	8	0.50mi
110 Ashley Ave Bellingham, WA	3.0	2.0	1362	$2,298	$1.69	13d	5	0.51mi
1806 Lakeway Dr Bellingham, WA	2.0	1.0	1200	$2,075	$1.73	21d	1	0.56mi
1316 High St Bellingham, WA	3.0	1.0–2.0	909	$2,410	$2.65	21d	5	0.56mi
1113 Billy Frank Jr. St Unit 3 Bellingham, WA	2.0	1.0	900	$1,795	$1.99	21d	1	0.60mi
926 Billy Frank Jr St Bellingham, WA	4.0	2.0	1406	$3,400	$2.42	13d	1	0.67mi
3966 Byron Ave Unit 105 Bellingham, WA	2.0	2.0	995	$1,650	$1.66	21d	1	0.69mi
1205 N Garden St Bellingham, WA	2.0–4.0	1.0–1.5	830	$2,775	$3.34	21d	9	0.69mi
800 Liberty St Unit 17 Bellingham, WA	2.0	1.0	950	$1,795	$1.89	21d	1	0.69mi
1117 N Garden St Bellingham, WA	3.0–4.0	2.0	1100	$2,233	$2.03	13d	3	0.71mi
3805 Elwood Ave Bellingham, WA	4.0	1.0–2.5	1213	$3,079	$2.54	13d	49	0.76mi
524 32nd St Bellingham, WA	3.0	2.0	1100	$2,480	$2.25	21d	3	1.09mi
120 Prospect St Unit PS08 Bellingham, WA	3.0	2.0	1200	$2,200	$1.83	21d	1	1.09mi
2115 New St Bellingham, WA	4.0	1.0	1116	$2,650	$2.37	21d	1	1.15mi
705 32nd St Bellingham, WA	3.0	1.0–2.0	792	$2,695	$3.40	21d	23	1.19mi
1818 D St Bellingham, WA	2.0	1.0	646	$2,350	$3.64	13d	18	1.33mi
317 N State St #306 Bellingham, WA	2.0	2.0	1410	$2,800	$1.99	13d	1	1.36mi
1300 Texas St Apt 1 Bellingham, WA	2.0	1.0	950	$1,600	$1.68	21d	1	1.37mi
2139 Xenia Ln Bellingham, WA	3.0	2.0	1064	$2,300	$2.16	13d	1	1.44mi
1800 Alabama St Bellingham, WA	1.0–2.0	1.0	825	$1,595	$1.93	13d	3	1.50mi

Listing history 24 events

1. 2026-06-18
   days on market $64,000 Active 132 DOM
2. 2026-06-17
   days on market $64,000 Active 131 DOM
3. 2026-06-16
   days on market $64,000 Active 130 DOM
4. 2026-06-15
   price $64,000 Active 129 DOM
5. 2026-06-15
   days on market $69,000 Active 129 DOM
6. 2026-06-14
   days on market $69,000 Active 127 DOM
7. 2026-06-13
   days on market $69,000 Active 126 DOM
8. 2026-06-10
   days on market $69,000 Active 124 DOM
9. 2026-06-09
   days on market $69,000 Active 123 DOM
10. 2026-06-08
    days on market $69,000 Active 122 DOM
11. 2026-06-07
    days on market $69,000 Active 121 DOM
12. 2026-06-05
    days on market $69,000 Active 118 DOM
13. 2026-06-03
    days on market $69,000 Active 117 DOM
14. 2026-06-02
    days on market $69,000 Active 116 DOM
15. 2026-06-01
    days on market $69,000 Active 115 DOM
16. 2026-05-31
    days on market $69,000 Active 114 DOM
17. 2026-05-30
    days on market $69,000 Active 113 DOM
18. 2026-04-02
    price $69,000
19. 2026-02-05
    listed $79,000 Active
20. 2017-10-06
    soldstatus $75,000 Sold
21. 2017-09-26
    status Pending
22. 2017-09-21
    status Active
23. 2017-09-13
    status Pending Inspection
24. 2017-09-01
    listed $79,000 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: $449 · $37/mo
• Projected year-2 tax: $627 · $52/mo
• Expected delta: +$179/yr (+$15/mo · 39.8%)

ⓘ 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 2/10 Low 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: $29,351
• − Mortgage interest: −$3,585
• − Property taxes: −$449
• − Insurance: −$320
• − Repairs & maintenance: −$2,348
• − Management: −$2,348
• − Depreciation: −$1,862
• Taxable income: $18,439
• Est. tax owed @ 24.0%: −$4,425
• After-tax cash flow: $13,966/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

-12.7% since first listed

7 events — show timeline

• 2026-04-02 Price Changed $69,000 NWMLS as Distributed by MLS Grid
• 2026-02-05 Listed $79,000 NWMLS as Distributed by MLS Grid
• 2017-10-06 Sold (MLS) $75,000 NWMLS as Distributed by MLS Grid
• 2017-09-26 Pending — NWMLS as Distributed by MLS Grid
• 2017-09-21 Relisted — NWMLS as Distributed by MLS Grid
• 2017-09-13 Pending — NWMLS as Distributed by MLS Grid
• 2017-09-01 Listed $79,000 NWMLS as Distributed by MLS Grid

Property tax history

+2.7%/yr

Latest (2026): $449 · -34.3% YoY. Source: county tax records.