6350 Portal Way #85 · Ferndale, WA 98248

$279,000

3 bd · 2.0 ba · 1,404 sqft · Manufactured public records · 56 Days on market

Built 2006 $199/sqft · 18% above area Est $236k · 18% over

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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 +20.0/30.0
• DSCR +6.4/10.0
• Schools +4.6/10.0
• 1% rule +4.5/10.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Fall in love with this meticulously maintained 3 bed, 2 bath home. Located in Portal Creek Park, one of Ferndale's most desirable age 55+ communities! Warmth and natural light pour into the spacious and thoughtfully designed Homette home. Highlights include an open concept floorplan, large bedrooms, and high-quality finishes throughout. Numerous updates such as a new tankless hot water heater, new washer/dryer, recently upgraded kitchen appliances and a roof that is only 8 years old. Stay cool and save money during the summer with the energy efficient Heat Pump, 5 units provide A/C in every bedroom, the living room and kitchen. Oversized 2-car garage with ample space for your hobbies and st

Key facts

• Large sunny deck
• Garage
• Built 2006

Tags

• TANKLESS HOT WATER HEATER
• ENERGY EFFICIENT HEAT PUMP
• LARGE SUNNY DECK
• ACCESS TO COMMUNITY CLUBHOUSE

Property features AI

Finance

• Financial info: Land lease: $750/month; Listing terms: Cash or Conventional
• HOA & community: Portal Creek Park (park approved for sale); Senior community; Clubhouse and common area; 87 homes in park; Pets allowed (cats ok, dogs ok; see remarks)

Exterior

• Parking: Individual garage (garage included); Park driveway
• Utilities: Public water; Sewer: City of Ferndale; Power: PSE/CNG; Water heater located in utility room (tankless); Cable: Xfinity; Internet: Xfinity; Energy: Electric and natural gas
• Home design: Manufactured double-wide home; One level; West-facing entry
• Construction: Cement plank construction; Composition roof; Slab foundation; Manufactured in/after 06/15/1976 (Homette Greenbriar 6325-CT model)
• Exterior features: Cement planked exterior; Patio/porch/deck; Curbs; Paved; Sidewalk; Has view

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Laminate
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Heating & cooling: Ductless heating; Has cooling
• Interior features: Water heater (tankless); Skylights; Vaulted ceilings; Ceiling fan(s); Walk-in closet; Bath off primary
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $279k.

Deal economics

• At list price, monthly cash flow is $344 ($4k/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 $266k (4.8% below list).
• Recommended offer: $266k (4.8% below list) — sets the bar for 1% rule.
• Cap rate 7.8% 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; 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 $8k 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 56 days — a 3% lower offer ($271k) is reasonable based on typical stale-listing flexibility.

Recommended offer $265,511 (4.8% below list)

Questions for the listing agent

1. It's been on market 56 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.95% ✗
• Cap rate: 7.77%
• Cash-on-cash: 5.28%
• DSCR: 1.24
• GRM: 8.8

CMA / ARV

• ARV (median comp): $236,320
• List price: $279,000
• Delta: 18.06%
• Verdict: OVERPRICED
• 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	0.04mi	3/2.0	1,404 (0%)	0mo	$315,000	$224	98
6350 Portal Way #83	0.02mi	3/2.0	1,596 (+14%)	7mo	$365,000	$229	70
6350 Portal Way #6	0.08mi	2/2.0 (-1)	1,319 (-6%)	22mo	$315,000	$239	63

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: -6.3%
• Equity multiple: 0.76×
• Total profit: $-18,500
• Equity at exit: $41,600

10-year hold

• IRR: 5.3%
• Equity multiple: 1.42×
• Total profit: $32,546
• Equity at exit: $24,123

Cash invested: $78,120 (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: 8.8×

Monthly cashflow live

• Estimated rent: $2,655 medium
• Mortgage (P&I): −$1,463
• Tax from tax record: −$174 /mo · $2,090/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$558
• Net cashflow: $344

Break-even live

Break-even rent $2,220

Max offer price $279,000

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: $69,750
• Closing costs: $8,370
• 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	13d	1	1.23mi
6160 Jupiter Pl Ferndale, WA	4.0	1.0	1275	$2,675	$2.10	44d	1	1.42mi

Listing history 16 events

1. 2026-06-18
   days on market $279,000 Active 56 DOM
2. 2026-06-17
   days on market $279,000 Active 55 DOM
3. 2026-06-16
   days on market $279,000 Active 54 DOM
4. 2026-06-15
   days on market $279,000 Active 53 DOM
5. 2026-06-14
   days on market $279,000 Active 51 DOM
6. 2026-06-13
   days on market $279,000 Active 50 DOM
7. 2026-06-10
   days on market $279,000 Active 48 DOM
8. 2026-06-09
   days on market $279,000 Active 47 DOM
9. 2026-06-08
   days on market $279,000 Active 46 DOM
10. 2026-06-07
    days on market $279,000 Active 45 DOM
11. 2026-06-03
    days on market $279,000 Active 41 DOM
12. 2026-06-02
    days on market $279,000 Active 40 DOM
13. 2026-06-01
    days on market $279,000 Active 39 DOM
14. 2026-05-31
    days on market $279,000 Active 38 DOM
15. 2026-05-30
    days on market $279,000 Active 37 DOM
16. 2026-04-23
    listed $279,000 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: $2,090 · $174/mo
• Projected year-2 tax: $2,734 · $228/mo
• Expected delta: +$644/yr (+$54/mo · 30.8%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 8 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: $31,861
• − Mortgage interest: −$15,628
• − Property taxes: −$2,090
• − Insurance: −$1,395
• − Repairs & maintenance: −$2,549
• − Management: −$2,549
• − Depreciation: −$8,116
• Taxable loss: −$466
• Est. tax savings @ 24.0%: +$112
• After-tax cash flow: $4,240/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

1 event — show timeline

• 2026-04-23 Listed $279,000 NWMLS as Distributed by MLS Grid

Property tax history

+4.1%/yr

Latest (2026): $2,090 · +10.3% YoY. Source: county tax records.