6350 Portal Way #64 · Ferndale, WA 98248

$294,000

3 bd · 2.0 ba · 1,395 sqft · Manufactured public records · 108 Days on market

Built 2008 701 sqft lot $211/sqft · 26% above area Est $236k · 24% 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 +14.5/30.0
• Schools +4.6/10.0
• DSCR +4.4/10.0
• 1% rule +4.0/10.0
• 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

Welcome to this meticulously maintained home in the desirable Portal Creek 55+ Community. Offering 3 bedrooms and 2 full baths, the open layout boasts vaulted ceilings and abundant natural light. A cozy wood-burning fireplace warms the spacious living room, while the kitchen features stainless appliances. Step outside to a fully fenced backyard with patio, perfect for pets, entertaining, or morning coffee, surrounded by low-maintenance landscaping, mature trees, and gardens. Additional highlights include a 2-car garage, brand-new water heater, and new roof installed Sept. 2025. Residents enjoy a quiet, well-kept neighborhood with a clubhouse, just 10 minutes to Bellingham and close to shopp

Key facts

• Clubhouse
• Stainless appliances
• Mature trees

Tags

• FULLY FENCED BACKYARD
• COZY WOOD-BURNING FIREPLACE
• STAINLESS APPLIANCES
• LOW-MAINTENANCE LANDSCAPING
• MATURE TREES
• CLUBHOUSE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $294k.

Deal economics

• At list price, monthly cash flow is $66 ($792/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 (9.7% below list).
• Recommended offer: $266k (9.7% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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 $9k 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 108 days — a 9% lower offer ($268k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 15y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $85k; list at $294k implies a 246% gain — meaningful room to come down on a strong offer.

Recommended offer $265,539 (9.7% below list)

Questions for the listing agent

1. It's been on market 108 days. Have you received any prior offers? Is the seller open to a 10% 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. 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?
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: 0.90% ✗
• Cap rate: 6.56%
• Cash-on-cash: 0.96%
• DSCR: 1.04
• GRM: 9.2

CMA / ARV

• ARV (median comp): $236,320
• List price: $294,000
• Delta: 24.41%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6350 Portal Way #13	0.09mi	3/2.0	1,404 (+1%)	0mo	$315,000	$224	95
6350 Portal Way #83	0.04mi	3/2.0	1,596 (+14%)	7mo	$365,000	$229	68
6350 Portal Way #6	0.13mi	2/2.0 (-1)	1,319 (-5%)	22mo	$315,000	$239	62
6350 Portal Way #26	0.14mi	3/2.0	1,188 (-15%)	21mo	$280,000	$236	51

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: -12.8%
• Equity multiple: 0.53×
• Total profit: $-38,530
• Equity at exit: $43,836

10-year hold

• IRR: -1.2%
• Equity multiple: 0.91×
• Total profit: $-7,258
• Equity at exit: $25,420

Cash invested: $82,320 (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: 9.2×

Monthly cashflow live

• Estimated rent: $2,655 medium
• Mortgage (P&I): −$1,542
• Tax est. 1.5%: −$368 /mo · $4,410/yr
• Insurance: −$122
• HOA: −$0
• Vacancy / Maint / Mgmt: −$558
• Net cashflow: $66

Break-even live

Break-even rent $2,572

Max offer price $294,000

Occupancy floor 93%

Sensitivity live

Price	-10% $269	-5% $168	+0% $66	+5% $-36	+10% $-137
Rent	-10% $-144	-5% $-39	+0% $66	+5% $171	+10% $276
Rate	-1.0pp $214	-0.5pp $141	base $66	+0.5pp $-10	+1.0pp $-88

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: $73,500
• Closing costs: $8,820
• 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	14d	1	1.31mi
6160 Jupiter Pl Ferndale, WA	4.0	1.0	1275	$2,675	$2.10	44d	1	1.49mi

Listing history 21 events

1. 2026-06-18
   days on market $294,000 Active 108 DOM
2. 2026-06-17
   days on market $294,000 Active 107 DOM
3. 2026-06-16
   days on market $294,000 Active 106 DOM
4. 2026-06-15
   days on market $294,000 Active 105 DOM
5. 2026-06-14
   days on market $294,000 Active 103 DOM
6. 2026-06-13
   days on market $294,000 Active 102 DOM
7. 2026-06-10
   days on market $294,000 Active 100 DOM
8. 2026-06-09
   days on market $294,000 Active 99 DOM
9. 2026-06-08
   days on market $294,000 Active 98 DOM
10. 2026-06-07
    days on market $294,000 Active 97 DOM
11. 2026-06-03
    days on market $294,000 Active 93 DOM
12. 2026-06-03
    price $294,000 Active 92 DOM
13. 2026-06-02
    days on market $299,000 Active 92 DOM
14. 2026-06-01
    days on market $299,000 Active 91 DOM
15. 2026-05-31
    days on market $299,000 Active 90 DOM
16. 2026-05-30
    days on market $299,000 Active 89 DOM
17. 2026-03-02
    listed $299,000 Active
18. 2011-10-27
    soldstatus $84,900 Sold
19. 2011-10-14
    status Pending
20. 2011-10-10
    price $84,900
21. 2011-09-20
    listed $98,500 Active

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

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 ≥82°F today · 18 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: $31,865
• − Mortgage interest: −$16,469
• − Property taxes: −$4,410
• − Insurance: −$1,470
• − Repairs & maintenance: −$2,549
• − Management: −$2,549
• − Depreciation: −$8,553
• Taxable loss: −$4,135
• Est. tax savings @ 24.0%: +$992
• After-tax cash flow: $1,784/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

+203.6% since first listed

5 events — show timeline

• 2026-03-02 Listed $299,000 NWMLS as Distributed by MLS Grid
• 2011-10-27 Sold (MLS) $84,900 NWMLS as Distributed by MLS Grid
• 2011-10-14 Pending — NWMLS as Distributed by MLS Grid
• 2011-10-10 Price Changed $84,900 NWMLS as Distributed by MLS Grid
• 2011-09-20 Listed $98,500 NWMLS as Distributed by MLS Grid

Property tax history

-7.8%/yr

Latest (2026): $253 · +13.2% YoY. Source: county tax records.