5660 Eagle Pl · Ferndale, WA 98248

$895,000

8 bd · 4.0 ba · 3,208 sqft · MultiFamily public records · 114 Days on market

Built 1991 10,454 sqft lot $279/sqft · 8% above area Est $831k · 8% 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 +13.9/30.0
• Schools +4.6/10.0
• DSCR +4.2/10.0
• ARV discount +4.0/15.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• 1% rule +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

April Update!! Newly remodeled Unit 1 now rented = full occupancy. Best Value 4-Plex in Ferndale. Now priced at $895,000. This is one of the best 4-plex opportunities in Ferndale for investors who understand value-add potential. With one fully renovated & now RENTED unit already completed (Unit 1), the path to increased income is factual —not theoretical. Each unit offers a functional 2-bedroom, 1-bath layout with private decks, while upper units feature vaulted ceilings that enhance tenant appeal and livability. The property has a strong rental history and remains consistently occupied, supported by its cul-de-sac location and proximity to schools, parks, and key commuter rout

Key facts

• Private decks
• Full remodel
• High-demand area

Tags

• PRIVATE DECKS
• FULL REMODEL
• HIGH-DEMAND AREA

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $895k.

Deal economics

• At list price, monthly cash flow is $98 ($1k/yr) — positive. Per door: $25/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $720k (19.5% below list).
• Recommended offer: $720k (19.5% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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; solid renter incomes; 1,190 units permitted in Whatcom County in 2024 (327 in 5+ unit buildings).
• At $7,201/mo this rent would consume 95% of the median local household income ($91k/yr) (locally 582% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $27k 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 114 days — a 9% lower offer ($814k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $172k; list at $895k implies a 422% gain — meaningful room to come down on a strong offer.

Recommended offer $720,100 (19.5% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.80% ✗
• Cap rate: 6.42%
• Cash-on-cash: 0.47%
• DSCR: 1.02
• GRM: 10.4

CMA / ARV

• ARV (median comp): $830,761
• List price: $895,000
• Delta: 7.73%
• Verdict: FAIR
• Comps: 3 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2344 Main St	0.19mi	8/4.0	3,260 (+2%)	2mo	$950,000	$291	87

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: -13.8%
• Equity multiple: 0.50×
• Total profit: $-125,830
• Equity at exit: $133,447

10-year hold

• IRR: -2.6%
• Equity multiple: 0.81×
• Total profit: $-46,373
• Equity at exit: $77,383

Cash invested: $250,600 (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: 41.4×

Monthly cashflow live

• Estimated rent: $7,201 high
• Mortgage (P&I): −$4,693
• Tax from tax record: −$524 /mo · $6,290/yr
• Insurance: −$373
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,512
• Net cashflow: $98

Break-even live

Break-even rent $7,077

Max offer price $895,000

Occupancy floor 94%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$7,200
Total (4 units)			$7,201

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: $223,750
• Closing costs: $26,850
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $895,000 Active 114 DOM
2. 2026-06-17
   days on market $895,000 Active 113 DOM
3. 2026-06-16
   days on market $895,000 Active 112 DOM
4. 2026-06-15
   days on market $895,000 Active 111 DOM
5. 2026-06-14
   days on market $895,000 Active 109 DOM
6. 2026-06-13
   days on market $895,000 Active 108 DOM
7. 2026-06-10
   days on market $895,000 Active 106 DOM
8. 2026-06-09
   days on market $895,000 Active 105 DOM
9. 2026-06-08
   days on market $895,000 Active 104 DOM
10. 2026-06-07
    days on market $895,000 Active 103 DOM
11. 2026-06-03
    days on market $895,000 Active 99 DOM
12. 2026-06-02
    days on market $895,000 Active 98 DOM
13. 2026-06-01
    days on market $895,000 Active 97 DOM
14. 2026-05-31
    days on market $895,000 Active 96 DOM
15. 2026-05-30
    days on market $895,000 Active 95 DOM
16. 2026-04-01
    price $895,000
17. 2026-02-24
    listed $920,000 Active
18. 1990-12-04
    soldstatus $171,500

ⓘ 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: $6,290 · $524/mo
• Projected year-2 tax: $8,771 · $731/mo
• Expected delta: +$2,481/yr (+$207/mo · 39.4%)

ⓘ 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 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 8 unhealthy d/yr today · 8 by 30 yrs out

Taxation est. · year 1

• Rental income: $86,412
• − Mortgage interest: −$50,134
• − Property taxes: −$6,290
• − Insurance: −$4,475
• − Repairs & maintenance: −$6,913
• − Management: −$6,913
• − Depreciation: −$26,036
• Taxable loss: −$14,349
• Est. tax savings @ 24.0%: +$3,444
• After-tax cash flow: $4,622/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

+421.9% since first listed

3 events — show timeline

• 2026-04-01 Price Changed $895,000 NWMLS as Distributed by MLS Grid
• 2026-02-24 Listed $920,000 NWMLS as Distributed by MLS Grid
• 1990-12-04 Sold (Public Records) $171,500 Public Records

Property tax history

+4.0%/yr

Latest (2026): $6,290 · +10.1% YoY. Source: county tax records.