1200 Lincoln St #301 · Bellingham, WA 98229

$39,000

2 bd · 2.0 ba · 1,320 sqft · Manufactured public records · 114 Days on market

Built 1972 Est $78k · 50% under ↓ 34% since listing

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Why this score? — see what drove the C- 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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

PRICED TO SELL. Lakeway Estates. A must see property! Large corner lot. Move-in ready, well maintained home. Two large bedrooms, 2 bathrooms, a spacious and bright great room, 2 storage sheds. Newly installed kitchen vinyl flooring. Beautiful landscaping. This home also has a large porch to enjoy our beautiful summer weather. Professional pest control is performed every 6 months. Community clubhouse. Walking distance to shopping, groceries, bank, restaurants, coffee & public transportation. Disclosure: The last 13 pictures are digitally staged for illustrative purposes.

Key facts

• Large corner lot
• Community clubhouse
• Large porch

Tags

• LARGE CORNER LOT
• ROOF REPLACED
• LARGE PORCH
• OUTDOOR SHED
• COMMUNITY CLUBHOUSE
• WALKING DISTANCE TO SHOPPING

Property features AI

Finance

• Other: Listing is active; Unit located at the corner of Rutgers and 11th (Unit #301)
• Financial info: Accepts Cash, Conventional, FHA; Land lease amount applies
• HOA & community: Park approved for sale; Lakeway Estates community; Approximately 220 homes in the park; Senior community (verify eligibility); Pets: see remarks; Monthly land lease

Exterior

• Parking: Carport
• Utilities: Electric energy source; Public water (COB); Public sewer (COB); Power by PSE; Internet: Xfinity; 2 storage spaces
• Home design: Manufactured home (double wide); One story; Manufactured model SAFEWAY 56X24; Good condition; Entry at main level
• Construction: Metal/vinyl construction; Metal roof; Tie-down foundation; Built as a double wide manufactured home
• Exterior features: Corner lot; Sidewalk; Metal/vinyl exterior; Patio/porch/deck

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator; Gas/Electric range not specified
• Bedrooms: 2 bedrooms
• Flooring: Laminate; Carpet
• Bathrooms: 2 full bathrooms; 1 bathtub
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Entry; Kitchen with eating space; Living room; Drapes; Patio/porch/deck
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $39k.

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 $39k).
• Recommended offer: $35k (9.0% below list) — sets the bar for market timing.
• Cap rate 52.8% 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; 23 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $270 of loan paydown is wiped out by about $1k 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 $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($35k) is reasonable based on typical stale-listing flexibility.

Recommended offer $35,490 (9.0% 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 9% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — 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: 5.72% ✓
• Cap rate: 52.84%
• Cash-on-cash: 166.22%
• DSCR: 8.40
• GRM: 1.5

CMA / ARV

• ARV (on-the-fly): $77,880
• 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	0.02mi	2/2.0	1,304 (-1%)	6mo	$55,000	$42	92
1200 Lincoln St #193	0.03mi	2/2.0	1,261 (-4%)	3mo	$89,900	$71	89
1200 Lincoln St #285	0.06mi	2/2.0	1,248 (-6%)	8mo	$74,000	$59	81
1200 Lincoln St #184	0.06mi	2/2.0	1,260 (-4%)	22mo	$135,000	$107	71
1200 Lincoln St #404	0.16mi	2/2.0	1,147 (-13%)	2mo	$64,000	$56	69
1200 Lincoln St #418	0.06mi	2/2.0	1,152 (-13%)	9mo	$34,000	$30	68
1200 Lincoln St #413	0.11mi	2/2.0	1,146 (-13%)	8mo	$45,000	$39	66
1200 Lincoln St #106	0.30mi	2/2.0	1,248 (-6%)	14mo	$60,000	$48	65
1200 Lincoln St #272	0.11mi	2/2.0	1,152 (-13%)	15mo	$70,000	$61	61
1200 Lincoln St #282	0.08mi	2/2.0	1,152 (-13%)	22mo	$133,000	$115	57
1200 Lincoln St #161	0.13mi	2/2.0	1,152 (-13%)	21mo	$45,000	$39	55
1200 Lincoln St #274	0.13mi	3/2.0 (+1)	1,146 (-13%)	22mo	$104,000	$91	48

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: 9.32×
• Total profit: $90,897
• Equity at exit: $5,815

10-year hold

• IRR: —
• Equity multiple: 19.94×
• Total profit: $206,827
• Equity at exit: $3,372

Cash invested: $10,920 (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: 1.5×

Monthly cashflow live

• Estimated rent: $2,229 high
• Mortgage (P&I): −$205
• Tax from tax record: −$27 /mo · $329/yr
• Insurance: −$16
• HOA: −$0
• Vacancy / Maint / Mgmt: −$468
• Net cashflow: $1,513

Break-even live

Break-even rent $314

Max offer price $39,000

Occupancy floor 27%

Sensitivity live

Price	-10% $1,535	-5% $1,524	+0% $1,513	+5% $1,502	+10% $1,491
Rent	-10% $1,337	-5% $1,425	+0% $1,513	+5% $1,601	+10% $1,689
Rate	-1.0pp $1,532	-0.5pp $1,523	base $1,513	+0.5pp $1,503	+1.0pp $1,492

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: $9,750
• Closing costs: $1,170
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1743 E Maple St Bellingham, WA	1.0–3.0	1.0–2.0	910	$2,108	$2.32	14d	12	0.18mi
110 Ashley Ave Bellingham, WA	3.0	2.0	1362	$2,298	$1.69	14d	5	0.32mi
1212 Nevada St Unit 1 Bellingham, WA	2.0	1.0	975	$1,750	$1.79	21d	1	0.32mi
208 N Samish Way Bellingham, WA	2.0	1.0–2.0	875	$2,769	$3.16	14d	8	0.34mi
3613 Consolidation Ave Bellingham, WA	3.0	2.0	1017	$2,378	$2.34	14d	8	0.37mi
935 Otis St Bellingham, WA	3.0	2.0	1000	$2,500	$2.50	21d	1	0.45mi
1223 E Laurel St Unit 1227 Bellingham, WA	3.0	3.0	1200	$2,595	$2.16	14d	1	0.46mi
1223 E Laurel St Unit 1229 Bellingham, WA	3.0	3.0	1200	$2,995	$2.50	21d	1	0.46mi
3966 Byron Ave Unit 105 Bellingham, WA	2.0	2.0	995	$1,650	$1.66	21d	1	0.49mi
3805 Elwood Ave Bellingham, WA	4.0	1.0–2.5	1213	$2,418	$1.99	14d	49	0.58mi
1806 Lakeway Dr Bellingham, WA	2.0	1.0	1200	$2,075	$1.73	21d	1	0.63mi
1211 Jersey St Bellingham, WA	3.0	1.0	871	$2,411	$2.77	14d	12	0.63mi
1471 Moore St Bellingham, WA	2.0–3.0	2.0	860	$1,675	$1.95	21d	6	0.67mi
800 Liberty St Unit 17 Bellingham, WA	2.0	1.0	950	$1,795	$1.89	21d	1	0.70mi
1113 Billy Frank Jr. St Unit 3 Bellingham, WA	2.0	1.0	900	$1,795	$1.99	21d	1	0.72mi
1316 High St Bellingham, WA	3.0	1.0–2.0	909	$2,410	$2.65	21d	5	0.73mi
1205 N Garden St Bellingham, WA	2.0–4.0	1.0–1.5	830	$2,150	$2.59	21d	9	0.84mi
1117 N Garden St Bellingham, WA	3.0–4.0	2.0	1100	$2,233	$2.03	14d	3	0.85mi
421 E Maple St Bellingham, WA	1.0	1.0	875	$900	$1.03	21d	2	0.85mi
524 32nd St Bellingham, WA	3.0	2.0	1100	$2,480	$2.25	21d	3	0.95mi
705 32nd St Bellingham, WA	3.0	1.0–2.0	792	$2,095	$2.65	21d	23	1.04mi
120 Prospect St Unit PS08 Bellingham, WA	3.0	2.0	1200	$2,200	$1.83	21d	1	1.27mi
317 N State St #306 Bellingham, WA	2.0	2.0	1410	$2,800	$1.99	14d	1	1.38mi

Listing history 21 events

1. 2026-06-18
   days on market $39,000 Active 114 DOM
2. 2026-06-17
   days on market $39,000 Active 113 DOM
3. 2026-06-16
   days on market $39,000 Active 112 DOM
4. 2026-06-15
   days on market $39,000 Active 111 DOM
5. 2026-06-14
   days on market $39,000 Active 109 DOM
6. 2026-06-13
   days on market $39,000 Active 108 DOM
7. 2026-06-10
   days on market $39,000 Active 106 DOM
8. 2026-06-09
   days on market $39,000 Active 105 DOM
9. 2026-06-08
   days on market $39,000 Active 104 DOM
10. 2026-06-07
    days on market $39,000 Active 103 DOM
11. 2026-06-05
    days on market $39,000 Active 100 DOM
12. 2026-06-03
    days on market $39,000 Active 99 DOM
13. 2026-06-02
    days on market $39,000 Active 98 DOM
14. 2026-06-01
    days on market $39,000 Active 97 DOM
15. 2026-05-31
    days on market $39,000 Active 96 DOM
16. 2026-05-30
    days on market $39,000 Active 95 DOM
17. 2026-05-21
    status Pending
18. 2026-04-22
    price $39,000
19. 2026-04-03
    price $49,000
20. 2026-03-11
    price $54,000
21. 2026-02-19
    listed $59,000 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: $329 · $27/mo
• Projected year-2 tax: $382 · $32/mo
• Expected delta: +$53/yr (+$4/mo · 16.2%)

ⓘ 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: $26,747
• − Mortgage interest: −$2,185
• − Property taxes: −$329
• − Insurance: −$195
• − Repairs & maintenance: −$2,140
• − Management: −$2,140
• − Depreciation: −$1,135
• Taxable income: $18,624
• Est. tax owed @ 24.0%: −$4,470
• After-tax cash flow: $13,682/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

-33.9% since first listed

5 events — show timeline

• 2026-05-21 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-22 Price Changed $39,000 NWMLS as Distributed by MLS Grid
• 2026-04-03 Price Changed $49,000 NWMLS as Distributed by MLS Grid
• 2026-03-11 Price Changed $54,000 NWMLS as Distributed by MLS Grid
• 2026-02-19 Listed $59,000 NWMLS as Distributed by MLS Grid

Property tax history

+0.6%/yr

Latest (2026): $329 · -6.2% YoY. Source: county tax records.