2400 DONOVAN Ave #16 · Bellingham, WA 98225

$79,900

2 bd · 1.0 ba · 402 sqft · Manufactured public records · 160 Days on market

Built 1989 700 sqft lot ↓ 11% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

A sweet home, in a perfectly situated 55+ community, and in wonderful condition with southern sun exposure and upgrades galore! A cute bay window faces south bringing in loads of light. Brand new full size washer/dryer combo was just installed. Be comfortable year-round with the new ductless HP mini-split cooling and heating. A large stone patio is prime for adding privacy screening for dining and entertaining with room for container gardening. A flowerbed in front of the unit is another gardening opportunity. A New top quality Heritage storage shed is secured to home and insulated. Enjoy music with the built in stereo in bedroom and living room. The neighborhood Clubhouse has a large kitch

Key facts

• Built in stereo
• Stone patio
• Flowerbed in front

Tags

• SOUTHERN SUN EXPOSURE
• NEW WASHER DRYER COMBO
• NEW DUCTLESS HP MINI SPLIT
• STONE PATIO
• FLOWERBED IN FRONT
• BUILT IN STEREO

Property features AI

Finance

• Other: Buyer to verify schools; Bus routes nearby (#14 and #105)
• Financial info: Land lease: $800/month; Listing terms: Cash or conventional
• HOA & community: Located in a manufactured home park (South End Mobile Estate) with clubhouse; Park approved for sale; Approximately 83 homes in the park; Senior community

Exterior

• Parking: Open/uncovered parking space (1)
• Utilities: Public water; Electric power; Electric water heater; Public sewer; Xfinity cable available; Xfinity internet available
• Home design: Manufactured single-wide home (35x11); One story; South-facing; Entry on main level
• Construction: Metal/vinyl construction; Composition roof; Wood skirting; Tie-down foundation; Manufactured after 6/15/1976
• Exterior features: Metal/vinyl exterior; Patio/porch/deck; Paved lot; View

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Refrigerator
• Bedrooms: 1 bedroom
• Flooring: Laminate; Vinyl plank
• Bathrooms: One three-quarter bath with shower
• Heating & cooling: Ductless heating; Has cooling
• Interior features: Water heater; Ceiling fan(s); Vaulted ceilings
• Laundry & utility: Washer and dryer; Water heater located in bedroom

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $80k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 22.1% 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 (+2.7%/yr); 235 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,190 units permitted in Whatcom County in 2024 (327 in 5+ unit buildings).
• This rent runs 37% of the median local income ($64k/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 $552 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 + 2.7% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 160 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.

Recommended offer $70,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 160 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: 2.44% ✓
• Cap rate: 22.12%
• Cash-on-cash: 56.51%
• DSCR: 3.51
• GRM: 3.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.67% rent growth · sell at horizon

5-year hold

• IRR: 54.5%
• Equity multiple: 3.39×
• Total profit: $53,501
• Equity at exit: $11,913

10-year hold

• IRR: 59.5%
• Equity multiple: 6.83×
• Total profit: $130,322
• Equity at exit: $6,908

Cash invested: $22,372 (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 98225

• Rents YoY: 2.7%
• Active inventory: 235
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,951 medium
• Mortgage (P&I): −$419
• Tax from tax record: −$36 /mo · $429/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$410
• Net cashflow: $1,054

Break-even live

Break-even rent $618

Max offer price $79,900

Occupancy floor 41%

Sensitivity live

Price	-10% $1,099	-5% $1,076	+0% $1,054	+5% $1,031	+10% $1,008
Rent	-10% $899	-5% $977	+0% $1,054	+5% $1,131	+10% $1,208
Rate	-1.0pp $1,094	-0.5pp $1,074	base $1,054	+0.5pp $1,033	+1.0pp $1,012

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2500 Samish Way Unit 9A Bellingham, WA	1.0	1.0	300	$1,700	$5.67	21d	1	1.06mi
3805 Elwood Ave Bellingham, WA	4.0	1.0–2.5	1213	$2,418	$1.99	13d	49	1.39mi

Listing history 17 events

1. 2026-06-18
   days on market $79,900 Active 160 DOM
2. 2026-06-17
   days on market $79,900 Active 159 DOM
3. 2026-06-16
   days on market $79,900 Active 158 DOM
4. 2026-06-15
   days on market $79,900 Active 157 DOM
5. 2026-06-14
   days on market $79,900 Active 155 DOM
6. 2026-06-13
   days on market $79,900 Active 154 DOM
7. 2026-06-10
   days on market $79,900 Active 152 DOM
8. 2026-06-09
   days on market $79,900 Active 151 DOM
9. 2026-06-08
   days on market $79,900 Active 150 DOM
10. 2026-06-07
    days on market $79,900 Active 149 DOM
11. 2026-06-05
    days on market $79,900 Active 146 DOM
12. 2026-06-03
    days on market $79,900 Active 145 DOM
13. 2026-06-01
    days on market $79,900 Active 144 DOM
14. 2026-05-31
    days on market $79,900 Active 143 DOM
15. 2026-05-30
    days on market $79,900 Active 142 DOM
16. 2026-03-21
    price $79,900
17. 2026-01-08
    listed $89,900 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: $429 · $36/mo
• Projected year-2 tax: $783 · $65/mo
• Expected delta: +$354/yr (+$30/mo · 82.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 8 d/yr ≥83°F today · 20 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: $23,417
• − Mortgage interest: −$4,476
• − Property taxes: −$429
• − Insurance: −$400
• − Repairs & maintenance: −$1,873
• − Management: −$1,873
• − Depreciation: −$2,324
• Taxable income: $12,042
• Est. tax owed @ 24.0%: −$2,890
• After-tax cash flow: $9,753/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): 50,216
• Household income: $63,941
• Rent vs Own: 59.7% rent · 40.3% own
• Severe rent burden: 4351.0

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 (78%)
• Race & ethnicity: White 78% Hispanic / Latino 10% Two or more races 9% Asian 4% Black 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 5% Portuguese 5% Slovak 4%
• Foreign-born: 7% · Canada, China, Vietnam
• Languages at home: 89% English-only · Spanish 6% Chinese 1% Other Indo-European 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: ▼ -1126.32%
• Current HPI: 463.2721
• Rent YoY: ▲ 2.67%
• 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

-11.1% since first listed

2 events — show timeline

• 2026-03-21 Price Changed $79,900 NWMLS as Distributed by MLS Grid
• 2026-01-08 Listed $89,900 NWMLS as Distributed by MLS Grid

Property tax history

+14.4%/yr

Latest (2026): $429 · +103.3% YoY. Source: county tax records.