4357 Hunter Ln · Whidbey Island Station, WA 98277

$216,000

2 bd · 2.0 ba · 1,344 sqft · SingleFamily public records · 259 Days on market

Built 1969 0.35 ac lot $161/sqft · 49% below area Est $423k · 49% under $118/mo HOA · 6% of rent

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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 +16.3/30.0
• ARV discount +15.0/15.0
• DSCR +5.1/10.0
• Schools +4.9/10.0
• 1% rule +4.4/10.0
• Rent growth +3.8/5.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

1969 Manufactured Doublewide – 1,344 sq. ft. , 2 bedrooms, 1.75 baths, situated on a spacious double lot. Features include a partially fenced yard, cozy woodstove in the living room, master suite with two closets and private bath, and a deck for outdoor enjoyment. Property is being sold as-is. Nearly new, upgraded septic system already installed. Great potential as an investment or land-value opportunity. Caution: mold present—mask recommended when entering.

Key facts

• Master suite
• Private bath
• Cozy woodstove

Tags

• PARTIALLY FENCED YARD
• COZY WOODSTOVE
• MASTER SUITE
• PRIVATE BATH
• DECK FOR OUTDOOR ENJOYMENT

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $216k.

Deal economics

• At list price, monthly cash flow is $120 ($1k/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 $204k (5.5% below list).
• Recommended offer: $190k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.0% vs local median 2.2% in Whidbey Island Station — 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 62/100 on livability (#422 in WA) — a middle-class / working-renter tenant base. Strengths: crime A, housing B; Watch: health & safety C-, amenities F, commute F.
• Oak Harbor School District (town): math 49% / reading 61% proficiency, ranked #98 of 291 in WA (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+5.4%/yr); 277 active listings in the ZIP; solid renter incomes; 402 units permitted in Island County in 2024 (54 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Island County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 259 days — a 12% lower offer ($190k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 28y ago; this cycle's ask has dropped $13k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $34k; list at $216k implies a 535% gain — meaningful room to come down on a strong offer.

Recommended offer $190,080 (12.0% below list)

Questions for the listing agent

1. It's been on market 259 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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: 0.94% ✗
• Cap rate: 6.96%
• Cash-on-cash: 2.38%
• DSCR: 1.11
• GRM: 8.8

CMA / ARV

• ARV (median comp): $423,372
• List price: $216,000
• Delta: -48.98%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4397 Terrace Dr	0.15mi	2/2.0	1,216 (-10%)	8mo	$439,900	$362	71
4344 Northgate Dr	0.33mi	3/1.5 (+1)	1,374 (+2%)	5mo	$428,000	$311	70
4281 Northgate Dr	0.34mi	3/2.0 (+1)	1,172 (-13%)	5mo	$405,000	$346	54
4318 Rhododendron Dr	0.26mi	3/2.0 (+1)	1,152 (-14%)	7mo	$415,670	$361	54
4300 Northgate Dr	0.31mi	3/1.0 (+1)	1,248 (-7%)	14mo	$429,500	$344	53
4325 Northgate Dr	0.34mi	3/1.5 (+1)	1,164 (-13%)	6mo	$449,000	$386	50
621 Ocean View Dr	0.27mi	3/2.0 (+1)	1,152 (-14%)	16mo	$389,000	$338	46

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 · 5.36% rent growth · sell at horizon

5-year hold

• IRR: -9.9%
• Equity multiple: 0.63×
• Total profit: $-22,379
• Equity at exit: $32,206

10-year hold

• IRR: 2.5%
• Equity multiple: 1.20×
• Total profit: $11,826
• Equity at exit: $18,676

Cash invested: $60,480 (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 98277

• Rents YoY: 5.4%
• Active inventory: 277
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $2,041 medium
• Mortgage (P&I): −$1,133
• Tax from tax record: −$152 /mo · $1,820/yr
• Insurance: −$90
• HOA: −$118
• Vacancy / Maint / Mgmt: −$429
• Net cashflow: $120

Break-even live

Break-even rent $1,889

Max offer price $216,000

Occupancy floor 89%

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: $54,000
• Closing costs: $6,480
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $118 · $1,416/yr

Listing history 40 events

1. 2026-06-19
   days on market $216,000 Active 259 DOM
2. 2026-06-18
   days on market $216,000 Active 258 DOM
3. 2026-06-17
   days on market $216,000 Active 257 DOM
4. 2026-06-16
   days on market $216,000 Active 256 DOM
5. 2026-06-15
   days on market $216,000 Active 255 DOM
6. 2026-06-14
   days on market $216,000 Active 253 DOM
7. 2026-06-13
   days on market $216,000 Active 252 DOM
8. 2026-06-10
   days on market $216,000 Active 250 DOM
9. 2026-06-09
   days on market $216,000 Active 249 DOM
10. 2026-06-08
    days on market $216,000 Active 248 DOM
11. 2026-06-07
    days on market $216,000 Active 247 DOM
12. 2026-06-03
    days on market $216,000 Active 243 DOM
13. 2026-06-02
    days on market $216,000 Active 242 DOM
14. 2026-06-01
    days on market $216,000 Active 241 DOM
15. 2026-05-31
    days on market $216,000 Active 240 DOM
16. 2026-05-30
    days on market $216,000 Active 239 DOM
17. 2026-03-31
    price $216,000
18. 2025-10-03
    listed $229,000 Active
19. 2014-02-04
    soldstatus $34,000 Sold
20. 2014-01-10
    status Pending Inspection
21. 2013-12-27
    price $32,000
22. 2013-12-19
    price $37,000
23. 2013-12-07
    status Active
24. 2013-11-22
    status Pending
25. 2013-11-15
    status Pending Inspection
26. 2013-10-25
    price $42,000
27. 2013-10-15
    listed $50,000 Active
28. 2006-08-15
    soldstatus $155,000
29. 2006-08-11
    soldstatus $155,000
30. 2006-05-15
    listed $159,000
31. 2003-10-20
    soldstatus $89,900
32. 2003-10-10
    soldstatus $89,900
33. 2003-06-12
    listed $89,900
34. 1999-05-28
    soldstatus $71,000
35. 1999-05-28
    soldstatus $18,453
36. 1999-05-27
    soldstatus $52,547
37. 1998-09-13
    listed $69,000
38. 1996-07-01
    soldstatus $35,809
39. 1993-07-01
    soldstatus $31,000
40. 1991-11-01
    soldstatus $15,000

ⓘ 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: $1,820 · $152/mo
• Projected year-2 tax: $2,117 · $176/mo
• Expected delta: +$297/yr (+$25/mo · 16.3%)

ⓘ 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 2/10 Low 5 d/yr ≥76°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 5/10 Major 7 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,489
• − Mortgage interest: −$12,099
• − Property taxes: −$1,820
• − Insurance: −$1,080
• − Repairs & maintenance: −$1,959
• − Management: −$1,959
• − HOA: −$1,416
• − Depreciation: −$6,284
• Taxable loss: −$2,128
• Est. tax savings @ 24.0%: +$511
• After-tax cash flow: $1,949/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: Oak Harbor School District
• NCES district ID: 5305940
• Math proficiency: 49% ▲ 1.00%
• Reading proficiency: 61% ▲ 1.00%
• Median HH income: $53,606
• Composite: 49.07/100
• National rank: #4427
• State rank: #98 of 291 in WA

Livability — Whidbey Island Station

• Score: 62/100
• State rank: #422
• US rank: #16743

Category grades

Amenities F Commute F Cost of living B- Crime A Employment F Housing B Health & safety C- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Island County · 71,196 people
• City population: 2,178
• Metro: Oak Harbor, WA
• Population (ZIP): 40,917
• Household income: $83,253
• Rent vs Own: 40.3% rent · 59.7% own
• Severe rent burden: 1359.0

Population outlook (Island County) Hauer SSP2

• Today (2025): 82,019 people
• By 2030: 81,329 · -0.8%
• By 2040: 78,552 · -4.2%
• By 2050: 77,042 · -6.1%
• By 2075: 80,799 · -1.5%
• By 2100: 84,451 · +3.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (66%)
• Race & ethnicity: White 66% Two or more races 14% Hispanic / Latino 12% Asian 8% Black 4%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Portuguese 4% Slovak 3% Iranian 3%
• Foreign-born: 9% · Canada, Vietnam
• Languages at home: 87% English-only · Spanish 5% Tagalog/Filipino 4% Other Asian/Pacific 1%

Political lean MEDSL · Island

• 2024 margin: D (+16.6) · D 56.8% · R 40.3% · Other 2.9%
• 2008→2024 swing: +10.3pp toward D · 2008: 6.2pp · 2024: 16.6pp
• All cycles: 2024: D+16.6 2020: D+12.0 2016: D+5.9 2012: D+4.4 2008: D+6.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -608.47%
• Current HPI: 188.2874
• Rent YoY: ▲ 5.36%
• Metro: Oak Harbor, 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

+1340.0% since first listed

24 events — show timeline

• 2026-03-31 Price Changed $216,000 NWMLS as Distributed by MLS Grid
• 2025-10-03 Listed $229,000 NWMLS as Distributed by MLS Grid
• 2014-02-04 Sold (MLS) $34,000 NWMLS as Distributed by MLS Grid
• 2014-01-10 Pending — NWMLS as Distributed by MLS Grid
• 2013-12-27 Price Changed $32,000 NWMLS as Distributed by MLS Grid
• 2013-12-19 Price Changed $37,000 NWMLS as Distributed by MLS Grid
• 2013-12-07 Relisted — NWMLS as Distributed by MLS Grid
• 2013-11-22 Pending — NWMLS as Distributed by MLS Grid
• 2013-11-15 Pending — NWMLS as Distributed by MLS Grid
• 2013-10-25 Price Changed $42,000 NWMLS as Distributed by MLS Grid
• 2013-10-15 Listed $50,000 NWMLS as Distributed by MLS Grid
• 2006-08-15 Sold (MLS) $155,000 NWMLS as Distributed by MLS Grid
• 2006-08-11 Sold (Public Records) $155,000 Public Records
• 2006-05-15 Listed $159,000 NWMLS as Distributed by MLS Grid
• 2003-10-20 Sold (MLS) $89,900 NWMLS as Distributed by MLS Grid
• 2003-10-10 Sold (Public Records) $89,900 Public Records
• 2003-06-12 Listed $89,900 NWMLS as Distributed by MLS Grid
• 1999-05-28 Sold (Public Records) $18,453 Public Records
• 1999-05-28 Sold (MLS) $71,000 NWMLS as Distributed by MLS Grid
• 1999-05-27 Sold (Public Records) $52,547 Public Records
• 1998-09-13 Listed $69,000 NWMLS as Distributed by MLS Grid
• 1996-07-01 Sold (Public Records) $35,809 Public Records
• 1993-07-01 Sold (Public Records) $31,000 Public Records
• 1991-11-01 Sold (Public Records) $15,000 Public Records

Property tax history

+4.1%/yr

Latest (2026): $1,820 · +18.9% YoY. Source: county tax records.