2312 Orleans St · Bellingham, WA 98229

$1,099,000

1 bd · 1.0 ba · 3,456 sqft · MultiFamily public records · 231 Days on market

Built 1973 10,019 sqft lot

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Why this score? — see what drove the F 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 +7.9/30.0
• ARV discount +7.5/15.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• DSCR +2.0/10.0
• 1% rule +1.5/10.0
• 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

Prime investment opportunity in Bellingham! This well-maintained fourplex offers strong income potential and future development options on the back portion of the lot. The property features three spacious 2BD/1BA units and one 1BD/1BA unit, plus an on-site coin-op laundry for added income. Located in a central area close to shopping, restaurants, parks, and freeway access, it’s ideal for investors seeking steady returns and long-term upside. Current rents are below market, creating immediate value-add potential with rent adjustments or upgrades. Whether you’re entering the investment market or expanding your portfolio, this property offers solid cash flow today and room to grow

Key facts

• Central area
• Close to shopping
• 0.23 acre lot

Tags

• INVESTMENT OPPORTUNITY
• STRONG INCOME POTENTIAL
• FUTURE DEVELOPMENT OPTIONS
• ON-SITE COIN-OP LAUNDRY
• CENTRAL AREA
• CLOSE TO SHOPPING

Property features AI

Finance

• Other: Four units in building (no units below grade)
• Financial info: Gross scheduled income listed at $70,656 annually; Gross adjusted income listed at $70,656; Total monthly income listed at $5,888; Net operating income listed at $60,240 annually; Total expenses listed at $10,415.42 annually; Insurance expense listed at $3,500 annually; Gross rent multiplier listed as 16; Vacancy rate listed at 5%; Acceptable financing: Cash, Conventional, FHA, VA Loan
• HOA & community: No HOA information provided

Exterior

• Parking: Open/uncovered parking available (total uncovered spaces listed)
• Security: Partial fencing provides some security/privacy
• Utilities: Electric-powered energy source; Public water (served by City of Bellingham); Sewer connected (City of Bellingham); Electric service by Puget Sound Energy
• Home design: Residential income property (multi-family quadruplex); Two stories; Has a view; Property condition listed as good
• Construction: Wood construction; Composition roof; Poured concrete foundation; Built as a 4-plex (quadruplex)
• Exterior features: Partially fenced; Deck; Cable TV and high-speed internet available; Alley access, paved lot, and sidewalk

Interior

• Kitchen: Each unit includes a range/oven; Each unit includes a refrigerator; Each unit includes a dishwasher
• Bedrooms: Four units: one 1-bedroom unit and three 2-bedroom units (unit-level details available)
• Flooring: Laminate flooring; Carpet flooring
• Bathrooms: Each unit has one bathroom
• Heating & cooling: Baseboard heating; No central air conditioning
• Interior features: Laminate and carpet flooring; Coin-operated laundry (on-site)
• Laundry & utility: Washer/dryer not provided in individual units; coin-operated laundry available on site

What this means for you Summary

Snapshot

• This is a 3×2bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $1.10M.

Deal economics

• At list price, monthly cash flow is $-1k ($-14k/yr) — negative. Per door: $-295/mo.
• To cash-flow at today's rent, offer at most $890k (19.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $714k (35.0% below list).
• Recommended offer: $714k (35.0% below list) — sets the bar for 1% rule.
• Cap rate 5.0% 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; solid renter incomes; 1,190 units permitted in Whatcom County in 2024 (327 in 5+ unit buildings).
• At $7,142/mo this rent would consume 94% of the median local household income ($91k/yr) (locally 1040% 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 $8k of loan paydown is wiped out by about $33k 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 231 days — a 12% lower offer ($967k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y 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 $901k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $714,200 (35.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 231 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.65% ✗
• Cap rate: 5.00%
• Cash-on-cash: -4.61%
• DSCR: 0.80
• GRM: 12.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.38% rent growth · sell at horizon

5-year hold

• IRR: -23.8%
• Equity multiple: 0.18×
• Total profit: $-250,945
• Equity at exit: $163,864

10-year hold

• IRR: -18.0%
• Equity multiple: 0.01×
• Total profit: $-305,549
• Equity at exit: $95,021

Cash invested: $307,720 (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: 50.1×

Monthly cashflow live

• Estimated rent: $7,142 high
• Mortgage (P&I): −$5,763
• Tax from tax record: −$602 /mo · $7,227/yr
• Insurance: −$458
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,500
• Net cashflow: $-1,181

Break-even live

Break-even rent $8,637

Max offer price $890,326

Occupancy floor —

Sensitivity live

Price	-10% $-559	-5% $-870	+0% $-1,181	+5% $-1,492	+10% $-1,803
Rent	-10% $-1,745	-5% $-1,463	+0% $-1,181	+5% $-899	+10% $-617
Rate	-1.0pp $-628	-0.5pp $-902	base $-1,181	+0.5pp $-1,466	+1.0pp $-1,756

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,481
1× unit	1	1	$1,660
Total (4 units)			$7,142

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: $274,750
• Closing costs: $32,970
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-18
   days on market $1,099,000 Active 231 DOM
2. 2026-06-17
   days on market $1,099,000 Active 230 DOM
3. 2026-06-16
   days on market $1,099,000 Active 229 DOM
4. 2026-06-15
   days on market $1,099,000 Active 228 DOM
5. 2026-06-14
   days on market $1,099,000 Active 226 DOM
6. 2026-06-13
   days on market $1,099,000 Active 225 DOM
7. 2026-06-10
   days on market $1,099,000 Active 223 DOM
8. 2026-06-09
   days on market $1,099,000 Active 222 DOM
9. 2026-06-08
   days on market $1,099,000 Active 221 DOM
10. 2026-06-07
    days on market $1,099,000 Active 220 DOM
11. 2026-06-05
    days on market $1,099,000 Active 217 DOM
12. 2026-06-03
    days on market $1,099,000 Active 216 DOM
13. 2026-06-02
    days on market $1,099,000 Active 215 DOM
14. 2026-06-01
    days on market $1,099,000 Active 214 DOM
15. 2026-05-31
    days on market $1,099,000 Active 213 DOM
16. 2026-05-30
    days on market $1,099,000 Active 212 DOM
17. 2025-10-30
    listed $1,099,000 Active
18. 2022-06-16
    price $1,300
19. 2021-06-24
    soldstatus $901,000 Closed
20. 2021-05-14
    status Pending
21. 2021-05-12
    status Active
22. 2021-05-12
    status Pending
23. 2021-05-11
    historical
24. 2021-05-10
    status Active
25. 2021-05-05
    price $899,000
26. 2021-04-08
    listed $979,000 Active
27. 2021-04-07
    listed Active
28. 2005-02-02
    soldstatus $350,000
29. 1997-03-14
    soldstatus $160,000
30. 1990-04-09
    soldstatus $163,000
31. 1988-09-30
    soldstatus $105,000

ⓘ 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: $7,227 · $602/mo
• Projected year-2 tax: $10,770 · $898/mo
• Expected delta: +$3,543/yr (+$295/mo · 49.0%)

ⓘ 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 1/10 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 · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $85,704
• − Mortgage interest: −$61,561
• − Property taxes: −$7,227
• − Insurance: −$5,495
• − Repairs & maintenance: −$6,856
• − Management: −$6,856
• − Depreciation: −$31,971
• Taxable loss: −$34,263
• Est. tax savings @ 24.0%: +$8,223
• After-tax cash flow: $-5,952/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

+946.7% since first listed

15 events — show timeline

• 2025-10-30 Listed $1,099,000 NWMLS as Distributed by MLS Grid
• 2022-06-16 Price Changed $1,300 RENT.
• 2021-06-24 Sold (MLS) $901,000 NWMLS as Distributed by MLS Grid
• 2021-05-14 Pending — NWMLS as Distributed by MLS Grid
• 2021-05-12 Relisted — NWMLS as Distributed by MLS Grid
• 2021-05-12 Pending — NWMLS as Distributed by MLS Grid
• 2021-05-11 Delisted — NWMLS as Distributed by MLS Grid
• 2021-05-10 Relisted — NWMLS as Distributed by MLS Grid
• 2021-05-05 Price Changed $899,000 NWMLS as Distributed by MLS Grid
• 2021-04-08 Listed $979,000 NWMLS as Distributed by MLS Grid
• 2021-04-07 Listed — NWMLS as Distributed by MLS Grid
• 2005-02-02 Sold (Public Records) $350,000 Public Records
• 1997-03-14 Sold (Public Records) $160,000 Public Records
• 1990-04-09 Sold (Public Records) $163,000 Public Records
• 1988-09-30 Sold (Public Records) $105,000 Public Records

Property tax history

+6.4%/yr

Latest (2026): $7,227 · +4.5% YoY. Source: county tax records.