1200 Lincoln St #103 · Bellingham, WA 98229

$60,000

2 bd · 2.0 ba · 924 sqft · Manufactured public records · 30 Days on market

Built 1983 9,148 sqft lot

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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 +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Well-maintained and nicely updated home located in a welcoming 55+ community in the heart of Bellingham. This comfortable home features a spacious kitchen, newer appliances, fresh interior paint, updated double-pane windows, laminate flooring, and an upgraded ductless heat pump for efficient heating and cooling. Enjoy the large covered front deck with brand-new wood decking and wheelchair ramp access. The property also includes a generously sized covered parking space and storage shed for added convenience. Community amenities include a clubhouse and social activities, all conveniently located near shopping, restaurants, medical facilities, recreational opportunities, and easy I-5 access. P

Key facts

• Laminate flooring
• Spacious kitchen
• Newer appliances

Tags

• SPACIOUS KITCHEN
• NEWER APPLIANCES
• UPDATED DOUBLE-PANE WINDOWS
• LAMINATE FLOORING
• UPGRADED DUCTLESS HEAT PUMP
• LARGE COVERED FRONT DECK

Property features AI

Finance

• Financial info: Listing terms: Cash or Conventional
• HOA & community: Located in Lakeway Mobile Estates (approximately 220 homes); Senior community with senior exemption; Park amenities: clubhouse, common area, laundry, high-speed internet available; Land lease: $1,042/month; Pets allowed: cats and dogs

Exterior

• Parking: Carport
• Utilities: Electric energy source; Public water; Public sewer; PSE power; Electric water heater; Cable: Xfinity; Internet: Xfinity
• Home design: Manufactured single-wide home; One story; Model 66/14; Mobile home remains in place; Style: Manufactured - Single Wide; Property condition: Average; Skirted with metal
• Construction: Metal/vinyl construction; Composition roof; Slab foundation; Manufactured after 06/15/1976
• Exterior features: Metal/vinyl exterior; Awnings; Patio/Porch/Deck; On-site shed (1)

Interior

• Kitchen: Dishwasher; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Ceramic tile; Laminate
• Bathrooms: 1 full bath; 1 three-quarter bath; 1 bathtub; 2 showers
• Heating & cooling: High-efficiency heating (90%+); Ductless heating; High-efficiency cooling (90%+)
• Interior features: Water heater in a closet; Kitchen without eating space
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $60k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• Cap rate 30.9% 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.
• Zoned schools: Carl Cozier Elementary School (321 students, 43% FRL); Sehome High School (1,163 students, 25% FRL) — zoned schools at 34% FRL track the district average.
• Market conditions: Rents rising (+3.4%/yr); 270 active listings in the ZIP; 40 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 $415 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 + 3.4% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 19y ago; this cycle's ask has dropped $5k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $52k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $59,100 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 3.36% ✓
• Cap rate: 30.88%
• Cash-on-cash: 87.81%
• DSCR: 4.91
• GRM: 2.5

CMA / ARV

• ARV (on-the-fly): $33,264
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1200 Lincoln St #242	0.11mi	2/2.0	924 (0%)	13mo	$8,000	$9	84
1200 Lincoln St #124	0.07mi	2/1.5	912 (-1%)	13mo	$62,500	$69	82
1200 Lincoln St #292	0.28mi	2/1.0	936 (+1%)	4mo	$30,000	$32	78
1200 Lincoln St #253	0.14mi	2/1.0	840 (-9%)	11mo	$30,000	$36	65
1200 Lincoln St #306	0.31mi	2/2.0	960 (+4%)	20mo	$37,500	$39	63
1200 Lincoln St #410	0.21mi	2/1.0	840 (-9%)	11mo	$25,500	$30	62
1200 Lincoln Ave #297	0.28mi	2/2.0	1,012 (+10%)	11mo	$59,900	$59	62
1200 Lincoln St #195	0.32mi	2/1.0	840 (-9%)	20mo	$25,000	$30	50

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: 88.8%
• Equity multiple: 5.13×
• Total profit: $69,349
• Equity at exit: $8,946

10-year hold

• IRR: 91.9%
• Equity multiple: 10.79×
• Total profit: $164,400
• Equity at exit: $5,188

Cash invested: $16,800 (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: 2.5×

Monthly cashflow live

• Estimated rent: $2,014 high
• Mortgage (P&I): −$315
• Tax from tax record: −$22 /mo · $265/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$423
• Net cashflow: $1,229

Break-even live

Break-even rent $458

Max offer price $60,000

Occupancy floor 34%

Sensitivity live

Price	-10% $1,263	-5% $1,246	+0% $1,229	+5% $1,212	+10% $1,195
Rent	-10% $1,070	-5% $1,150	+0% $1,229	+5% $1,309	+10% $1,388
Rate	-1.0pp $1,260	-0.5pp $1,245	base $1,229	+0.5pp $1,214	+1.0pp $1,198

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1212 Nevada St Unit 1 Bellingham, WA	2.0	1.0	975	$1,750	$1.79	21d	1	0.11mi
1338 Puget St Unit 1 Bellingham, WA	2.0	1.0	801	$1,800	$2.25	14d	1	0.37mi
1471 Moore St Bellingham, WA	2.0–3.0	2.0	860	$1,675	$1.95	21d	6	0.39mi
1743 E Maple St Bellingham, WA	1.0–3.0	1.0–2.0	910	$2,108	$2.32	14d	12	0.45mi
1015 Otis St Bellingham, WA	1.0	1.0	525	$1,150	$2.19	21d	1	0.48mi
208 N Samish Way Bellingham, WA	2.0	1.0–2.0	875	$2,769	$3.16	14d	8	0.51mi
1211 Jersey St Bellingham, WA	3.0	1.0	871	$2,411	$2.77	14d	12	0.51mi
1223 E Laurel St Unit 1223 Bellingham, WA	2.0	1.0	800	$2,150	$2.69	21d	1	0.53mi
935 Otis St Bellingham, WA	3.0	2.0	1000	$2,500	$2.50	21d	1	0.54mi
1316 High St Bellingham, WA	3.0	1.0–2.0	909	$2,410	$2.65	21d	5	0.57mi
1213 Billy Frank Jr. St Unit 2 Bellingham, WA	2.0	1.0	719	$1,750	$2.43	21d	1	0.57mi
3613 Consolidation Ave Bellingham, WA	3.0	2.0	1017	$2,378	$2.34	14d	8	0.58mi
1113 Billy Frank Jr. St Unit 3 Bellingham, WA	2.0	1.0	900	$1,795	$1.99	21d	1	0.63mi
1024 Billy Frank Jr St #301 Bellingham, WA	2.0	1.0	740	$2,300	$3.11	21d	1	0.64mi
1010 Billy Frank Jr St Bellingham, WA	2.0	1.0	850	$1,765	$2.08	14d	11	0.67mi
1205 N Garden St Bellingham, WA	2.0–4.0	1.0–1.5	830	$2,150	$2.59	21d	9	0.70mi
1745 James St Unit 1745-A Bellingham, WA	2.0	1.0	728	$1,950	$2.68	14d	1	0.72mi
1117 N Garden St Bellingham, WA	3.0–4.0	2.0	1100	$2,233	$2.03	14d	3	0.73mi
421 E Maple St Bellingham, WA	1.0	1.0	875	$900	$1.03	21d	2	0.75mi
3966 Byron Ave Bellingham, WA	1.0	1.0	711	$1,450	$2.04	21d	1	0.76mi
3966 Byron Ave Unit 105 Bellingham, WA	2.0	2.0	995	$1,650	$1.66	21d	1	0.76mi
800 Liberty St Unit 17 Bellingham, WA	2.0	1.0	950	$1,795	$1.89	21d	1	0.76mi
1100 N Forest St Bellingham, WA	1.0	1.0	600	$1,650	$2.75	21d	1	0.78mi
921 High St #7 Bellingham, WA	1.0	1.0	734	$2,300	$3.13	21d	1	0.79mi
1111 N Forest St Bellingham, WA	3.0	1.0–1.5	770	$2,375	$3.08	14d	4	0.80mi
202 E Holly St Bellingham, WA	1.0	1.0	397	$1,650	$4.15	21d	9	0.84mi
3805 Elwood Ave Bellingham, WA	4.0	1.0–2.5	1213	$2,418	$1.99	14d	49	0.84mi
230 32nd St Unit 250-106 (ADA) Bellingham, WA	2.0	1.0	738	$1,725	$2.34	14d	1	0.87mi
819 High St #102 Bellingham, WA	1.0	1.0	616	$1,800	$2.92	21d	1	0.87mi
508 E Ivy St Apt 101 Bellingham, WA	2.0	1.0	704	$1,795	$2.55	21d	1	0.93mi
508 E Ivy St Unit 104 Bellingham, WA	2.0	1.0	704	$1,850	$2.63	21d	1	0.93mi
112 E Maple St Bellingham, WA	1.0	1.0	555	$1,725	$3.11	14d	1	0.94mi
112 E Maple St Bellingham, WA	1.0	1.0	602	$1,712	$2.84	21d	2	0.94mi
1015 Railroad Ave #303 Bellingham, WA	1.0	1.0	640	$1,800	$2.81	14d	1	0.96mi
487 31st St Bellingham, WA	1.0–2.0	1.0	697	$1,890	$2.71	21d	33	1.12mi
524 32nd St Bellingham, WA	3.0	2.0	1100	$2,480	$2.25	21d	3	1.17mi
705 32nd St Bellingham, WA	3.0	1.0–2.0	792	$2,095	$2.65	21d	23	1.27mi
2329 Orleans St Apt 2 Bellingham, WA	2.0	1.0	750	$1,450	$1.93	21d	1	1.28mi
1300 Texas St Apt 1 Bellingham, WA	2.0	1.0	950	$1,600	$1.68	21d	1	1.30mi
1818 D St Bellingham, WA	2.0	1.0	646	$2,350	$3.64	14d	18	1.31mi

Listing history 42 events

1. 2026-06-18
   days on market $60,000 Active 30 DOM
2. 2026-06-17
   days on market $60,000 Active 29 DOM
3. 2026-06-16
   days on market $60,000 Active 28 DOM
4. 2026-06-15
   days on market $60,000 Active 27 DOM
5. 2026-06-14
   days on market $60,000 Active 25 DOM
6. 2026-06-13
   days on market $60,000 Active 24 DOM
7. 2026-06-10
   days on market $60,000 Active 22 DOM
8. 2026-06-09
   days on market $60,000 Active 21 DOM
9. 2026-06-08
   days on market $60,000 Active 20 DOM
10. 2026-06-07
    days on market $60,000 Active 19 DOM
11. 2026-06-05
    days on market $60,000 Active 16 DOM
12. 2026-06-03
    days on market $60,000 Active 15 DOM
13. 2026-06-02
    days on market $60,000 Active 14 DOM
14. 2026-06-01
    days on market $60,000 Active 13 DOM
15. 2026-05-31
    days on market $60,000 Active 12 DOM
16. 2026-05-30
    days on market $60,000 Active 11 DOM
17. 2026-05-21
    price $60,000
18. 2026-05-19
    listed $65,000 Active
19. 2024-04-19
    soldstatus $52,000 Closed
20. 2024-03-29
    status Pending
21. 2024-03-26
    status Active
22. 2023-10-31
    price $59,900
23. 2023-09-28
    status Active
24. 2023-09-26
    status Pending
25. 2023-09-21
    listed $69,900 Active
26. 2022-04-29
    soldstatus $60,000 Closed
27. 2022-04-04
    status Pending
28. 2022-03-17
    status Active
29. 2022-03-11
    status Pending
30. 2022-03-09
    listed $65,000 Active
31. 2020-09-21
    soldstatus $42,990 Sold
32. 2020-09-16
    status Pending
33. 2020-09-09
    listed $42,990 Active
34. 2012-02-23
    soldstatus $14,000 Sold
35. 2012-02-17
    status Pending
36. 2012-01-31
    historical Expired
37. 2012-01-30
    price $16,900
38. 2011-09-09
    price $19,900
39. 2011-08-03
    listed $28,500 Active
40. 2008-01-02
    soldstatus $18,000
41. 2007-12-26
    historical
42. 2007-10-02
    listed $20,000

ⓘ 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: $265 · $22/mo
• Projected year-2 tax: $588 · $49/mo
• Expected delta: +$323/yr (+$27/mo · 122.3%)

ⓘ 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 1/10 Low
• 🌡 Heat 2/10 Low 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: $24,168
• − Mortgage interest: −$3,361
• − Property taxes: −$265
• − Insurance: −$300
• − Repairs & maintenance: −$1,933
• − Management: −$1,933
• − Depreciation: −$1,745
• Taxable income: $14,630
• Est. tax owed @ 24.0%: −$3,511
• After-tax cash flow: $11,241/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

+200.0% since first listed

26 events — show timeline

• 2026-05-21 Price Changed $60,000 NWMLS as Distributed by MLS Grid
• 2026-05-19 Listed $65,000 NWMLS as Distributed by MLS Grid
• 2024-04-19 Sold (MLS) $52,000 NWMLS as Distributed by MLS Grid
• 2024-03-29 Pending — NWMLS as Distributed by MLS Grid
• 2024-03-26 Relisted — NWMLS as Distributed by MLS Grid
• 2023-10-31 Price Changed $59,900 NWMLS as Distributed by MLS Grid
• 2023-09-28 Relisted — NWMLS as Distributed by MLS Grid
• 2023-09-26 Pending — NWMLS as Distributed by MLS Grid
• 2023-09-21 Listed $69,900 NWMLS as Distributed by MLS Grid
• 2022-04-29 Sold (MLS) $60,000 NWMLS as Distributed by MLS Grid
• 2022-04-04 Pending — NWMLS as Distributed by MLS Grid
• 2022-03-17 Relisted — NWMLS as Distributed by MLS Grid
• 2022-03-11 Pending — NWMLS as Distributed by MLS Grid
• 2022-03-09 Listed $65,000 NWMLS as Distributed by MLS Grid
• 2020-09-21 Sold (MLS) $42,990 NWMLS as Distributed by MLS Grid
• 2020-09-16 Pending — NWMLS as Distributed by MLS Grid
• 2020-09-09 Listed $42,990 NWMLS as Distributed by MLS Grid
• 2012-02-23 Sold (MLS) $14,000 NWMLS as Distributed by MLS Grid
• 2012-02-17 Pending — NWMLS as Distributed by MLS Grid
• 2012-01-31 Delisted — NWMLS as Distributed by MLS Grid
• 2012-01-30 Price Changed $16,900 NWMLS as Distributed by MLS Grid
• 2011-09-09 Price Changed $19,900 NWMLS as Distributed by MLS Grid
• 2011-08-03 Listed $28,500 NWMLS as Distributed by MLS Grid
• 2008-01-02 Sold (MLS) $18,000 NWMLS as Distributed by MLS Grid
• 2007-12-26 Delisted — NWMLS as Distributed by MLS Grid
• 2007-10-02 Listed $20,000 NWMLS as Distributed by MLS Grid

Property tax history

+3.4%/yr

Latest (2025): $265 · +5.2% YoY. Source: county tax records.