3100 Sea Eagle Ln · Freeland, WA 98253

$435,000

3 bd · 2.0 ba · 1,303 sqft · SingleFamily public records · 205 Days on market

Built 1995 2.60 ac lot $334/sqft · 41% below area Est $736k · 41% under

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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).

• ARV discount +15.0/15.0
• Cash flow +14.8/30.0
• Appreciation +6.8/10.0
• Schools +5.6/10.0
• DSCR +4.5/10.0
• 1% rule +3.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Whidbey Island fixer opportunity on 2.6± private acres in Greenbank. This 3-bedroom, 1.75-bath home requires significant repairs and updates throughout and is being sold as-is. Cash sale only. The property will not qualify for conventional financing in its current condition. For buyers ready to take on a project, there is clear upside and room to add value while restoring its island charm. The peaceful setting features mature landscaping and natural privacy, just minutes from Greenbank Farm, local shops, and dining. Ideal for investors, builders, or buyers looking for a full renovation project in a desirable Whidbey Island location.

Key facts

• Privacy
• 2.6 acres
• Mature landscaping

Tags

• 2.6 ACRES
• MATURE LANDSCAPING
• PRIVACY

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $435k.

Deal economics

• At list price, monthly cash flow is $121 ($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 $367k (15.7% below list).
• Recommended offer: $367k (15.7% below list) — sets the bar for 1% rule.
• Cap rate 6.6% vs local median 1.9% in Freeland — 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 64/100 on livability (#367 in WA) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A; Watch: health & safety C-, schools F, amenities F.
• Coupeville School District (rural): math 54% / reading 73% proficiency, ranked #40 of 291 in WA (top 14%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 36 active listings in the ZIP; 402 units permitted in Island County in 2024 (54 in 5+ unit buildings).

Forward outlook

• In year one you build about $19k of equity ($3k loan paydown + $16k appreciation (3.6% local appreciation)).
• Island County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.6% appreciation + 3.0% rent growth), your $122k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 205 days — a 12% lower offer ($383k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $64k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $126k; list at $435k implies a 245% gain — meaningful room to come down on a strong offer.

Recommended offer $366,546 (15.7% below list)

Questions for the listing agent

1. It's been on market 205 days. Have you received any prior offers? Is the seller open to a 16% 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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.
6. 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.
7. 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: 0.84% ✗
• Cap rate: 6.63%
• Cash-on-cash: 1.20%
• DSCR: 1.05
• GRM: 9.9

CMA / ARV

• ARV (median comp): $736,089
• List price: $435,000
• Delta: -40.90%
• Verdict: UNDERPRICED
• Comps: 20 within 2.0 mi

Projected returns pro-forma

3.59% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 10.2%
• Equity multiple: 1.61×
• Total profit: $73,767
• Equity at exit: $210,192

10-year hold

• IRR: 12.2%
• Equity multiple: 2.93×
• Total profit: $235,146
• Equity at exit: $335,769

Cash invested: $121,800 (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 98253

• Home prices YoY: 1.6%
• Active inventory: 36
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $3,665 medium
• Mortgage (P&I): −$2,281
• Tax from tax record: −$312 /mo · $3,743/yr
• Insurance: −$181
• HOA: −$0
• Vacancy / Maint / Mgmt: −$770
• Net cashflow: $121

Break-even live

Break-even rent $3,512

Max offer price $435,000

Occupancy floor 92%

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: $108,750
• Closing costs: $13,050
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-19
   days on market $435,000 Active 205 DOM
2. 2026-06-18
   days on market $435,000 Active 204 DOM
3. 2026-06-17
   days on market $435,000 Active 203 DOM
4. 2026-06-16
   days on market $435,000 Active 202 DOM
5. 2026-06-15
   days on market $435,000 Active 201 DOM
6. 2026-06-14
   days on market $435,000 Active 199 DOM
7. 2026-06-13
   days on market $435,000 Active 198 DOM
8. 2026-06-10
   days on market $435,000 Active 196 DOM
9. 2026-06-09
   days on market $435,000 Active 195 DOM
10. 2026-06-08
    days on market $435,000 Active 194 DOM
11. 2026-06-07
    days on market $435,000 Active 193 DOM
12. 2026-06-05
    days on market $435,000 Active 190 DOM
13. 2026-06-03
    days on market $435,000 Active 189 DOM
14. 2026-06-02
    days on market $435,000 Active 188 DOM
15. 2026-06-01
    days on market $435,000 Active 187 DOM
16. 2026-05-31
    days on market $435,000 Active 186 DOM
17. 2026-05-30
    days on market $435,000 Active 185 DOM
18. 2026-04-03
    status Active
19. 2026-04-02
    status Pending - Backup Offer Requested
20. 2026-02-15
    status Pending
21. 2026-02-04
    price $435,000
22. 2025-10-09
    listed $499,000 Active
23. 1995-06-01
    soldstatus $126,000
24. 1994-08-01
    soldstatus $35,000
25. 1981-01-01
    soldstatus $21,500
26. 1979-08-01
    soldstatus $23,450

ⓘ 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: $3,743 · $312/mo
• Projected year-2 tax: $4,263 · $355/mo
• Expected delta: +$520/yr (+$43/mo · 13.9%)

ⓘ 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 1/10 Low 7 d/yr ≥83°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,986
• − Mortgage interest: −$24,367
• − Property taxes: −$3,743
• − Insurance: −$2,175
• − Repairs & maintenance: −$3,519
• − Management: −$3,519
• − Depreciation: −$12,655
• Taxable loss: −$5,991
• Est. tax savings @ 24.0%: +$1,438
• After-tax cash flow: $2,895/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: Coupeville School District
• NCES district ID: 5301800
• Math proficiency: 54% ▲ 4.00%
• Reading proficiency: 73% ▲ 1.00%
• Median HH income: $57,404
• Composite: 56.12/100
• National rank: #2536
• State rank: #40 of 291 in WA

Livability — Freeland

• Score: 64/100
• State rank: #367
• US rank: #13986

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 4,531
• Population (ZIP): 2,141

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 (87%)
• Race & ethnicity: White 87% Two or more races 10% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Portuguese 5% Slovak 4% Italian 4%
• Foreign-born: 6% · Canada
• Languages at home: 97% English-only · German/W. Germanic 1% 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: ▲ 3.59%
• Current HPI: 227.7902
• Rent YoY: —
• Metro: —
• 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

+1755.0% since first listed

9 events — show timeline

• 2026-04-03 Relisted — NWMLS as Distributed by MLS Grid
• 2026-04-02 Pending — NWMLS as Distributed by MLS Grid
• 2026-02-15 Pending — NWMLS as Distributed by MLS Grid
• 2026-02-04 Price Changed $435,000 NWMLS as Distributed by MLS Grid
• 2025-10-09 Listed $499,000 NWMLS as Distributed by MLS Grid
• 1995-06-01 Sold (Public Records) $126,000 Public Records
• 1994-08-01 Sold (Public Records) $35,000 Public Records
• 1981-01-01 Sold (Public Records) $21,500 Public Records
• 1979-08-01 Sold (Public Records) $23,450 Public Records

Property tax history

+4.2%/yr

Latest (2026): $3,743 · +3.5% YoY. Source: county tax records.