3440 Emma Rd · Marietta-Alderwood, WA 98226

$199,900

2 bd · 1.0 ba · 1,248 sqft · SingleFamily public records · 49 Days on market

Built 1974 0.39 ac lot $160/sqft · 59% below area ↓ 20% since listing

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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 +19.9/30.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• 1% rule +5.5/10.0
• Schools +4.6/10.0
• Rent growth +2.6/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Investment potential! For the right buyer this property may yield a nice return! Well-kept rambler style home with large living areas, 2 wood burning fireplaces and some upgrades over the years. Geology report on this home states it will need to be moved 30-40 feet over on the lot due to the hill side being unstable or purchase for the lot and start over with new construction. For more info, have your agent check the supplements. Based on the GEO report it appears the garage and living area behind it should be able to stay and the existing structure to the left would have to be removed and either rebuilt behind or on the right side of the garage area.

Key facts

• 0.39 acre lot
• Garage
• Built 1974

Property features AI

Finance

• Financial info: Listing terms: Cash

Exterior

• Parking: Attached garage with two covered spaces; RV parking available
• Utilities: Public water; Sewer connected; Electric energy source
• Home design: Single-family residence, one story; Built on lot; Average condition; Facing direction not specified; Entry level not specified
• Construction: Wood construction; Composition roof; Poured concrete foundation; Effective year built 1974
• Exterior features: Wood exterior and wood products; Patio; Outbuildings; Fruit trees and brush on the property; RV parking; Dead-end street location; Has a view

Interior

• Kitchen: Dishwasher
• Bedrooms: Two bedrooms (both on the main level)
• Bathrooms: One full bathroom (main level) with both tub and shower
• Heating & cooling: Baseboard heating; No central air
• Interior features: Two wood-burning fireplaces; Water heater in garage; Fireplace(s)
• Laundry & utility: Electric water heater located in the garage

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $240 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 2.1% in Marietta-Alderwood — 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: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Ferndale School District (suburban): math 43% / reading 58% proficiency, ranked #138 of 291 in WA (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents flat; 378 active listings in the ZIP; solid renter incomes; 1,190 units permitted in Whatcom County in 2024 (327 in 5+ unit buildings).
• This rent runs 32% of the median local income ($79k/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 $1k of loan paydown is wiped out by about $6k 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 49 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.

Recommended offer $193,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.05% ✓
• Cap rate: 7.73%
• Cash-on-cash: 5.15%
• DSCR: 1.23
• GRM: 7.9

CMA / ARV

• ARV (median comp): $483,196
• List price: $199,900
• Delta: -58.63%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2560 Lummi View Dr	0.18mi	2/1.5	1,158 (-7%)	1mo	$465,000	$402	76
2633 Lummi View Dr	0.16mi	2/2.0	1,364 (+9%)	22mo	$874,950	$641	55

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 · 0.42% rent growth · sell at horizon

5-year hold

• IRR: -11.3%
• Equity multiple: 0.60×
• Total profit: $-22,376
• Equity at exit: $29,806

10-year hold

• IRR: -6.4%
• Equity multiple: 0.64×
• Total profit: $-20,336
• Equity at exit: $17,284

Cash invested: $55,972 (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 98226

• Rents YoY: 0.4%
• Active inventory: 378
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,107 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$293 /mo · $3,512/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$442
• Net cashflow: $240

Break-even live

Break-even rent $1,803

Max offer price $199,900

Occupancy floor 84%

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $199,900 Active 49 DOM
2. 2026-06-17
   days on market $199,900 Active 48 DOM
3. 2026-06-16
   remarks 659-char remark
4. 2026-06-16
   price $199,900 Active 47 DOM
5. 2026-06-16
   days on market $237,500 Active 47 DOM
6. 2026-06-15
   days on market $237,500 Active 46 DOM
7. 2026-06-14
   days on market $237,500 Active 44 DOM
8. 2026-06-13
   days on market $237,500 Active 43 DOM
9. 2026-06-10
   days on market $237,500 Active 41 DOM
10. 2026-06-09
    days on market $237,500 Active 40 DOM
11. 2026-06-08
    days on market $237,500 Active 39 DOM
12. 2026-06-07
    days on market $237,500 Active 38 DOM
13. 2026-06-03
    pricedays on market $237,500 Active 34 DOM
14. 2026-06-02
    days on market $250,000 Active 33 DOM
15. 2026-06-01
    days on market $250,000 Active 32 DOM
16. 2026-05-31
    days on market $250,000 Active 31 DOM
17. 2026-05-30
    days on market $250,000 Active 30 DOM
18. 2026-04-30
    listed $250,000 Active
19. 2006-01-13
    soldstatus $250,000

ⓘ 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: $3,512 · $293/mo
• Projected year-2 tax: $3,512 · $293/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 12% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 8 d/yr ≥79°F today · 21 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,280
• − Mortgage interest: −$11,198
• − Property taxes: −$3,512
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,022
• − Management: −$2,022
• − Depreciation: −$5,815
• Taxable loss: −$288
• Est. tax savings @ 24.0%: +$69
• After-tax cash flow: $2,950/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: Ferndale School District
• NCES district ID: 5302850
• Math proficiency: 43% ▲ 1.00%
• Reading proficiency: 58% ▲ 4.00%
• Median HH income: $59,413
• Composite: 46.06/100
• National rank: #5494
• State rank: #138 of 291 in WA

Livability — Marietta-Alderwood

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Whatcom County · 209,776 people
• Metro: Bellingham, WA
• Population (ZIP): 46,782
• Household income: $79,375
• Rent vs Own: 37.6% rent · 62.4% own
• Severe rent burden: 2061.0

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 (72%)
• Race & ethnicity: White 72% Two or more races 10% Hispanic / Latino 9% Asian 6% Native American 5% Black 1%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 6% Iranian 4% Slovak 4%
• Foreign-born: 11% · Canada, China, Vietnam
• Languages at home: 88% English-only · Spanish 5% Chinese 2% 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: ▼ -573.37%
• Current HPI: 406.1085
• Rent YoY: ▲ 0.42%
• 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

-20.0% since first listed

4 events — show timeline

• 2026-06-16 Price Changed $199,900 NWMLS as Distributed by MLS Grid
• 2026-06-03 Price Changed $237,500 NWMLS as Distributed by MLS Grid
• 2026-04-30 Listed $250,000 NWMLS as Distributed by MLS Grid
• 2006-01-13 Sold (Public Records) $250,000 Public Records

Property tax history

+5.2%/yr

Latest (2026): $3,512 · +7.2% YoY. Source: county tax records.