2015 24th St #77 · Bellingham, WA 98225

$289,900

3 bd · 2.0 ba · 1,782 sqft · Manufactured public records · 13 Days on market

Built 1989 701 sqft lot Est $289k · at est.

---

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 +24.9/30.0
• DSCR +8.1/10.0
• ARV discount +7.3/15.0
• 1% rule +5.6/10.0
• Schools +4.8/10.0
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Tucked within Parkway Village’s sought-after 55+ community in Fairhaven, this beautifully maintained home blends comfort, functionality, and lifestyle. The spacious (1,782 sqft) layout offers bright living areas, a skylit kitchen hub, generously sized bedrooms & a large primary suite with ensuite bath featuring dual vanities, soaking tub, separate shower, skylight, and abundant storage. Neutral interiors & oversized windows creates a warm, inviting feel throughout. Enjoy seamless indoor-outdoor living with a covered deck retreat directly off the kitchen slider and carport area—ideal for morning coffee, year-round entertaining, or quiet evenings outdoors. Privacy scre

Key facts

• Dual vanities
• Soaking tub
• Ensuite bath

Tags

• SKYLIT KITCHEN HUB
• LARGE PRIMARY SUITE
• ENSUITE BATH
• DUAL VANITIES
• SOAKING TUB
• SEPARATE SHOWER

Property features AI

Finance

• Other: Bus service nearby (Route 105)
• Financial info: Listing terms: Cash
• HOA & community: Parkway Village (manufactured home park); Park approved for sale; Senior community; Park amenities include BBQs, clubhouse, common area, exercise room, RV parking, sauna; Approximately 101 homes in the park; Monthly land lease

Exterior

• Parking: RV parking (park amenity)
• Utilities: Public water; Natural gas water heater; Public sewer; Electric and natural gas service; Cable: Xfinity/Comcast; Internet: Xfinity/Comcast; Power: Puget Sound Energy
• Home design: Manufactured double-wide home; One level; Good condition; Has a view; Make: MARLETTE, Model: 89 MARLETTE; Mobile home remains on site
• Construction: Wood construction; Composition roof; Block and concrete skirting; Slab foundation with tie-downs; Manufactured house structure
• Exterior features: Wood products exterior; Patio/porch/deck; Landscaped; Backyard storage

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms
• Flooring: Engineered hardwood; Vinyl; Carpet
• Bathrooms: 2 full bathrooms; 2 bathtubs; 2 showers
• Heating & cooling: High-efficiency (90%+) forced air heating; Window cooling unit(s)
• Interior features: Water heater; Jetted/soaking tub; Skylights; Vaulted ceilings; Ceiling fan(s); Double pane windows; Drapes
• Laundry & utility: Washer; Dryer; Utility room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $290k.

Deal economics

• At list price, monthly cash flow is $619 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $290k).
• Cap rate 8.9% 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: Sehome High School (1,163 students, 25% FRL).
• Market conditions: Rents rising (+2.7%/yr); 235 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 1,190 units permitted in Whatcom County in 2024 (327 in 5+ unit buildings).
• At $3,067/mo this rent would consume 58% of the median local household income ($64k/yr) (locally 4351% 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 $2k of loan paydown is wiped out by about $9k 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

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $289,900

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: 1.06% ✓
• Cap rate: 8.85%
• Cash-on-cash: 9.15%
• DSCR: 1.41
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $288,684
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2400 Donovan Ave #2	0.19mi	3/2.0	1,782 (0%)	20mo	$240,000	$135	74
2015 24th St #94	0.13mi	2/2.0 (-1)	1,590 (-11%)	2mo	$215,000	$135	70
2015 24th St #86	0.04mi	2/2.0 (-1)	1,728 (-3%)	22mo	$290,000	$168	69
2015 24th St #25	0.05mi	3/2.0	1,608 (-10%)	20mo	$268,000	$167	65
2015 24th St #102	0.11mi	3/2.0	1,555 (-13%)	11mo	$185,000	$119	64
2015 24th St #29	0.02mi	3/2.0	1,558 (-13%)	18mo	$260,000	$167	62
2015 24th St #24	0.05mi	3/2.0	1,539 (-14%)	16mo	$250,000	$162	62
2015 24th St #11	0.13mi	3/2.0	1,560 (-12%)	20mo	$200,000	$128	56
2015 24th St #33	0.07mi	2/2.0 (-1)	1,564 (-12%)	22mo	$255,000	$163	53
425 Chuckanut Dr #16	0.67mi	2/2.0 (-1)	1,604 (-10%)	15mo	$134,000	$84	35

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 · 2.67% rent growth · sell at horizon

5-year hold

• IRR: -2.8%
• Equity multiple: 0.89×
• Total profit: $-8,661
• Equity at exit: $43,225

10-year hold

• IRR: 6.5%
• Equity multiple: 1.48×
• Total profit: $38,753
• Equity at exit: $25,065

Cash invested: $81,172 (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 98225

• Rents YoY: 2.7%
• Active inventory: 235
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $3,067 high
• Mortgage (P&I): −$1,520
• Tax from tax record: −$163 /mo · $1,955/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$644
• Net cashflow: $619

Break-even live

Break-even rent $2,283

Max offer price $289,900

Occupancy floor 75%

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: $72,475
• Closing costs: $8,697
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1326 22nd St Bellingham, WA	4.0	2.0	1296	$3,450	$2.66	21d	1	0.47mi
1324 22nd St Bellingham, WA	4.0	2.0	1296	$3,450	$2.66	21d	1	0.47mi
1310 22nd St Bellingham, WA	4.0	2.0	1296	$3,450	$2.66	21d	1	0.51mi
2120 Harris Ave Bellingham, WA	4.0	2.0	1296	$3,450	$2.66	21d	1	0.52mi
919 24th St Bellingham, WA	4.0	2.0	1322	$3,195	$2.42	13d	1	0.80mi
2305 Douglas Ave Bellingham, WA	1.0–4.0	1.0–4.0	1089	$2,898	$2.66	13d	16	0.81mi
1002 21st St Bellingham, WA	3.0	2.0	1300	$2,550	$1.96	21d	1	0.81mi
506 Cypress Rd Bellingham, WA	3.0	2.0	1950	$3,320	$1.70	13d	1	0.98mi
3805 Elwood Ave Bellingham, WA	4.0	1.0–2.5	1213	$3,079	$2.54	13d	49	1.46mi

Listing history 4 events

1. 2026-06-01
   statusdays on market $289,900 Pending 13 DOM
2. 2026-05-31
   days on market $289,900 Active Under Contract 12 DOM
3. 2026-05-30
   days on market $289,900 Active Under Contract 11 DOM
4. 2026-05-19
   listed $289,900 Active

ⓘ 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: $1,955 · $163/mo
• Projected year-2 tax: $2,841 · $237/mo
• Expected delta: +$886/yr (+$74/mo · 45.3%)

ⓘ 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 3/10 Moderate 8 d/yr ≥83°F today · 20 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: $36,800
• − Mortgage interest: −$16,239
• − Property taxes: −$1,955
• − Insurance: −$1,450
• − Repairs & maintenance: −$2,944
• − Management: −$2,944
• − Depreciation: −$8,433
• Taxable income: $2,835
• Est. tax owed @ 24.0%: −$681
• After-tax cash flow: $6,744/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): 50,216
• Household income: $63,941
• Rent vs Own: 59.7% rent · 40.3% own
• Severe rent burden: 4351.0

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 (78%)
• Race & ethnicity: White 78% Hispanic / Latino 10% Two or more races 9% Asian 4% Black 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 5% Portuguese 5% Slovak 4%
• Foreign-born: 7% · Canada, China, Vietnam
• Languages at home: 89% English-only · Spanish 6% Chinese 1% 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: ▼ -1126.32%
• Current HPI: 463.2721
• Rent YoY: ▲ 2.67%
• 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

1 event — show timeline

• 2026-05-19 Listed $289,900 NWMLS as Distributed by MLS Grid

Property tax history

+6.3%/yr

Latest (2026): $1,955 · +63.2% YoY. Source: county tax records.