2400 Donovan Ave #59 · Bellingham, WA 98225

$119,500

1 bd · 1.0 ba · 924 sqft · Manufactured public records · 4 Days on market

Built 1979 701 sqft lot Est $116k · at est.

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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 +5.9/15.0
• 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

Spacious home in the 55+ community of South End Mobile Estates. Located within  walking distance to Fairhaven & across the street from Interurban trail system. Two minutes to I-5. This seller  has been busy with  endless updates including the removal of paneling and installing R-15 insulation, sheetrock and fresh paint, new skirting and  exterior paint, custom shades, two ceiling fans, total kitchen remodel w/ new stove, double paned windows, new LVP flooring and trim, new doors, new tiled shower and  heat pump/AC.  In addition, the back porch has been enclosed which provides practical storage. This home feels fresh and new. Enjoy relaxing on your covere

Key facts

• Enclosed back porch
• Private back yard
• New lvp flooring

Tags

• WALKING DISTANCE TO FAIRHAVEN
• TOTAL KITCHEN REMODEL
• NEW LVP FLOORING
• NEW TILED SHOWER
• ENCLOSED BACK PORCH
• PRIVATE BACK YARD

Property features AI

Finance

• Other: Calculated living area approximately 924 square feet
• Financial info: Listing accepts Cash and Conventional offers; Land lease amount applies
• HOA & community: Located in a senior community; High-speed internet available in the park; Land lease applies

Exterior

• Parking: Carport
• Utilities: Electric service; Public water
• Home design: Manufactured double-wide home; Single-level
• Construction: Metal/vinyl construction; See remarks for roof and foundation details
• Exterior features: Metal/vinyl exterior; Paved lot

Interior

• Kitchen: Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Ceramic tile; Laminate
• Bathrooms: One three-quarter bathroom (includes a shower)
• Heating & cooling: Heat pump for heating and cooling
• Interior features: Ceiling fans; Double-pane windows
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $757 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Cap rate 13.9% 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.
• Market conditions: Rents rising (+2.7%/yr); 235 active listings in the ZIP; 23 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).
• This rent runs 35% of the median local income ($64k/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 $826 of loan paydown is wiped out by about $4k 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 + 2.7% rent growth), your $33k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $119,500

Questions for the listing agent

1. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 1.56% ✓
• Cap rate: 13.90%
• Cash-on-cash: 27.16%
• DSCR: 2.21
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $115,500
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2400 Donovan Ave #59	0.00mi	2/1.0 (+1)	924 (0%)	1mo	$119,500	$129	94
2400 Donovan Ave #36	0.00mi	2/2.0 (+1)	924 (0%)	12mo	$160,000	$173	81
2400 Donovan #67	0.00mi	2/2.0 (+1)	960 (+4%)	10mo	$92,500	$96	76
2400 Donovan Ave #41	0.00mi	2/1.0 (+1)	864 (-6%)	13mo	$56,000	$65	73
2400 Donovan Ave Unit 14C	0.00mi	2/1.0 (+1)	846 (-8%)	15mo	$106,000	$125	68
425 Chuckanut Dr N #26	0.73mi	2/1.0 (+1)	924 (0%)	12mo	$150,000	$162	51
425 Chuckanut Dr N #47	0.69mi	2/1.5 (+1)	1,024 (+11%)	19mo	$75,000	$73	27

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: 20.8%
• Equity multiple: 1.84×
• Total profit: $28,219
• Equity at exit: $17,818

10-year hold

• IRR: 28.7%
• Equity multiple: 3.51×
• Total profit: $84,012
• Equity at exit: $10,332

Cash invested: $33,460 (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: 5.3×

Monthly cashflow live

• Estimated rent: $1,862 high
• Mortgage (P&I): −$627
• Tax from tax record: −$37 /mo · $447/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$391
• Net cashflow: $757

Break-even live

Break-even rent $903

Max offer price $119,500

Occupancy floor 54%

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: $29,875
• Closing costs: $3,585
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2214 Wilson Ave Unit B Bellingham, WA	2.0	1.5	900	$1,900	$2.11	13d	1	0.17mi
2707 Connelly Ave Bellingham, WA	2.0	2.0	1018	$2,495	$2.45	13d	1	0.19mi
2102 Harris Ave Unit 2106-3 Bellingham, WA	2.0	1.0	850	$1,825	$2.15	13d	1	0.41mi
3129 Old Fairhaven Pkwy Bellingham, WA	2.0	1.0	711	$2,004	$2.82	13d	2	0.41mi
2506 Douglas Ave Bellingham, WA	2.0	1.0	880	$1,875	$2.13	13d	2	0.56mi
1021 24th St Unit 1021 9 Bellingham, WA	2.0	1.0	800	$1,595	$1.99	21d	1	0.56mi
1014 23rd St Unit 12 Bellingham, WA	2.0	1.0	784	$1,745	$2.23	21d	1	0.58mi
2305 Douglas Ave Bellingham, WA	1.0–4.0	1.0–4.0	1089	$1,545	$1.42	13d	16	0.65mi
926 23rd St Bellingham, WA	2.0	1.0	862	$1,835	$2.13	13d	8	0.67mi
930 22nd St Bellingham, WA	1.0–3.0	1.0–2.0	900	$1,435	$1.59	21d	5	0.68mi
926 22nd St Unit 926-19 Bellingham, WA	2.0	1.0	850	$1,800	$2.12	21d	1	0.68mi
910 21st St Unit 103 Bellingham, WA	2.0	1.0	672	$1,650	$2.46	21d	1	0.74mi
910 20th St Apt 201 Bellingham, WA	2.0	1.0	765	$1,650	$2.16	21d	1	0.76mi
808 21st St Bellingham, WA	2.0	1.0	699	$1,575	$2.25	21d	4	0.81mi
1130 13th St Bellingham, WA	1.0	1.0	631	$1,700	$2.69	21d	1	0.87mi
705 32nd St Bellingham, WA	3.0	1.0–2.0	792	$1,495	$1.89	21d	23	0.93mi
1440 10th St Bellingham, WA	2.0	1.0–2.0	761	$2,082	$2.73	13d	5	0.95mi
1002 11th St Bellingham, WA	2.0	1.0	900	$2,130	$2.37	44d	1	1.07mi
487 31st St Bellingham, WA	1.0–2.0	1.0	697	$1,540	$2.21	21d	33	1.10mi
490 S State St Bellingham, WA	2.0	1.0	911	$2,595	$2.85	13d	3	1.32mi
230 32nd St Unit 250-106 (ADA) Bellingham, WA	2.0	1.0	738	$1,725	$2.34	13d	1	1.34mi
3805 Elwood Ave Bellingham, WA	4.0	1.0–2.5	1213	$1,756	$1.45	13d	49	1.39mi
222 S Forest St Bellingham, WA	1.0	1.0	910	$2,700	$2.97	21d	1	1.44mi

Listing history 2 events

1. 2026-05-04
   status Pending
2. 2026-04-30
   listed $119,500 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: $447 · $37/mo
• Projected year-2 tax: $1,171 · $98/mo
• Expected delta: +$725/yr (+$60/mo · 162.2%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% 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: $22,346
• − Mortgage interest: −$6,694
• − Property taxes: −$447
• − Insurance: −$598
• − Repairs & maintenance: −$1,788
• − Management: −$1,788
• − Depreciation: −$3,476
• Taxable income: $7,556
• Est. tax owed @ 24.0%: −$1,813
• After-tax cash flow: $7,276/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

2 events — show timeline

• 2026-05-04 Pending — NWMLS as Distributed by MLS Grid
• 2026-04-30 Listed $119,500 NWMLS as Distributed by MLS Grid

Property tax history

+13.2%/yr

Latest (2026): $447 · +218.4% YoY. Source: county tax records.