1389 Bayview Ct #202 · Blaine, WA 98230

$325,000

3 bd · 1.5 ba · 1,078 sqft · Condo public records · 38 Days on market

Built 2006 $301/sqft · at area comps Est $333k · at est. $490/mo HOA · 21% of rent

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Why this score? — see what drove the D 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).

• Appreciation +10.0/10.0
• ARV discount +8.6/15.0
• Cash flow +5.9/30.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +0.2/10.0

Listing remarks

Don't miss the opportunity to own this affordable, gorgeously landscaped, and well-maintained 3-bedroom, 2-bath condo nestled in a quiet cul-de-sac within an HOA of only 16 units. This home offers the added privacy of a second-level location accessed by its own private stairs and outside entry. The bright and inviting layout features skylights that fill the home with natural light, newer LVP flooring throughout, granite countertops, stainless steel appliances, and an open living area designed for everyday comfort and entertaining. The well-appointed kitchen offers ample cabinet and counter space, along with a convenient island perfect for gathering and meal prep. The generous primary suite

Key facts

• Private stairs
• Newer lvp flooring
• Granite countertops

Tags

• GORGEOUSLY LANDSCAPED
• PRIVATE STAIRS
• SKYLIGHTS
• NEWER LVP FLOORING
• GRANITE COUNTERTOPS
• STAINLESS STEEL APPLIANCES

Property features AI

Finance

• Financial info: Listing terms: cash or conventional
• HOA & community: Monthly HOA fee of $490 covering snow removal; Community of 16 units (4 units in building); No pets allowed; Common property/features: see remarks

Exterior

• Parking: Two uncovered open parking spaces
• Utilities: Electric and natural gas service; Electric water heater located in hall closet; Water and sewer provided by Bayview Court Association; Power by Blaine Utilities; Cable connected (Xfinity)
• Home design: Attached condominium; One level (top floor/end unit); Entry on main level; Faces east; Remodeled/updated
• Construction: Cement plank construction; Composition roof
• Exterior features: Cement-planked exterior; Unit has a view; Cul-de-sac setting; Curbs and sidewalk; Dead end street and secluded; Paved access

Interior

• Kitchen: Dishwasher; Garbage disposal; Microwave; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms (all on the main level); Primary bedroom (main level)
• Flooring: Vinyl plank flooring; Carpet
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom; 2 bathtubs; 2 showers; Both main level bathrooms
• Heating & cooling: Wall furnace heating; No cooling
• Interior features: Gas cooking; Electric dryer hookup; Washer hookup and washer/dryer included; French doors; Skylights; Walk-in closet(s); Water heater; Blinds
• Laundry & utility: Washer and dryer included; Electric dryer hookup; Washer hookup; Hall closet water heater (electric)

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath condo listed at $325k.

Deal economics

• At list price, monthly cash flow is $-642 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $212k (34.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $239k (26.5% below list).
• Recommended offer: $212k (34.9% below list) — sets the bar for cash-flow.
• Cap rate 3.9% vs local median 2.2% in Blaine — 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 78/100 on livability (#125 in WA, #2,491 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, housing A; Watch: amenities F, cost of living F.
• Blaine School District (town): math 49% / reading 55% proficiency, ranked #120 of 291 in WA (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Blaine Elementary School (463 students, 54% FRL); Blaine Middle School (459 students, 54% FRL); Blaine High School (609 students, 46% FRL) — zoned schools average 51% FRL vs 33% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.1%/yr); 461 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,190 units permitted in Whatcom County in 2024 (327 in 5+ unit buildings).
• This rent runs 33% of the median local income ($87k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $35k of equity ($2k loan paydown + $32k appreciation (10.0% local appreciation)).
• Whatcom County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$56k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 20y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $198k; list at $325k implies a 64% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.

Recommended offer $211,669 (34.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.74% ✗
• Cap rate: 3.92%
• Cash-on-cash: -8.46%
• DSCR: 0.62
• GRM: 11.3

CMA / ARV

• ARV (median comp): $333,164
• List price: $325,000
• Delta: -2.45%
• Verdict: FAIR
• Comps: 16 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.1% rent growth · sell at horizon

5-year hold

• IRR: 18.4%
• Equity multiple: 2.50×
• Total profit: $136,594
• Equity at exit: $292,786

10-year hold

• IRR: 17.2%
• Equity multiple: 5.78×
• Total profit: $435,287
• Equity at exit: $631,404

Cash invested: $91,000 (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 98230

• Home prices YoY: 14.0%
• Rents YoY: 3.1%
• Active inventory: 461
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $2,389 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$199 /mo · $2,391/yr
• Insurance: −$135
• HOA: −$490
• Vacancy / Maint / Mgmt: −$502
• Net cashflow: $-642

Break-even live

Break-even rent $3,201

Max offer price $211,669

Occupancy floor —

Sensitivity live

Price	-10% $-458	-5% $-550	+0% $-642	+5% $-734	+10% $-826
Rent	-10% $-830	-5% $-736	+0% $-642	+5% $-547	+10% $-453
Rate	-1.0pp $-478	-0.5pp $-559	base $-642	+0.5pp $-726	+1.0pp $-811

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1350 Mitchell Ave Blaine, WA	2.0	1.0	1302	$2,095	$1.61	46d	1	0.11mi
399 H St Unit 3D Blaine, WA	2.0	1.5	929	$1,895	$2.04	15d	1	0.63mi
756 F St Unit 3 Blaine, WA	2.0	1.0	800	$1,525	$1.91	46d	1	0.65mi
258 B St Unit B Blaine, WA	3.0	2.0	1182	$2,100	$1.78	46d	1	1.07mi
2734 Oleander Loop Unit 101 Blaine, WA	3.0	2.5	1404	$2,500	$1.78	15d	1	1.38mi
2753 Oleander Loop Blaine, WA	3.0	2.5	1404	$2,498	$1.78	15d	1	1.40mi
2834 Shore Pine Pl Unit 103 Blaine, WA	3.0	2.5	1406	$2,395	$1.70	23d	1	1.43mi

HOA detail condo

• Monthly dues: $490 · $5,880/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-21
   days on market $325,000 Active 38 DOM
2. 2026-06-18
   days on market $325,000 Active 35 DOM
3. 2026-06-17
   days on market $325,000 Active 34 DOM
4. 2026-06-16
   days on market $325,000 Active 33 DOM
5. 2026-06-15
   days on market $325,000 Active 32 DOM
6. 2026-06-14
   days on market $325,000 Active 30 DOM
7. 2026-06-13
   days on market $325,000 Active 29 DOM
8. 2026-06-10
   days on market $325,000 Active 27 DOM
9. 2026-06-09
   days on market $325,000 Active 26 DOM
10. 2026-06-08
    days on market $325,000 Active 25 DOM
11. 2026-06-07
    days on market $325,000 Active 24 DOM
12. 2026-06-05
    days on market $325,000 Active 21 DOM
13. 2026-06-02
    days on market $325,000 Active 19 DOM
14. 2026-06-01
    days on market $325,000 Active 18 DOM
15. 2026-05-31
    days on market $325,000 Active 17 DOM
16. 2026-05-30
    days on market $325,000 Active 16 DOM
17. 2026-05-14
    listed $325,000 Active
18. 2006-09-05
    soldstatus $198,000
19. 2006-09-04
    soldstatus $198,000
20. 2006-05-25
    listed $199,900

ⓘ 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: $2,391 · $199/mo
• Projected year-2 tax: $3,185 · $265/mo
• Expected delta: +$794/yr (+$66/mo · 33.2%)

ⓘ 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 3/10 Moderate 7 d/yr ≥81°F today · 19 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 7/10 Severe 11 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,671
• − Mortgage interest: −$18,205
• − Property taxes: −$2,391
• − Insurance: −$1,625
• − Repairs & maintenance: −$2,294
• − Management: −$2,294
• − HOA: −$5,880
• − Depreciation: −$9,455
• Taxable loss: −$13,473
• Est. tax savings @ 24.0%: +$3,233
• After-tax cash flow: $-4,465/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: Blaine School District
• NCES district ID: 5300570
• Math proficiency: 49% ▼ -1.00%
• Reading proficiency: 55% ▼ -2.00%
• Median HH income: $57,085
• Composite: 47.05/100
• National rank: #5128
• State rank: #120 of 291 in WA

Livability — Blaine

• Score: 78/100
• State rank: #125
• US rank: #2491

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Blaine, WA
• County: Whatcom County · 209,776 people
• Metro: Bellingham, WA
• Population (ZIP): 18,744
• Household income: $86,623
• Rent vs Own: 20.4% rent · 79.6% own
• Severe rent burden: 454.0

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 11% Hispanic / Latino 9% Asian 3% Pacific Islander 2% Black 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Portuguese 6% Iranian 4% Lithuanian 3%
• Foreign-born: 13% · Canada, China
• Languages at home: 89% English-only · Spanish 4% Russian/Polish/Slavic 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: ▲ 106.58%
• Current HPI: 868.68
• Rent YoY: ▲ 3.10%
• 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

+62.6% since first listed

4 events — show timeline

• 2026-05-14 Listed $325,000 NWMLS as Distributed by MLS Grid
• 2006-09-05 Sold (Public Records) $198,000 Public Records
• 2006-09-04 Sold (MLS) $198,000 NWMLS as Distributed by MLS Grid
• 2006-05-25 Listed $199,900 NWMLS as Distributed by MLS Grid

Property tax history

+4.2%/yr

Latest (2026): $2,391 · +7.1% YoY. Source: county tax records.