2400 Donovan Ave #40 · Bellingham, WA 98225

$90,000

2 bd · 1.0 ba · 784 sqft · Manufactured public records · 68 Days on market

Built 1978 Est $85k · 6% over

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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
• Schools +4.8/10.0
• ARV discount +4.7/15.0
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Key facts

• Built 1978
• Listed 68 days

Property features AI

Finance

• Financial info: Listing terms: Cash or Conventional
• HOA & community: Located in South End Mobile Estates (senior community); 83 homes in the park; Park amenities include clubhouse and laundry; Park approved for sale; Land lease: $800

Exterior

• Parking: Carport
• Utilities: Electric and pellet energy sources; Electric water heater; Water service: COB; Sewer service: COB; Power: PSE; Cable: Xfinity
• Home design: Manufactured home (single wide); One level; Faces south; Good condition; Has view; Make: Ridgewood; Style: Manufactured - Single Wide; Skirted with metal
• Construction: Metal roof; Metal/vinyl construction; Pillar/post/pier foundation with tie downs; Manufactured after 6/15/1976
• Exterior features: Metal/vinyl exterior; Patio/porch/deck; Paved lot

Interior

• Kitchen: Refrigerator; Stove/Range
• Bedrooms: 2 bedrooms
• Flooring: Vinyl flooring; Carpet
• Bathrooms: 1 full bathroom
• Heating & cooling: Ductless heating; Forced air; Free‑standing stove (pellet); Has cooling
• Interior features: Fireplace (pellet stove); Water heater in closet
• Laundry & utility: Washer; Dryer; On-site storage

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $90k.

Deal economics

• At list price, monthly cash flow is $991 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $85k (6.0% below list) — sets the bar for market timing.
• Cap rate 19.5% 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); 241 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 38% 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 $622 of loan paydown is wiped out by about $3k 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 $25k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.

Recommended offer $84,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 2.27% ✓
• Cap rate: 19.51%
• Cash-on-cash: 47.20%
• DSCR: 3.10
• GRM: 3.7

CMA / ARV

• ARV (on-the-fly): $84,672
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2400 Donovan Ave #64	0.00mi	2/1.0	784 (0%)	1mo	$56,000	$71	99
2400 Donovan Ave #57	0.00mi	2/1.0	784 (0%)	14mo	$85,000	$108	88
2400 Donovan Ave Unit 14C	0.00mi	2/1.0	846 (+8%)	15mo	$106,000	$125	74
2400 Donovan Ave #41	0.00mi	2/1.0	864 (+10%)	13mo	$56,000	$65	72

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: 44.2%
• Equity multiple: 2.90×
• Total profit: $47,902
• Equity at exit: $13,419

10-year hold

• IRR: 50.0%
• Equity multiple: 5.78×
• Total profit: $120,373
• Equity at exit: $7,782

Cash invested: $25,200 (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: 241
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $2,042 high
• Mortgage (P&I): −$472
• Tax est. 1.5%: −$112 /mo · $1,350/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$429
• Net cashflow: $991

Break-even live

Break-even rent $787

Max offer price $90,000

Occupancy floor 46%

Sensitivity live

Price	-10% $1,053	-5% $1,022	+0% $991	+5% $960	+10% $929
Rent	-10% $830	-5% $911	+0% $991	+5% $1,072	+10% $1,153
Rate	-1.0pp $1,037	-0.5pp $1,014	base $991	+0.5pp $968	+1.0pp $944

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 26 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	14d	1	0.17mi
2707 Connelly Ave Bellingham, WA	2.0	2.0	1018	$2,495	$2.45	14d	1	0.19mi
2102 Harris Ave Unit 2106-3 Bellingham, WA	2.0	1.0	850	$1,825	$2.15	14d	1	0.41mi
3129 Old Fairhaven Pkwy Bellingham, WA	2.0	1.0	711	$2,310	$3.25	14d	2	0.41mi
2506 Douglas Ave Bellingham, WA	2.0	1.0	880	$1,875	$2.13	14d	2	0.56mi
1021 24th St Unit 1021 9 Bellingham, WA	2.0	1.0	800	$1,595	$1.99	22d	1	0.56mi
1014 23rd St Unit 12 Bellingham, WA	2.0	1.0	784	$1,745	$2.23	22d	1	0.58mi
2170 Douglas Ave Bellingham, WA	3.0–4.0	2.0	1069	$2,325	$2.17	14d	4	0.62mi
2305 Douglas Ave Bellingham, WA	1.0–4.0	1.0–4.0	1089	$2,222	$2.04	14d	16	0.65mi
926 23rd St Bellingham, WA	2.0	1.0	862	$1,835	$2.13	14d	8	0.67mi
930 22nd St Bellingham, WA	1.0–3.0	1.0–2.0	900	$2,008	$2.23	22d	5	0.68mi
926 22nd St Unit 926-19 Bellingham, WA	2.0	1.0	850	$1,800	$2.12	22d	1	0.68mi
920 22nd St Bellingham, WA	3.0	1.5	1000	$2,638	$2.64	14d	3	0.70mi
910 21st St Unit 103 Bellingham, WA	2.0	1.0	672	$1,650	$2.46	22d	1	0.74mi
910 20th St Apt 201 Bellingham, WA	2.0	1.0	765	$1,650	$2.16	22d	1	0.76mi
808 21st St Bellingham, WA	2.0	1.0	699	$1,750	$2.50	22d	4	0.81mi
1130 13th St Bellingham, WA	1.0	1.0	631	$1,700	$2.69	22d	1	0.87mi
705 32nd St Bellingham, WA	3.0	1.0–2.0	792	$2,095	$2.65	22d	23	0.93mi
1440 10th St Bellingham, WA	2.0	1.0–2.0	761	$2,565	$3.37	14d	5	0.95mi
524 32nd St Bellingham, WA	3.0	2.0	1100	$2,480	$2.25	22d	3	1.04mi
1002 11th St Bellingham, WA	2.0	1.0	900	$2,130	$2.37	45d	1	1.07mi
487 31st St Bellingham, WA	1.0–2.0	1.0	697	$1,890	$2.71	22d	33	1.10mi
490 S State St Bellingham, WA	2.0	1.0	911	$2,595	$2.85	14d	3	1.32mi
230 32nd St Unit 250-106 (ADA) Bellingham, WA	2.0	1.0	738	$1,725	$2.34	14d	1	1.34mi
3805 Elwood Ave Bellingham, WA	4.0	1.0–2.5	1213	$2,418	$1.99	14d	49	1.39mi
222 S Forest St Bellingham, WA	1.0	1.0	910	$2,700	$2.97	22d	1	1.44mi

Listing history 2 events

1. 2026-05-19
   status Pending
2. 2026-03-11
   listed $90,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $24,504
• − Mortgage interest: −$5,041
• − Property taxes: −$1,350
• − Insurance: −$450
• − Repairs & maintenance: −$1,960
• − Management: −$1,960
• − Depreciation: −$2,618
• Taxable income: $11,124
• Est. tax owed @ 24.0%: −$2,670
• After-tax cash flow: $9,225/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

• 2026-05-19 Pending — NWMLS as Distributed by MLS Grid
• 2026-03-11 Listed $90,000 NWMLS as Distributed by MLS Grid

Property tax history

+3.2%/yr

Latest (2017): $77 · +5.1% YoY. Source: county tax records.