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$600kBellingham median list
600homes for sale
31Multi-family listings in Bellingham now

Investment Property in Bellingham, WA

Irena underwrites every Bellingham candidate from actual comparable income and expense data. Irena Kolbert serves Bellingham as a John L. Scott Bellingham broker — straight answers and fast replies.

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Bellingham right now
600homes for sale
$600kmedian list price

Every pin is a live Bellingham listing — tap one to open it. Updated daily from NWMLS.

Investment analysis · Bellingham

Does this Bellingham investment property pencil?

38% operating expenses (tax, insurance, maintenance, vacancy, management), 7% investor rate. Estimate only.
Cap rate 3.4% Negative $1,144/mo after debt — appreciation play, or negotiate price.
Net operating income$18,600/yr
Annual debt service$32,334
Cash-on-cash-10.2%
Have Irena check these numbers →
Rules & realities

What every Bellingham investor needs to know first.

Local specifics that change the math — buying or selling.
§Zoning & multifamily inventoryBellingham's duplex and small-multifamily stock clusters near WWU (Sehome, Happy Valley, York) and along the Meridian and Samish corridors; ADU rules widen the pool.
⌂Short-term rental limitsSTRs face limits in most Bellingham zones and HOAs — underwrite on long-term income.
◔Demand driversBellingham's rental market is anchored by WWU (16,000 students) and PeaceHealth.
▲Cap ratesThey vary by product, condition, and street — Irena underwrites every deal on actual rents and real expenses, not a rule of thumb.
Investment in Bellingham — what's different here

Bellingham isn't the county average. Here's what matters.

Bellingham's rental market is anchored by WWU (16,000 students) and PeaceHealth. Sehome, Happy Valley, and York command strong rents; duplexes and ADU-eligible lots are the best plays. Rental registration is required.

Irena's Bellingham tip

ADU rules loosened recently — ADU-eligible lots are the hidden value.

Median list price$600k
Median Cumulative Days Active74 days
List $ / sq ft$392
Multi-family listings in Bellingham now31
How it works

Investment in Bellingham, step by step.

1Define the strategyBuy-and-hold single-family, a duplex or small multifamily, a house-hack, or selling a property you already own — each plays differently in Bellingham.
2Underwrite before touringIrena runs income comps, expenses, and cap rate on every Bellingham candidate so you tour with a number in hand.
3Zoning & rules checkMultifamily zoning, ADU eligibility, and any short-term rental limits in Bellingham — verified per parcel before you offer.
4Offer & inspectInvestor-focused inspections: roof, systems, and durable finishes; repairs negotiated as credits.
5Close — or listBuying: a clean close on your timeline. Selling: Irena markets your Bellingham investment property to her investor list and prices it on the numbers, not the neighborhood average.
Why Irena for investment in Bellingham

Three reasons Bellingham clients pick Irena.

✓Real numbers, not listing asksIrena underwrites every Bellingham candidate from actual comparable income and expense data.
✓Buy side and sell sideWhether you're adding a Bellingham duplex or selling one you've held for years, Irena handles the transaction end to end.
✓Knows the local rulesZoning, ADU rules, and short-term rental limits vary by jurisdiction in Bellingham; Irena keeps current so your plan actually works.
Kyle Smith · Bellingham★★★★★

She is incredibly organized and detail-oriented, but what stands out most is how deeply she cares about getting it right for her clients.

FAQ

Investment in Bellingham: common questions.

Something else? Text Irena at (360) 712-6860.

Roughly 4.5–6.5% for well-located single-family and small multifamily. Irena shows real examples.

No — Irena handles sales only: buying and selling investment property. She can point you toward local resources for the rest.

Depends on your basis, the local rent-to-price ratio, and 1031 timing. Irena runs the sell-vs-hold math with your real numbers.

No obligation

Investment in Bellingham? Start with a conversation.

Irena replies within the hour, seven days a week. Tell her what you're thinking about in Bellingham.

Irena KolbertIrena Kolbert, Realtor®(360) 712-6860 · [email protected]
Irena sees: Investment Property · Bellingham · cap ~3.4%
Goes straight to Irena's phone. No lists, no spam.

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