Bellingham Investment Proeprty for sale - what's the best and most reliable type of investment property to get has long been a topic of debate. A savy verteran Bellingham real estate investor shared with me that the secret to their success in Bellingham was the college rental market.
Bellingham college rental homes have long been a steady and reliable form of investment property. Of the approximately 15,000 students currently enrolled at WWU (Western Washington University) (15,060 in 2014), only 4,060 live on campus. Therefor the other 11,000 students live off campus and provide a stable demand for homes and apartments to rent. The nearer the proximity to campus the higher the demand through out Bellingham. In addition there's Whatcom Community College and the Bellingham Technical College. These Bellingham student housing needs plus the demand for rental by the general population have created an approximate 1% vacancy rate in Bellingham WA. Even when the demand for rental homes by the general population is down, the demand for rental housing to serve the college students of Bellingham bolster the rental market.
And if you handle the timing or your leases correctly, you can actually achieve a zero vacancy rate in Bellingham. Here's one strategy, if you sign your WWU students to a lease begining Aug 1. In April, contact them and ask if they will be wanting to stay another year. If the answer is yes, send them a lease and have the sign it before May 1st. If they say "no", then start marketing the home in May and you will have new students lined up for Aug by before the end of June. So the trick is don't wait until the last month or two of your lease term to re-up.
OK, here's some fantastic Bellingham WWU college rental investment properties that are for sale:
Turn key Happy Valley Duplex within walking distance to WWU & Fairhaven. Low maintenance, spacious & functional units with a great room floor plan, vaulted ceilings, pantry, slider opens to private outdoor patio. Washer and Dryer in the units. New roof certification, Feb 2016. Outside there's off street parking for 4 vehicles and plenty of street parking as well. Nice building with very little differed maintenance. Long term tenants. Come take a look. Only $330,000 for this Bellingham Duplex. Each unit is 2 bedrooms and 1 bath.
This one is Sold....This Bellihgham Investment property is targeted as a WWU college rental home in the York Neighborhood. This 4 bedroom Craftsman is only one property away from Nelson's Market. Easy access to WWU & downtown. Currently leased up through Aug 31st 2016 at $1,800/mo. Steady reliable income stream on this home w/excellent rental history. Home features wood floors under carpet, a cool reading nook on the top floor over looking Humboldt. Out back your find a flat yard suitable for gardening and alley access to a shop w/one car garage. Gas forced air heat. Original moldings and wood work. Price at $285,000. It is at a 5.7% CAP Rate.
This one is Sold.......This Bellingham Investment Property is a college rental home that is a large spacious home on 0.39 acre lot in Bellingham proper. This 5 bedroom, 2 den home brings in $2,500/mo as a college rental. Excellent for a Bellingham investment property at a 6.7 CAP or use as a primary residence. Original wood work in place - boxed ceiling detail & wainscoting, inlaid Oak floors on the main, Fir floors up, extra tall baseboard moldings, original 5 panel doors & moldings, 2 sets of french doors. All the common area rooms in this home are good sized & a huge mud/laundry room. Basement. This Bellingham WWU student rental is only $335K.
This one is Sold.....Bellingham investment property for sale. Excellent York Neighborhood 3 bedroom college rental - convenient location near WWU, downtown and shopping. Fir floors, new shower surround upstairs. Home is best suited for 3 bedroom use but the front living room is currently being used as a fourth bedroom. Continue to use as an investment property or perfect home for those looking for a home to update for their own use. Leased through Aug 2016. Current rent is $1650/mo. Priced at $225K. This home has a CAP Rate of 6.6%.
This one is Sold..... Bellingham investment property. This Bellingham college rental is in the sought after Columbia Neighborhood. The 4 bedroom home is only 1 block from Elizabeth park. Open floor plan w/ a breakfast nook in the kitchen & a formal dining area that opens into the living room. For a vintage home, the bedrooms are good sized. There's a fun room upstairs w/interesting access. Fully fenced back yard off the alley w/plenty of garden space. Come create your master piece on the excellent canvas in the heart of Columbia. This home is currently a college rental but is well suited for owner occupied home do to it's desirable location. The home is currently bringing in $1,700/mo. This Bellingham home is for sale at $325,000.
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