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Bellingham: Sudden Valley Vacation Rental Property

I have a Real Estate Client that's looking for Vacation Short Term Rental properties, and I discovered this land for sale. The land is listed at about $32,000 and it has sewer water & power available in the street. The HOA dues are $135 per month and includes beach access on nearby Lake Whatcom and access to the Sudden Valley Golf Course. The zoning is RR3 which is 3 dwelling units per acre, and this is .325 Acres, which would allow for a single family residence.

With the close vicinity of the Lake access and top quality golf course, a small 800 sf Bungalow would bring in about $3,000/month. The owners want to stay small on the build of the new home and will use their own cash. It will cost about $200,000 to build and the value after built will be $350,000 based on the comparable home sales nearby.

I advised them to make an offer contingent on a 30 day Feasibility study, which will allow for verifying what can be built on the land, all of the utility connection fees, the permit fees, and meeting with the HOA to get their preliminary approval on the home plus approval on the short term rental. This looks like a great opportunity for positive cash flow and equity in the property, even if it were financed at 80% LTV!


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