Real Estate Investing in Lummi Island, Washington (98262)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 98262 (Lummi Island, WA)? Our answer, based on the numbers below.
Multiple negative signals. Better options likely exist nearby.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 47.1% of homes vacant — above national norms.
- Tenant-protective state: Landlord rating 1.0/5 — slower evictions, more regulations.
- High price-to-rent: Price-to-rent ratio 30.9 — hard to cash-flow at these prices.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Lummi Island, WA (98262)?
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Market Analysis: 98262 Lummi Island
Investors eyeing 98262 need to respect the fundamentals at play. Home values of $651K come alongside slower price movement and elevated management overhead.
The 98262 ZIP can work — but only with a tight operating hand. Remote landlords and passive investors tend to struggle here more than the underwriting suggests.
Statewide comparisons place 98262 among WA's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
Demographically, 98262 is a market where tenant selection matters more than unit finishes. Operators who understand that tend to do fine; those who do not tend to learn why the ZIP trades at a discount.
New investors are better served looking at Lummi Island's stable or hybrid ZIPs before stepping into 98262. The learning curve here is expensive when the lesson is wrong.
Here's what matters if you're considering buying a home in Lummi Island:
Property Strategy for 98262
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $496,705 | $1,480 | 2.1% | +5.3% | $496,705 |
| 2BR | $597,274 | $1,950 | 2.4% | +6.5% | $298,637 |
| 3BR | $844,782 | $2,710 | 2.3% | +6.8% | $281,594 |
Market Trends
Home Value History (with trend line)
📊 How Does 98262 Compare?
| Metric | 98262 | Lummi Island | Washington |
|---|---|---|---|
| Home Value | $650,705 | $650,705 | $591,536 |
| 5-Year CAGR | 2.8% | 2.8% | 5.9% |
| Avg Rent | $1,755 | $1,755 | - |
| Cap Rate | 2.1% | 2.1% | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 98262 (Lummi Island, WA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $650,705 |
| Monthly Rent | $1,755 |
| Price-to-Rent | 30.9:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.2% |
| Cap Rate | 2.1% |
| 5-Year IRR | 4.9% |
📈 Home Appreciation
| 1-Year | +0.3% ▲ |
| 3-Year CAGR | +1.2% ▲ |
| 5-Year CAGR | +2.8% ▲ |
| 10-Year CAGR | +6.5% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.1%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 98262
Population: 1,020
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 98262
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 3,043 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What are home prices like in Lummi Island, WA?
The median home value in Lummi Island, WA is roughly $651K. That puts it reasonable relative to the WA statewide average.
What kind of market is Lummi Island, WA for investors?
Investors tracking Lummi Island, WA will find a 3.0/5 rating supported by $651K median home values and $1,755/mo rents. That profile suits long-term holders targeting consistent returns.
Can owner-occupants cash flow in Lummi Island, WA?
Lummi Island, WA offers a challenging house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $1,755/mo rent level.
Are eviction rules reasonable in Lummi Island, WA?
Lummi Island, WA falls under WA landlord-tenant law, which is tenant-protective. That backdrop makes day-to-day property management reasonable.
What is the typical rental rate in Lummi Island, WA?
Investors in Lummi Island, WA typically see rents near $1,755/mo per month against $651K home values - a solid setup for rental cash flow.
You know 98262 now. You don’t know where it ranks.
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