17401 SE 39th St #78 · Vancouver, WA 98683

$135,000

2 bd · 2.0 ba · 1,513 sqft · Manufactured public records · 177 Days on market

Built 1984 $89/sqft · at area comps Est $141k · at est.

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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
• ARV discount +9.3/15.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Come tour this newly reduced home Saturday 1-3! Comfort, Convenience & a Great Floor Plan in a Desirable 55+ Community. Welcome home to this well-maintained, way-way-cute residence featuring a fantastic floor plan and an oversized two-car garage with workbench. Enjoy year-round comfort with a heat pump and relax or entertain on the impressive 80-foot covered back patio within a fully fenced outdoor space. Inside, the spacious living room flows into the dining area with a built-in hutch and slider to the patio. The light-filled kitchen offers oak cabinets, abundant storage, an eating bar, and opens to the family room for easy everyday living. Sheetrock walls and custom built-ins add warmth and quality throughout. The primary suite features a walk-in closet and a large walk-in shower. A utility room with laundry, extra storage, and hall bath access adds convenience. Community amenities include a seasonal outdoor pool, clubhouse, library, fitness room, and pool tables. Space rent includes water, sewer, and full access to all amenities. A true must-see opportunity for comfortable, low-maintenance living in an active and welcoming community!

Key facts

• Oak cabinets
• Light-filled kitchen
• Built-in hutch

Tags

• OVERSIZED TWO-CAR GARAGE
• IMPRESSIVE COVERED BACK PATIO
• FULLY FENCED OUTDOOR SPACE
• BUILT-IN HUTCH
• LIGHT-FILLED KITCHEN
• OAK CABINETS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $135k.

Deal economics

• At list price, monthly cash flow is $875 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $119k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.1% vs local median 2.7% in Vancouver — 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 82/100 on livability (#62 in WA, #1,133 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime F, cost of living D-.
• Evergreen School District (Clark) (urban): math 41% / reading 51% proficiency, ranked #164 of 291 in WA (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-0.1%/yr); 175 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 3,547 units permitted in Clark County in 2024 (1,361 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Clark County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $38k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 177 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 24y ago; this cycle's ask has dropped $50k (27%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $72k; list at $135k implies a 88% gain — meaningful room to come down on a strong offer.

Recommended offer $118,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 177 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.56% ✓
• Cap rate: 14.07%
• Cash-on-cash: 27.77%
• DSCR: 2.24
• GRM: 5.3

CMA / ARV

• ARV (median comp): $140,570
• List price: $135,000
• Delta: -3.96%
• Verdict: FAIR
• Comps: 9 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
17401 SE 39th St #208	0.00mi	2/2.0	1,524 (+1%)	12mo	$160,000	$105	89
17401 SE 39th St #74	0.00mi	2/2.0	1,483 (-2%)	10mo	$174,000	$117	89
17401 SE 39th St #77	0.00mi	2/2.0	1,425 (-6%)	9mo	$149,000	$105	83
17401 SE 39th St #125	0.00mi	2/2.0	1,445 (-4%)	12mo	$152,000	$105	82
17401 SE 39th St #200	0.00mi	2/2.0	1,600 (+6%)	10mo	$125,500	$78	82
17401 SE 39th St #127	0.00mi	2/2.0	1,451 (-4%)	18mo	$170,000	$117	78
17401 SE 39th St #30	0.00mi	2/2.0	1,390 (-8%)	15mo	$158,000	$114	74
17401 SE 39th St #141	0.00mi	2/2.0	1,693 (+12%)	9mo	$140,000	$83	73
17401 SE 39th St #203	0.00mi	2/2.0	1,340 (-11%)	11mo	$150,000	$112	72
17401 SE 39th St #86	0.00mi	3/2.0 (+1)	1,636 (+8%)	12mo	$150,000	$92	71
17401 SE 39th St #96	0.00mi	3/2.0 (+1)	1,688 (+12%)	8mo	$140,000	$83	69
17401 SE 39th St #148	0.00mi	2/2.0	1,325 (-12%)	18mo	$151,900	$115	64

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 18.7%
• Equity multiple: 1.73×
• Total profit: $27,602
• Equity at exit: $20,129

10-year hold

• IRR: 25.0%
• Equity multiple: 2.90×
• Total profit: $71,648
• Equity at exit: $11,672

Cash invested: $37,800 (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 98683

• Rents YoY: -0.1%
• Active inventory: 175
• Price-to-rent: 5.3×

Monthly cashflow live

• Estimated rent: $2,112 high
• Mortgage (P&I): −$708
• Tax from tax record: −$29 /mo · $350/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$443
• Net cashflow: $875

Break-even live

Break-even rent $1,004

Max offer price $135,000

Occupancy floor 54%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3100 SE 168th Ave Vancouver, WA	1.0–3.0	1.0–2.5	1040	$2,205	$2.12	2d	14	0.54mi
16506 SE 29th St Vancouver, WA	1.0–3.0	1.0–2.0	1062	$1,962	$1.85	2d	13	0.67mi
2610 SE 164th Ave Unit G12 Vancouver, WA	2.0	2.0	1130	$2,265	$2.00	44d	1	0.87mi
Chase LNDG Gresham, OR	3.0	2.5	1389	$2,200	$1.58	12d	3	0.99mi
1600 SE 168th Ave Vancouver, WA	3.0	1.5	1210	$2,350	$1.94	4d	1	1.18mi
2220 SE 192nd Ave Vancouver, WA	1.0–2.0	1.0–2.0	905	$1,979	$2.19	2d	4	1.18mi
3114 SE 147th Pl Vancouver, WA	2.0–3.0	1.5	1271	$1,825	$1.44	14d	12	1.34mi
5515 NW Pacific Rim Blvd Camas, WA	1.0–2.0	1.0–2.0	1121	$3,999	$3.57	2d	18	1.40mi
5988 NW 38th Ave Camas, WA	1.0–2.0	1.0–2.0	922	$2,461	$2.67	2d	12	1.42mi

Listing history 20 events

1. 2026-06-18
   days on market $135,000 Active 177 DOM
2. 2026-06-17
   days on market $135,000 Active 176 DOM
3. 2026-06-16
   days on market $135,000 Active 175 DOM
4. 2026-06-15
   days on market $135,000 Active 174 DOM
5. 2026-06-13
   days on market $135,000 Active 172 DOM
6. 2026-06-13
   days on market $135,000 Active 171 DOM
7. 2026-06-09
   days on market $135,000 Active 168 DOM
8. 2026-06-08
   days on market $135,000 Active 167 DOM
9. 2026-06-07
   days on market $135,000 Active 166 DOM
10. 2026-06-03
    days on market $135,000 Active 162 DOM
11. 2026-06-02
    days on market $135,000 Active 161 DOM
12. 2026-06-01
    days on market $135,000 Active 160 DOM
13. 2026-05-31
    days on market $135,000 Active 159 DOM
14. 2026-05-04
    price $135,000 1158-char remark

    Show marketing remark (1158 chars)

    Come tour this newly reduced home Saturday 1-3! Comfort, Convenience & a Great Floor Plan in a Desirable 55+ Community. Welcome home to this well-maintained, way-way-cute residence featuring a fantastic floor plan and an oversized two-car garage with workbench. Enjoy year-round comfort with a heat pump and relax or entertain on the impressive 80-foot covered back patio within a fully fenced outdoor space. Inside, the spacious living room flows into the dining area with a built-in hutch and slider to the patio. The light-filled kitchen offers oak cabinets, abundant storage, an eating bar, and opens to the family room for easy everyday living. Sheetrock walls and custom built-ins add warmth and quality throughout. The primary suite features a walk-in closet and a large walk-in shower. A utility room with laundry, extra storage, and hall bath access adds convenience. Community amenities include a seasonal outdoor pool, clubhouse, library, fitness room, and pool tables. Space rent includes water, sewer, and full access to all amenities. A true must-see opportunity for comfortable, low-maintenance living in an active and welcoming community!

15. 2026-03-30
    price $150,000 1158-char remark

    Show marketing remark (1158 chars)

    Come tour this newly reduced home Saturday 1-3! Comfort, Convenience & a Great Floor Plan in a Desirable 55+ Community. Welcome home to this well-maintained, way-way-cute residence featuring a fantastic floor plan and an oversized two-car garage with workbench. Enjoy year-round comfort with a heat pump and relax or entertain on the impressive 80-foot covered back patio within a fully fenced outdoor space. Inside, the spacious living room flows into the dining area with a built-in hutch and slider to the patio. The light-filled kitchen offers oak cabinets, abundant storage, an eating bar, and opens to the family room for easy everyday living. Sheetrock walls and custom built-ins add warmth and quality throughout. The primary suite features a walk-in closet and a large walk-in shower. A utility room with laundry, extra storage, and hall bath access adds convenience. Community amenities include a seasonal outdoor pool, clubhouse, library, fitness room, and pool tables. Space rent includes water, sewer, and full access to all amenities. A true must-see opportunity for comfortable, low-maintenance living in an active and welcoming community!

16. 2026-02-26
    price $165,000 1158-char remark

    Show marketing remark (1158 chars)

    Come tour this newly reduced home Saturday 1-3! Comfort, Convenience & a Great Floor Plan in a Desirable 55+ Community. Welcome home to this well-maintained, way-way-cute residence featuring a fantastic floor plan and an oversized two-car garage with workbench. Enjoy year-round comfort with a heat pump and relax or entertain on the impressive 80-foot covered back patio within a fully fenced outdoor space. Inside, the spacious living room flows into the dining area with a built-in hutch and slider to the patio. The light-filled kitchen offers oak cabinets, abundant storage, an eating bar, and opens to the family room for easy everyday living. Sheetrock walls and custom built-ins add warmth and quality throughout. The primary suite features a walk-in closet and a large walk-in shower. A utility room with laundry, extra storage, and hall bath access adds convenience. Community amenities include a seasonal outdoor pool, clubhouse, library, fitness room, and pool tables. Space rent includes water, sewer, and full access to all amenities. A true must-see opportunity for comfortable, low-maintenance living in an active and welcoming community!

17. 2026-02-07
    price $175,000 1158-char remark

    Show marketing remark (1158 chars)

    Come tour this newly reduced home Saturday 1-3! Comfort, Convenience & a Great Floor Plan in a Desirable 55+ Community. Welcome home to this well-maintained, way-way-cute residence featuring a fantastic floor plan and an oversized two-car garage with workbench. Enjoy year-round comfort with a heat pump and relax or entertain on the impressive 80-foot covered back patio within a fully fenced outdoor space. Inside, the spacious living room flows into the dining area with a built-in hutch and slider to the patio. The light-filled kitchen offers oak cabinets, abundant storage, an eating bar, and opens to the family room for easy everyday living. Sheetrock walls and custom built-ins add warmth and quality throughout. The primary suite features a walk-in closet and a large walk-in shower. A utility room with laundry, extra storage, and hall bath access adds convenience. Community amenities include a seasonal outdoor pool, clubhouse, library, fitness room, and pool tables. Space rent includes water, sewer, and full access to all amenities. A true must-see opportunity for comfortable, low-maintenance living in an active and welcoming community!

18. 2025-12-23
    listed $185,000 Active 1158-char remark

    Show marketing remark (1158 chars)

    Come tour this newly reduced home Saturday 1-3! Comfort, Convenience & a Great Floor Plan in a Desirable 55+ Community. Welcome home to this well-maintained, way-way-cute residence featuring a fantastic floor plan and an oversized two-car garage with workbench. Enjoy year-round comfort with a heat pump and relax or entertain on the impressive 80-foot covered back patio within a fully fenced outdoor space. Inside, the spacious living room flows into the dining area with a built-in hutch and slider to the patio. The light-filled kitchen offers oak cabinets, abundant storage, an eating bar, and opens to the family room for easy everyday living. Sheetrock walls and custom built-ins add warmth and quality throughout. The primary suite features a walk-in closet and a large walk-in shower. A utility room with laundry, extra storage, and hall bath access adds convenience. Community amenities include a seasonal outdoor pool, clubhouse, library, fitness room, and pool tables. Space rent includes water, sewer, and full access to all amenities. A true must-see opportunity for comfortable, low-maintenance living in an active and welcoming community!

19. 2003-01-31
    soldstatus $72,000 164-char remark

    Show marketing remark (164 chars)

    This home was worth waiting for! Great floor plan,80 ft patio, master walkin closet,oak cabinets,sheet rock walls,builtins,over large garage.Way! Way! Cute!!!!!!!!!

20. 2002-10-04
    listed $78,000 164-char remark

    Show marketing remark (164 chars)

    This home was worth waiting for! Great floor plan,80 ft patio, master walkin closet,oak cabinets,sheet rock walls,builtins,over large garage.Way! Way! Cute!!!!!!!!!

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

Tax reassessment forecast WA · Resets to sale price

• Current annual tax: $350 · $29/mo
• Projected year-2 tax: $1,323 · $110/mo
• Expected delta: +$974/yr (+$81/mo · 278.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $25,339
• − Mortgage interest: −$7,562
• − Property taxes: −$350
• − Insurance: −$675
• − Repairs & maintenance: −$2,027
• − Management: −$2,027
• − Depreciation: −$3,927
• Taxable income: $8,771
• Est. tax owed @ 24.0%: −$2,105
• After-tax cash flow: $8,393/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: Evergreen School District (Clark)
• NCES district ID: 5302700
• Math proficiency: 41% ▼ -3.00%
• Reading proficiency: 51% ▼ -3.00%
• Median HH income: $59,418
• Composite: 42.53/100
• National rank: #6859
• State rank: #164 of 291 in WA

Livability — Vancouver

• Score: 82/100
• State rank: #62
• US rank: #1133

Category grades

Amenities A+ Commute A+ Cost of living D- Crime F Employment B+ Housing A+ Health & safety A+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Vancouver, WA
• County: Clark County · 513,189 people
• City population: 360,195
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 32,107
• Household income: $87,659
• Rent vs Own: 43.1% rent · 56.9% own
• Severe rent burden: 1485.0

Population outlook (Clark County) Hauer SSP2

• Today (2025): 529,610 people
• By 2030: 563,242 · +6.4%
• By 2040: 625,905 · +18.2%
• By 2050: 681,558 · +28.7%
• By 2075: 805,967 · +52.2%
• By 2100: 877,450 · +65.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.55)
• Race & ethnicity: White 65% Hispanic / Latino 13% Two or more races 11% Asian 10% Pacific Islander 2% Black 2%
• Hispanic origin (detail): Mexican 10% Puerto Rican 1%
• Common ancestry: Slovak 3% Portuguese 3% Lithuanian 2%
• Foreign-born: 14% · Canada, China, South Korea
• Languages at home: 81% English-only · Spanish 7% Other Asian/Pacific 3% Chinese 3%

Political lean MEDSL · Clark

• 2024 margin: Lean D (+7.0) · D 52.1% · R 45.1% · Other 2.8%
• 2008→2024 swing: +0.9pp no change · 2008: 6.1pp · 2024: 7.0pp
• All cycles: 2024: D+7.0 2020: D+5.1 2016: D+0.1 2012: D+0.1 2008: D+6.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -273.47%
• Current HPI: 296.9734
• Rent YoY: ▼ -0.06%
• Metro: Portland-Vancouver-Hillsboro, OR-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

+73.1% since first listed

7 events — show timeline

• 2026-05-04 Price Changed $135,000 RMLS
• 2026-03-30 Price Changed $150,000 RMLS
• 2026-02-26 Price Changed $165,000 RMLS
• 2026-02-07 Price Changed $175,000 RMLS
• 2025-12-23 Listed $185,000 RMLS
• 2003-01-31 Sold (MLS) $72,000 RMLS
• 2002-10-04 Listed $78,000 RMLS

Property tax history

-3.6%/yr

Latest (2025): $350 · -11.0% YoY. Source: county tax records.