804 NW 132nd St Unit B · Salmon Creek, WA 98685

$244,900

2 bd · 1.0 ba · 964 sqft · Condo public records · 88 Days on market

Built 1979 $254/sqft · 12% below area Est $278k · 12% under $470/mo HOA · 20% of rent

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Why this score? — see what drove the D 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).

• ARV discount +12.9/15.0
• Cash flow +7.8/30.0
• 1% rule +4.4/10.0
• Schools +4.3/10.0
• Livability +4.2/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• DSCR +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming one-level condo in a well-maintained community with outstanding amenities! This light and bright home offers an open living area with a functional fireplace, open kitchen, and comfortable layout ideal for everyday living. Two bedrooms provide flexibility for guests, office space, or hobbies. In-unit laundry hookups add convenience. Enjoy easy, low-maintenance living with attached covered parking.The community features resort-style amenities including a clubhouse, outdoor pool, pickleball courts, and beautifully maintained grounds. Ideally located near shopping, dining, parks, and the Salmon Creek area with convenient access to freeways. A wonderful opportunity for primary residence or investment in a desirable Vancouver location.

Key facts

• Outdoor pool
• One-level condo
• Clubhouse

Tags

• ONE-LEVEL CONDO
• FUNCTIONAL FIREPLACE
• IN-UNIT LAUNDRY HOOKUPS
• ATTACHED COVERED PARKING
• CLUBHOUSE
• OUTDOOR POOL

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $245k.

Deal economics

• At list price, monthly cash flow is $-271 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $197k (19.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $230k (5.9% below list).
• Recommended offer: $197k (19.6% below list) — sets the bar for cash-flow.
• Cap rate 5.0% vs local median 2.8% in Salmon Creek — 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 84/100 on livability (#40 in WA, #702 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: cost of living F.
• Vancouver School District (suburban): math 43% / reading 53% proficiency, ranked #156 of 291 in WA (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Chinook Elementary School (546 students, 35% FRL); Alki Middle School (607 students, 35% FRL); Skyview High School (1,739 students, 33% FRL).
• Market conditions: Rents rising fast (+4.2%/yr); 237 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 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 $2k of loan paydown is wiped out by about $7k 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.

Negotiation context

• It's been on market 88 days — a 6% lower offer ($230k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $136k; list at $245k implies a 80% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 20% of rent.

Recommended offer $196,980 (19.6% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 88 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
3. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.94% ✗
• Cap rate: 4.96%
• Cash-on-cash: -4.75%
• DSCR: 0.79
• GRM: 8.9

CMA / ARV

• ARV (median comp): $278,148
• List price: $244,900
• Delta: -11.95%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.25% rent growth · sell at horizon

5-year hold

• IRR: -22.4%
• Equity multiple: 0.22×
• Total profit: $-53,748
• Equity at exit: $36,515

10-year hold

• IRR: -12.9%
• Equity multiple: 0.19×
• Total profit: $-55,565
• Equity at exit: $21,174

Cash invested: $68,572 (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 98685

• Rents YoY: 4.2%
• Active inventory: 237
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $2,304 medium
• Mortgage (P&I): −$1,284
• Tax from tax record: −$235 /mo · $2,819/yr
• Insurance: −$102
• HOA: −$470
• Vacancy / Maint / Mgmt: −$484
• Net cashflow: $-271

Break-even live

Break-even rent $2,647

Max offer price $196,980

Occupancy floor —

Sensitivity live

Price	-10% $-133	-5% $-202	+0% $-271	+5% $-341	+10% $-410
Rent	-10% $-453	-5% $-362	+0% $-271	+5% $-180	+10% $-89
Rate	-1.0pp $-148	-0.5pp $-209	base $-271	+0.5pp $-335	+1.0pp $-399

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: $61,225
• Closing costs: $7,347
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13717 NW 2nd Ave Vancouver, WA	1.0–3.0	1.0–2.0	1056	$1,944	$1.84	0d	18	0.51mi
1612 NW 109th St Vancouver, WA	2.0	1.0	900	$2,800	$3.11	25d	1	1.23mi

HOA detail condo

• Monthly dues: $470 · $5,640/yr
• Likely covers: landscapingpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-21
   days on market $244,900 Active 88 DOM
2. 2026-06-18
   days on market $244,900 Active 85 DOM
3. 2026-06-17
   days on market $244,900 Active 84 DOM
4. 2026-06-16
   days on market $244,900 Active 83 DOM
5. 2026-06-15
   days on market $244,900 Active 82 DOM
6. 2026-06-13
   days on market $244,900 Active 80 DOM
7. 2026-06-09
   days on market $244,900 Active 76 DOM
8. 2026-06-08
   days on market $244,900 Active 75 DOM
9. 2026-06-07
   days on market $244,900 Active 74 DOM
10. 2026-06-03
    days on market $244,900 Active 70 DOM
11. 2026-06-02
    days on market $244,900 Active 69 DOM
12. 2026-06-01
    days on market $244,900 Active 68 DOM
13. 2026-05-31
    days on market $244,900 Active 67 DOM
14. 2026-04-17
    price $244,900

    Show marketing remark (748 chars)

    Charming one-level condo in a well-maintained community with outstanding amenities! This light and bright home offers an open living area with a functional fireplace, open kitchen, and comfortable layout ideal for everyday living. Two bedrooms provide flexibility for guests, office space, or hobbies. In-unit laundry hookups add convenience. Enjoy easy, low-maintenance living with attached covered parking.The community features resort-style amenities including a clubhouse, outdoor pool, pickleball courts, and beautifully maintained grounds. Ideally located near shopping, dining, parks, and the Salmon Creek area with convenient access to freeways. A wonderful opportunity for primary residence or investment in a desirable Vancouver location.

15. 2026-04-17
    price $244,900 748-char remark

    Show marketing remark (748 chars)

    Charming one-level condo in a well-maintained community with outstanding amenities! This light and bright home offers an open living area with a functional fireplace, open kitchen, and comfortable layout ideal for everyday living. Two bedrooms provide flexibility for guests, office space, or hobbies. In-unit laundry hookups add convenience. Enjoy easy, low-maintenance living with attached covered parking.The community features resort-style amenities including a clubhouse, outdoor pool, pickleball courts, and beautifully maintained grounds. Ideally located near shopping, dining, parks, and the Salmon Creek area with convenient access to freeways. A wonderful opportunity for primary residence or investment in a desirable Vancouver location.

16. 2026-03-25
    listed $250,000 Active
17. 2026-03-06
    status Active 748-char remark

    Show marketing remark (748 chars)

    Charming one-level condo in a well-maintained community with outstanding amenities! This light and bright home offers an open living area with a functional fireplace, open kitchen, and comfortable layout ideal for everyday living. Two bedrooms provide flexibility for guests, office space, or hobbies. In-unit laundry hookups add convenience. Enjoy easy, low-maintenance living with attached covered parking.The community features resort-style amenities including a clubhouse, outdoor pool, pickleball courts, and beautifully maintained grounds. Ideally located near shopping, dining, parks, and the Salmon Creek area with convenient access to freeways. A wonderful opportunity for primary residence or investment in a desirable Vancouver location.

18. 2026-02-27
    status Pending 748-char remark

    Show marketing remark (748 chars)

    Charming one-level condo in a well-maintained community with outstanding amenities! This light and bright home offers an open living area with a functional fireplace, open kitchen, and comfortable layout ideal for everyday living. Two bedrooms provide flexibility for guests, office space, or hobbies. In-unit laundry hookups add convenience. Enjoy easy, low-maintenance living with attached covered parking.The community features resort-style amenities including a clubhouse, outdoor pool, pickleball courts, and beautifully maintained grounds. Ideally located near shopping, dining, parks, and the Salmon Creek area with convenient access to freeways. A wonderful opportunity for primary residence or investment in a desirable Vancouver location.

19. 2026-02-22
    listed $250,000 Active 748-char remark

    Show marketing remark (748 chars)

    Charming one-level condo in a well-maintained community with outstanding amenities! This light and bright home offers an open living area with a functional fireplace, open kitchen, and comfortable layout ideal for everyday living. Two bedrooms provide flexibility for guests, office space, or hobbies. In-unit laundry hookups add convenience. Enjoy easy, low-maintenance living with attached covered parking.The community features resort-style amenities including a clubhouse, outdoor pool, pickleball courts, and beautifully maintained grounds. Ideally located near shopping, dining, parks, and the Salmon Creek area with convenient access to freeways. A wonderful opportunity for primary residence or investment in a desirable Vancouver location.

20. 2016-02-02
    soldstatus $136,300 Sold 440-char remark

    Show marketing remark (440 chars)

    Gorgeous inside! Totally remodeled one level condo features all new laminate floors, updated kitchen with granite, SS appliances, added custom cabinetry, wine rack, lighting. Updated bathroom has walk-in tile surround shower, ceramic tile floors, new lighting, cabinets and counters. Large master and spacious 2nd bedroom with big closets. New furnace, heat pump, electrical. Everything lovingly maintained. The one you've been waiting for!

21. 2016-02-02
    soldstatus $136,300

    Show marketing remark (440 chars)

    Gorgeous inside! Totally remodeled one level condo features all new laminate floors, updated kitchen with granite, SS appliances, added custom cabinetry, wine rack, lighting. Updated bathroom has walk-in tile surround shower, ceramic tile floors, new lighting, cabinets and counters. Large master and spacious 2nd bedroom with big closets. New furnace, heat pump, electrical. Everything lovingly maintained. The one you've been waiting for!

22. 2015-12-17
    status Pending 440-char remark

    Show marketing remark (440 chars)

    Gorgeous inside! Totally remodeled one level condo features all new laminate floors, updated kitchen with granite, SS appliances, added custom cabinetry, wine rack, lighting. Updated bathroom has walk-in tile surround shower, ceramic tile floors, new lighting, cabinets and counters. Large master and spacious 2nd bedroom with big closets. New furnace, heat pump, electrical. Everything lovingly maintained. The one you've been waiting for!

23. 2015-12-13
    listed $135,000 Active 440-char remark

    Show marketing remark (440 chars)

    Gorgeous inside! Totally remodeled one level condo features all new laminate floors, updated kitchen with granite, SS appliances, added custom cabinetry, wine rack, lighting. Updated bathroom has walk-in tile surround shower, ceramic tile floors, new lighting, cabinets and counters. Large master and spacious 2nd bedroom with big closets. New furnace, heat pump, electrical. Everything lovingly maintained. The one you've been waiting for!

24. 2008-09-15
    soldstatus $92,700
25. 1992-03-20
    soldstatus $49,900
26. 1984-05-31
    soldstatus $42,687

ⓘ 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: $2,819 · $235/mo
• Projected year-2 tax: $2,819 · $235/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $27,645
• − Mortgage interest: −$13,718
• − Property taxes: −$2,819
• − Insurance: −$1,224
• − Repairs & maintenance: −$2,212
• − Management: −$2,212
• − HOA: −$5,640
• − Depreciation: −$7,124
• Taxable loss: −$7,304
• Est. tax savings @ 24.0%: +$1,753
• After-tax cash flow: $-1,502/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: Vancouver School District
• NCES district ID: 5309270
• Math proficiency: 43% ▬ 0.00%
• Reading proficiency: 53% ▬ 0.00%
• Median HH income: $52,562
• Composite: 43.45/100
• National rank: #6479
• State rank: #156 of 291 in WA

Livability — Salmon Creek

• Score: 84/100
• State rank: #40
• US rank: #702

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salmon Creek, WA
• County: Clark County · 513,189 people
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 30,607
• Household income: $130,972
• Rent vs Own: 15.2% rent · 84.8% own
• Severe rent burden: 224.0

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: Predominantly White (79%)
• Race & ethnicity: White 79% Two or more races 10% Hispanic / Latino 9% Asian 4% Black 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Portuguese 4% Italian 4% Slovak 4%
• Foreign-born: 9% · Canada, China, South Korea
• Languages at home: 90% English-only · Spanish 3% Russian/Polish/Slavic 2% Chinese 1%

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: ▼ -365.76%
• Current HPI: 287.4288
• Rent YoY: ▲ 4.25%
• 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

+473.7% since first listed

13 events — show timeline

• 2026-04-17 Price Changed $244,900 NWMLS as Distributed by MLS Grid
• 2026-04-17 Price Changed $244,900 RMLS
• 2026-03-25 Listed $250,000 NWMLS as Distributed by MLS Grid
• 2026-03-06 Relisted — RMLS
• 2026-02-27 Pending — RMLS
• 2026-02-22 Listed $250,000 RMLS
• 2016-02-02 Sold (Public Records) $136,300 Public Records
• 2016-02-02 Sold (MLS) $136,300 RMLS
• 2015-12-17 Pending — RMLS
• 2015-12-13 Listed $135,000 RMLS
• 2008-09-15 Sold (Public Records) $92,700 Public Records
• 1992-03-20 Sold (Public Records) $49,900 Public Records
• 1984-05-31 Sold (Public Records) $42,687 Public Records

Property tax history

+4.8%/yr

Latest (2026): $2,819 · +2.2% YoY. Source: county tax records.