5101 NE 121st Ave #158 · Vancouver, WA 98682

$255,000

3 bd · 2.0 ba · 1,512 sqft · Manufactured public records · 13 Days on market

Built 2009

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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).

• Cash flow +17.7/30.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• 1% rule +3.9/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fantastic 3BR,2BTH,1512 S.F. 2009 Golden West Mfg. Home Facing Green Belt Preserve--Most Desirable Location in Creekside Estates-Maybe Clark Counties Finest Park and the Only One with a Year around Pool-This Home Has a Large Open Island Kitchen/Dining Room/Family Room Combination-Access to Deck and Patio Area Facing Green Belt-Master Suite & WI Closet-Heat Pump-Scissor Vault Thruout-Rec Center and Gated RV Parking--Minimal Fee

Key facts

• Green space
• Private back deck
• Community clubhouse

Tags

• GREEN SPACE
• NATURAL HABITAT BUFFER
• PRIVATE BACK DECK
• COMMUNITY CLUBHOUSE
• SWIMMING POOL
• SPA

Property features AI

Finance

• Financial info: Land lease present; lease expiration April 27, 2027; Monthly lot rent $950
• HOA & community: Community amenities include commons, lap pool, library, grounds maintenance, management, meeting room, party room, road maintenance, and spa/hot tub; Park name: Creekside Estates; Pets allowed with restrictions; Home must be park approved; Land lease in place (monthly lot rent)

Exterior

• Parking: Driveway; Attached 1-car garage
• Utilities: Public water; Public sewer; Electric service; Internet: Cable and DSL
• Home design: Manufactured home in park (Golden Oak model 27x56); Single-story layout; Park/greenbelt and trees/woods views; Entry/main level living
• Construction: Built in 2009; Skirting foundation; Composition roof
• Exterior features: Deck; Fenced yard; Yard; Cement siding

Interior

• Kitchen: Island; Pantry; Free-standing range; Range hood; Dishwasher; Disposal; Free-standing refrigerator; Water purifier
• Bedrooms: Primary bedroom on main level with ensuite and walk-in closet; Second bedroom on main level; Third bedroom on main level
• Flooring: Laminate flooring; Vinyl flooring; Wall-to-wall carpet
• Bathrooms: Two full bathrooms (both on main level)
• Heating & cooling: Heat pump for heating and cooling
• Interior features: Main-floor bedroom with bath and walk-in shower (accessible); Vaulted ceilings in multiple rooms; Ceiling fans in primary and other bedrooms; Laundry area with washer/dryer included; Solar tube lighting; Water purifier; Double-pane windows with vinyl frames; Laminate, vinyl and wall-to-wall carpet flooring; Crawl space basement
• Laundry & utility: Washer and dryer included; Laundry on main level; Electric hot water

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $255k.

Deal economics

• At list price, monthly cash flow is $206 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $228k (10.6% below list).
• Recommended offer: $228k (10.6% below list) — sets the bar for 1% rule.
• Cap rate 7.3% 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.
• Zoned schools: Image Elementary School (462 students, 67% FRL); Covington Middle School (868 students, 73% FRL); Heritage High School (1,625 students, 68% FRL) — zoned schools average 69% FRL vs 39% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 461 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 46% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $2k of loan paydown is wiped out by about $8k 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

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 9y 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 $180k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $228,081 (10.6% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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?
3. 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?
4. 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.
5. 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.
6. 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: 0.89% ✗
• Cap rate: 7.26%
• Cash-on-cash: 3.46%
• DSCR: 1.15
• GRM: 9.3

CMA / ARV

• ARV (on-the-fly): $164,808
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5101 NE 121st Ave #12	0.15mi	3/2.0	1,501 (-1%)	1mo	$146,000	$97	91
5101 NE 121st Ave #1	0.15mi	3/2.0	1,512 (0%)	4mo	$230,000	$152	90
5101 NE 121st Ave #154	0.02mi	2/2.0 (-1)	1,566 (+4%)	1mo	$170,000	$109	87
5101 NE 121st Ave #118	0.15mi	3/2.0	1,432 (-5%)	2mo	$220,000	$154	83
5101 NE 121st Ave	0.15mi	3/2.0	1,617 (+7%)	2mo	$185,000	$114	80
5404 NE 121st Ave #73	0.35mi	3/2.0	1,536 (+2%)	1mo	$75,000	$49	80
5101 NE 121st Ave #9	0.15mi	3/2.0	1,635 (+8%)	2mo	$223,000	$136	78
5101 NE 121st Ave #51	0.15mi	3/2.0	1,350 (-11%)	0mo	$100,000	$74	75
5404 NE 121st Ave #69	0.35mi	3/2.0	1,436 (-5%)	2mo	$75,000	$52	74
5404 NE 121st Ave #44	0.35mi	2/2.0 (-1)	1,431 (-5%)	4mo	$140,000	$98	66
5101 NE 121st Ave #21	0.15mi	3/2.0	1,289 (-15%)	4mo	$145,000	$112	66
13217 NE 59th St #126	0.44mi	2/2.0 (-1)	1,568 (+4%)	4mo	$140,000	$89	65

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 · 0.63% rent growth · sell at horizon

5-year hold

• IRR: -13.4%
• Equity multiple: 0.53×
• Total profit: $-33,577
• Equity at exit: $38,021

10-year hold

• IRR: -8.3%
• Equity multiple: 0.53×
• Total profit: $-33,404
• Equity at exit: $22,048

Cash invested: $71,400 (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 98682

• Rents YoY: 0.6%
• Active inventory: 461
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,281 high
• Mortgage (P&I): −$1,337
• Tax from tax record: −$152 /mo · $1,827/yr
• Insurance: −$106
• HOA: −$0
• Vacancy / Maint / Mgmt: −$479
• Net cashflow: $206

Break-even live

Break-even rent $2,020

Max offer price $255,000

Occupancy floor 86%

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: $63,750
• Closing costs: $7,650
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12600 NE 49th St Unit F16 Vancouver, WA	2.0	2.0	1170	$1,695	$1.45	23d	1	0.24mi
4825 NE 124th Ct Vancouver, WA	3.0	2.5	1586	$2,295	$1.45	43d	1	0.28mi
11716 NE 49th St Vancouver, WA	1.0–3.0	1.0–2.5	1090	$2,250	$2.06	7d	15	0.42mi
5719 NE 135th Ave Vancouver, WA	3.0	2.0	1260	$1,995	$1.58	43d	1	0.54mi
11328 NE 51st Cir Vancouver, WA	2.0–4.0	1.0–2.0	1086	$1,862	$1.71	7d	8	0.58mi
11205 NE 49th St Unit 11209B Vancouver, WA	2.0	1.0	1104	$1,675	$1.52	12d	1	0.69mi
13806 NE 47th St Vancouver, WA	3.0	2.0	1185	$2,779	$2.35	19d	1	0.72mi
4303 NE 136th Ave Vancouver, WA	3.0	2.5	1736	$2,500	$1.44	43d	1	0.76mi
13815 NE 63rd St Vancouver, WA	3.0	2.5	1601	$2,395	$1.50	23d	1	0.84mi
11603 NE 71st St Vancouver, WA	1.0–3.0	1.0–2.0	991	$2,563	$2.59	1d	55	0.95mi
6509 NE 139th Ct Vancouver, WA	3.0	2.0	1525	$2,529	$1.66	43d	1	0.97mi
4202 NE Morrow Rd #201 Vancouver, WA	3.0	2.0	1155	$2,345	$2.03	43d	1	1.02mi
4202 NE Morrow Rd Vancouver, WA	3.0	2.0	1155	$2,395	$2.07	43d	1	1.02mi
6715 NE 139th Pl Vancouver, WA	3.0	2.5	1423	$2,400	$1.69	4d	1	1.02mi
6719 NE 139th Pl Vancouver, WA	3.0	2.5	1492	$2,570	$1.72	43d	1	1.02mi
12317 NE 33rd St Vancouver, WA	4.0	3.0	1700	$2,739	$1.61	43d	1	1.05mi
6117 NE 105th Ave Vancouver, WA	3.0	2.5	1521	$2,249	$1.48	21d	1	1.10mi
11703 NE 32nd St Vancouver, WA	2.0	2.0	1158	$2,095	$1.81	43d	1	1.15mi
6001 NE 102nd Ave Vancouver, WA	2.0–3.0	2.0	1125	$1,850	$1.64	1d	6	1.15mi
3109 NE 118th Ave Vancouver, WA	3.0	2.5	1833	$2,595	$1.42	43d	1	1.16mi
3605 NE 141st Ave Vancouver, WA	3.0	2.0	1126	$2,500	$2.22	2d	1	1.16mi
10300 NE 61st Cir Unit 10404 Vancouver, WA	3.0	2.5	1653	$2,495	$1.51	7d	1	1.17mi
10300 NE 61st Cir Unit 10315 Vancouver, WA	3.0	2.5	1486	$2,495	$1.68	23d	1	1.17mi
3708 NE 109th Ave Vancouver, WA	1.0–3.0	1.0–2.0	899	$2,156	$2.40	2d	30	1.20mi
7415 NE 136th Ave Vancouver, WA	3.0	2.5	1674	$2,495	$1.49	44d	1	1.25mi
2641 NE 130th Ct Vancouver, WA	3.0	2.5	1624	$2,595	$1.60	4d	1	1.34mi
12607 NE 27th Way Vancouver, WA	3.0	2.5	2023	$2,695	$1.33	2d	1	1.35mi
7815 NE 117th Ave Unit 7815-2 Vancouver, WA	3.0	1.5	1200	$1,845	$1.54	43d	1	1.35mi
2630 NE 131st Ct Vancouver, WA	3.0	2.5	1768	$2,695	$1.52	7d	1	1.36mi
2617 NE 131st Ct Vancouver, WA	4.0	3.0	1820	$2,495	$1.37	23d	1	1.39mi
12509 NE 26th St Vancouver, WA	3.0	2.5	1688	$2,495	$1.48	43d	1	1.39mi
2642 NE 116th Pl Vancouver, WA	3.0	2.0	1434	$2,350	$1.64	16d	1	1.40mi
13024 NE 26th St Vancouver, WA	3.0	2.5	1559	$2,295	$1.47	43d	1	1.40mi
2264 NE 116th Pl Vancouver, WA	4.0	2.5	1480	$2,700	$1.82	43d	1	1.45mi
2601 NE 115th Pl Vancouver, WA	3.0	2.5	1435	$2,800	$1.95	43d	1	1.45mi

Listing history 10 events

1. 2026-06-18
   days on market $255,000 Active 13 DOM
2. 2026-06-17
   days on market $255,000 Active 12 DOM
3. 2026-06-16
   days on market $255,000 Active 11 DOM
4. 2026-06-15
   days on market $255,000 Active 10 DOM
5. 2026-06-13
   days on market $255,000 Active 8 DOM
6. 2026-06-13
   days on market $255,000 Active 7 DOM
7. 2026-06-09
   days on market $255,000 Active 4 DOM
8. 2026-06-08
   days on market $255,000 Active 3 DOM
9. 2026-06-07
   remarks 693-char remark
10. 2026-06-07
    listed $255,000 Active 2 DOM

ⓘ 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: $1,827 · $152/mo
• Projected year-2 tax: $2,499 · $208/mo
• Expected delta: +$672/yr (+$56/mo · 36.8%)

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

Taxation est. · year 1

• Rental income: $27,370
• − Mortgage interest: −$14,284
• − Property taxes: −$1,827
• − Insurance: −$1,275
• − Repairs & maintenance: −$2,190
• − Management: −$2,190
• − Depreciation: −$7,418
• Taxable loss: −$1,814
• Est. tax savings @ 24.0%: +$435
• After-tax cash flow: $2,908/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): 68,305
• Household income: $99,918
• Rent vs Own: 29.6% rent · 70.4% own
• Severe rent burden: 1618.0

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 (69%)
• Race & ethnicity: White 69% Hispanic / Latino 15% Two or more races 13% Asian 6% Black 2% Pacific Islander 1%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Portuguese 3% Subsaharan African 3% Scotch-Irish 2%
• Foreign-born: 13% · Canada, Vietnam, South Korea
• Languages at home: 79% English-only · Spanish 8% Russian/Polish/Slavic 6% Other Asian/Pacific 2%

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: ▼ -303.95%
• Current HPI: 307.0529
• Rent YoY: ▲ 0.63%
• 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

+52.7% since first listed

7 events — show timeline

• 2026-06-05 Listed $255,000 RMLS
• 2018-04-27 Sold (MLS) $179,900 RMLS
• 2018-04-20 Pending — RMLS
• 2018-04-11 Listed $179,900 RMLS
• 2017-04-21 Sold (MLS) $170,000 RMLS
• 2017-03-23 Pending — RMLS
• 2017-03-21 Listed $167,000 RMLS

Property tax history

+10.7%/yr

Latest (2026): $1,827 · +71.2% YoY. Source: county tax records.