5101 NE 121st Ave #29 · Vancouver, WA 98682

$210,000

3 bd · 2.0 ba · 1,508 sqft · Manufactured public records · 77 Days on market

Built 1986 $139/sqft · 37% above area Est $153k · 37% over

---

Why this score? — see what drove the C- 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 +24.4/30.0
• DSCR +7.9/10.0
• 1% rule +5.8/10.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

THIS HOUSE IS SPECIAL!! Tastefully updated and well maintained with newer roof, heating and cooling system, plumbing, kitchen and appliances. Tons of natural light. The yard is fenced and PRIVATE backing onto a 2 acre green space to view from a newer covered deck featuring composite decking. Tinker in the fully insulated 12X14 shop, perfect for your hobbies. Extra long and wide carport. Situated in a premier 55+ park, the club house will not disappoint those wishing to be social, featuring a pool, spa, meeting room, library and huge kitchen for large gatherings. Ramp can be removed, steps below are ready to go and were recently replaced with composite decking.

Key facts

• Community pool
• Built 1986
• Listed 77 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $210k.

Deal economics

• At list price, monthly cash flow is $425 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $210k).
• Recommended offer: $197k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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 flat; 461 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 44% 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 $1k of loan paydown is wiped out by about $6k 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 77 days — a 6% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y ago; this cycle's ask has dropped $25k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $197,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% 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: 1.08% ✓
• Cap rate: 8.72%
• Cash-on-cash: 8.67%
• DSCR: 1.39
• GRM: 7.7

CMA / ARV

• ARV (median comp): $153,121
• List price: $210,000
• Delta: 37.15%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5101 NE 121st Ave #12	0.00mi	3/2.0	1,501 (-0%)	1mo	$146,000	$97	98
5101 NE 121st Ave #1	0.00mi	3/2.0	1,512 (+0%)	4mo	$230,000	$152	96
5101 NE 121st Ave #118	0.00mi	3/2.0	1,432 (-5%)	2mo	$220,000	$154	90
5101 NE 121st Ave	0.00mi	3/2.0	1,617 (+7%)	2mo	$185,000	$114	87
5404 NE 121st Ave #73	0.23mi	3/2.0	1,536 (+2%)	1mo	$75,000	$49	85
5101 NE 121st Ave #9	0.00mi	3/2.0	1,635 (+8%)	2mo	$223,000	$136	85
5101 NE 121st Ave #51	0.00mi	3/2.0	1,350 (-10%)	0mo	$100,000	$74	82
5101 NE 121st Ave #154	0.15mi	2/2.0 (-1)	1,566 (+4%)	1mo	$170,000	$109	81
5404 NE 121st Ave #69	0.23mi	3/2.0	1,436 (-5%)	2mo	$75,000	$52	80
5101 NE 121st Ave #21	0.00mi	3/2.0	1,289 (-14%)	4mo	$145,000	$112	73
5404 NE 121st Ave #44	0.23mi	2/2.0 (-1)	1,431 (-5%)	4mo	$140,000	$98	72
13217 NE 59th St #126	0.57mi	2/2.0 (-1)	1,568 (+4%)	4mo	$140,000	$89	59

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: -5.7%
• Equity multiple: 0.79×
• Total profit: $-12,265
• Equity at exit: $31,312

10-year hold

• IRR: 0.9%
• Equity multiple: 1.06×
• Total profit: $3,416
• Equity at exit: $18,157

Cash invested: $58,800 (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 98682

• Rents YoY: 0.6%
• Active inventory: 461
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,270 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$179 /mo · $2,151/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$477
• Net cashflow: $425

Break-even live

Break-even rent $1,732

Max offer price $210,000

Occupancy floor 76%

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4825 NE 124th Ct Vancouver, WA	3.0	2.5	1586	$2,295	$1.45	43d	1	0.21mi
12600 NE 49th St Unit F16 Vancouver, WA	2.0	2.0	1170	$1,695	$1.45	23d	1	0.23mi
11716 NE 49th St Vancouver, WA	1.0–3.0	1.0–2.5	1090	$2,250	$2.06	7d	15	0.26mi
11328 NE 51st Cir Vancouver, WA	2.0–4.0	1.0–2.0	1086	$1,862	$1.71	7d	8	0.44mi
11205 NE 49th St Unit 11209B Vancouver, WA	2.0	1.0	1104	$1,675	$1.52	12d	1	0.53mi
5719 NE 135th Ave Vancouver, WA	3.0	2.0	1260	$1,995	$1.58	43d	1	0.71mi
4303 NE 136th Ave Vancouver, WA	3.0	2.5	1736	$2,500	$1.44	43d	1	0.82mi
13806 NE 47th St Vancouver, WA	3.0	2.0	1185	$2,779	$2.35	20d	1	0.83mi
4202 NE Morrow Rd #201 Vancouver, WA	3.0	2.0	1155	$2,345	$2.03	43d	1	0.86mi
4202 NE Morrow Rd Vancouver, WA	3.0	2.0	1155	$2,395	$2.07	43d	1	0.86mi
11603 NE 71st St Vancouver, WA	1.0–3.0	1.0–2.0	991	$2,563	$2.59	1d	55	0.95mi
12317 NE 33rd St Vancouver, WA	4.0	3.0	1700	$2,739	$1.61	43d	1	0.98mi
13815 NE 63rd St Vancouver, WA	3.0	2.5	1601	$2,395	$1.50	23d	1	1.00mi
6117 NE 105th Ave Vancouver, WA	3.0	2.5	1521	$2,249	$1.48	21d	1	1.00mi
11703 NE 32nd St Vancouver, WA	2.0	2.0	1158	$2,095	$1.81	43d	1	1.04mi
6001 NE 102nd Ave Vancouver, WA	2.0–3.0	2.0	1125	$1,850	$1.64	1d	6	1.04mi
3109 NE 118th Ave Vancouver, WA	3.0	2.5	1833	$2,595	$1.42	43d	1	1.05mi
3708 NE 109th Ave Vancouver, WA	1.0–3.0	1.0–2.0	899	$2,156	$2.40	2d	30	1.05mi
10300 NE 61st Cir Unit 10315 Vancouver, WA	3.0	2.5	1486	$2,495	$1.68	23d	1	1.07mi
10300 NE 61st Cir Unit 10404 Vancouver, WA	3.0	2.5	1653	$2,495	$1.51	7d	1	1.07mi
6509 NE 139th Ct Vancouver, WA	3.0	2.0	1525	$2,529	$1.66	43d	1	1.13mi
6715 NE 139th Pl Vancouver, WA	3.0	2.5	1423	$2,400	$1.69	4d	1	1.17mi
6719 NE 139th Pl Vancouver, WA	3.0	2.5	1492	$2,570	$1.72	43d	1	1.18mi
3605 NE 141st Ave Vancouver, WA	3.0	2.0	1126	$2,500	$2.22	2d	1	1.22mi
2642 NE 116th Pl Vancouver, WA	3.0	2.0	1434	$2,350	$1.64	16d	1	1.29mi
12607 NE 27th Way Vancouver, WA	3.0	2.5	2023	$2,695	$1.33	2d	1	1.30mi
2641 NE 130th Ct Vancouver, WA	3.0	2.5	1624	$2,595	$1.60	4d	1	1.31mi
12509 NE 26th St Vancouver, WA	3.0	2.5	1688	$2,495	$1.48	43d	1	1.33mi
2630 NE 131st Ct Vancouver, WA	3.0	2.5	1768	$2,695	$1.52	7d	1	1.33mi
2264 NE 116th Pl Vancouver, WA	4.0	2.5	1480	$2,700	$1.82	43d	1	1.34mi
2601 NE 115th Pl Vancouver, WA	3.0	2.5	1435	$2,800	$1.95	43d	1	1.34mi
2617 NE 131st Ct Vancouver, WA	4.0	3.0	1820	$2,495	$1.37	23d	1	1.36mi
13024 NE 26th St Vancouver, WA	3.0	2.5	1559	$2,295	$1.47	43d	1	1.37mi
7415 NE 136th Ave Vancouver, WA	3.0	2.5	1674	$2,495	$1.49	44d	1	1.38mi
7815 NE 117th Ave Unit 7815-2 Vancouver, WA	3.0	1.5	1200	$1,845	$1.54	43d	1	1.39mi
11015 NE 26th St Unit 2 Vancouver, WA	3.0	2.5	1200	$2,195	$1.83	3d	1	1.45mi

Listing history 25 events

1. 2026-06-18
   days on market $210,000 Active 77 DOM
2. 2026-06-17
   days on market $210,000 Active 76 DOM
3. 2026-06-16
   days on market $210,000 Active 75 DOM
4. 2026-06-15
   days on market $210,000 Active 74 DOM
5. 2026-06-13
   days on market $210,000 Active 72 DOM
6. 2026-06-13
   days on market $210,000 Active 71 DOM
7. 2026-06-09
   days on market $210,000 Active 68 DOM
8. 2026-06-08
   days on market $210,000 Active 67 DOM
9. 2026-06-07
   days on market $210,000 Active 66 DOM
10. 2026-06-03
    days on market $210,000 Active 62 DOM
11. 2026-06-02
    days on market $210,000 Active 61 DOM
12. 2026-06-01
    days on market $210,000 Active 60 DOM
13. 2026-05-31
    days on market $210,000 Active 59 DOM
14. 2026-05-08
    price $210,000 669-char remark

    Show marketing remark (669 chars)

    THIS HOUSE IS SPECIAL!! Tastefully updated and well maintained with newer roof, heating and cooling system, plumbing, kitchen and appliances. Tons of natural light. The yard is fenced and PRIVATE backing onto a 2 acre green space to view from a newer covered deck featuring composite decking. Tinker in the fully insulated 12X14 shop, perfect for your hobbies. Extra long and wide carport. Situated in a premier 55+ park, the club house will not disappoint those wishing to be social, featuring a pool, spa, meeting room, library and huge kitchen for large gatherings. Ramp can be removed, steps below are ready to go and were recently replaced with composite decking.

15. 2026-04-02
    listed $235,000 Active 669-char remark

    Show marketing remark (669 chars)

    THIS HOUSE IS SPECIAL!! Tastefully updated and well maintained with newer roof, heating and cooling system, plumbing, kitchen and appliances. Tons of natural light. The yard is fenced and PRIVATE backing onto a 2 acre green space to view from a newer covered deck featuring composite decking. Tinker in the fully insulated 12X14 shop, perfect for your hobbies. Extra long and wide carport. Situated in a premier 55+ park, the club house will not disappoint those wishing to be social, featuring a pool, spa, meeting room, library and huge kitchen for large gatherings. Ramp can be removed, steps below are ready to go and were recently replaced with composite decking.

16. 2024-10-07
    soldstatus $235,000 Closed 541-char remark

    Show marketing remark (541 chars)

    THIS HOUSE IS SPECIAL!! Tastefully updated and impeccably maintained with newer roof, heating and cooling system, plumbing, NEW kitchen and appliances. Tons of natural light. The yard is fenced and PRIVATE backing onto a 2 acre green space to view from a new covered deck. Tinker in the fully insulated 12X14 shop, perfect for your hobbies. Extra long and wide carport. Some new furniture may be available. Seller moving, priced for a quick sale. Situated in a premier 55+ park, the club house will not disappoint those wishing to be social.

17. 2024-09-21
    status Pending 541-char remark

    Show marketing remark (541 chars)

    THIS HOUSE IS SPECIAL!! Tastefully updated and impeccably maintained with newer roof, heating and cooling system, plumbing, NEW kitchen and appliances. Tons of natural light. The yard is fenced and PRIVATE backing onto a 2 acre green space to view from a new covered deck. Tinker in the fully insulated 12X14 shop, perfect for your hobbies. Extra long and wide carport. Some new furniture may be available. Seller moving, priced for a quick sale. Situated in a premier 55+ park, the club house will not disappoint those wishing to be social.

18. 2024-09-04
    listed $245,000 Active 541-char remark

    Show marketing remark (541 chars)

    THIS HOUSE IS SPECIAL!! Tastefully updated and impeccably maintained with newer roof, heating and cooling system, plumbing, NEW kitchen and appliances. Tons of natural light. The yard is fenced and PRIVATE backing onto a 2 acre green space to view from a new covered deck. Tinker in the fully insulated 12X14 shop, perfect for your hobbies. Extra long and wide carport. Some new furniture may be available. Seller moving, priced for a quick sale. Situated in a premier 55+ park, the club house will not disappoint those wishing to be social.

19. 2023-05-05
    soldstatus $192,000 Closed
20. 2023-04-26
    status Pending
21. 2023-04-04
    price $199,900
22. 2023-02-15
    listed $215,000 Active
23. 2015-01-30
    soldstatus $82,900 Sold
24. 2015-01-02
    status Pending
25. 2014-11-16
    listed $84,900 Active

ⓘ 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: $2,151 · $179/mo
• Projected year-2 tax: $2,151 · $179/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: $27,236
• − Mortgage interest: −$11,763
• − Property taxes: −$2,151
• − Insurance: −$1,050
• − Repairs & maintenance: −$2,179
• − Management: −$2,179
• − Depreciation: −$6,109
• Taxable income: $1,805
• Est. tax owed @ 24.0%: −$433
• After-tax cash flow: $4,667/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

+147.3% since first listed

12 events — show timeline

• 2026-05-08 Price Changed $210,000 RMLS
• 2026-04-02 Listed $235,000 RMLS
• 2024-10-07 Sold (MLS) $235,000 RMLS
• 2024-09-21 Pending — RMLS
• 2024-09-04 Listed $245,000 RMLS
• 2023-05-05 Sold (MLS) $192,000 RMLS
• 2023-04-26 Pending — RMLS
• 2023-04-04 Price Changed $199,900 RMLS
• 2023-02-15 Listed $215,000 RMLS
• 2015-01-30 Sold (MLS) $82,900 RMLS
• 2015-01-02 Pending — RMLS
• 2014-11-16 Listed $84,900 RMLS

Property tax history

+13.1%/yr

Latest (2026): $2,151 · +91.6% YoY. Source: county tax records.