4911 NW 122nd St #9 · Felida, WA 98685

$249,000

3 bd · 2.0 ba · 1,679 sqft · Other public records · 611 Days on market

Built 1994 $148/sqft · 58% below area $550/mo HOA · 18% of rent ↓ 32% since listing

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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 +20.9/30.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• DSCR +6.6/10.0
• Schools +5.0/10.0
• Livability +3.9/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Price Improvement! Don’t miss this 2-story floating home in Felida Moorage, offering unobstructed views of the water. This 3-bedroom, 1.1-bath home also includes a versatile office/den that could serve as a 4th bedroom. The home features updated laminate flooring, fresh carpet, and new interior paint. The spacious living area is filled with natural light from large windows. Additional features include: Metal roof, Durable vinyl siding, washer/dryer, and all appliances included. Sliders off two bedrooms, wrap-around walkway decking. Launch your watercraft right from your deck, and enjoy life like you're always on vacation. This is more than a home—Come experience waterfront living in Felida.

Key facts

• Metal roof
• Upper & lower decks
• Built 1994

Tags

• RENOVATED FLOATING HOME
• METAL ROOF
• UPPER & LOWER DECKS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $249k.

Deal economics

• At list price, monthly cash flow is $346 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $249k).
• Recommended offer: $219k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 1.5% in Felida — 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 77/100 on livability (#144 in WA, #2,877 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, employment A+; Watch: amenities F, cost of living F.
• Market conditions: Rents rising fast (+4.2%/yr); 237 active listings in the ZIP; 1 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 611 days — a 12% lower offer ($219k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $116k (32%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $219,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 611 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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.
7. 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.
8. 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: 1.21% ✓
• Cap rate: 7.96%
• Cash-on-cash: 5.96%
• DSCR: 1.26
• GRM: 6.9

CMA / ARV

• ARV (median comp): $591,371
• List price: $249,000
• Delta: -57.89%
• 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: -5.4%
• Equity multiple: 0.80×
• Total profit: $-14,245
• Equity at exit: $37,127

10-year hold

• IRR: 6.0%
• Equity multiple: 1.47×
• Total profit: $33,056
• Equity at exit: $21,529

Cash invested: $69,720 (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: 6.9×

Monthly cashflow live

• Estimated rent: $3,009 medium
• Mortgage (P&I): −$1,306
• Tax from tax record: −$71 /mo · $856/yr
• Insurance: −$104
• HOA: −$550
• Vacancy / Maint / Mgmt: −$632
• Net cashflow: $346

Break-even live

Break-even rent $2,571

Max offer price $249,000

Occupancy floor 84%

Sensitivity live

Price	-10% $487	-5% $416	+0% $346	+5% $276	+10% $205
Rent	-10% $108	-5% $227	+0% $346	+5% $465	+10% $584
Rate	-1.0pp $471	-0.5pp $409	base $346	+0.5pp $281	+1.0pp $216

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10402 NW 32nd Dr Vancouver, WA	3.0	2.5	2046	$4,300	$2.10	19d	1	1.46mi

HOA detail

• Monthly dues: $550 · $6,600/yr
• Likely covers: water

Listing history 21 events

1. 2026-06-21
   days on market $249,000 Active 611 DOM
2. 2026-06-18
   days on market $249,000 Active 608 DOM
3. 2026-06-17
   days on market $249,000 Active 607 DOM
4. 2026-06-16
   days on market $249,000 Active 606 DOM
5. 2026-06-15
   days on market $249,000 Active 605 DOM
6. 2026-06-13
   days on market $249,000 Active 603 DOM
7. 2026-06-09
   days on market $249,000 Active 599 DOM
8. 2026-06-08
   days on market $249,000 Active 598 DOM
9. 2026-06-07
   days on market $249,000 Active 597 DOM
10. 2026-06-03
    days on market $249,000 Active 593 DOM
11. 2026-06-02
    days on market $249,000 Active 592 DOM
12. 2026-06-01
    days on market $249,000 Active 591 DOM
13. 2026-05-31
    days on market $249,000 Active 590 DOM
14. 2026-05-11
    price $249,000 711-char remark

    Show marketing remark (711 chars)

    Price Improvement! Don’t miss this 2-story floating home in Felida Moorage, offering unobstructed views of the water. This 3-bedroom, 1.1-bath home also includes a versatile office/den that could serve as a 4th bedroom. The home features updated laminate flooring, fresh carpet, and new interior paint. The spacious living area is filled with natural light from large windows. Additional features include: Metal roof, Durable vinyl siding, washer/dryer, and all appliances included. Sliders off two bedrooms, wrap-around walkway decking. Launch your watercraft right from your deck, and enjoy life like you're always on vacation. This is more than a home—Come experience waterfront living in Felida.

15. 2026-02-22
    status Active 711-char remark

    Show marketing remark (711 chars)

    Price Improvement! Don’t miss this 2-story floating home in Felida Moorage, offering unobstructed views of the water. This 3-bedroom, 1.1-bath home also includes a versatile office/den that could serve as a 4th bedroom. The home features updated laminate flooring, fresh carpet, and new interior paint. The spacious living area is filled with natural light from large windows. Additional features include: Metal roof, Durable vinyl siding, washer/dryer, and all appliances included. Sliders off two bedrooms, wrap-around walkway decking. Launch your watercraft right from your deck, and enjoy life like you're always on vacation. This is more than a home—Come experience waterfront living in Felida.

16. 2025-09-13
    status Active 711-char remark

    Show marketing remark (711 chars)

    Price Improvement! Don’t miss this 2-story floating home in Felida Moorage, offering unobstructed views of the water. This 3-bedroom, 1.1-bath home also includes a versatile office/den that could serve as a 4th bedroom. The home features updated laminate flooring, fresh carpet, and new interior paint. The spacious living area is filled with natural light from large windows. Additional features include: Metal roof, Durable vinyl siding, washer/dryer, and all appliances included. Sliders off two bedrooms, wrap-around walkway decking. Launch your watercraft right from your deck, and enjoy life like you're always on vacation. This is more than a home—Come experience waterfront living in Felida.

17. 2025-09-05
    status Pending 711-char remark

    Show marketing remark (711 chars)

    Price Improvement! Don’t miss this 2-story floating home in Felida Moorage, offering unobstructed views of the water. This 3-bedroom, 1.1-bath home also includes a versatile office/den that could serve as a 4th bedroom. The home features updated laminate flooring, fresh carpet, and new interior paint. The spacious living area is filled with natural light from large windows. Additional features include: Metal roof, Durable vinyl siding, washer/dryer, and all appliances included. Sliders off two bedrooms, wrap-around walkway decking. Launch your watercraft right from your deck, and enjoy life like you're always on vacation. This is more than a home—Come experience waterfront living in Felida.

18. 2025-06-06
    price $299,000 711-char remark

    Show marketing remark (711 chars)

    Price Improvement! Don’t miss this 2-story floating home in Felida Moorage, offering unobstructed views of the water. This 3-bedroom, 1.1-bath home also includes a versatile office/den that could serve as a 4th bedroom. The home features updated laminate flooring, fresh carpet, and new interior paint. The spacious living area is filled with natural light from large windows. Additional features include: Metal roof, Durable vinyl siding, washer/dryer, and all appliances included. Sliders off two bedrooms, wrap-around walkway decking. Launch your watercraft right from your deck, and enjoy life like you're always on vacation. This is more than a home—Come experience waterfront living in Felida.

19. 2025-03-04
    price $329,000 711-char remark

    Show marketing remark (711 chars)

    Price Improvement! Don’t miss this 2-story floating home in Felida Moorage, offering unobstructed views of the water. This 3-bedroom, 1.1-bath home also includes a versatile office/den that could serve as a 4th bedroom. The home features updated laminate flooring, fresh carpet, and new interior paint. The spacious living area is filled with natural light from large windows. Additional features include: Metal roof, Durable vinyl siding, washer/dryer, and all appliances included. Sliders off two bedrooms, wrap-around walkway decking. Launch your watercraft right from your deck, and enjoy life like you're always on vacation. This is more than a home—Come experience waterfront living in Felida.

20. 2024-12-16
    price $349,000 711-char remark

    Show marketing remark (711 chars)

    Price Improvement! Don’t miss this 2-story floating home in Felida Moorage, offering unobstructed views of the water. This 3-bedroom, 1.1-bath home also includes a versatile office/den that could serve as a 4th bedroom. The home features updated laminate flooring, fresh carpet, and new interior paint. The spacious living area is filled with natural light from large windows. Additional features include: Metal roof, Durable vinyl siding, washer/dryer, and all appliances included. Sliders off two bedrooms, wrap-around walkway decking. Launch your watercraft right from your deck, and enjoy life like you're always on vacation. This is more than a home—Come experience waterfront living in Felida.

21. 2024-10-09
    listed $365,000 Active 711-char remark

    Show marketing remark (711 chars)

    Price Improvement! Don’t miss this 2-story floating home in Felida Moorage, offering unobstructed views of the water. This 3-bedroom, 1.1-bath home also includes a versatile office/den that could serve as a 4th bedroom. The home features updated laminate flooring, fresh carpet, and new interior paint. The spacious living area is filled with natural light from large windows. Additional features include: Metal roof, Durable vinyl siding, washer/dryer, and all appliances included. Sliders off two bedrooms, wrap-around walkway decking. Launch your watercraft right from your deck, and enjoy life like you're always on vacation. This is more than a home—Come experience waterfront living in Felida.

ⓘ 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: $856 · $71/mo
• Projected year-2 tax: $2,440 · $203/mo
• Expected delta: +$1,584/yr (+$132/mo · 184.9%)

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

Taxation est. · year 1

• Rental income: $36,105
• − Mortgage interest: −$13,948
• − Property taxes: −$856
• − Insurance: −$1,245
• − Repairs & maintenance: −$2,888
• − Management: −$2,888
• − HOA: −$6,600
• − Depreciation: −$7,244
• Taxable income: $435
• Est. tax owed @ 24.0%: −$104
• After-tax cash flow: $4,048/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)

No district data.

Livability — Felida

• Score: 77/100
• State rank: #144
• US rank: #2877

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Clark County · 513,189 people
• City population: 30,044
• 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

-31.8% since first listed

8 events — show timeline

• 2026-05-11 Price Changed $249,000 RMLS
• 2026-02-22 Relisted — RMLS
• 2025-09-13 Relisted — RMLS
• 2025-09-05 Pending — RMLS
• 2025-06-06 Price Changed $299,000 RMLS
• 2025-03-04 Price Changed $329,000 RMLS
• 2024-12-16 Price Changed $349,000 RMLS
• 2024-10-09 Listed $365,000 RMLS

Property tax history

-1.5%/yr

Latest (2026): $856 · -1.6% YoY. Source: county tax records.