3909 E Fourth Plain Blvd #4

Vancouver, WA 98661

$170,000F

2 bd · 2.0 ba · 1,152 sqft · Built 1971 · Manufactured · Active · 111 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,273/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$283
• HOA: −$0
• Vac / Maint / Mgmt: −$267
• Net cashflow: $-169/mo
• Annual: $-2,030/yr
• Cap rate: 5.10%
• Cash-on-cash: -4.26%
• DSCR: 0.81
• 1% rule: 0.75%
• Cash to close: $47,600

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $170k.
• At list price, monthly cash flow is $-169 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $146k (14.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $127k (25.1% below list).
• It's been on market 111 days — a 9% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $127k (25.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• 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-.
• 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: Martin Luther King Elementary (433 students, 76% FRL); Mcloughlin Middle School (911 students, 84% FRL); Fort Vancouver High School (1,547 students, 76% FRL) — zoned schools average 79% FRL vs 44% district-wide (34 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.0%/yr); 271 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,547 units permitted in Clark County in 2024 (1,361 in 5+ unit buildings).
• Clark County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 5.1% 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.

Questions for listing agent

• 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?
• It's been on market 111 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.