5102 NE 121st Ave #23 · Vancouver, WA 98660

$195,000

3 bd · 2.0 ba · 1,296 sqft · Manufactured public records · 16 Days on market

Built 2016 Est $140k · 39% over

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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 +26.1/30.0
• DSCR +8.8/10.0
• 1% rule +6.2/10.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Well-maintained 3 bed, 2 bath manufactured home in Vancouver featuring updated flooring throughout and A/C for year-round comfort. The inviting living room offers LVP flooring and a ceiling fan, opening to a spacious dining area that flows seamlessly into the kitchen. The kitchen is equipped with a freestanding refrigerator, built-in dishwasher, island, and pantry for added storage and functionality. The primary suite includes a walk-in closet, and a private en-suite bath. Two additional bedrooms provide comfortable space with their own closets, one featuring LVP flooring. Bathrooms are spacious and well-appointed. Dedicated laundry area with washer and dryer space. Large covered carport pa

Key facts

• Pantry
• A/c
• Updated flooring

Tags

• UPDATED FLOORING
• A/C
• FREESTANDING REFRIGERATOR
• BUILT-IN DISHWASHER
• ISLAND
• PANTRY

Property features AI

Finance

• HOA & community: Home is in a land-lease community (monthly lot rent of $700; land lease expires December 31, 2026); Not a senior community

Exterior

• Parking: Carport
• Utilities: Public water; Public sewer; Electric service
• Home design: Manufactured home in a park (residential); Single-story (main living all on one level); No notable view
• Construction: Built in 2016; Composition roof; TRIO building area description
• Exterior features: Deck; Tool shed; Yard; T-111 siding

Interior

• Kitchen: Dishwasher; Free-standing range; Free-standing refrigerator; Kitchen island; Pantry
• Bedrooms: Primary bedroom on main level with en-suite bathroom and walk-in closet; Second bedroom on main level with closet (12' x 12'); Third bedroom on main level with closet (13' x 11')
• Flooring: Luxury vinyl plank; Vinyl flooring; Wall-to-wall carpet
• Bathrooms: Two full bathrooms (both on main level)
• Heating & cooling: Forced air heating; Central air conditioning; Electric water heater
• Interior features: Ceiling fans; Laundry area with washer and dryer included; Luxury vinyl plank and vinyl flooring; Wall-to-wall carpet
• Laundry & utility: Main-level laundry (washer and dryer included)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $195k.

Deal economics

• At list price, monthly cash flow is $490 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• Recommended offer: $192k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.3% 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; 98 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 3,547 units permitted in Clark County in 2024 (1,361 in 5+ unit buildings).
• This rent runs 39% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 16 days — a 2% lower offer ($192k) is reasonable based on typical stale-listing flexibility.

Recommended offer $192,075 (1.5% 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. 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.
4. 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.
5. 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: 1.12% ✓
• Cap rate: 9.31%
• Cash-on-cash: 10.77%
• DSCR: 1.48
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $139,968
• 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 #21	0.13mi	3/2.0	1,289 (-0%)	4mo	$145,000	$112	90
5101 NE 121st Ave #51	0.13mi	3/2.0	1,350 (+4%)	0mo	$100,000	$74	87
5101 NE 121st Ave #53	0.13mi	3/2.0	1,344 (+4%)	10mo	$224,000	$167	79
5101 NE 121st Ave #118	0.13mi	3/2.0	1,432 (+10%)	2mo	$220,000	$154	75
5101 NE 121st Ave #78	0.13mi	4/2.0 (+1)	1,376 (+6%)	5mo	$160,000	$116	75
5404 NE 121st Ave #69	0.25mi	3/2.0	1,436 (+11%)	2mo	$75,000	$52	69
5404 121st St #20	0.25mi	3/2.0	1,147 (-12%)	2mo	$127,000	$111	67
5404 NE 121st Ave #15	0.25mi	3/2.0	1,433 (+11%)	9mo	$155,000	$108	63
5404 NE 121st Ave #44	0.25mi	2/2.0 (-1)	1,431 (+10%)	4mo	$140,000	$98	62
5404 NE 121st Ave #34	0.25mi	2/2.0 (-1)	1,116 (-14%)	5mo	$75,000	$67	56
13217 NE 59th St #81	0.66mi	3/2.0	1,400 (+8%)	9mo	$140,000	$100	48
13217 NE 59th St #94	0.66mi	2/2.0 (-1)	1,476 (+14%)	12mo	$150,000	$102	31

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 · 0.2% rent growth · sell at horizon

5-year hold

• IRR: -3.2%
• Equity multiple: 0.88×
• Total profit: $-6,416
• Equity at exit: $29,075

10-year hold

• IRR: 3.2%
• Equity multiple: 1.21×
• Total profit: $11,197
• Equity at exit: $16,860

Cash invested: $54,600 (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 98660

• Rents YoY: 0.2%
• Active inventory: 98
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,189 high
• Mortgage (P&I): −$1,023
• Tax from tax record: −$135 /mo · $1,622/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$460
• Net cashflow: $490

Break-even live

Break-even rent $1,568

Max offer price $195,000

Occupancy floor 73%

Sensitivity live

Price	-10% $600	-5% $545	+0% $490	+5% $435	+10% $380
Rent	-10% $317	-5% $404	+0% $490	+5% $577	+10% $663
Rate	-1.0pp $588	-0.5pp $540	base $490	+0.5pp $440	+1.0pp $388

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
11716 NE 49th St Vancouver, WA	1.0–3.0	1.0–2.5	1090	$2,250	$2.06	8d	15	0.14mi
5264 NE 121st Ave Vancouver, WA	2.0	2.0	944	$1,850	$1.96	44d	1	0.17mi
4825 NE 124th Ct Vancouver, WA	3.0	2.5	1586	$2,295	$1.45	44d	1	0.20mi
12600 NE 49th St Unit F16 Vancouver, WA	2.0	2.0	1170	$1,695	$1.45	24d	1	0.28mi
11412 NE 49th St Vancouver, WA	1.0–2.0	1.0–2.0	810	$1,730	$2.14	2d	6	0.28mi
11328 NE 51st Cir Vancouver, WA	2.0–4.0	1.0–2.0	1086	$1,862	$1.71	8d	8	0.37mi
11205 NE 49th St Unit 11303D Vancouver, WA	2.0	1.0	944	$1,595	$1.69	20d	1	0.41mi
11205 NE 49th St Unit 11209B Vancouver, WA	2.0	1.0	1104	$1,675	$1.52	13d	1	0.41mi
4821 NE 110th Ave Vancouver, WA	2.0	2.0	1020	$1,595	$1.56	24d	3	0.49mi
4202 NE Morrow Rd #203 Vancouver, WA	2.0	1.5	921	$1,795	$1.95	44d	1	0.74mi
4202 NE Morrow Rd #201 Vancouver, WA	3.0	2.0	1155	$2,345	$2.03	44d	1	0.74mi
4202 NE Morrow Rd Vancouver, WA	3.0	2.0	1155	$2,395	$2.07	44d	1	0.74mi
5719 NE 135th Ave Vancouver, WA	3.0	2.0	1260	$1,995	$1.58	44d	1	0.82mi
4000 NE 109th Ave Vancouver, WA	1.0–2.0	1.0–2.5	780	$1,950	$2.50	3d	2	0.84mi
4303 NE 136th Ave Vancouver, WA	3.0	2.5	1736	$2,500	$1.44	44d	1	0.87mi
13806 NE 47th St Vancouver, WA	3.0	2.0	1185	$2,779	$2.35	20d	1	0.91mi
12317 NE 33rd St Vancouver, WA	4.0	3.0	1700	$2,739	$1.61	44d	1	0.92mi
3708 NE 109th Ave Vancouver, WA	1.0–3.0	1.0–2.0	899	$2,156	$2.40	3d	30	0.94mi
11703 NE 32nd St Vancouver, WA	2.0	2.0	1158	$2,095	$1.81	44d	1	0.95mi
6117 NE 105th Ave Vancouver, WA	3.0	2.5	1521	$2,249	$1.48	22d	1	0.96mi
3109 NE 118th Ave Vancouver, WA	3.0	2.5	1833	$2,595	$1.42	44d	1	0.97mi
6001 NE 102nd Ave Vancouver, WA	2.0–3.0	2.0	1125	$1,850	$1.64	2d	6	0.98mi
11603 NE 71st St Vancouver, WA	1.0–3.0	1.0–2.0	991	$2,563	$2.59	2d	55	0.99mi
10300 NE 61st Cir Unit 10404 Vancouver, WA	3.0	2.5	1653	$2,495	$1.51	8d	1	1.01mi
10300 NE 61st Cir Unit 10315 Vancouver, WA	3.0	2.5	1486	$2,495	$1.68	24d	1	1.01mi
13815 NE 63rd St Vancouver, WA	3.0	2.5	1601	$2,395	$1.50	24d	1	1.11mi
2642 NE 116th Pl Vancouver, WA	3.0	2.0	1434	$2,350	$1.64	17d	1	1.20mi
6509 NE 139th Ct Vancouver, WA	3.0	2.0	1525	$2,529	$1.66	44d	1	1.25mi
2601 NE 115th Pl Vancouver, WA	3.0	2.5	1435	$2,800	$1.95	44d	1	1.25mi
2264 NE 116th Pl Vancouver, WA	4.0	2.5	1480	$2,700	$1.82	44d	1	1.25mi
3605 NE 141st Ave Vancouver, WA	3.0	2.0	1126	$2,500	$2.22	3d	1	1.25mi
2641 NE 130th Ct Vancouver, WA	3.0	2.5	1624	$2,595	$1.60	5d	1	1.28mi
12509 NE 26th St Vancouver, WA	3.0	2.5	1688	$2,495	$1.48	44d	1	1.28mi
6715 NE 139th Pl Vancouver, WA	3.0	2.5	1423	$2,400	$1.69	5d	1	1.29mi
6719 NE 139th Pl Vancouver, WA	3.0	2.5	1492	$2,570	$1.72	44d	1	1.29mi
2630 NE 131st Ct Vancouver, WA	3.0	2.5	1768	$2,695	$1.52	8d	1	1.31mi
12901 NE 28th St Vancouver, WA	1.0–2.0	1.0	824	$1,934	$2.35	2d	10	1.31mi
12101 NE 28th St Vancouver, WA	1.0–2.0	1.0–2.0	806	$2,086	$2.59	3d	13	1.32mi
2617 NE 131st Ct Vancouver, WA	4.0	3.0	1820	$2,495	$1.37	24d	1	1.34mi
13024 NE 26th St Vancouver, WA	3.0	2.5	1559	$2,295	$1.47	44d	1	1.34mi

Listing history 11 events

1. 2026-06-18
   days on market $195,000 Active 16 DOM
2. 2026-06-17
   days on market $195,000 Active 15 DOM
3. 2026-06-16
   days on market $195,000 Active 14 DOM
4. 2026-06-15
   days on market $195,000 Active 13 DOM
5. 2026-06-13
   days on market $195,000 Active 11 DOM
6. 2026-06-13
   days on market $195,000 Active 10 DOM
7. 2026-06-09
   days on market $195,000 Active 7 DOM
8. 2026-06-08
   days on market $195,000 Active 6 DOM
9. 2026-06-07
   days on market $195,000 Active 5 DOM
10. 2026-06-03
    remarks 699-char remark
11. 2026-06-03
    listed $195,000 Active 1 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: $1,622 · $135/mo
• Projected year-2 tax: $1,911 · $159/mo
• Expected delta: +$289/yr (+$24/mo · 17.8%)

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

Taxation est. · year 1

• Rental income: $26,265
• − Mortgage interest: −$10,923
• − Property taxes: −$1,622
• − Insurance: −$975
• − Repairs & maintenance: −$2,101
• − Management: −$2,101
• − Depreciation: −$5,673
• Taxable income: $2,870
• Est. tax owed @ 24.0%: −$689
• After-tax cash flow: $5,192/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): 13,212
• Household income: $67,344
• Rent vs Own: 61.8% rent · 38.2% own
• Severe rent burden: 1125.0

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 (73%)
• Race & ethnicity: White 73% Hispanic / Latino 12% Two or more races 12% Black 4% Asian 2% Native American 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Italian 6% Portuguese 4% Slovak 4%
• Foreign-born: 6% · Canada, Vietnam
• Languages at home: 90% English-only · Spanish 7% Russian/Polish/Slavic 1% Other Asian/Pacific 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: ▼ -332.28%
• Current HPI: 355.0231
• Rent YoY: ▲ 0.20%
• 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

1 event — show timeline

• 2026-06-02 Listed $195,000 RMLS

Property tax history

+10.6%/yr

Latest (2026): $1,622 · +66.7% YoY. Source: county tax records.