1693 N Shepherd Rd #26 · Washougal, WA 98671

$140,000

2 bd · 2.0 ba · 1,332 sqft · Manufactured public records · 27 Days on market

Built 1972

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Why this score? — see what drove the B 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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Great little 55+ community. This property features 3 Bedrooms, 2 Baths, a Spacious Living Room, Dining Area, Tool/Work Shed, Covered Porch, 2 Parking Spaces, Dual Sinks in Main Bath, New Heat Pump and Furnace, and an Excellent Commuter Location. Across the street from the Washougal River. Lots of Plants such as roses, lavender, and raspberries.

Key facts

• Covered porch
• Tool work shed
• Built 1972

Tags

• TOOL WORK SHED
• COVERED PORCH
• EXCELLENT COMMUTER LOCATION

Property features AI

Finance

• Other: Property classified as residential (manufactured home in park)
• Financial info: Land lease required (monthly lot rent of $680, lease through January 1, 2030)
• HOA & community: Located in Rio Villa MHC (mobile home community); Senior community; Park allows two small indoor dogs

Exterior

• Parking: Driveway
• Utilities: Electricity for heating and hot water; Public water; Public sewer
• Home design: Manufactured home in park; Single-story (main level living); No notable view
• Construction: Built in 1972; Lap siding
• Exterior features: Covered porch; Tool shed; Level lot

Interior

• Kitchen: Dishwasher; Free‑standing range; Free‑standing refrigerator; Range hood
• Bedrooms: Primary bedroom (main level); Second bedroom (main level)
• Bathrooms: 2 full bathrooms (both on main level)
• Heating & cooling: Forced air heating; Heat pump cooling
• Interior features: Washer and dryer hookup / included; Great room; Family room; Dining room; Living room
• Laundry & utility: Washer/Dryer (listed under interior features); Electric hot water

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $140k.

Deal economics

• At list price, monthly cash flow is $524 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $138k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.8% vs local median 1.7% in Washougal — 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 84/100 on livability (#42 in WA, #742 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities D+, cost of living F.
• Washougal School District (suburban): math 53% / reading 64% proficiency, ranked #59 of 291 in WA (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Hathaway Elementary (263 students, 48% FRL); Jemtegaard Middle School (439 students, 48% FRL); Washougal High School (1,006 students, 38% FRL).
• Market conditions: Rents rising (+3.7%/yr); 275 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $968 of loan paydown is wiped out by about $4k 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.
• At projected returns (-3.0% appreciation + 3.7% rent growth), your $39k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.

Recommended offer $137,900 (1.5% below list)

Questions for the listing agent

1. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 1.35% ✓
• Cap rate: 10.79%
• Cash-on-cash: 16.05%
• DSCR: 1.71
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $319,680
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1809 N 18th St	0.18mi	3/2.0 (+1)	1,248 (-6%)	20mo	$300,000	$240	60

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 · 3.7% rent growth · sell at horizon

5-year hold

• IRR: 7.8%
• Equity multiple: 1.31×
• Total profit: $12,085
• Equity at exit: $20,874

10-year hold

• IRR: 17.7%
• Equity multiple: 2.51×
• Total profit: $59,226
• Equity at exit: $12,105

Cash invested: $39,200 (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 98671

• Rents YoY: 3.7%
• Active inventory: 275
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $1,889 high
• Mortgage (P&I): −$734
• Tax est. 1.5%: −$175 /mo · $2,100/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$397
• Net cashflow: $524

Break-even live

Break-even rent $1,225

Max offer price $140,000

Occupancy floor 67%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1628 G St Washougal, WA	2.0	1.0	900	$1,595	$1.77	43d	1	0.31mi
1506 G St Washougal, WA	2.0	1.0	900	$1,925	$2.14	43d	1	0.32mi
831 H St Apt 3 Washougal, WA	2.0	1.5	1204	$1,495	$1.24	2d	1	0.50mi
2300 Main St Washougal, WA	2.0	2.0	1080	$1,845	$1.71	1d	10	0.70mi
477 I St Washougal, WA	3.0	2.0	1280	$2,350	$1.84	1d	1	0.74mi
3108 H St Apt 3 Washougal, WA	2.0	1.5	950	$1,450	$1.53	1d	1	0.88mi
600 S Marina Way Washougal, WA	3.0	1.0–2.0	1145	$2,108	$1.84	1d	15	0.99mi
232 W Lookout Ridge Dr Washougal, WA	3.0	2.5	1567	$2,295	$1.46	10d	1	1.10mi
3251 Lewis Ln Washougal, WA	2.0	2.5	992	$2,095	$2.11	1d	1	1.16mi
3003 NE 3rd Ave Camas, WA	2.0	1.0	900	$1,720	$1.91	1d	4	1.17mi
3337 Lewis Ln Washougal, WA	2.0	2.5	981	$2,195	$2.24	43d	1	1.23mi
2615 NE 3rd Ave Camas, WA	2.0	1.0	960	$1,522	$1.59	1d	2	1.25mi
3381 Lewis Ln Washougal, WA	2.0	2.5	980	$2,195	$2.24	1d	1	1.28mi

Listing history 14 events

1. 2026-06-18
   days on market $140,000 Active 27 DOM
2. 2026-06-17
   days on market $140,000 Active 26 DOM
3. 2026-06-16
   days on market $140,000 Active 25 DOM
4. 2026-06-15
   days on market $140,000 Active 24 DOM
5. 2026-06-13
   days on market $140,000 Active 22 DOM
6. 2026-06-09
   pricedays on market $140,000 Active 18 DOM
7. 2026-06-08
   days on market $145,000 Active 17 DOM
8. 2026-06-07
   days on market $145,000 Active 16 DOM
9. 2026-06-05
   days on market $145,000 Active 13 DOM
10. 2026-06-03
    days on market $145,000 Active 12 DOM
11. 2026-06-02
    days on market $145,000 Active 11 DOM
12. 2026-06-01
    days on market $145,000 Active 10 DOM
13. 2026-05-31
    days on market $145,000 Active 9 DOM
14. 2026-05-22
    listed $145,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $22,663
• − Mortgage interest: −$7,842
• − Property taxes: −$2,100
• − Insurance: −$700
• − Repairs & maintenance: −$1,813
• − Management: −$1,813
• − Depreciation: −$4,073
• Taxable income: $4,322
• Est. tax owed @ 24.0%: −$1,037
• After-tax cash flow: $5,256/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: Washougal School District
• NCES district ID: 5309540
• Math proficiency: 53% ▼ -2.00%
• Reading proficiency: 64% ▼ -2.00%
• Median HH income: $68,134
• Composite: 53.22/100
• National rank: #3195
• State rank: #59 of 291 in WA

Livability — Washougal

• Score: 84/100
• State rank: #42
• US rank: #742

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Washougal, WA
• County: Clark County · 513,189 people
• City population: 24,871
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 24,871
• Household income: $111,545
• Rent vs Own: 23.5% rent · 76.5% own
• Severe rent burden: 382.0

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 (82%)
• Race & ethnicity: White 82% Hispanic / Latino 10% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 5% Italian 3% Lithuanian 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 91% English-only · Spanish 6% Chinese 1% Russian/Polish/Slavic 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: ▼ -418.85%
• Current HPI: 315.8635
• Rent YoY: ▲ 3.70%
• 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

• 2026-05-22 Listed $145,000 RMLS

Property tax history

+23.8%/yr

Latest (2018): $146 · +13.2% YoY. Source: county tax records.