4215 NE 62nd Ave · Minnehaha, WA 98661

$292,500

3 bd · 2.5 ba · 1,474 sqft · SingleFamily public records · 229 Days on market

Built 2025 $198/sqft · 26% below area Est $390k · 25% under ↓ 57% since listing

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Why this score? — see what drove the D- 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).

• ARV discount +15.0/15.0
• Cash flow +7.1/30.0
• Schools +4.3/10.0
• Livability +4.2/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• 1% rule +1.7/10.0
• DSCR +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Evergreen Habitat for Humanity is excited to share this new development, 62nd Avenue Homes, featuring gorgeous two-story builds located in Vancouver. These affordable homes features 3 bedroom and 2.5 bathroom layouts with modern fixtures and new appliances such as an oven and dishwasher. Two exterior/interior styles are available: Light or Dark. Please note this listing is available through Evergreen Habitat for Humanity Homeownership Program. Up to $125,000 of financial assistance available for income-qualifying homebuyer applicants. Review our Homeowner Program eligibility guidelines and sign-up for an in-person orientation to get started on your application.

Key facts

• New oven
• New dishwasher
• New microwave

Tags

• NEW OVEN
• NEW DISHWASHER
• NEW MICROWAVE
• EASY ACCESS TO DOWNTOWN

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $292k.

Deal economics

• At list price, monthly cash flow is $-417 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $219k (25.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $196k (32.8% below list).
• Recommended offer: $196k (32.8% below list) — sets the bar for 1% rule.
• Cap rate 4.6% vs local median 2.8% in Minnehaha — 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 83/100 on livability (#47 in WA, #847 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: amenities 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.
• Market conditions: Rents rising (+2.0%/yr); 266 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 3,547 units permitted in Clark County in 2024 (1,361 in 5+ unit buildings).
• This rent runs 31% of the median local income ($77k/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 $2k of loan paydown is wiped out by about $9k 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 229 days — a 12% lower offer ($257k) is reasonable based on typical stale-listing flexibility.

Recommended offer $196,469 (32.8% below list)

Questions for the listing agent

1. 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?
2. It's been on market 229 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
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. 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?
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: 0.67% ✗
• Cap rate: 4.58%
• Cash-on-cash: -6.11%
• DSCR: 0.73
• GRM: 12.4

CMA / ARV

• ARV (median comp): $389,806
• List price: $292,500
• Delta: -24.96%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6207 NE 43rd St	0.02mi	3/3.0	1,499 (+2%)	2mo	$275,000	$183	93
4307 NE 62nd Ave	0.04mi	3/3.0	1,499 (+2%)	2mo	$275,000	$183	92
6220 NE 43rd St	0.06mi	3/3.0	1,499 (+2%)	1mo	$275,000	$183	91
6212 NE 43rd St	0.06mi	3/3.0	1,499 (+2%)	2mo	$275,000	$183	91
5904 NE 40th St	0.17mi	3/2.0	1,362 (-8%)	2mo	$413,000	$303	76
5909 NE 33rd Cir	0.49mi	3/2.0	1,467 (-0%)	1mo	$374,000	$255	74
4002 NE 64th Ave	0.13mi	3/3.0	1,300 (-12%)	0mo	$400,000	$308	72
5911 NE 54th St	0.60mi	3/3.0	1,448 (-2%)	1mo	$425,000	$294	66
6019 NE 55th Cir	0.64mi	3/2.5	1,555 (+6%)	2mo	$455,000	$293	59
5514 NE 66th Pl	0.69mi	3/2.0	1,361 (-8%)	1mo	$409,995	$301	52
5518 NE 66th Pl	0.70mi	3/2.0	1,353 (-8%)	1mo	$409,995	$303	51
5519 NE 66th Pl	0.74mi	3/2.0	1,361 (-8%)	2mo	$429,995	$316	49

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 · 2.05% rent growth · sell at horizon

5-year hold

• IRR: -27.8%
• Equity multiple: 0.07×
• Total profit: $-75,828
• Equity at exit: $43,613

10-year hold

• IRR: -30.2%
• Equity multiple: -0.32×
• Total profit: $-107,739
• Equity at exit: $25,290

Cash invested: $81,900 (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 98661

• Rents YoY: 2.0%
• Active inventory: 266
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $1,965 high
• Mortgage (P&I): −$1,534
• Tax from tax record: −$313 /mo · $3,762/yr
• Insurance: −$122
• HOA: −$0
• Vacancy / Maint / Mgmt: −$413
• Net cashflow: $-417

Break-even live

Break-even rent $2,493

Max offer price $218,811

Occupancy floor —

Sensitivity live

Price	-10% $-252	-5% $-334	+0% $-417	+5% $-500	+10% $-583
Rent	-10% $-572	-5% $-495	+0% $-417	+5% $-340	+10% $-262
Rate	-1.0pp $-270	-0.5pp $-343	base $-417	+0.5pp $-493	+1.0pp $-570

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: $73,125
• Closing costs: $8,775
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4317 NE 66th Ave Vancouver, WA	1.0–4.0	1.0–2.0	943	$1,818	$1.93	4d	22	0.23mi
4555 NE 66th Ave Vancouver, WA	2.0	1.0–2.0	962	$6,375	$6.63	2d	15	0.28mi
4721 NE 66th Ave Vancouver, WA	1.0–2.0	1.0	824	$1,525	$1.85	3d	2	0.32mi
6727 NE Vancouver Mall Dr Vancouver, WA	2.0–3.0	1.0–2.0	952	$1,999	$2.10	2d	6	0.37mi
7104 NE 43rd St Unit 1UNIT C Vancouver, WA	2.0	1.5	1000	$1,995	$2.00	5d	1	0.39mi
3409 NE 62nd Ave Vancouver, WA	1.0–2.0	1.0–2.0	918	$1,575	$1.72	3d	3	0.40mi
5404 NE 45th St Vancouver, WA	3.0	2.0	1276	$2,795	$2.19	8d	1	0.41mi
6820 NE Vancouver Mall Dr Unit A-D Vancouver, WA	2.0	1.5	1000	$1,795	$1.79	24d	1	0.43mi
5750 NE 34th St Vancouver, WA	3.0	1.5	980	$1,995	$2.04	3d	1	0.44mi
4714 NE 72nd Ave Vancouver, WA	1.0–3.0	1.0–2.0	1020	$2,195	$2.15	3d	10	0.44mi
3400 NE 66th Ave Vancouver, WA	2.0	1.0	980	$1,449	$1.48	24d	1	0.47mi
3341 NE 57th Ave Unit 3 Vancouver, WA	2.0	2.0	950	$1,700	$1.79	24d	1	0.51mi
3331 NE 57th Ave Unit 4 Vancouver, WA	2.0	2.0	1080	$1,695	$1.57	5d	1	0.52mi
4701 NE 72nd Ave Vancouver, WA	1.0–3.0	1.0–2.0	1000	$2,225	$2.23	2d	23	0.52mi
3214 NE 62nd Ave Vancouver, WA	2.0	1.0–1.5	1074	$1,512	$1.41	24d	1	0.54mi
3331 NE 57th Ave Apt 8 Vancouver, WA	2.0	2.0	1080	$1,695	$1.57	15d	1	0.54mi
5406 NE 34th St Unit A2 Vancouver, WA	2.0	1.5	1014	$1,995	$1.97	5d	1	0.56mi
5406 NE 34th St Unit A1 Vancouver, WA	3.0	1.5	1124	$2,095	$1.86	5d	1	0.56mi
5406 NE 34th St Unit A2 Vancouver, WA	2.0	1.5	1014	$2,095	$2.07	24d	1	0.56mi
5000 NE 72nd Ave Vancouver, WA	1.0–2.0	1.0–2.0	895	$1,955	$2.18	2d	9	0.56mi
6422 NE Fourth Plain Blvd Vancouver, WA	2.0	1.0	930	$1,299	$1.40	3d	1	0.61mi
7300 NE Vancouver Mall Dr Vancouver, WA	1.0–2.0	1.0–2.0	997	$1,795	$1.80	5d	7	0.62mi
5302 NE 72nd Ave Vancouver, WA	1.0–2.0	1.0–2.0	808	$1,875	$2.32	2d	8	0.63mi
5313 NE 68th Ave Unit D34 Vancouver, WA	2.0	2.0	1004	$1,625	$1.62	22d	1	0.66mi
5313 NE 68th Ave Unit G59 Vancouver, WA	3.0	2.0	1212	$1,825	$1.51	24d	1	0.66mi
5114 NE 34th St Vancouver, WA	2.0	2.0	998	$1,595	$1.60	24d	1	0.68mi
7609 NE Vancouver Mall Dr Vancouver, WA	2.0	2.0	1041	$1,869	$1.80	3d	1	0.68mi
2909 NE 57th Ave Vancouver, WA	2.0	1.5	1024	$1,939	$1.89	2d	3	0.68mi
7070 NE 54th St Vancouver, WA	1.0–2.0	1.0–2.0	820	$1,715	$2.09	2d	4	0.70mi
5917 NE 58th St Vancouver, WA	1.0–3.0	1.0–2.0	1162	$2,075	$1.78	8d	3	0.72mi
7600 NE Vancouver Mall Dr Vancouver, WA	2.0	1.5	1180	$2,195	$1.86	22d	1	0.72mi
4701 NE 77th Ave Unit D16 Vancouver, WA	3.0	2.5	1487	$2,250	$1.51	3d	1	0.75mi
5500 NE Fourth Plain Blvd Vancouver, WA	1.0–2.0	1.0–2.0	768	$1,659	$2.16	3d	4	0.79mi
5301 Plomondon St Unit A6 Vancouver, WA	2.0	2.5	1491	$1,995	$1.34	22d	1	0.81mi
7608 NE 52nd St Vancouver, WA	3.0	2.5	1337	$2,350	$1.76	3d	1	0.83mi
4918 Plomondon St Vancouver, WA	2.0	2.0	1000	$1,695	$1.70	8d	1	0.84mi
NE 47 NE 47th Ct Vancouver, WA	3.0	2.5	1475	$2,850	$1.93	2d	5	0.86mi
5811 NE 56th Pl Vancouver, WA	3.0	2.5	1608	$2,495	$1.55	24d	1	0.87mi
4501 NE 51st St Vancouver, WA	2.0	1.0	900	$1,399	$1.55	24d	1	0.87mi
3017 NE Whitman Ave Vancouver, WA	2.0	2.0	879	$1,795	$2.04	5d	1	0.89mi

Listing history 6 events

1. 2026-06-01
   days on market $292,500 Active 229 DOM
2. 2026-05-31
   days on market $292,500 Active 228 DOM
3. 2026-03-17
   price $292,500 669-char remark

   Show marketing remark (669 chars)

   Evergreen Habitat for Humanity is excited to share this new development, 62nd Avenue Homes, featuring gorgeous two-story builds located in Vancouver. These affordable homes features 3 bedroom and 2.5 bathroom layouts with modern fixtures and new appliances such as an oven and dishwasher. Two exterior/interior styles are available: Light or Dark. Please note this listing is available through Evergreen Habitat for Humanity Homeownership Program. Up to $125,000 of financial assistance available for income-qualifying homebuyer applicants. Review our Homeowner Program eligibility guidelines and sign-up for an in-person orientation to get started on your application.

4. 2026-01-07
   price $285,000 669-char remark

   Show marketing remark (669 chars)

   Evergreen Habitat for Humanity is excited to share this new development, 62nd Avenue Homes, featuring gorgeous two-story builds located in Vancouver. These affordable homes features 3 bedroom and 2.5 bathroom layouts with modern fixtures and new appliances such as an oven and dishwasher. Two exterior/interior styles are available: Light or Dark. Please note this listing is available through Evergreen Habitat for Humanity Homeownership Program. Up to $125,000 of financial assistance available for income-qualifying homebuyer applicants. Review our Homeowner Program eligibility guidelines and sign-up for an in-person orientation to get started on your application.

5. 2025-10-15
   listed $460,000 Active 669-char remark

   Show marketing remark (669 chars)

   Evergreen Habitat for Humanity is excited to share this new development, 62nd Avenue Homes, featuring gorgeous two-story builds located in Vancouver. These affordable homes features 3 bedroom and 2.5 bathroom layouts with modern fixtures and new appliances such as an oven and dishwasher. Two exterior/interior styles are available: Light or Dark. Please note this listing is available through Evergreen Habitat for Humanity Homeownership Program. Up to $125,000 of financial assistance available for income-qualifying homebuyer applicants. Review our Homeowner Program eligibility guidelines and sign-up for an in-person orientation to get started on your application.

6. 2025-07-09
   soldstatus $675,000

ⓘ 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: $3,762 · $313/mo
• Projected year-2 tax: $3,762 · $313/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 15 unhealthy d/yr today · 15 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,576
• − Mortgage interest: −$16,385
• − Property taxes: −$3,762
• − Insurance: −$1,462
• − Repairs & maintenance: −$1,886
• − Management: −$1,886
• − Depreciation: −$8,509
• Taxable loss: −$10,314
• Est. tax savings @ 24.0%: +$2,475
• After-tax cash flow: $-2,530/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: Vancouver School District
• NCES district ID: 5309270
• Math proficiency: 43% ▬ 0.00%
• Reading proficiency: 53% ▬ 0.00%
• Median HH income: $52,562
• Composite: 43.45/100
• National rank: #6479
• State rank: #156 of 291 in WA

Livability — Minnehaha

• Score: 83/100
• State rank: #47
• US rank: #847

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Minnehaha, WA
• County: Clark County · 513,189 people
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 50,743
• Household income: $76,913
• Rent vs Own: 57.3% rent · 42.7% own
• Severe rent burden: 2384.0

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: Majority White (64%)
• Race & ethnicity: White 64% Hispanic / Latino 21% Two or more races 14% Black 4% Asian 3% Pacific Islander 2%
• Hispanic origin (detail): Mexican 18%
• Common ancestry: Lithuanian 3% Portuguese 3% Subsaharan African 3%
• Foreign-born: 15% · Canada, Vietnam
• Languages at home: 76% English-only · Spanish 14% Russian/Polish/Slavic 4% Other Indo-European 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: ▼ -567.83%
• Current HPI: 308.3632
• Rent YoY: ▲ 2.05%
• 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

-56.7% since first listed

4 events — show timeline

• 2026-03-17 Price Changed $292,500 Zillow
• 2026-01-07 Price Changed $285,000 Zillow
• 2025-10-15 Listed $460,000 Zillow
• 2025-07-09 Sold (Public Records) $675,000 Public Records

Property tax history

+1024.6%/yr

Latest (2026): $3,762 · +1024.6% YoY. Source: county tax records.