5101 NE 121st Ave #51 · Vancouver, WA 98682

$139,000

3 bd · 2.0 ba · 1,350 sqft · Manufactured public records · 19 Days on market

Built 1987 $103/sqft · 9% below area Est $152k · 9% under

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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
• ARV discount +11.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice roomy 1987 mfg. home with fenced yard, 2 sheds and heat pump--3BR, 2BA, 1350 S.F.--Many upgraded features already--roof, plumbing, vinyl windows, enameled steel siding, fabulous rec center, lap pool, hot tub, lovely kitchen and party room, library and fitness areas. RV Parking Subject to Availability at a Nominal Fee

Key facts

• Private backyard
• Rec room
• Community kitchen

Tags

• PRIVATE BACKYARD
• REC ROOM
• INDOOR POOL
• FITNESS
• COMMUNITY KITCHEN

Property features AI

Finance

• Other: Located on a level lot with paved private road access
• Financial info: Monthly lot rent
• HOA & community: Community amenities include commons, library, management, meeting room, pool, road maintenance, and sewer

Exterior

• Parking: Carport (2 spaces)
• Utilities: Public water; Public sewer; Electric fuel/power
• Home design: Manufactured home in park; Residential property; Single-story (main level living); No notable view
• Construction: Built in 1987; Aluminum exterior; Flat roof
• Exterior features: Deck; Fenced yard; Outbuilding; Porch; Tool shed; Workshop; Aluminum exterior; Flat roof

Interior

• Kitchen: Dishwasher; Free-standing range; Free-standing refrigerator; Microwave; Kitchen with vaulted ceiling
• Bedrooms: Primary bedroom on main level with double closet and suite; Second bedroom on main level; Third bedroom on main level
• Flooring: Wall-to-wall carpet
• Bathrooms: 2 full bathrooms (both on main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Laundry area; Washer and dryer included; Wall-to-wall carpet; Built-in features; Vaulted ceilings; Laundry
• Laundry & utility: Washer and dryer included; Electric hot water

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $139k.

Deal economics

• At list price, monthly cash flow is $798 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Recommended offer: $137k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.2% 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; 463 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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 $961 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 + 0.6% rent growth), your $39k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($137k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 30y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $100k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $136,915 (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: 1.56% ✓
• Cap rate: 13.18%
• Cash-on-cash: 24.61%
• DSCR: 2.10
• GRM: 5.4

CMA / ARV

• ARV (median comp): $152,460
• List price: $139,000
• Delta: -8.83%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5101 NE 121st Ave #51	0.00mi	3/2.0	1,350 (0%)	0mo	$100,000	$74	100
5101 NE 121st Ave #21	0.00mi	3/2.0	1,289 (-4%)	4mo	$145,000	$112	90
5101 NE 121st Ave #118	0.00mi	3/2.0	1,432 (+6%)	2mo	$220,000	$154	88
5101 NE 121st Ave #78	0.00mi	4/2.0 (+1)	1,376 (+2%)	5mo	$160,000	$116	88
5101 NE 121st Ave #12	0.00mi	3/2.0	1,501 (+11%)	1mo	$146,000	$97	80
5404 NE 121st Ave #69	0.23mi	3/2.0	1,436 (+6%)	2mo	$75,000	$52	77
5101 NE 121st Ave #1	0.00mi	3/2.0	1,512 (+12%)	4mo	$230,000	$152	77
5404 NE 121st Ave #44	0.23mi	2/2.0 (-1)	1,431 (+6%)	4mo	$140,000	$98	71
5404 NE 121st Ave #73	0.23mi	3/2.0	1,536 (+14%)	1mo	$75,000	$49	65
13216 NE 59th St #25	0.65mi	3/2.0	1,344 (-0%)	7mo	$123,100	$92	63
5404 121st St #20	0.23mi	3/2.0	1,147 (-15%)	2mo	$127,000	$111	62
13216 NE 59 #34	0.65mi	3/2.0	1,213 (-10%)	8mo	$165,000	$136	46

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 · 0.63% rent growth · sell at horizon

5-year hold

• IRR: 15.3%
• Equity multiple: 1.60×
• Total profit: $23,283
• Equity at exit: $20,725

10-year hold

• IRR: 22.2%
• Equity multiple: 2.70×
• Total profit: $66,034
• Equity at exit: $12,018

Cash invested: $38,920 (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 98682

• Rents YoY: 0.6%
• Active inventory: 463
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $2,163 high
• Mortgage (P&I): −$729
• Tax from tax record: −$124 /mo · $1,485/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$454
• Net cashflow: $798

Break-even live

Break-even rent $1,153

Max offer price $139,000

Occupancy floor 58%

Sensitivity live

Price	-10% $877	-5% $838	+0% $798	+5% $759	+10% $720
Rent	-10% $627	-5% $713	+0% $798	+5% $884	+10% $969
Rate	-1.0pp $868	-0.5pp $834	base $798	+0.5pp $762	+1.0pp $726

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5264 NE 121st Ave Vancouver, WA	2.0	2.0	944	$1,850	$1.96	44d	1	0.19mi
4825 NE 124th Ct Vancouver, WA	3.0	2.5	1586	$2,295	$1.45	44d	1	0.21mi
12600 NE 49th St Unit F16 Vancouver, WA	2.0	2.0	1170	$1,695	$1.45	24d	1	0.23mi
11716 NE 49th St Vancouver, WA	1.0–3.0	1.0–2.5	1090	$2,250	$2.06	8d	15	0.26mi
11412 NE 49th St Vancouver, WA	1.0–2.0	1.0–2.0	810	$1,730	$2.14	3d	6	0.39mi
11328 NE 51st Cir Vancouver, WA	2.0–4.0	1.0–2.0	1086	$1,862	$1.71	8d	8	0.44mi
11205 NE 49th St Unit 11209B Vancouver, WA	2.0	1.0	1104	$1,675	$1.52	13d	1	0.53mi
11205 NE 49th St Unit 11303D Vancouver, WA	2.0	1.0	944	$1,595	$1.69	21d	1	0.53mi
4821 NE 110th Ave Vancouver, WA	2.0	2.0	1020	$1,595	$1.56	24d	3	0.60mi
5719 NE 135th Ave Vancouver, WA	3.0	2.0	1260	$1,995	$1.58	44d	1	0.71mi
4303 NE 136th Ave Vancouver, WA	3.0	2.5	1736	$2,500	$1.44	44d	1	0.82mi
13806 NE 47th St Vancouver, WA	3.0	2.0	1185	$2,779	$2.35	21d	1	0.83mi
4202 NE Morrow Rd #201 Vancouver, WA	3.0	2.0	1155	$2,345	$2.03	44d	1	0.86mi
4202 NE Morrow Rd #203 Vancouver, WA	2.0	1.5	921	$1,795	$1.95	44d	1	0.86mi
4202 NE Morrow Rd Vancouver, WA	3.0	2.0	1155	$2,395	$2.07	44d	1	0.86mi
11603 NE 71st St Vancouver, WA	1.0–3.0	1.0–2.0	991	$2,563	$2.59	3d	55	0.95mi
4000 NE 109th Ave Vancouver, WA	1.0–2.0	1.0–2.5	780	$1,950	$2.50	3d	2	0.96mi
12317 NE 33rd St Vancouver, WA	4.0	3.0	1700	$2,739	$1.61	44d	1	0.98mi
13815 NE 63rd St Vancouver, WA	3.0	2.5	1601	$2,395	$1.50	24d	1	1.00mi
6117 NE 105th Ave Vancouver, WA	3.0	2.5	1521	$2,249	$1.48	23d	1	1.00mi
11703 NE 32nd St Vancouver, WA	2.0	2.0	1158	$2,095	$1.81	44d	1	1.04mi
6001 NE 102nd Ave Vancouver, WA	2.0–3.0	2.0	1125	$1,850	$1.64	3d	6	1.04mi
3109 NE 118th Ave Vancouver, WA	3.0	2.5	1833	$2,595	$1.42	44d	1	1.05mi
3708 NE 109th Ave Vancouver, WA	1.0–3.0	1.0–2.0	899	$2,156	$2.40	3d	30	1.05mi
10300 NE 61st Cir Unit 10404 Vancouver, WA	3.0	2.5	1653	$2,495	$1.51	8d	1	1.07mi
10300 NE 61st Cir Unit 10315 Vancouver, WA	3.0	2.5	1486	$2,495	$1.68	24d	1	1.07mi
6509 NE 139th Ct Vancouver, WA	3.0	2.0	1525	$2,529	$1.66	44d	1	1.13mi
6715 NE 139th Pl Vancouver, WA	3.0	2.5	1423	$2,400	$1.69	5d	1	1.17mi
6719 NE 139th Pl Vancouver, WA	3.0	2.5	1492	$2,570	$1.72	44d	1	1.18mi
3605 NE 141st Ave Vancouver, WA	3.0	2.0	1126	$2,500	$2.22	3d	1	1.22mi
2642 NE 116th Pl Vancouver, WA	3.0	2.0	1434	$2,350	$1.64	17d	1	1.29mi
13608 NE 72nd St Vancouver, WA	1.0–2.0	1.0–2.0	839	$1,599	$1.90	3d	2	1.30mi
2641 NE 130th Ct Vancouver, WA	3.0	2.5	1624	$2,595	$1.60	5d	1	1.31mi
12509 NE 26th St Vancouver, WA	3.0	2.5	1688	$2,495	$1.48	44d	1	1.33mi
2630 NE 131st Ct Vancouver, WA	3.0	2.5	1768	$2,695	$1.52	8d	1	1.33mi
2264 NE 116th Pl Vancouver, WA	4.0	2.5	1480	$2,700	$1.82	44d	1	1.34mi
2601 NE 115th Pl Vancouver, WA	3.0	2.5	1435	$2,800	$1.95	44d	1	1.34mi
12901 NE 28th St Vancouver, WA	1.0–2.0	1.0	824	$1,934	$2.35	3d	10	1.35mi
2617 NE 131st Ct Vancouver, WA	4.0	3.0	1820	$2,495	$1.37	24d	1	1.36mi
13024 NE 26th St Vancouver, WA	3.0	2.5	1559	$2,295	$1.47	44d	1	1.37mi

Listing history 12 events

1. 2026-06-02
   status $139,000 Pending 19 DOM
2. 2026-06-01
   days on market $139,000 Active 19 DOM
3. 2026-05-31
   days on market $139,000 Active 18 DOM
4. 2026-05-13
   listed $139,000 Active 394-char remark
5. 2015-06-30
   soldstatus $64,900 Sold 323-char remark

   Show marketing remark (323 chars)

   Nice roomy 1987 mfg. home with fenced yard, 2 sheds and heat pump--3BR, 2BA, 1350 S.F.--Many upgraded features already--roof, plumbing, vinyl windows, enameled steel siding, fabulous rec center, lap pool, hot tub, lovely kitchen and party room, library and fitness areas. RV Parking Subject to Availability at a Nominal Fee

6. 2015-06-24
   status Pending 323-char remark

   Show marketing remark (323 chars)

   Nice roomy 1987 mfg. home with fenced yard, 2 sheds and heat pump--3BR, 2BA, 1350 S.F.--Many upgraded features already--roof, plumbing, vinyl windows, enameled steel siding, fabulous rec center, lap pool, hot tub, lovely kitchen and party room, library and fitness areas. RV Parking Subject to Availability at a Nominal Fee

7. 2015-05-26
   listed $64,900 Active 323-char remark

   Show marketing remark (323 chars)

   Nice roomy 1987 mfg. home with fenced yard, 2 sheds and heat pump--3BR, 2BA, 1350 S.F.--Many upgraded features already--roof, plumbing, vinyl windows, enameled steel siding, fabulous rec center, lap pool, hot tub, lovely kitchen and party room, library and fitness areas. RV Parking Subject to Availability at a Nominal Fee

8. 2006-09-11
   soldstatus $53,000

   Show marketing remark (245 chars)

   This is your opportunity to live in a great quiet over 55 park with a pool,activities,clubhouse close to Westfield shopping Center.Nice home!Turn key ready with refrig. W/Dryer,shop,shed,greenhouse,NEWER siding-LIFETIME WARRANTY_maintenance free

9. 2006-08-17
   historical

   Show marketing remark (245 chars)

   This is your opportunity to live in a great quiet over 55 park with a pool,activities,clubhouse close to Westfield shopping Center.Nice home!Turn key ready with refrig. W/Dryer,shop,shed,greenhouse,NEWER siding-LIFETIME WARRANTY_maintenance free

10. 2006-07-19
    listed $59,900

    Show marketing remark (245 chars)

    This is your opportunity to live in a great quiet over 55 park with a pool,activities,clubhouse close to Westfield shopping Center.Nice home!Turn key ready with refrig. W/Dryer,shop,shed,greenhouse,NEWER siding-LIFETIME WARRANTY_maintenance free

11. 1996-11-11
    soldstatus $42,000
12. 1996-09-17
    listed $43,900

ⓘ 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: $1,485 · $124/mo
• Projected year-2 tax: $1,485 · $124/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $25,959
• − Mortgage interest: −$7,786
• − Property taxes: −$1,485
• − Insurance: −$695
• − Repairs & maintenance: −$2,077
• − Management: −$2,077
• − Depreciation: −$4,044
• Taxable income: $7,795
• Est. tax owed @ 24.0%: −$1,871
• After-tax cash flow: $7,709/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): 68,305
• Household income: $99,918
• Rent vs Own: 29.6% rent · 70.4% own
• Severe rent burden: 1618.0

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 (69%)
• Race & ethnicity: White 69% Hispanic / Latino 15% Two or more races 13% Asian 6% Black 2% Pacific Islander 1%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Portuguese 3% Subsaharan African 3% Scotch-Irish 2%
• Foreign-born: 13% · Canada, Vietnam, South Korea
• Languages at home: 79% English-only · Spanish 8% Russian/Polish/Slavic 6% Other Asian/Pacific 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: ▼ -303.95%
• Current HPI: 307.0529
• Rent YoY: ▲ 0.63%
• 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

+127.8% since first listed

11 events — show timeline

• 2026-06-12 Sold (MLS) $100,000 RMLS
• 2026-06-01 Pending — RMLS
• 2026-05-13 Listed $139,000 RMLS
• 2015-06-30 Sold (MLS) $64,900 RMLS
• 2015-06-24 Pending — RMLS
• 2015-05-26 Listed $64,900 RMLS
• 2006-09-11 Sold (MLS) $53,000 RMLS
• 2006-08-17 Delisted — RMLS
• 2006-07-19 Listed $59,900 RMLS
• 1996-11-11 Sold (MLS) $42,000 RMLS
• 1996-09-17 Listed $43,900 RMLS

Property tax history

+11.3%/yr

Latest (2026): $1,485 · +70.3% YoY. Source: county tax records.