5101 NE 121st Ave #51

Vancouver, WA 98682

$139,000B

3 bd · 2.0 ba · 1,350 sqft · Built 1987 · Manufactured · Pending · 19 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,163/mo
• Mortgage (P&I): −$729
• Tax + insurance: −$182
• HOA: −$0
• Vac / Maint / Mgmt: −$454
• Net cashflow: $798/mo
• Annual: $9,580/yr
• Cap rate: 13.18%
• Cash-on-cash: 24.61%
• DSCR: 2.10
• 1% rule: 1.56%
• Cash to close: $38,920

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $139k.
• 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).
• It's been on market 19 days — a 2% lower offer ($137k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $137k (1.5% below list) — sets the bar for market timing.
• 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.
• 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).
• Clark County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• 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.
• 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.
• 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.