5701 NE St Johns Rd #21

Minnehaha, WA 98661

$189,000B

3 bd · 2.0 ba · 1,616 sqft · Built 1991 · Manufactured · Active · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,378/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$117
• HOA: −$0
• Vac / Maint / Mgmt: −$499
• Net cashflow: $770/mo
• Annual: $9,246/yr
• Cap rate: 11.18%
• Cash-on-cash: 17.47%
• DSCR: 1.78
• 1% rule: 1.26%
• Cash to close: $52,920

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $189k.
• At list price, monthly cash flow is $770 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $189k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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.
• Zoned schools: Minnehaha Elementary School (517 students, 59% FRL); Jason Lee Middle School (532 students, 59% FRL); Hudson'S Bay High School (1,143 students, 64% FRL) — zoned schools average 61% FRL vs 44% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.0%/yr); 266 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals leasing fast (median 9d 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).
• Clark County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 27y 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 $65k; list at $189k implies a 191% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 2.0% rent growth), your $53k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 11.2% 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.
• This rent runs 37% of the median local income ($77k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.