5606 NE 68th St · Minnehaha, WA 98661

$215,000

3 bd · 2.0 ba · 1,294 sqft · Manufactured public records · 21 Days on market

Built 1997 Est $189k · 14% over

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Why this score? — see what drove the C- 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 +24.5/30.0
• DSCR +7.9/10.0
• 1% rule +5.0/10.0
• Schools +4.3/10.0
• Livability +4.2/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• ARV discount +1.3/15.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 5606 NE 68th St — a beautifully cared-for 3-bedroom, 2-bath manufactured home tucked into a community that feels more like a traditional neighborhood than a typical park. (Lot rent is $800 a month) This home has 1,294 square feet of comfortable living space, features vaulted ceilings, updated kitchen and bath finishes, and a spacious primary suite with a relaxing soaking tub. The open-concept layout creates a bright, inviting atmosphere ideal for everyday living and entertaining alike. Outside, enjoy a thoughtfully renovated backyard complete with pavers and low-maintenance turf — perfect for pets, gardening, or hosting gatherings. Built in 1997 and enhanced with tast

Key facts

• Soaking tub
• Low-maintenance turf
• Updated kitchen

Tags

• UPDATED KITCHEN
• SOAKING TUB
• RENOVATED BACKYARD
• LOW-MAINTENANCE TURF
• EASY ACCESS TO SCHOOLS
• EASY ACCESS TO SHOPPING

Property features AI

Finance

• Other: Leased land parcel; lot is level, private and terraced
• Financial info: Resale property
• HOA & community: Home located in a park with land lease (buyers subject to park approval); Land lease monthly ($800) with long-term expiration

Exterior

• Parking: Carport; Driveway
• Utilities: Electricity; Public water; Public sewer; Paved road access
• Home design: Manufactured home in park (residential); Single-story (main living area on one level); No notable view
• Construction: Built in 1997; Skirting foundation
• Exterior features: Deck; Xeriscape landscaping; Yard; T-111 siding

Interior

• Kitchen: Built-in range; Dishwasher; Microwave; Free-standing refrigerator; Disposal; Plumbed for ice maker
• Bedrooms: Primary bedroom on main level with ensuite and ceiling fan; Second bedroom on main level; Third bedroom on main level
• Flooring: Laminate flooring; Vinyl flooring in living area; Wall-to-wall carpet in bedrooms
• Bathrooms: Two full bathrooms (both on main level); Soaking tub in primary bath; Bathtub with shower
• Heating & cooling: Forced air heating; Air conditioning ready; Window air conditioning units
• Interior features: Ceiling fans; High-speed internet; Laminate flooring; Wall-to-wall carpet; Vaulted ceiling in living area; Laundry area; Washer and dryer included; Soaking tub; Bathtub with shower; Ensuite bathroom; Vinyl window frames; Crawl space foundation access
• Laundry & utility: Laundry area with washer and dryer included

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $215k.

Deal economics

• At list price, monthly cash flow is $442 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $215k (0.1% below list).
• Recommended offer: $212k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.8% 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.
• 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; 40 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).
• This rent runs 33% 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 $1k of loan paydown is wiped out by about $6k 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 21 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.

Recommended offer $211,775 (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. 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.
3. 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.
4. 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: 1.00% ✗
• Cap rate: 8.76%
• Cash-on-cash: 8.81%
• DSCR: 1.39
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $188,924
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
6800 NE 56th Ave	0.04mi	2/2.0 (-1)	1,296 (+0%)	15mo	$168,000	$130	80
5715 NE 69th St #22	0.05mi	3/2.0	1,404 (+8%)	14mo	$205,000	$146	72

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: -4.0%
• Equity multiple: 0.85×
• Total profit: $-8,824
• Equity at exit: $32,057

10-year hold

• IRR: 4.7%
• Equity multiple: 1.33×
• Total profit: $19,943
• Equity at exit: $18,589

Cash invested: $60,200 (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 98661

• Rents YoY: 2.0%
• Active inventory: 266
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $2,147 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$37 /mo · $443/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$451
• Net cashflow: $442

Break-even live

Break-even rent $1,587

Max offer price $215,000

Occupancy floor 74%

Sensitivity live

Price	-10% $564	-5% $503	+0% $442	+5% $136	+10% $62
Rent	-10% $272	-5% $357	+0% $442	+5% $527	+10% $612
Rate	-1.0pp $550	-0.5pp $497	base $442	+0.5pp $386	+1.0pp $330

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5313 NE 68th St Vancouver, WA	2.0–3.0	2.0	1108	$1,825	$1.65	17d	2	0.21mi
6008 NE 64th St Vancouver, WA	3.0	3.0	1288	$2,184	$1.70	8d	3	0.29mi
6313 NE 61st Ave Vancouver, WA	3.0	2.5	1346	$2,595	$1.93	3d	1	0.34mi
5917 NE 58th Ave Vancouver, WA	3.0	2.5	1498	$2,350	$1.57	24d	1	0.44mi
5811 NE 56th Pl Vancouver, WA	3.0	2.5	1608	$2,495	$1.55	24d	1	0.49mi
5917 NE 58th St Vancouver, WA	1.0–3.0	1.0–2.0	1162	$2,075	$1.78	8d	3	0.62mi
6909 NE 63rd St Vancouver, WA	1.0–2.0	1.0–2.5	1035	$2,300	$2.22	4d	2	0.68mi
7105 NE 76th Way Vancouver, WA	3.0	2.5	1713	$2,550	$1.49	22d	9	0.76mi
8225 NE St Johns Rd Vancouver, WA	3.0	2.0	1584	$2,048	$1.29	3d	1	0.78mi
5313 NE 68th Ave Unit G59 Vancouver, WA	3.0	2.0	1212	$1,825	$1.51	24d	1	0.91mi
5313 NE 68th Ave Unit D34 Vancouver, WA	2.0	2.0	1004	$1,625	$1.62	22d	1	0.91mi
7603 NE 64th Cir Vancouver, WA	3.0	2.5	1506	$2,550	$1.69	24d	1	0.95mi
7714 NE 39th Ct Vancouver, WA	1.0–2.0	1.0–2.0	921	$2,035	$2.21	3d	12	0.98mi
7610 NE 61st Way Vancouver, WA	3.0	2.5	1792	$2,450	$1.37	5d	1	0.99mi
7070 NE 54th St Vancouver, WA	1.0–2.0	1.0–2.0	820	$1,715	$2.09	3d	4	0.99mi
5711 NE 74th Ct Unit A Vancouver, WA	3.0	2.5	1464	$2,150	$1.47	18d	1	1.01mi
5302 NE 72nd Ave Vancouver, WA	1.0–2.0	1.0–2.0	808	$1,875	$2.32	2d	8	1.02mi
3544 NE 61st Way Vancouver, WA	4.0	2.5	1661	$2,595	$1.56	24d	1	1.04mi
4501 NE 51st St Vancouver, WA	2.0	1.0	900	$1,399	$1.55	24d	1	1.06mi
8007 NE 38th Ave Vancouver, WA	3.0	2.5	1477	$2,395	$1.62	3d	1	1.06mi
6820 NE Vancouver Mall Dr Unit A-D Vancouver, WA	2.0	1.5	1000	$1,795	$1.79	24d	1	1.12mi
6727 NE Vancouver Mall Dr Vancouver, WA	2.0–3.0	1.0–2.0	952	$1,999	$2.10	2d	6	1.13mi
4721 NE 66th Ave Vancouver, WA	1.0–2.0	1.0	824	$1,525	$1.85	3d	2	1.15mi
5000 NE 72nd Ave Vancouver, WA	1.0–2.0	1.0–2.0	895	$1,955	$2.18	2d	9	1.15mi
8111 NE 36th Ct Vancouver, WA	3.0	2.5	1512	$2,295	$1.52	8d	1	1.16mi
5824 NE 80th Ct Vancouver, WA	3.0	2.5	1423	$2,395	$1.68	24d	1	1.19mi
5404 NE 45th St Vancouver, WA	3.0	2.0	1276	$2,795	$2.19	8d	1	1.21mi
4555 NE 66th Ave Vancouver, WA	2.0	1.0–2.0	962	$6,375	$6.63	2d	15	1.22mi
7300 NE Vancouver Mall Dr Vancouver, WA	1.0–2.0	1.0–2.0	997	$1,795	$1.80	5d	7	1.23mi
4714 NE 72nd Ave Vancouver, WA	1.0–3.0	1.0–2.0	1020	$2,195	$2.15	3d	10	1.23mi
7608 NE 52nd St Vancouver, WA	3.0	2.5	1337	$2,350	$1.76	3d	1	1.23mi
4013 NE 89th Way Vancouver, WA	3.0	2.5	1532	$2,550	$1.66	12d	1	1.26mi
3008 NE 74th St Vancouver, WA	3.0	2.5	1834	$2,450	$1.34	17d	1	1.29mi
3005 NE 75th St Vancouver, WA	3.0	2.5	1849	$2,615	$1.41	22d	1	1.31mi
7600 NE Vancouver Mall Dr Vancouver, WA	2.0	1.5	1180	$2,195	$1.86	22d	1	1.32mi
3512 NE 51st St Vancouver, WA	2.0	1.0	950	$1,489	$1.57	3d	1	1.34mi
4317 NE 66th Ave Vancouver, WA	1.0–4.0	1.0–2.0	943	$1,818	$1.93	4d	22	1.36mi
4701 NE 72nd Ave Vancouver, WA	1.0–3.0	1.0–2.0	1000	$2,225	$2.23	2d	23	1.37mi
5515 NE 82nd Ave Vancouver, WA	2.0	2.0	997	$1,425	$1.43	24d	1	1.38mi
3805 NE 49th St Unit B204 Vancouver, WA	3.0	2.0	1325	$1,899	$1.43	24d	1	1.39mi

Listing history 13 events

1. 2026-06-18
   days on market $215,000 Active 21 DOM
2. 2026-06-17
   days on market $215,000 Active 20 DOM
3. 2026-06-16
   days on market $215,000 Active 19 DOM
4. 2026-06-15
   days on market $215,000 Active 18 DOM
5. 2026-06-13
   days on market $215,000 Active 16 DOM
6. 2026-06-09
   days on market $215,000 Active 12 DOM
7. 2026-06-08
   days on market $215,000 Active 11 DOM
8. 2026-06-07
   days on market $215,000 Active 10 DOM
9. 2026-06-03
   days on market $215,000 Active 6 DOM
10. 2026-06-02
    days on market $215,000 Active 5 DOM
11. 2026-06-01
    days on market $215,000 Active 4 DOM
12. 2026-05-31
    days on market $215,000 Active 3 DOM
13. 2026-05-27
    listed $215,000 Active

ⓘ 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: $443 · $37/mo
• Projected year-2 tax: $2,107 · $176/mo
• Expected delta: +$1,664/yr (+$139/mo · 375.2%)

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

Taxation est. · year 1

• Rental income: $25,764
• − Mortgage interest: −$12,043
• − Property taxes: −$443
• − Insurance: −$1,075
• − Repairs & maintenance: −$2,061
• − Management: −$2,061
• − Depreciation: −$6,255
• Taxable income: $1,825
• Est. tax owed @ 24.0%: −$438
• After-tax cash flow: $4,867/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

• 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

1 event — show timeline

• 2026-05-27 Listed $215,000 RMLS

Property tax history

+0.2%/yr

Latest (2026): $443 · +52.3% YoY. Source: county tax records.