5404 NE 121st Ave #24 · Vancouver, WA 98682

$40,000

3 bd · 2.0 ba · 1,335 sqft · Manufactured public records · 21 Days on market

Built 1977

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Investor alert. This three-bedroom, two-bath double-wide manufactured home in Fair Oaks Estates, a quiet and well-located 55+ park, is a fixer with a ton of potential. Situated close to shopping and dining and easy freeway access. It needs a new roof, plumbing repairs, flooring, subfloor and siding work. This is a great chance for an investor to bring new life to a home in a convenient, well-established community. Cash only!

Key facts

• Easy freeway access
• Close to shopping
• Built 1977

Tags

• DOUBLE-WIDE MANUFACTURED HOME
• CLOSE TO SHOPPING
• EASY FREEWAY ACCESS
• WELL-ESTABLISHED COMMUNITY

Property features AI

Finance

• Other: Property classified as residential, not attached; Condition listed as fixer; Main-level area approximately 1,335 (manufactured unit dimensions 24 x 60)
• Financial info: Monthly lot rent of $980; Land lease expires July 1, 2026
• HOA & community: Located in Fair Oaks Estates mobile home park; Land lease in place (monthly lot rent); Senior community

Exterior

• Parking: Carport; Driveway
• Utilities: Public water; Public sewer; Electric service (fuel and hot water)
• Home design: Manufactured home in a park (Redman 24x60 model); Single-story/main level living; No notable view; Year built 1977
• Construction: Composition roof; Skirting foundation
• Exterior features: Yard; Vinyl siding; Paved road access; Level site

Interior

• Kitchen: Dishwasher; Free-standing range; Free-standing refrigerator; Electric hot water
• Bedrooms: Primary bedroom on main level; Second bedroom on main level; Third bedroom on main level
• Bathrooms: Two full bathrooms, both on the main level
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Minimal steps for easier access; Aluminum-framed windows; Crawl space basement
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $40k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Recommended offer: $39k (1.5% below list) — sets the bar for market timing.
• Cap rate 48.6% 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 $277 of loan paydown is wiped out by about $1k 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 $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($39k) is reasonable based on typical stale-listing flexibility.

Recommended offer $39,400 (1.5% below list)

Questions for the listing agent

1. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 5.28% ✓
• Cap rate: 48.61%
• Cash-on-cash: 151.12%
• DSCR: 7.72
• GRM: 1.6

CMA / ARV

• ARV (on-the-fly): $148,185
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5101 NE 121st Ave #51	0.23mi	3/2.0	1,350 (+1%)	0mo	$100,000	$74	87
5404 NE 121st Ave #69	0.00mi	3/2.0	1,436 (+8%)	2mo	$75,000	$52	86
5404 NE 121st Ave #15	0.00mi	3/2.0	1,433 (+7%)	9mo	$155,000	$108	81
5101 NE 121st Ave #21	0.23mi	3/2.0	1,289 (-3%)	4mo	$145,000	$112	80
5404 NE 121st Ave #44	0.00mi	2/2.0 (-1)	1,431 (+7%)	4mo	$140,000	$98	80
5101 NE 121st Ave #118	0.23mi	3/2.0	1,432 (+7%)	2mo	$220,000	$154	75
5101 NE 121st Ave #78	0.23mi	4/2.0 (+1)	1,376 (+3%)	5mo	$160,000	$116	75
5404 121st St #20	0.00mi	3/2.0	1,147 (-14%)	2mo	$127,000	$111	75
5101 NE 121st Ave #12	0.23mi	3/2.0	1,501 (+12%)	1mo	$146,000	$97	67
5101 NE 121st Ave #1	0.23mi	3/2.0	1,512 (+13%)	4mo	$230,000	$152	64
13216 NE 59th St #25	0.75mi	3/2.0	1,344 (+1%)	7mo	$123,100	$92	58
13216 NE 59 #34	0.75mi	3/2.0	1,213 (-9%)	8mo	$165,000	$136	43

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: —
• Equity multiple: 8.00×
• Total profit: $78,451
• Equity at exit: $5,964

10-year hold

• IRR: —
• Equity multiple: 15.72×
• Total profit: $164,823
• Equity at exit: $3,458

Cash invested: $11,200 (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 98682

• Rents YoY: 0.6%
• Active inventory: 463
• Price-to-rent: 1.6×

Monthly cashflow live

• Estimated rent: $2,111 high
• Mortgage (P&I): −$210
• Tax from tax record: −$31 /mo · $371/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$443
• Net cashflow: $1,410

Break-even live

Break-even rent $326

Max offer price $40,000

Occupancy floor 28%

Sensitivity live

Price	-10% $1,433	-5% $1,422	+0% $1,410	+5% $1,399	+10% $1,388
Rent	-10% $1,244	-5% $1,327	+0% $1,410	+5% $1,494	+10% $1,577
Rate	-1.0pp $1,431	-0.5pp $1,421	base $1,410	+0.5pp $1,400	+1.0pp $1,390

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: $10,000
• Closing costs: $1,200
• 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	0.06mi
11328 NE 51st Cir Vancouver, WA	2.0–4.0	1.0–2.0	1086	$1,862	$1.71	8d	8	0.25mi
11716 NE 49th St Vancouver, WA	1.0–3.0	1.0–2.5	1090	$2,250	$2.06	8d	15	0.25mi
11412 NE 49th St Vancouver, WA	1.0–2.0	1.0–2.0	810	$1,730	$2.14	2d	6	0.32mi
4825 NE 124th Ct Vancouver, WA	3.0	2.5	1586	$2,295	$1.45	44d	1	0.42mi
11205 NE 49th St Unit 11303D Vancouver, WA	2.0	1.0	944	$1,595	$1.69	21d	1	0.45mi
11205 NE 49th St Unit 11209B Vancouver, WA	2.0	1.0	1104	$1,675	$1.52	13d	1	0.45mi
12600 NE 49th St Unit F16 Vancouver, WA	2.0	2.0	1170	$1,695	$1.45	24d	1	0.47mi
4821 NE 110th Ave Vancouver, WA	2.0	2.0	1020	$1,595	$1.56	24d	3	0.49mi
11603 NE 71st St Vancouver, WA	1.0–3.0	1.0–2.0	991	$2,563	$2.59	2d	55	0.76mi
6117 NE 105th Ave Vancouver, WA	3.0	2.5	1521	$2,249	$1.48	22d	1	0.76mi
6001 NE 102nd Ave Vancouver, WA	2.0–3.0	2.0	1125	$1,850	$1.64	2d	6	0.81mi
4202 NE Morrow Rd #203 Vancouver, WA	2.0	1.5	921	$1,795	$1.95	44d	1	0.82mi
4202 NE Morrow Rd #201 Vancouver, WA	3.0	2.0	1155	$2,345	$2.03	44d	1	0.82mi
4202 NE Morrow Rd Vancouver, WA	3.0	2.0	1155	$2,395	$2.07	44d	1	0.82mi
10300 NE 61st Cir Unit 10404 Vancouver, WA	3.0	2.5	1653	$2,495	$1.51	8d	1	0.83mi
10300 NE 61st Cir Unit 10315 Vancouver, WA	3.0	2.5	1486	$2,495	$1.68	24d	1	0.83mi
5719 NE 135th Ave Vancouver, WA	3.0	2.0	1260	$1,995	$1.58	44d	1	0.84mi
4000 NE 109th Ave Vancouver, WA	1.0–2.0	1.0–2.5	780	$1,950	$2.50	3d	2	0.93mi
3708 NE 109th Ave Vancouver, WA	1.0–3.0	1.0–2.0	899	$2,156	$2.40	3d	30	1.05mi
4303 NE 136th Ave Vancouver, WA	3.0	2.5	1736	$2,500	$1.44	44d	1	1.06mi
13806 NE 47th St Vancouver, WA	3.0	2.0	1185	$2,779	$2.35	21d	1	1.06mi
13815 NE 63rd St Vancouver, WA	3.0	2.5	1601	$2,395	$1.50	24d	1	1.10mi
12317 NE 33rd St Vancouver, WA	4.0	3.0	1700	$2,739	$1.61	44d	1	1.14mi
11703 NE 32nd St Vancouver, WA	2.0	2.0	1158	$2,095	$1.81	44d	1	1.15mi
3109 NE 118th Ave Vancouver, WA	3.0	2.5	1833	$2,595	$1.42	44d	1	1.17mi
6509 NE 139th Ct Vancouver, WA	3.0	2.0	1525	$2,529	$1.66	44d	1	1.21mi
7020 NE 100th Ct Vancouver, WA	2.0	1.0	980	$1,649	$1.68	21d	1	1.22mi
7815 NE 117th Ave Unit 7815-2 Vancouver, WA	3.0	1.5	1200	$1,845	$1.54	44d	1	1.23mi
6715 NE 139th Pl Vancouver, WA	3.0	2.5	1423	$2,400	$1.69	5d	1	1.24mi
6719 NE 139th Pl Vancouver, WA	3.0	2.5	1492	$2,570	$1.72	44d	1	1.25mi
13608 NE 72nd St Vancouver, WA	1.0–2.0	1.0–2.0	839	$1,599	$1.90	3d	2	1.31mi
7415 NE 136th Ave Vancouver, WA	3.0	2.5	1674	$2,495	$1.49	45d	1	1.39mi
9013 NE 54th St Vancouver, WA	2.0	2.0	1033	$1,405	$1.36	3d	2	1.39mi
2642 NE 116th Pl Vancouver, WA	3.0	2.0	1434	$2,350	$1.64	17d	1	1.39mi
9009 NE 54th St Vancouver, WA	1.0–3.0	1.0–2.0	1175	$2,500	$2.13	2d	7	1.39mi
2601 NE 115th Pl Vancouver, WA	3.0	2.5	1435	$2,800	$1.95	44d	1	1.44mi
2264 NE 116th Pl Vancouver, WA	4.0	2.5	1480	$2,700	$1.82	44d	1	1.44mi
3605 NE 141st Ave Vancouver, WA	3.0	2.0	1126	$2,500	$2.22	3d	1	1.46mi
9807 NE 76th Way Vancouver, WA	3.0	2.5	1461	$2,345	$1.60	2d	2	1.47mi

Listing history 14 events

1. 2026-06-21
   days on market $40,000 Active 21 DOM
2. 2026-06-18
   days on market $40,000 Active 18 DOM
3. 2026-06-17
   days on market $40,000 Active 17 DOM
4. 2026-06-16
   days on market $40,000 Active 16 DOM
5. 2026-06-15
   days on market $40,000 Active 15 DOM
6. 2026-06-13
   days on market $40,000 Active 13 DOM
7. 2026-06-13
   days on market $40,000 Active 12 DOM
8. 2026-06-09
   days on market $40,000 Active 9 DOM
9. 2026-06-08
   days on market $40,000 Active 8 DOM
10. 2026-06-07
    days on market $40,000 Active 7 DOM
11. 2026-06-03
    days on market $40,000 Active 3 DOM
12. 2026-06-02
    days on market $40,000 Active 2 DOM
13. 2026-06-01
    remarks 428-char remark
14. 2026-06-01
    listed $40,000 Active 1 DOM

ⓘ 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: $371 · $31/mo
• Projected year-2 tax: $392 · $33/mo
• Expected delta: +$21/yr (+$2/mo · 5.7%)

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

Taxation est. · year 1

• Rental income: $25,333
• − Mortgage interest: −$2,241
• − Property taxes: −$371
• − Insurance: −$200
• − Repairs & maintenance: −$2,027
• − Management: −$2,027
• − Depreciation: −$1,164
• Taxable income: $17,305
• Est. tax owed @ 24.0%: −$4,153
• After-tax cash flow: $12,772/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

1 event — show timeline

• 2026-05-31 Listed $40,000 RMLS

Property tax history

+7.3%/yr

Latest (2026): $371 · +66.7% YoY. Source: county tax records.