16500 SE 1st St #22 · Vancouver, WA 98684

$140,000

3 bd · 2.0 ba · 1,302 sqft · Manufactured public records · 189 Days on market

Built 1996 $108/sqft · 7% below area Est $150k · 7% 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 +10.4/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover this charming 3 bedroom, 2 bath gem in an amazing 55+ gated community at Cascade Park Estates. With 1301 sqft of thoughtfully designed space, enjoy an open concept layout enhanced by vaulted ceilings and bright skylights providing extra natural light. The fenced back yard with covered deck have the potential to be your own private retreat! Multiple dining and shopping options within a 2 miles radius make this an ideal location in town. Come tour this home today!

Key facts

• Gated community
• Covered deck
• Bright skylights

Tags

• GATED COMMUNITY
• OPEN CONCEPT LAYOUT
• VAULTED CEILINGS
• BRIGHT SKYLIGHTS
• FENCED BACK YARD
• COVERED DECK

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $140k.

Deal economics

• At list price, monthly cash flow is $875 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.8% 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.
• Market conditions: Rents rising (+1.2%/yr); 299 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 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 31% of the median local income ($91k/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 $968 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 + 1.2% rent growth), your $39k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 189 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 25y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $123,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 189 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.65% ✓
• Cap rate: 13.79%
• Cash-on-cash: 26.78%
• DSCR: 2.19
• GRM: 5.1

CMA / ARV

• ARV (median comp): $149,750
• List price: $140,000
• Delta: -6.51%
• Verdict: FAIR
• Comps: 14 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16500 SE 1st St #19	0.00mi	3/2.0	1,309 (+0%)	2mo	$117,000	$89	98
16500 SE 1st St #170	0.00mi	2/2.0 (-1)	1,355 (+4%)	1mo	$155,000	$114	87
16500 SE 1st St	0.00mi	3/2.0	1,392 (+7%)	2mo	$115,000	$83	86
16500 SE 1st St #98	0.00mi	3/2.0	1,392 (+7%)	2mo	$115,000	$83	86
16500 SE 1st St #56	0.00mi	2/2.0 (-1)	1,263 (-3%)	8mo	$112,000	$89	83
16812 SE 1st St #71	0.19mi	3/2.0	1,325 (+2%)	7mo	$155,000	$117	82
16812 SE 1st St #84	0.19mi	3/2.0	1,248 (-4%)	8mo	$124,600	$100	78
16812 SE 1st St #112	0.19mi	3/2.0	1,188 (-9%)	4mo	$156,000	$131	73
16500 SE 1st St #14	0.07mi	2/2.0 (-1)	1,188 (-9%)	6mo	$137,900	$116	72
16500 SE 1st St #10	0.00mi	3/2.0	1,139 (-12%)	9mo	$155,500	$137	71
16500 SE 1st St #71	0.00mi	2/2.0 (-1)	1,418 (+9%)	12mo	$160,000	$113	70
16812 SE 1st St #69	0.19mi	4/2.0 (+1)	1,440 (+11%)	9mo	$206,000	$143	61

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 · 1.16% rent growth · sell at horizon

5-year hold

• IRR: 18.6%
• Equity multiple: 1.74×
• Total profit: $28,858
• Equity at exit: $20,874

10-year hold

• IRR: 25.7%
• Equity multiple: 3.05×
• Total profit: $80,384
• Equity at exit: $12,105

Cash invested: $39,200 (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 98684

• Rents YoY: 1.2%
• Active inventory: 299
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $2,305 high
• Mortgage (P&I): −$734
• Tax from tax record: −$154 /mo · $1,849/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$484
• Net cashflow: $875

Break-even live

Break-even rent $1,198

Max offer price $140,000

Occupancy floor 57%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16202 NE 8th St Unit B Vancouver, WA	2.0	2.5	1500	$2,150	$1.43	43d	1	0.25mi
301 SE 166th Ave Vancouver, WA	3.0	1.0–2.0	883	$2,080	$2.36	7d	15	0.35mi
16801 SE 1st St Vancouver, WA	2.0	1.0	960	$1,608	$1.68	23d	1	0.37mi
16312 NE 12th St Unit 2 Vancouver, WA	3.0	2.0	1616	$2,059	$1.27	43d	1	0.41mi
1207 NE 166th Ave Vancouver, WA	3.0	2.0	1533	$6,000	$3.91	1d	1	0.42mi
621 SE 168th Ave Vancouver, WA	3.0	1.0–2.0	869	$2,294	$2.64	14d	7	0.52mi
621 SE 168th Ave Vancouver, WA	2.0–3.0	1.0–2.0	1125	$2,274	$2.02	2d	9	0.52mi
112 SE 158th Ave Vancouver, WA	3.0	2.0	1174	$1,995	$1.70	23d	1	0.53mi
15501 NE 2nd St Vancouver, WA	3.0	2.0	1264	$2,750	$2.18	1d	1	0.60mi
600 SE 177th Ave Vancouver, WA	1.0–3.0	1.0–2.0	931	$2,535	$2.72	1d	20	0.70mi
510 SE 157th Ave #35 Vancouver, WA	2.0	2.0	1060	$1,895	$1.79	23d	1	0.71mi
1000 SE 160th Ave Apt M104 Vancouver, WA	2.0	2.0	906	$1,600	$1.77	7d	1	0.81mi
1000 SE 160th Ave Apt DD238 Vancouver, WA	2.0	2.0	906	$1,600	$1.77	43d	1	0.81mi
1000 SE 160th Ave Apt FF257 Vancouver, WA	3.0	2.0	1050	$1,950	$1.86	43d	1	0.81mi
1000 SE 160th Ave Apt N116 Vancouver, WA	2.0	2.0	906	$1,600	$1.77	17d	1	0.81mi
1000 SE 160th Ave Unit RR-342 Vancouver, WA	2.0	2.0	906	$1,600	$1.77	23d	1	0.81mi
1000 SE 160th Ave Unit RR-336 Vancouver, WA	2.0	2.0	906	$1,600	$1.77	16d	1	0.81mi
16334 NE 20th St Vancouver, WA	3.0	2.5	1432	$2,695	$1.88	4d	1	0.88mi
17775 SE Mill Plain Blvd Vancouver, WA	1.0–2.0	1.0–2.0	732	$2,353	$3.21	4d	1	0.89mi
16332 NE 21st St Vancouver, WA	3.0	2.5	1541	$2,595	$1.68	23d	1	0.92mi
2119 NE 163rd Ave Vancouver, WA	3.0	2.5	1657	$2,515	$1.52	43d	1	0.95mi
17003 NE 22nd St Vancouver, WA	3.0	2.0	1448	$2,575	$1.78	4d	1	0.96mi
14616 SE 1st St Vancouver, WA	3.0	1.5	1200	$1,975	$1.65	43d	1	0.99mi
505 SE 184th Ave Vancouver, WA	1.0–3.0	1.0–2.0	928	$2,695	$2.90	1d	24	1.01mi
14913 SE Mill Plain Blvd Vancouver, WA	1.0–2.0	1.0–2.0	939	$2,000	$2.13	2d	4	1.03mi
1302 SE 155th Ave Vancouver, WA	3.0	2.0	1558	$2,495	$1.60	44d	1	1.04mi
1600 SE 168th Ave Vancouver, WA	3.0	1.5	1210	$2,350	$1.94	4d	1	1.07mi
2419 NE 164th Ave Vancouver, WA	3.0	2.0	1386	$2,809	$2.03	2d	1	1.07mi
1603 SE 171st Pl Vancouver, WA	4.0	2.5	1771	$6,300	$3.56	17d	1	1.12mi
14600 SE 7th Way Vancouver, WA	3.0	2.5	1476	$2,345	$1.59	43d	1	1.19mi
2712 NE 164th Pl Vancouver, WA	3.0	2.0	1380	$2,495	$1.81	23d	1	1.22mi
1203 NE Keyes Rd Vancouver, WA	3.0	2.0	1400	$2,199	$1.57	43d	1	1.28mi
Chase LNDG Gresham, OR	3.0	2.5	1389	$2,200	$1.58	12d	3	1.31mi
14111 SE 6th St Vancouver, WA	2.0	1.5	1201	$2,104	$1.75	23d	1	1.35mi
1418 NE 140th Ave Vancouver, WA	2.0	1.5	904	$1,895	$2.10	14d	1	1.42mi
701 SE 139th Ave Vancouver, WA	1.0–2.0	1.0	806	$1,600	$1.99	2d	6	1.46mi
19600 NE 3rd St Camas, WA	1.0–3.0	1.0–2.0	952	$2,825	$2.97	1d	20	1.48mi
3402 NE 165th Ave Vancouver, WA	4.0	2.5	1777	$3,119	$1.76	7d	1	1.49mi

Listing history 29 events

1. 2026-06-18
   days on market $140,000 Active 189 DOM
2. 2026-06-17
   days on market $140,000 Active 188 DOM
3. 2026-06-16
   days on market $140,000 Active 187 DOM
4. 2026-06-15
   days on market $140,000 Active 186 DOM
5. 2026-06-13
   days on market $140,000 Active 184 DOM
6. 2026-06-13
   days on market $140,000 Active 183 DOM
7. 2026-06-09
   days on market $140,000 Active 180 DOM
8. 2026-06-08
   days on market $140,000 Active 179 DOM
9. 2026-06-07
   days on market $140,000 Active 178 DOM
10. 2026-06-03
    days on market $140,000 Active 174 DOM
11. 2026-06-02
    days on market $140,000 Active 173 DOM
12. 2026-06-01
    days on market $140,000 Active 172 DOM
13. 2026-05-31
    days on market $140,000 Active 171 DOM
14. 2026-03-14
    price $140,000 475-char remark

    Show marketing remark (475 chars)

    Discover this charming 3 bedroom, 2 bath gem in an amazing 55+ gated community at Cascade Park Estates. With 1301 sqft of thoughtfully designed space, enjoy an open concept layout enhanced by vaulted ceilings and bright skylights providing extra natural light. The fenced back yard with covered deck have the potential to be your own private retreat! Multiple dining and shopping options within a 2 miles radius make this an ideal location in town. Come tour this home today!

15. 2025-12-11
    listed $150,000 Active 475-char remark

    Show marketing remark (475 chars)

    Discover this charming 3 bedroom, 2 bath gem in an amazing 55+ gated community at Cascade Park Estates. With 1301 sqft of thoughtfully designed space, enjoy an open concept layout enhanced by vaulted ceilings and bright skylights providing extra natural light. The fenced back yard with covered deck have the potential to be your own private retreat! Multiple dining and shopping options within a 2 miles radius make this an ideal location in town. Come tour this home today!

16. 2021-01-29
    soldstatus $132,000 Sold 400-char remark

    Show marketing remark (400 chars)

    Close before 2020 and sellers will pay your park fees for all of 2021 That is a credit of $10,200 ($850x12months) True one-level Manufactured homes~Simply the best Manufactured Home Park 55+. *3 bedroom *2 bath *5 year new roof *Newer Heat Pump *Large 2 car garage with workshop *Covered patio *back gate leads to neighborhood RV parking *Friendly neighborhood....come meet your new friends today!!

17. 2020-12-19
    status Pending 400-char remark

    Show marketing remark (400 chars)

    Close before 2020 and sellers will pay your park fees for all of 2021 That is a credit of $10,200 ($850x12months) True one-level Manufactured homes~Simply the best Manufactured Home Park 55+. *3 bedroom *2 bath *5 year new roof *Newer Heat Pump *Large 2 car garage with workshop *Covered patio *back gate leads to neighborhood RV parking *Friendly neighborhood....come meet your new friends today!!

18. 2020-12-03
    price $132,000 400-char remark

    Show marketing remark (400 chars)

    Close before 2020 and sellers will pay your park fees for all of 2021 That is a credit of $10,200 ($850x12months) True one-level Manufactured homes~Simply the best Manufactured Home Park 55+. *3 bedroom *2 bath *5 year new roof *Newer Heat Pump *Large 2 car garage with workshop *Covered patio *back gate leads to neighborhood RV parking *Friendly neighborhood....come meet your new friends today!!

19. 2020-10-27
    price $133,000 400-char remark

    Show marketing remark (400 chars)

    Close before 2020 and sellers will pay your park fees for all of 2021 That is a credit of $10,200 ($850x12months) True one-level Manufactured homes~Simply the best Manufactured Home Park 55+. *3 bedroom *2 bath *5 year new roof *Newer Heat Pump *Large 2 car garage with workshop *Covered patio *back gate leads to neighborhood RV parking *Friendly neighborhood....come meet your new friends today!!

20. 2020-10-20
    price $139,900 400-char remark

    Show marketing remark (400 chars)

    Close before 2020 and sellers will pay your park fees for all of 2021 That is a credit of $10,200 ($850x12months) True one-level Manufactured homes~Simply the best Manufactured Home Park 55+. *3 bedroom *2 bath *5 year new roof *Newer Heat Pump *Large 2 car garage with workshop *Covered patio *back gate leads to neighborhood RV parking *Friendly neighborhood....come meet your new friends today!!

21. 2020-10-09
    listed $142,000 Active 400-char remark

    Show marketing remark (400 chars)

    Close before 2020 and sellers will pay your park fees for all of 2021 That is a credit of $10,200 ($850x12months) True one-level Manufactured homes~Simply the best Manufactured Home Park 55+. *3 bedroom *2 bath *5 year new roof *Newer Heat Pump *Large 2 car garage with workshop *Covered patio *back gate leads to neighborhood RV parking *Friendly neighborhood....come meet your new friends today!!

22. 2019-04-30
    soldstatus $128,000 Sold
23. 2019-04-19
    status Pending
24. 2019-04-13
    listed $131,900 Active
25. 2004-11-10
    soldstatus $80,000
26. 2004-10-21
    historical
27. 2004-10-06
    listed $84,900
28. 2002-10-11
    soldstatus $79,800
29. 2001-09-28
    listed $79,800

ⓘ 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: $1,849 · $154/mo
• Projected year-2 tax: $1,849 · $154/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: $27,666
• − Mortgage interest: −$7,842
• − Property taxes: −$1,849
• − Insurance: −$700
• − Repairs & maintenance: −$2,213
• − Management: −$2,213
• − Depreciation: −$4,073
• Taxable income: $8,776
• Est. tax owed @ 24.0%: −$2,106
• After-tax cash flow: $8,391/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

• County: Clark County · 513,189 people
• City population: 360,195
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 37,298
• Household income: $90,620
• Rent vs Own: 46.6% rent · 53.4% own
• Severe rent burden: 1481.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 64% Hispanic / Latino 17% Two or more races 14% Asian 6% Pacific Islander 3% Black 2%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Portuguese 4% Slovak 3% Iranian 2%
• Foreign-born: 16% · Canada, China, Vietnam
• Languages at home: 77% English-only · Spanish 10% Other Asian/Pacific 3% Russian/Polish/Slavic 3%

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: ▼ -237.93%
• Current HPI: 290.416
• Rent YoY: ▲ 1.16%
• 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

+75.4% since first listed

16 events — show timeline

• 2026-03-14 Price Changed $140,000 RMLS
• 2025-12-11 Listed $150,000 RMLS
• 2021-01-29 Sold (MLS) $132,000 RMLS
• 2020-12-19 Pending — RMLS
• 2020-12-03 Price Changed $132,000 RMLS
• 2020-10-27 Price Changed $133,000 RMLS
• 2020-10-20 Price Changed $139,900 RMLS
• 2020-10-09 Listed $142,000 RMLS
• 2019-04-30 Sold (MLS) $128,000 RMLS
• 2019-04-19 Pending — RMLS
• 2019-04-13 Listed $131,900 RMLS
• 2004-11-10 Sold (MLS) $80,000 RMLS
• 2004-10-21 Delisted — RMLS
• 2004-10-06 Listed $84,900 RMLS
• 2002-10-11 Sold (MLS) $79,800 RMLS
• 2001-09-28 Listed $79,800 RMLS

Property tax history

+5.1%/yr

Latest (2026): $1,849 · +117.3% YoY. Source: county tax records.