2419 NE 59th St

Vancouver, WA 98663

$375,000D

3 bd · 2.0 ba · 1,895 sqft · Built 1962 · SingleFamily · Pending · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,639/mo
• Mortgage (P&I): −$1,967
• Tax + insurance: −$534
• HOA: −$0
• Vac / Maint / Mgmt: −$554
• Net cashflow: $-416/mo
• Annual: $-4,991/yr
• Cap rate: 4.96%
• Cash-on-cash: -4.75%
• DSCR: 0.79
• 1% rule: 0.70%
• Cash to close: $105,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $375k.
• At list price, monthly cash flow is $-416 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $302k (19.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $264k (29.6% below list).
• It's been on market 23 days — a 2% lower offer ($369k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $264k (29.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k 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-.
• 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 (+1.2%/yr); 88 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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).
• Clark County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 5 sale attempts since 29y ago; this cycle's ask has dropped $90k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $145k; list at $375k implies a 159% gain — meaningful room to come down on a strong offer.
• Cap rate 5.0% 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.
• This rent runs 37% of the median local income ($86k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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?
• 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.