4000 NE 109th Ave · Vancouver, WA 98682

$275,000

2 bd · 2.0 ba · 889 sqft · MultiFamily · 1 Days on market

Built 2002 $274/mo HOA · 18% of rent

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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 +19.1/30.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• DSCR +6.0/10.0
• 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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

This updated 2-bedroom, 1-bathroom townhouse offers 832 sqft of cozy living space. Recently updated throughout, this home features a bright living area and a modern kitchen, ready for you to move right in.Enjoy the small fenced patio for some outdoor space, plus a detached 1-car garage for parking and extra storage.Located in a great Vancouver neighborhood, you’re just minutes from shopping, dining, and easy access to main roads. Don’t miss out—schedule a showing today!

Key facts

• Cozy gas fireplace
• Serene wooded area
• Private back patio

Tags

• GROUND-LEVEL CONDO
• COZY GAS FIREPLACE
• PRIVATE BACK PATIO
• SERENE WOODED AREA
• UPDATED VINYL FLOORING

Property features AI

Finance

• Other: Stonebrook Condominiums; Calculated living area: 889 square feet; Floor number: 1
• Financial info: Listing terms: Cash or Conventional
• HOA & community: HOA managed by Invest West Management; Monthly association fee of $274.34 (includes water and sewer; see remarks for details); Community has 248 units

Exterior

• Parking: Individual garage (covered: 1 space); Uncovered parking available
• Utilities: Water: City of Vancouver; Sewer: City of Vancouver; Power: Clark PUD; Energy sources: Electric and natural gas
• Home design: Attached condominium; One-level condo unit (ground floor); Main entry; Unit has a view; Building has 2 stories
• Construction: Metal/vinyl construction; Composition roof
• Exterior features: Sidewalk; Metal/vinyl exterior

Interior

• Kitchen: Dishwasher; Stove/Range
• Bedrooms: 2 bedrooms (both on main level)
• Flooring: Ceramic tile; Laminate; Carpet
• Bathrooms: 1 full bathroom; 1 three-quarter bathroom; One bathtub and two showers
• Heating & cooling: Forced air heating; Heat pump cooling
• Interior features: Fireplace (gas); Dryer-electric hookup; Washer hookup
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $290 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Cap rate 7.6% 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: Fircrest Elementary School (294 students, 74% FRL); Covington Middle School (868 students, 73% FRL); Evergreen High School (1,550 students, 64% FRL) — zoned schools average 70% FRL vs 39% district-wide (32 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 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 37% of the median local income ($100k/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 $2k of loan paydown is wiped out by about $8k 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 30 sale attempts since 26y 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.

Recommended offer $275,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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.
5. 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.
6. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.13% ✓
• Cap rate: 7.56%
• Cash-on-cash: 4.52%
• DSCR: 1.20
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.63% rent growth · sell at horizon

5-year hold

• IRR: -12.2%
• Equity multiple: 0.57×
• Total profit: $-33,123
• Equity at exit: $41,003

10-year hold

• IRR: -7.6%
• Equity multiple: 0.58×
• Total profit: $-32,598
• Equity at exit: $23,777

Cash invested: $77,000 (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: 14.7×

Monthly cashflow live

• Estimated rent: $3,120 medium
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$274
• Vacancy / Maint / Mgmt: −$655
• Net cashflow: $290

Break-even live

Break-even rent $2,752

Max offer price $275,000

Occupancy floor 86%

Sensitivity live

Price	-10% $480	-5% $385	+0% $290	+5% $195	+10% $100
Rent	-10% $44	-5% $167	+0% $290	+5% $414	+10% $537
Rate	-1.0pp $429	-0.5pp $360	base $290	+0.5pp $219	+1.0pp $147

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$3,120
Total (2 units)			$3,120

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4000 NE 109th Ave Vancouver, WA	1.0–2.0	1.0–2.5	780	$1,950	$2.50	4d	2	0.16mi
3708 NE 109th Ave Vancouver, WA	1.0–3.0	1.0–2.0	854	$1,816	$2.13	0d	32	0.17mi
4202 NE Morrow Rd #203 Vancouver, WA	2.0	1.5	921	$1,795	$1.95	45d	1	0.25mi
10809 NE 48th Cir Apt C Vancouver, WA	2.0	1.0	806	$1,395	$1.73	45d	1	0.48mi
10415 NE Oakbrook Cir Vancouver, WA	1.0–2.0	1.0–1.5	764	$1,556	$2.04	0d	5	0.52mi
11111 NE 48th Cir Unit D Vancouver, WA	2.0	1.0	860	$1,575	$1.83	45d	1	0.56mi
11114 NE 48th Cir Unit B Vancouver, WA	2.0	1.0	700	$1,395	$1.99	45d	1	0.57mi
4821 NE 110th Ave Vancouver, WA	2.0	2.0	1020	$1,595	$1.56	25d	3	0.60mi
11205 NE 49th St Unit 11303D Vancouver, WA	2.0	1.0	944	$1,595	$1.69	21d	1	0.62mi
11205 NE 49th St Unit 11209B Vancouver, WA	2.0	1.0	1104	$1,675	$1.52	14d	1	0.62mi
4619 NE 112th Ave Vancouver, WA	1.0–3.0	1.0–2.0	820	$1,650	$2.01	0d	25	0.71mi
11412 NE 49th St Vancouver, WA	1.0–2.0	1.0–2.0	810	$1,665	$2.06	0d	8	0.75mi
4902 NE 94th Ave Vancouver, WA	2.0	1.0	471	$1,532	$3.25	4d	1	0.82mi
11716 NE 49th St Vancouver, WA	1.0–3.0	1.0–2.5	1090	$1,788	$1.64	0d	13	0.86mi
11328 NE 51st Cir Vancouver, WA	2.0–4.0	1.0–2.0	1086	$1,549	$1.43	9d	8	0.89mi
2201 NE 112th Ave Vancouver, WA	1.0–3.0	1.0–2.0	935	$1,846	$1.97	6d	1	0.93mi
2201 NE 112th Ave Vancouver, WA	1.0	1.0	713	$1,565	$2.19	45d	1	0.93mi
2201 NE 112th Ave Vancouver, WA	1.0	1.0	713	$1,575	$2.21	14d	1	0.93mi
11022 NE 18th St Unit E223 Vancouver, WA	2.0	2.0	1010	$1,445	$1.43	45d	1	0.95mi
11022 NE 18th St Unit E322 Vancouver, WA	2.0	2.0	1010	$1,395	$1.38	25d	1	0.95mi
11022 NE 18th St Unit C211 Vancouver, WA	2.0	2.0	1010	$1,445	$1.43	4d	1	0.95mi
11022 NE 18th St Unit C213 Vancouver, WA	2.0	2.0	1010	$1,445	$1.43	9d	1	0.95mi
11202 NE 20th St Vancouver, WA	1.0–2.0	1.0–2.0	928	$1,923	$2.07	0d	6	0.95mi
2000 NE 112th Ave Unit C33 Vancouver, WA	1.0	1.0	824	$1,325	$1.61	17d	1	0.97mi
2000 NE 112th Ave Unit A12 Vancouver, WA	2.0	2.0	1056	$1,545	$1.46	45d	1	0.97mi
11018 NE 18th St Unit B20 Vancouver, WA	1.0	1.0	801	$1,345	$1.68	25d	1	1.01mi
11018 NE 18th St Unit C26 Vancouver, WA	1.0	1.0	801	$1,295	$1.62	45d	1	1.01mi
9009 NE 54th St Vancouver, WA	1.0–3.0	1.0–2.0	1175	$2,098	$1.78	0d	6	1.03mi
4905 NE 122nd Ave Vancouver, WA	1.0	1.0	684	$1,500	$2.19	9d	1	1.04mi
5264 NE 121st Ave Vancouver, WA	2.0	2.0	944	$1,850	$1.96	45d	1	1.04mi
1900 NE 113th Ct Vancouver, WA	1.0–2.0	1.0–2.0	887	$1,777	$2.00	0d	6	1.05mi
9013 NE 54th St Vancouver, WA	2.0	2.0	1033	$1,405	$1.36	3d	2	1.06mi
12101 NE 28th St Vancouver, WA	1.0–2.0	1.0–2.0	806	$2,086	$2.59	0d	12	1.08mi
6001 NE 102nd Ave Vancouver, WA	2.0–3.0	2.0	1125	$1,750	$1.56	3d	6	1.10mi
9001 NE 54th St Vancouver, WA	1.0–2.0	1.0	618	$1,660	$2.68	4d	1	1.11mi
11900 NE 18th St Vancouver, WA	1.0–3.0	1.0–3.0	1318	$2,188	$1.66	45d	1	1.11mi
1618 NE 112th Ave Vancouver, WA	1.0	1.0	588	$1,504	$2.56	4d	3	1.13mi
8701 NE 54th St Vancouver, WA	1.0–3.0	1.0–2.0	1006	$1,794	$1.78	0d	9	1.15mi
8011 NE Fourth Plain Blvd Vancouver, WA	1.0–2.0	1.0–2.0	855	$1,625	$1.90	4d	6	1.22mi
8778 NE 54th St Vancouver, WA	1.0–2.0	1.0–2.0	857	$1,911	$2.23	0d	11	1.24mi

HOA detail

• Monthly dues: $274 · $3,288/yr

Listing history 2 events

1. 2026-06-09
   remarks 503-char remark
2. 2026-06-09
   listed $275,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $37,440
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,995
• − Management: −$2,995
• − HOA: −$3,288
• − Depreciation: −$8,000
• Taxable loss: −$743
• Est. tax savings @ 24.0%: +$178
• After-tax cash flow: $3,662/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

+221.8% since first listed

88 events — show timeline

• 2026-06-08 Listed $275,000 NWMLS as Distributed by MLS Grid
• 2025-04-04 Sold (MLS) $275,000 RMLS
• 2025-02-22 Pending — RMLS
• 2025-01-23 Price Changed $270,000 RMLS
• 2025-01-21 Listed $265,000 RMLS
• 2024-04-10 Rental Removed $1,299 APPFOLIO
• 2024-04-06 Rental Removed $1,299 APPFOLIO
• 2024-04-05 Listed for Rent $1,299 APPFOLIO
• 2024-03-15 Listed for Rent $1,870 APPFOLIO
• 2024-03-15 Rental Removed $1,870 APPFOLIO
• 2024-03-15 Listed for Rent $1,870 APPFOLIO
• 2024-03-13 Rental Removed $2,299 APPFOLIO
• 2024-01-26 Listed for Rent $2,299 APPFOLIO
• 2024-01-02 Rental Removed $2,090 APPFOLIO
• 2024-01-02 Listed for Rent $2,090 APPFOLIO
• 2023-12-13 Rental Removed $2,090 APPFOLIO
• 2023-11-13 Listed for Rent $2,090 APPFOLIO
• 2018-11-14 Sold (MLS) $161,000 NWMLS as Distributed by MLS Grid
• 2018-10-12 Pending — NWMLS as Distributed by MLS Grid
• 2018-09-23 Price Changed $168,750 NWMLS as Distributed by MLS Grid
• 2018-08-24 Listed $174,900 NWMLS as Distributed by MLS Grid
• 2018-03-08 Sold (MLS) $179,900 RMLS
• 2018-01-25 Pending — RMLS
• 2018-01-05 Delisted — RMLS
• 2018-01-04 Listed $179,900 RMLS
• 2018-01-04 Relisted — RMLS
• 2016-12-22 Sold (MLS) $142,500 RMLS
• 2016-11-08 Pending — RMLS
• 2016-11-02 Delisted — RMLS
• 2016-10-27 Price Changed $150,000 RMLS
• 2016-10-07 Listed $155,000 RMLS
• 2016-09-01 Sold (MLS) $150,000 RMLS
• 2016-08-30 Sold (MLS) $124,000 RMLS
• 2016-07-20 Pending — RMLS
• 2016-07-06 Listed $150,000 RMLS
• 2016-07-06 Delisted — RMLS
• 2016-06-22 Listed $139,900 RMLS
• 2014-12-03 Sold (MLS) $112,500 RMLS
• 2014-10-22 Pending — RMLS
• 2014-10-13 Price Changed $112,500 RMLS
• 2014-09-30 Listed $119,000 RMLS
• 2013-08-23 Sold (MLS) $73,000 RMLS
• 2013-08-14 Pending — RMLS
• 2013-08-09 Price Changed $73,000 RMLS
• 2013-08-06 Contingent — RMLS
• 2013-06-08 Pending — RMLS
• 2013-04-09 Contingent — RMLS
• 2013-04-02 Listed $79,900 RMLS
• 2012-11-16 Sold (MLS) $64,000 RMLS
• 2012-11-05 Pending — RMLS
• 2012-07-11 Contingent — RMLS
• 2012-06-27 Listed $65,000 RMLS
• 2011-06-24 Sold (MLS) $64,000 NWMLS as Distributed by MLS Grid
• 2011-04-08 Pending — NWMLS as Distributed by MLS Grid
• 2011-03-27 Listed $69,900 NWMLS as Distributed by MLS Grid
• 2010-07-30 Sold (Public Records) $825,000 Public Records
• 2010-07-30 Sold (MLS) $825,000 RMLS
• 2009-09-17 Sold (MLS) $96,500 RMLS
• 2009-09-04 Delisted — RMLS
• 2009-06-13 Delisted — RMLS
• 2009-04-10 Sold (MLS) $100,000 NWMLS as Distributed by MLS Grid
• 2009-02-27 Listed $135,000 RMLS
• 2009-02-21 Delisted — NWMLS as Distributed by MLS Grid
• 2009-02-02 Listed $94,500 NWMLS as Distributed by MLS Grid
• 2009-01-05 Listed $3,400,000 RMLS
• 2005-05-11 Sold (MLS) $127,900 RMLS
• 2005-04-19 Delisted — RMLS
• 2005-04-08 Listed $124,900 RMLS
• 2005-03-03 Sold (MLS) $123,250 RMLS
• 2005-03-03 Sold (MLS) $121,000 RMLS
• 2005-03-02 Delisted — RMLS
• 2005-03-02 Delisted — RMLS
• 2005-03-01 Listed $123,250 RMLS
• 2005-03-01 Listed $121,000 RMLS
• 2002-04-26 Sold (MLS) $102,500 RMLS
• 2002-02-05 Listed $102,500 RMLS
• 2001-11-02 Sold (MLS) $99,500 RMLS
• 2001-07-20 Sold (MLS) $107,300 RMLS
• 2001-06-22 Sold (MLS) $105,400 RMLS
• 2001-05-29 Sold (MLS) $89,900 RMLS
• 2001-05-25 Sold (MLS) $89,900 RMLS
• 2001-04-20 Sold (MLS) $108,300 RMLS
• 2001-04-15 Sold (MLS) $89,908 RMLS
• 2000-11-13 Listed $103,400 RMLS
• 2000-11-13 Listed $105,400 RMLS
• 2000-11-13 Listed $108,300 RMLS
• 2000-11-13 Listed $108,300 RMLS
• 2000-10-13 Listed $85,450 RMLS

Property tax history

+37.9%/yr

Latest (2026): $205,304 · +2.0% YoY. Source: county tax records.