15509 SE Mill Plain Blvd #73 · Vancouver, WA 98684

$97,000

2 bd · 2.0 ba · 942 sqft · Manufactured public records · 11 Days on market

Built 1971 Est $95k · at est.

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +6.6/15.0
• 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

Affordable Living in a Convenient Vancouver Location! Welcome to Space #73 at Fran Mar Mobile Home Park, a well-maintained 2-bedroom, 1-bath home offering 942 square feet of comfortable living space. Inside, you'll find a functional floor plan with laminate flooring throughout the main living areas and bedrooms, freshly painted interior, new kitchen cabinets and counter tops creating a clean and low-maintenance living environment. The kitchen comes equipped with a free-standing range, refrigerator, dishwasher, and range hood, while the washer and dryer are included for added convenience. Central air conditioning and forced-air heating provide year-round comfort. Enjoy outdoor living on the

Key facts

• Covered deck
• Laminate flooring
• Spacious deck area

Tags

• FUNCTIONAL FLOOR PLAN
• LAMINATE FLOORING
• NEW KITCHEN CABINETS
• COVERED DECK
• SPACIOUS DECK AREA
• ADDITIONAL STORAGE SPACE

Property features AI

Finance

• Other: Property is a resale manufactured home; not attached
• Financial info: Land lease expires December 31, 2026
• HOA & community: Fran-Mar park (senior community); Association provides grounds maintenance, management, meeting room, sewer, trash and water services; Land lease (monthly lot rent) — land lease in effect

Exterior

• Parking: Carport; On-street parking
• Utilities: Public water; Community sewer and septic tank; Electric service (electric hot water and fuel)
• Home design: Manufactured home in a park (residential); Single-story main living area; Seasonal view
• Construction: Built in 1971; Skirting foundation
• Exterior features: Metal roof; Covered deck and open deck; Tool shed; Aluminum exterior siding; Level, seasonal lot; Concrete and paved road access

Interior

• Kitchen: Dishwasher; Free‑standing range; Free‑standing refrigerator; Range hood
• Bedrooms: Primary bedroom on the main level with closet and laminate flooring; Second bedroom on the main level with closet and laminate flooring
• Flooring: Laminate flooring
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Laminate flooring throughout main living areas; Washer and dryer present; Vinyl window frames; Crawl space foundation access
• Laundry & utility: Washer and dryer included; Electric hot water

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $97k.

Deal economics

• At list price, monthly cash flow is $796 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $97k).
• Cap rate 16.1% 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: Mill Plain Elementary School (284 students, 70% FRL); Shahala Middle School (874 students, 44% FRL); Open Doors Evergreen (109 students, 72% FRL) — zoned schools average 62% FRL vs 39% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+1.2%/yr); 304 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $671 of loan paydown is wiped out by about $3k 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 $27k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $97,000

Questions for the listing agent

1. Built in 1971 — 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. 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 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: 1.79% ✓
• Cap rate: 16.13%
• Cash-on-cash: 35.15%
• DSCR: 2.56
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $95,142
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15509 SE Mill Plain Blvd	0.00mi	2/1.0	928 (-2%)	3mo	$80,000	$86	91
15509 SE Mill Plain Blvd #98	0.00mi	2/2.0	1,000 (+6%)	13mo	$130,000	$130	79
15411 SE Mill Plain Blvd Blvd Unit A-9	0.09mi	2/1.0	840 (-11%)	1mo	$75,000	$89	73
15411 SE Mill Plain Blvd Unit B12	0.09mi	2/1.0	910 (-3%)	17mo	$95,000	$104	72
15509 SE Mill Plain Blvd #18	0.00mi	2/1.0	800 (-15%)	6mo	$80,500	$101	66

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: 28.7%
• Equity multiple: 2.17×
• Total profit: $31,765
• Equity at exit: $14,463

10-year hold

• IRR: 35.1%
• Equity multiple: 3.96×
• Total profit: $80,311
• Equity at exit: $8,387

Cash invested: $27,160 (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: 304
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $1,732 high
• Mortgage (P&I): −$509
• Tax from tax record: −$24 /mo · $288/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$364
• Net cashflow: $796

Break-even live

Break-even rent $725

Max offer price $97,000

Occupancy floor 49%

Sensitivity live

Price	-10% $850	-5% $823	+0% $796	+5% $768	+10% $741
Rent	-10% $659	-5% $727	+0% $796	+5% $864	+10% $932
Rate	-1.0pp $844	-0.5pp $820	base $796	+0.5pp $770	+1.0pp $745

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: $24,250
• Closing costs: $2,910
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1000 SE 160th Ave Unit CC-231 -ADA Vancouver, WA	1.0	1.0	620	$1,295	$2.09	45d	1	0.14mi
1000 SE 160th Ave Unit RR-342 Vancouver, WA	2.0	2.0	906	$1,600	$1.77	25d	1	0.14mi
1000 SE 160th Ave Unit RR-336 Vancouver, WA	2.0	2.0	906	$1,600	$1.77	17d	1	0.14mi
1000 SE 160th Ave Apt M104 Vancouver, WA	2.0	2.0	906	$1,600	$1.77	9d	1	0.14mi
1000 SE 160th Ave Apt FF257 Vancouver, WA	3.0	2.0	1050	$1,950	$1.86	45d	1	0.14mi
1000 SE 160th Ave Apt N116 Vancouver, WA	2.0	2.0	906	$1,600	$1.77	19d	1	0.14mi
1000 SE 160th Ave Apt V170 Vancouver, WA	1.0	1.0	620	$1,425	$2.30	45d	1	0.14mi
1000 SE 160th Ave Unit C-015 Vancouver, WA	2.0	1.0	860	$1,550	$1.80	45d	1	0.14mi
1000 SE 160th Ave Apt DD238 Vancouver, WA	2.0	2.0	906	$1,600	$1.77	45d	1	0.14mi
1020 SE Park Crest Ave Vancouver, WA	2.0	1.0	792	$1,300	$1.64	13d	1	0.19mi
510 SE 157th Ave #35 Vancouver, WA	2.0	2.0	1060	$1,895	$1.79	25d	1	0.25mi
900 SE Park Crest Ave Vancouver, WA	1.0–2.0	1.0	750	$1,730	$2.31	3d	9	0.37mi
14913 SE Mill Plain Blvd Vancouver, WA	1.0–2.0	1.0–2.0	939	$2,000	$2.13	3d	4	0.38mi
16410 SE 5th St Unit G-61 Vancouver, WA	1.0	1.0	700	$1,350	$1.93	21d	1	0.55mi
15501 NE 2nd St Vancouver, WA	3.0	2.0	1264	$2,750	$2.18	3d	1	0.56mi
301 SE 166th Ave Vancouver, WA	3.0	1.0–2.0	883	$1,827	$2.07	9d	15	0.68mi
1707 SE 145th Ct Unit 1707 Vancouver, WA	2.0	2.0	1016	$1,795	$1.77	25d	1	0.68mi
621 SE 168th Ave Vancouver, WA	2.0–3.0	1.0–2.0	1125	$1,649	$1.47	3d	9	0.73mi
621 SE 168th Ave Vancouver, WA	3.0	1.0–2.0	869	$2,079	$2.39	16d	7	0.73mi
16801 SE 1st St Vancouver, WA	2.0	1.0	960	$1,608	$1.68	25d	1	0.74mi
2404 SE 161st Ct Unit X182 Vancouver, WA	2.0	2.0	900	$1,495	$1.66	21d	1	0.78mi
16807 SE 19th St Vancouver, WA	1.0	1.0	850	$1,800	$2.12	4d	1	0.79mi
701 SE 139th Ave Vancouver, WA	1.0–2.0	1.0	806	$1,600	$1.99	4d	6	0.82mi
905 SE 136th Ave Vancouver, WA	2.0	1.0	945	$1,810	$1.92	3d	2	0.94mi
16900 SE 26th Dr Vancouver, WA	2.0	2.0	1043	$1,926	$1.85	3d	5	0.97mi
600 SE 177th Ave Vancouver, WA	1.0–3.0	1.0–2.0	931	$2,030	$2.18	3d	20	0.97mi
17775 SE Mill Plain Blvd Vancouver, WA	1.0–2.0	1.0–2.0	732	$2,353	$3.21	5d	1	1.02mi
16506 SE 29th St Vancouver, WA	1.0–3.0	1.0–2.0	1062	$1,962	$1.85	3d	13	1.03mi
812 SE 136th Ave Vancouver, WA	1.0–3.0	1.0–2.0	931	$1,805	$1.94	4d	10	1.10mi
13601 SE 19th St Vancouver, WA	1.0–2.0	1.0–1.5	965	$2,224	$2.30	9d	6	1.10mi
13307 SE McGillivray Blvd Vancouver, WA	2.0	2.0	962	$1,895	$1.97	4d	1	1.13mi
13314 SE 19th St Vancouver, WA	1.0–2.0	1.0–2.0	899	$2,274	$2.53	4d	10	1.13mi
13213 SE 7th St Vancouver, WA	2.0–3.0	1.0–2.0	1097	$1,500	$1.37	4d	2	1.18mi
3100 SE 168th Ave Vancouver, WA	1.0–3.0	1.0–2.5	1040	$2,205	$2.12	3d	14	1.18mi
333 NE 136th Ave Vancouver, WA	1.0	1.0	684	$1,650	$2.41	4d	2	1.22mi
1520 SE Talton Ave Vancouver, WA	2.0	1.0	800	$1,395	$1.74	21d	1	1.27mi
1604 SE Talton Ave Unit 1604 Vancouver, WA	2.0	1.0	889	$1,450	$1.63	23d	1	1.27mi
1526 SE Talton Ave Vancouver, WA	2.0	1.0	900	$1,450	$1.61	21d	1	1.27mi
14000 SE Cascade Park Dr Vancouver, WA	2.0	1.0	1029	$1,860	$1.81	3d	2	1.28mi
14008 NE 10th St Vancouver, WA	2.0	2.0	808	$1,795	$2.22	5d	1	1.31mi

Listing history 8 events

1. 2026-06-21
   days on market $97,000 Active 11 DOM
2. 2026-06-18
   days on market $97,000 Active 8 DOM
3. 2026-06-17
   days on market $97,000 Active 7 DOM
4. 2026-06-16
   days on market $97,000 Active 6 DOM
5. 2026-06-15
   days on market $97,000 Active 5 DOM
6. 2026-06-13
   days on market $97,000 Active 3 DOM
7. 2026-06-13
   remarks 699-char remark
8. 2026-06-13
   listed $97,000 Active 2 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: $288 · $24/mo
• Projected year-2 tax: $951 · $79/mo
• Expected delta: +$663/yr (+$55/mo · 230.4%)

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

Taxation est. · year 1

• Rental income: $20,789
• − Mortgage interest: −$5,434
• − Property taxes: −$288
• − Insurance: −$485
• − Repairs & maintenance: −$1,663
• − Management: −$1,663
• − Depreciation: −$2,822
• Taxable income: $8,434
• Est. tax owed @ 24.0%: −$2,024
• After-tax cash flow: $7,522/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): 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

1 event — show timeline

• 2026-06-10 Listed $97,000 RMLS

Property tax history

+16.0%/yr

Latest (2026): $288 · +32.2% YoY. Source: county tax records.