15509 SE Mill Plain Blvd #73

Vancouver, WA 98684

$97,000B

2 bd · 2.0 ba · 942 sqft · Built 1971 · Manufactured · Active · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,738/mo
• Mortgage (P&I): −$509
• Tax + insurance: −$64
• HOA: −$0
• Vac / Maint / Mgmt: −$365
• Net cashflow: $800/mo
• Annual: $9,595/yr
• Cap rate: 16.18%
• Cash-on-cash: 35.33%
• DSCR: 2.57
• 1% rule: 1.79%
• Cash to close: $27,160

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $97k.
• At list price, monthly cash flow is $800 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $97k).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.
• 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); 305 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).
• 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.
• Cap rate 16.2% 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.

Questions for listing agent

• Built in 1971 — 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?
• 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.