507 NE 99th St

Hazel Dell, WA 98665

$124,900B

2 bd · 2.0 ba · 1,166 sqft · Built 1985 · Land · Pending · 114 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,772/mo
• Mortgage (P&I): −$655
• Tax + insurance: −$208
• HOA: −$0
• Vac / Maint / Mgmt: −$372
• Net cashflow: $536/mo
• Annual: $6,437/yr
• Cap rate: 11.45%
• Cash-on-cash: 18.41%
• DSCR: 1.82
• 1% rule: 1.42%
• Cash to close: $34,972

Investor read

• This is a 2-bed/2.0-bath land listed at $125k.
• At list price, monthly cash flow is $536 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• It's been on market 114 days — a 9% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $114k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#67 in WA, #1,216 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime D+, 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: Dwight D Eisenhower Elementary (475 students, 48% FRL); Thomas Jefferson Middle School (743 students, 36% FRL); Columbia River High (1,134 students, 32% FRL).
• Market conditions: Rents rising (+2.0%/yr); 187 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 8d 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.
• 10 sale attempts since 24y 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.
• At projected returns (-3.0% appreciation + 2.0% rent growth), your $35k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 11.4% vs local median 3.2% in Hazel Dell — 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

• It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D 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.