5 W Mill St Unit B7 · Ridgefield, WA 98642

$124,900

3 bd · 2.0 ba · 1,766 sqft · Other public records · 120 Days on market

Built 1962 $810/mo HOA · 31% of rent ↓ 4% since listing

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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 +7.5/15.0
• Schools +6.0/10.0
• Livability +4.2/5.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

This floating home offers incredible potential, with some remodeling already completed. Featuring 3 bedrooms and 1.2 bathrooms, the main-level bedroom also functions as the laundry area for added convenience. Located at Ridgefield Marina on the Lake River side, the home includes a brand-new back deck, four new stringers, and two new logs. Priced appropriately to reflect additional updates a buyer may wish to complete, this is a great opportunity to customize a floating home in a desirable marina setting. Owner is open to Carrying a contract.

Key facts

• New stringers
• Ridgefield marina
• New logs

Tags

• FLOATING HOME
• RIDGEFIELD MARINA
• BACK DECK
• NEW STRINGERS
• NEW LOGS

Property features AI

Finance

• Other: Moorage at McCuddy's Marina (slip B7, close to ramp); Pets allowed at the moorage; Short-term rentals not allowed; long-term rental allowed
• HOA & community: Monthly slip/moorage fee of $810

Exterior

• Parking: Secured parking
• Utilities: Public water; Public sewer with pressure distribution system; Electric service (fuel: electricity); Cable internet available; Trash collection access
• Home design: Residential floating home; Resale property; View facing the river
• Construction: Built in 1962; Floating structure with log and stringer flotation; County-recorded building area of 1,766 total
• Exterior features: Metal roof; Deck; Dock; Board & batten siding; Riverfront location with river view; Gravel and paved access roads

Interior

• Kitchen: Eat bar; Free-standing range
• Bedrooms: Primary bedroom (upper) with sliding doors and closet; Second bedroom (upper) with sliding doors and closet; Third bedroom (main) with closet
• Flooring: Laminate flooring
• Bathrooms: One full bathroom on the main level; One partial bathroom on the upper level
• Heating & cooling: Baseboard heat; Wood stove; No central cooling
• Interior features: Jetted tub; Wood-burning fireplace; Aluminum-framed windows; Loft; Great room; Dining room; Family room with deck access; Living room with sliding doors and wood stove
• Laundry & utility: Laundry area; Electric hot water

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $125k.

Deal economics

• At list price, monthly cash flow is $54 ($647/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $125k).
• Recommended offer: $114k (9.0% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 1.7% in Ridgefield — 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 84/100 on livability (#37 in WA, #634 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: commute D-, cost of living F.
• Ridgefield School District (rural): math 61% / reading 71% proficiency, ranked #22 of 291 in WA (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Union Ridge Elementary (713 students, 24% FRL); Sunset Ridge Intermediate School (629 students, 27% FRL); Ridgefield High School (1,133 students, 28% FRL) — zoned schools at 26% FRL track the district average.
• Market conditions: Rents rising (+3.1%/yr); 534 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 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 $864 of loan paydown is wiped out by about $4k 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

• It's been on market 120 days — a 9% lower offer ($114k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 31% of rent.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $113,659 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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.
9. 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.
10. 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: 2.08% ✓
• Cap rate: 10.91%
• Cash-on-cash: 16.49%
• DSCR: 1.73
• GRM: 4.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.14% rent growth · sell at horizon

5-year hold

• IRR: -12.3%
• Equity multiple: 0.55×
• Total profit: $-15,701
• Equity at exit: $18,623

10-year hold

• IRR: -1.9%
• Equity multiple: 0.86×
• Total profit: $-4,752
• Equity at exit: $10,799

Cash invested: $34,972 (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 98642

• Rents YoY: 3.1%
• Active inventory: 534
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $2,595 medium
• Mortgage (P&I): −$655
• Tax from tax record: −$53 /mo · $633/yr
• Insurance: −$52
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$810
• Vacancy / Maint / Mgmt: −$545
• Net cashflow: $54

Break-even live

Break-even rent $2,527

Max offer price $124,900

Occupancy floor 93%

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
634 N 18th Pl Ridgefield, WA	3.0	2.0	1769	$2,695	$1.52	18d	1	0.94mi

HOA detail

• Monthly dues: $810 · $9,720/yr

Listing history 7 events

1. 2026-06-07
   statusdays on market $124,900 Pending 120 DOM
2. 2026-06-03
   days on market $124,900 Active 117 DOM
3. 2026-06-02
   days on market $124,900 Active 116 DOM
4. 2026-06-01
   days on market $124,900 Active 115 DOM
5. 2026-05-31
   days on market $124,900 Active 114 DOM
6. 2026-03-11
   price $124,900
7. 2026-02-06
   listed $129,900 Active

ⓘ 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: $633 · $53/mo
• Projected year-2 tax: $1,224 · $102/mo
• Expected delta: +$591/yr (+$49/mo · 93.3%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone AE · 59% chance over 30 yrs
• 🔥 Wildfire 4/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 10 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,144
• − Mortgage interest: −$6,996
• − Property taxes: −$633
• − Insurance: −$5,743
• − Repairs & maintenance: −$2,492
• − Management: −$2,492
• − HOA: −$9,720
• − Depreciation: −$3,633
• Taxable loss: −$565
• Est. tax savings @ 24.0%: +$136
• After-tax cash flow: $783/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: Ridgefield School District
• NCES district ID: 5307350
• Math proficiency: 61% ▼ -2.00%
• Reading proficiency: 71% ▼ -2.00%
• Median HH income: $80,295
• Composite: 60.29/100
• National rank: #1737
• State rank: #22 of 291 in WA

Livability — Ridgefield

• Score: 84/100
• State rank: #37
• US rank: #634

Category grades

Amenities C+ Commute D- Cost of living F Crime A+ Employment A+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ridgefield, WA
• County: Clark County · 513,189 people
• City population: 26,816
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 26,816
• Household income: $120,822
• Rent vs Own: 15.9% rent · 84.1% own
• Severe rent burden: 269.0

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 (83%)
• Race & ethnicity: White 83% Two or more races 8% Hispanic / Latino 8% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 6% Portuguese 4% Lithuanian 3%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 93% English-only · Spanish 4% Other Indo-European 1% Russian/Polish/Slavic 1%

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: ▼ -236.84%
• Current HPI: 264.944
• Rent YoY: ▲ 3.14%
• 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

-3.8% since first listed

2 events — show timeline

• 2026-03-11 Price Changed $124,900 RMLS
• 2026-02-06 Listed $129,900 RMLS

Property tax history

+2.3%/yr

Latest (2026): $633 · +8.7% YoY. Source: county tax records.