16500 SE 1st St #118 · Vancouver, WA 98684

$139,000

3 bd · 2.0 ba · 1,400 sqft · Manufactured public records · 45 Days on market

Built 1999 $99/sqft · 10% below area Est $155k · 10% under

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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
• ARV discount +12.1/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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 MLS

Light ,bright top of the line Silvercrest 3 br 2 bath home with a great floor plan and vaulted ceilings.Spacious master suite boasts his and her sinks,a luxurious soaking tub,and shower.Newer stove.New water heater June 2020.Carport is 552 sq. ft with a storage shed and plenty of parking space,patio too.Ramp for easy access .Over 55 gated Park with a lush greenspace.

Key facts

• Built 1999
• Listed 44 days

Property features AI

Finance

• Other: Parcel number 610759000
• Financial info: Lot rent: $1,417 per month; Land lease expires January 1, 2027
• HOA & community: Senior community; Land lease (monthly lot rent)

Exterior

• Parking: Carport
• Utilities: Electricity; Public water; Public sewer
• Home design: Manufactured home in a park; Single-story (main level living); No significant view listed; Residential property
• Construction: Built in 1999; Composition roof; Built with wood composite materials; GIS-recorded building area: 1,400
• Exterior features: Wood composite exterior

Interior

• Kitchen: Kitchen (main level)
• Bedrooms: Primary bedroom on main level; Second bedroom on main level; Third bedroom on main level
• Bathrooms: 2 full bathrooms (both on main level)
• Heating & cooling: Forced air heating; Heat pump (heating and cooling)
• Interior features: Family room; Great room; Dining room; Living room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $139k.

Deal economics

• At list price, monthly cash flow is $967 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Recommended offer: $135k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.6% 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: Illahee Elementary School (407 students, 27% FRL); Shahala Middle School (874 students, 44% FRL); Union High School (2,021 students, 38% FRL) — zoned schools at 36% FRL track the district average.
• Market conditions: Rents rising (+1.2%/yr); 304 active listings in the ZIP; 38 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 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 31% of the median local income ($91k/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 $961 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.
• At projected returns (-3.0% appreciation + 1.2% rent growth), your $39k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($135k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y 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.
• Current owner paid $117k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $134,830 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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: 1.67% ✓
• Cap rate: 14.64%
• Cash-on-cash: 29.82%
• DSCR: 2.33
• GRM: 5.0

CMA / ARV

• ARV (median comp): $154,959
• List price: $139,000
• Delta: -10.30%
• Verdict: UNDERPRICED
• Comps: 19 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
16500 SE 1st St #98	0.00mi	3/2.0	1,392 (-1%)	2mo	$115,000	$83	97
16500 SE 1st St	0.00mi	3/2.0	1,392 (-1%)	2mo	$115,000	$83	97
16500 SE 1st St #170	0.00mi	2/2.0 (-1)	1,355 (-3%)	1mo	$155,000	$114	89
16500 SE 1st St #19	0.00mi	3/2.0	1,309 (-6%)	2mo	$117,000	$89	88
16500 SE 1st St #71	0.00mi	2/2.0 (-1)	1,418 (+1%)	12mo	$160,000	$113	83
16812 SE 1st St #71	0.19mi	3/2.0	1,325 (-5%)	7mo	$155,000	$117	76
16812 SE 1st St #51	0.19mi	3/2.0	1,456 (+4%)	12mo	$210,000	$144	75
16812 SE 1st St #69	0.19mi	4/2.0 (+1)	1,440 (+3%)	9mo	$206,000	$143	74
16500 SE 1st St #129	0.00mi	2/2.0 (-1)	1,493 (+7%)	13mo	$177,000	$119	73
16500 SE 1st St #56	0.00mi	2/2.0 (-1)	1,263 (-10%)	8mo	$112,000	$89	72
16812 SE 1st St #84	0.19mi	3/2.0	1,248 (-11%)	8mo	$124,600	$100	67
16500 SE 1st St #91	0.00mi	2/2.0 (-1)	1,520 (+9%)	17mo	$135,000	$89	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: 22.3%
• Equity multiple: 1.90×
• Total profit: $34,835
• Equity at exit: $20,725

10-year hold

• IRR: 29.2%
• Equity multiple: 3.39×
• Total profit: $92,883
• Equity at exit: $12,018

Cash invested: $38,920 (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: 5.0×

Monthly cashflow live

• Estimated rent: $2,319 high
• Mortgage (P&I): −$729
• Tax from tax record: −$78 /mo · $937/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$487
• Net cashflow: $967

Break-even live

Break-even rent $1,095

Max offer price $139,000

Occupancy floor 53%

Sensitivity live

Price	-10% $1,046	-5% $1,007	+0% $967	+5% $928	+10% $888
Rent	-10% $784	-5% $876	+0% $967	+5% $1,059	+10% $1,150
Rate	-1.0pp $1,037	-0.5pp $1,003	base $967	+0.5pp $931	+1.0pp $895

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Rent comps 38 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
16202 NE 8th St Unit B Vancouver, WA	2.0	2.5	1500	$2,150	$1.43	44d	1	0.25mi
301 SE 166th Ave Vancouver, WA	3.0	1.0–2.0	883	$2,080	$2.36	8d	15	0.35mi
16801 SE 1st St Vancouver, WA	2.0	1.0	960	$1,608	$1.68	24d	1	0.37mi
16312 NE 12th St Unit 2 Vancouver, WA	3.0	2.0	1616	$2,059	$1.27	44d	1	0.41mi
1207 NE 166th Ave Vancouver, WA	3.0	2.0	1533	$6,000	$3.91	2d	1	0.42mi
621 SE 168th Ave Vancouver, WA	3.0	1.0–2.0	869	$2,294	$2.64	15d	7	0.52mi
621 SE 168th Ave Vancouver, WA	2.0–3.0	1.0–2.0	1125	$2,274	$2.02	3d	9	0.52mi
112 SE 158th Ave Vancouver, WA	3.0	2.0	1174	$1,995	$1.70	24d	1	0.53mi
15501 NE 2nd St Vancouver, WA	3.0	2.0	1264	$2,750	$2.18	2d	1	0.60mi
600 SE 177th Ave Vancouver, WA	1.0–3.0	1.0–2.0	931	$2,535	$2.72	2d	20	0.70mi
510 SE 157th Ave #35 Vancouver, WA	2.0	2.0	1060	$1,895	$1.79	24d	1	0.71mi
1000 SE 160th Ave Apt M104 Vancouver, WA	2.0	2.0	906	$1,600	$1.77	8d	1	0.81mi
1000 SE 160th Ave Apt DD238 Vancouver, WA	2.0	2.0	906	$1,600	$1.77	44d	1	0.81mi
1000 SE 160th Ave Apt FF257 Vancouver, WA	3.0	2.0	1050	$1,950	$1.86	44d	1	0.81mi
1000 SE 160th Ave Apt N116 Vancouver, WA	2.0	2.0	906	$1,600	$1.77	18d	1	0.81mi
1000 SE 160th Ave Unit RR-342 Vancouver, WA	2.0	2.0	906	$1,600	$1.77	24d	1	0.81mi
1000 SE 160th Ave Unit RR-336 Vancouver, WA	2.0	2.0	906	$1,600	$1.77	17d	1	0.81mi
16334 NE 20th St Vancouver, WA	3.0	2.5	1432	$2,695	$1.88	5d	1	0.88mi
17775 SE Mill Plain Blvd Vancouver, WA	1.0–2.0	1.0–2.0	732	$2,353	$3.21	5d	1	0.89mi
16332 NE 21st St Vancouver, WA	3.0	2.5	1541	$2,595	$1.68	24d	1	0.92mi
2119 NE 163rd Ave Vancouver, WA	3.0	2.5	1657	$2,515	$1.52	44d	1	0.95mi
17003 NE 22nd St Vancouver, WA	3.0	2.0	1448	$2,575	$1.78	5d	1	0.96mi
14616 SE 1st St Vancouver, WA	3.0	1.5	1200	$1,975	$1.65	44d	1	0.99mi
505 SE 184th Ave Vancouver, WA	1.0–3.0	1.0–2.0	928	$2,695	$2.90	2d	24	1.01mi
14913 SE Mill Plain Blvd Vancouver, WA	1.0–2.0	1.0–2.0	939	$2,000	$2.13	3d	4	1.03mi
1302 SE 155th Ave Vancouver, WA	3.0	2.0	1558	$2,495	$1.60	45d	1	1.04mi
1600 SE 168th Ave Vancouver, WA	3.0	1.5	1210	$2,350	$1.94	5d	1	1.07mi
2419 NE 164th Ave Vancouver, WA	3.0	2.0	1386	$2,809	$2.03	3d	1	1.07mi
1603 SE 171st Pl Vancouver, WA	4.0	2.5	1771	$6,300	$3.56	18d	1	1.12mi
14600 SE 7th Way Vancouver, WA	3.0	2.5	1476	$2,345	$1.59	44d	1	1.19mi
2712 NE 164th Pl Vancouver, WA	3.0	2.0	1380	$2,495	$1.81	24d	1	1.22mi
1203 NE Keyes Rd Vancouver, WA	3.0	2.0	1400	$2,199	$1.57	44d	1	1.28mi
Chase LNDG Gresham, OR	3.0	2.5	1389	$2,200	$1.58	13d	3	1.31mi
14111 SE 6th St Vancouver, WA	2.0	1.5	1201	$2,104	$1.75	24d	1	1.35mi
1418 NE 140th Ave Vancouver, WA	2.0	1.5	904	$1,895	$2.10	15d	1	1.42mi
701 SE 139th Ave Vancouver, WA	1.0–2.0	1.0	806	$1,600	$1.99	4d	6	1.46mi
19600 NE 3rd St Camas, WA	1.0–3.0	1.0–2.0	952	$2,825	$2.97	2d	20	1.48mi
3402 NE 165th Ave Vancouver, WA	4.0	2.5	1777	$3,119	$1.76	8d	1	1.49mi

Listing history 18 events

1. 2026-06-21
   days on market $139,000 Active 45 DOM
2. 2026-06-18
   days on market $139,000 Active 42 DOM
3. 2026-06-17
   days on market $139,000 Active 41 DOM
4. 2026-06-16
   days on market $139,000 Active 40 DOM
5. 2026-06-15
   days on market $139,000 Active 39 DOM
6. 2026-06-13
   days on market $139,000 Active 37 DOM
7. 2026-06-13
   days on market $139,000 Active 36 DOM
8. 2026-06-09
   days on market $139,000 Active 33 DOM
9. 2026-06-08
   days on market $139,000 Active 32 DOM
10. 2026-06-07
    days on market $139,000 Active 31 DOM
11. 2026-06-03
    days on market $139,000 Active 27 DOM
12. 2026-06-02
    days on market $139,000 Active 26 DOM
13. 2026-06-01
    days on market $139,000 Active 25 DOM
14. 2026-05-31
    pricedays on market $139,000 Active 24 DOM
15. 2026-05-07
    listed $143,000 Active 457-char remark
16. 2020-07-30
    soldstatus $117,000 Sold 369-char remark

    Show marketing remark (369 chars)

    Light ,bright top of the line Silvercrest 3 br 2 bath home with a great floor plan and vaulted ceilings.Spacious master suite boasts his and her sinks,a luxurious soaking tub,and shower.Newer stove.New water heater June 2020.Carport is 552 sq. ft with a storage shed and plenty of parking space,patio too.Ramp for easy access .Over 55 gated Park with a lush greenspace.

17. 2020-06-12
    status Pending 369-char remark

    Show marketing remark (369 chars)

    Light ,bright top of the line Silvercrest 3 br 2 bath home with a great floor plan and vaulted ceilings.Spacious master suite boasts his and her sinks,a luxurious soaking tub,and shower.Newer stove.New water heater June 2020.Carport is 552 sq. ft with a storage shed and plenty of parking space,patio too.Ramp for easy access .Over 55 gated Park with a lush greenspace.

18. 2020-05-30
    listed $119,900 Active 369-char remark

    Show marketing remark (369 chars)

    Light ,bright top of the line Silvercrest 3 br 2 bath home with a great floor plan and vaulted ceilings.Spacious master suite boasts his and her sinks,a luxurious soaking tub,and shower.Newer stove.New water heater June 2020.Carport is 552 sq. ft with a storage shed and plenty of parking space,patio too.Ramp for easy access .Over 55 gated Park with a lush greenspace.

ⓘ 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: $937 · $78/mo
• Projected year-2 tax: $1,362 · $114/mo
• Expected delta: +$425/yr (+$35/mo · 45.3%)

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

Taxation est. · year 1

• Rental income: $27,830
• − Mortgage interest: −$7,786
• − Property taxes: −$937
• − Insurance: −$695
• − Repairs & maintenance: −$2,226
• − Management: −$2,226
• − Depreciation: −$4,044
• Taxable income: $9,915
• Est. tax owed @ 24.0%: −$2,380
• After-tax cash flow: $9,226/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

• 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

+15.9% since first listed

5 events — show timeline

• 2026-05-30 Price Changed $139,000 RMLS
• 2026-05-07 Listed $143,000 RMLS
• 2020-07-30 Sold (MLS) $117,000 RMLS
• 2020-06-12 Pending — RMLS
• 2020-05-30 Listed $119,900 RMLS

Property tax history

+15.4%/yr

Latest (2026): $937 · +27.6% YoY. Source: county tax records.