4501 Addy St #76 · Washougal, WA 98671

$120,000

3 bd · 2.0 ba · 1,294 sqft · Manufactured public records · 1 Days on market

Built 1997 2,999 sqft lot Est $162k · 26% under $800/mo HOA · 34% of rent

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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 +27.7/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +9.7/10.0
• Schools +5.3/10.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Great Double Wide manufactured home in Gibbons Creek Estates. Spacious 3 bedroom 2 bathroom. Near town and short driving distance from shopping. Room for your pet to play and quiet neighborhood. A MUSt SEE!! Call for more information today!!!

Key facts

• Quiet neighborhood
• 2,999 sq ft lot
• 2 parking spots

Tags

• DOUBLE WIDE MANUFACTURED HOME
• GIBBONS CREEK ESTATES
• QUIET NEIGHBORHOOD

Property features AI

Finance

• Financial info: Listing terms include FHA
• HOA & community: HOA: Gibbons Creek Estates; Association fee $800 monthly; Land is leased

Exterior

• Parking: Attached carport with 2 covered spaces
• Utilities: Electric energy source; Public water (City of Washougal); Sewer connected (City of Washougal); Power provided by PUD
• Home design: Manufactured double-wide home; Single-story
• Construction: Metal/vinyl construction materials; Composition roof; Pillar/post/pier foundation; Manufactured house (double wide)
• Exterior features: Metal/vinyl exterior

Interior

• Kitchen: Dishwasher; Garbage disposal; Refrigerator; Stove/Range
• Bedrooms: 3 bedrooms (all on main level)
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms; 2 bathtubs; 2 showers
• Heating & cooling: Forced air heating; Forced air cooling
• Interior features: Water heater; Dishwasher; Garbage disposal; Refrigerator; Stove/Range
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $361 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Cap rate 9.9% vs local median 1.7% in Washougal — 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 (#42 in WA, #742 nationally) — a professional / high-income tenant draw. Strengths: employment A+, housing A+, health & safety A+; Watch: amenities D+, cost of living F.
• Washougal School District (suburban): math 53% / reading 64% proficiency, ranked #59 of 291 in WA (top 20%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Columbia River Gorge Elementary School (339 students, 43% FRL); Washougal High School (1,006 students, 38% FRL).
• Market conditions: Rents rising (+3.7%/yr); 275 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 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 $830 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 + 3.7% rent growth), your $34k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: HOA is 34% of rent.

Recommended offer $120,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-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?
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: 1.99% ✓
• Cap rate: 9.90%
• Cash-on-cash: 12.90%
• DSCR: 1.57
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $161,750
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4501 Addy St #16	0.13mi	3/2.0	1,248 (-4%)	10mo	$190,708	$153	80
3777 Addy St #12	0.58mi	3/2.0	1,348 (+4%)	4mo	$105,000	$78	63
3777 Addy St #54	0.58mi	3/2.0	1,252 (-3%)	17mo	$135,000	$108	53
3777 Addy St #4	0.58mi	3/2.0	1,200 (-7%)	10mo	$150,000	$125	53
3777 Addy St #33	0.58mi	3/2.0	1,197 (-8%)	10mo	$128,000	$107	52
3777 Addy St #63	0.58mi	3/2.0	1,404 (+8%)	10mo	$159,000	$113	50
35410 SE Sunset View Rd	0.68mi	3/2.0	1,442 (+11%)	13mo	$630,000	$437	38
3777 Addy St #18	0.58mi	3/2.0	1,101 (-15%)	20mo	$146,000	$133	32

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 · 3.7% rent growth · sell at horizon

5-year hold

• IRR: 4.3%
• Equity multiple: 1.17×
• Total profit: $5,703
• Equity at exit: $17,892

10-year hold

• IRR: 15.0%
• Equity multiple: 2.29×
• Total profit: $43,489
• Equity at exit: $10,375

Cash invested: $33,600 (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 98671

• Rents YoY: 3.7%
• Active inventory: 275
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $2,384 high
• Mortgage (P&I): −$629
• Tax from tax record: −$43 /mo · $512/yr
• Insurance: −$50
• HOA: −$800
• Vacancy / Maint / Mgmt: −$501
• Net cashflow: $361

Break-even live

Break-even rent $1,927

Max offer price $120,000

Occupancy floor 80%

Sensitivity live

Price	-10% $429	-5% $395	+0% $361	+5% $327	+10% $293
Rent	-10% $173	-5% $267	+0% $361	+5% $455	+10% $549
Rate	-1.0pp $421	-0.5pp $392	base $361	+0.5pp $330	+1.0pp $298

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3381 Lewis Ln Washougal, WA	2.0	2.5	980	$2,195	$2.24	2d	1	0.86mi
3337 Lewis Ln Washougal, WA	2.0	2.5	981	$2,195	$2.24	44d	1	0.88mi
3251 Lewis Ln Washougal, WA	2.0	2.5	992	$2,095	$2.11	2d	1	0.97mi
4694 Rolling Meadows Dr Washougal, WA	3.0	2.0	1358	$2,900	$2.14	15d	1	0.98mi
5447 N St Washougal, WA	3.0	2.0	1872	$2,795	$1.49	44d	1	1.00mi
3108 H St Apt 3 Washougal, WA	2.0	1.5	950	$1,450	$1.53	2d	1	1.16mi

HOA detail

• Monthly dues: $800 · $9,600/yr

Listing history 2 events

1. 2026-06-19
   remarks 244-char remark
2. 2026-06-19
   listed $120,000 Active 1 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: $512 · $43/mo
• Projected year-2 tax: $1,176 · $98/mo
• Expected delta: +$664/yr (+$55/mo · 129.6%)

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

Taxation est. · year 1

• Rental income: $28,603
• − Mortgage interest: −$6,722
• − Property taxes: −$512
• − Insurance: −$600
• − Repairs & maintenance: −$2,288
• − Management: −$2,288
• − HOA: −$9,600
• − Depreciation: −$3,491
• Taxable income: $3,102
• Est. tax owed @ 24.0%: −$744
• After-tax cash flow: $3,588/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: Washougal School District
• NCES district ID: 5309540
• Math proficiency: 53% ▼ -2.00%
• Reading proficiency: 64% ▼ -2.00%
• Median HH income: $68,134
• Composite: 53.22/100
• National rank: #3195
• State rank: #59 of 291 in WA

Livability — Washougal

• Score: 84/100
• State rank: #42
• US rank: #742

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Washougal, WA
• County: Clark County · 513,189 people
• City population: 24,871
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 24,871
• Household income: $111,545
• Rent vs Own: 23.5% rent · 76.5% own
• Severe rent burden: 382.0

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 (82%)
• Race & ethnicity: White 82% Hispanic / Latino 10% Two or more races 9% Asian 2%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Portuguese 5% Italian 3% Lithuanian 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 91% English-only · Spanish 6% Chinese 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: ▼ -418.85%
• Current HPI: 315.8635
• Rent YoY: ▲ 3.70%
• 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

• 2026-06-18 Listed $120,000 NWMLS as Distributed by MLS Grid

Property tax history

-1.0%/yr

Latest (2026): $512 · +43.5% YoY. Source: county tax records.