1693 N Shepherd Rd · Washougal, WA 98671

$149,999

3 bd · 2.0 ba · 1,332 sqft · Land · 34 Days on market

Built 1972 $113/sqft · 42% below area Est $258k · 42% 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 +29.9/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• 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 MLS

This 2019 double wide manufactured home is move in ready! Located in a beautiful park across the street from Washougal river, for fishing or taking a dip on hot days. The 2nd bedroom is set up as a den/office for previous owner. Huge covered decks, Has another driveway behind the home for guests or trailer parking. 8x10 matching shed. SS Appliances. Huge master bedroom w/ada sized doors & walk-in closet. Rent fee includes, Water, sewer, garbage, yard debri.

Key facts

• Multiple sheds
• Recent water heater
• New furnace

Tags

• OPEN LIVING CONCEPT
• MULTIPLE SHEDS
• NICE WORKSHOP
• BRAND NEW HEAT PUMP
• NEW FURNACE
• RECENT WATER HEATER

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $150k.

Deal economics

• At list price, monthly cash flow is $555 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $145k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.7% 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.
• Market conditions: Rents rising (+3.7%/yr); 275 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 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 $1k 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 $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 16y ago; this cycle's ask has dropped $61k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $145,499 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.34% ✓
• Cap rate: 10.73%
• Cash-on-cash: 15.86%
• DSCR: 1.71
• GRM: 6.2

CMA / ARV

• ARV (median comp): $257,500
• List price: $149,999
• Delta: -41.75%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.7% rent growth · sell at horizon

5-year hold

• IRR: 7.6%
• Equity multiple: 1.30×
• Total profit: $12,515
• Equity at exit: $22,365

10-year hold

• IRR: 17.5%
• Equity multiple: 2.49×
• Total profit: $62,504
• Equity at exit: $12,969

Cash invested: $42,000 (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: 6.2×

Monthly cashflow live

• Estimated rent: $2,015 high
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$187 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$423
• Net cashflow: $555

Break-even live

Break-even rent $1,312

Max offer price $149,999

Occupancy floor 67%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1628 G St Washougal, WA	2.0	1.0	900	$1,595	$1.77	43d	1	0.31mi
1506 G St Washougal, WA	2.0	1.0	900	$1,925	$2.14	43d	1	0.32mi
831 H St Apt 3 Washougal, WA	2.0	1.5	1204	$1,495	$1.24	2d	1	0.50mi
2300 Main St Washougal, WA	2.0	2.0	1080	$1,845	$1.71	1d	10	0.70mi
477 I St Washougal, WA	3.0	2.0	1280	$2,350	$1.84	1d	1	0.74mi
3108 H St Apt 3 Washougal, WA	2.0	1.5	950	$1,450	$1.53	1d	1	0.88mi
600 S Marina Way Washougal, WA	3.0	1.0–2.0	1145	$2,400	$2.10	1d	15	0.99mi
232 W Lookout Ridge Dr Washougal, WA	3.0	2.5	1567	$2,295	$1.46	10d	1	1.10mi
3251 Lewis Ln Washougal, WA	2.0	2.5	992	$2,095	$2.11	1d	1	1.16mi
3003 NE 3rd Ave Camas, WA	2.0	1.0	900	$1,720	$1.91	1d	4	1.17mi
3337 Lewis Ln Washougal, WA	2.0	2.5	981	$2,195	$2.24	43d	1	1.23mi
2615 NE 3rd Ave Camas, WA	2.0	1.0	960	$1,522	$1.59	1d	2	1.25mi
3381 Lewis Ln Washougal, WA	2.0	2.5	980	$2,195	$2.24	1d	1	1.28mi

Listing history 20 events

1. 2026-06-15
   days on market $149,999 Active 34 DOM
2. 2026-06-13
   days on market $149,999 Active 32 DOM
3. 2026-06-09
   days on market $149,999 Active 28 DOM
4. 2026-06-08
   days on market $149,999 Active 27 DOM
5. 2026-06-07
   days on market $149,999 Active 26 DOM
6. 2026-06-05
   days on market $149,999 Active 23 DOM
7. 2026-06-03
   days on market $149,999 Active 22 DOM
8. 2026-06-02
   days on market $149,999 Active 21 DOM
9. 2026-06-01
   days on market $149,999 Active 20 DOM
10. 2026-05-31
    days on market $149,999 Active 19 DOM
11. 2026-05-12
    listed $149,999 Active 1394-char remark
12. 2023-04-12
    soldstatus $212,000 Closed 466-char remark

    Show marketing remark (466 chars)

    This 2019 double wide manufactured home is move in ready! Located in a beautiful park across the street from Washougal river, for fishing or taking a dip on hot days. The 2nd bedroom is set up as a den/office for previous owner. Huge covered decks, Has another driveway behind the home for guests or trailer parking. 8x10 matching shed. SS Appliances. Huge master bedroom w/ada sized doors & walk-in closet. Rent fee includes, Water, sewer, garbage, yard debri.

13. 2023-04-02
    status Pending 466-char remark

    Show marketing remark (466 chars)

    This 2019 double wide manufactured home is move in ready! Located in a beautiful park across the street from Washougal river, for fishing or taking a dip on hot days. The 2nd bedroom is set up as a den/office for previous owner. Huge covered decks, Has another driveway behind the home for guests or trailer parking. 8x10 matching shed. SS Appliances. Huge master bedroom w/ada sized doors & walk-in closet. Rent fee includes, Water, sewer, garbage, yard debri.

14. 2023-03-17
    listed $211,368 Active 466-char remark

    Show marketing remark (466 chars)

    This 2019 double wide manufactured home is move in ready! Located in a beautiful park across the street from Washougal river, for fishing or taking a dip on hot days. The 2nd bedroom is set up as a den/office for previous owner. Huge covered decks, Has another driveway behind the home for guests or trailer parking. 8x10 matching shed. SS Appliances. Huge master bedroom w/ada sized doors & walk-in closet. Rent fee includes, Water, sewer, garbage, yard debri.

15. 2010-10-22
    soldstatus $23,000 Sold

    Show marketing remark (374 chars)

    Neat & very clean 1332 sq.ft.double wide manufactured home, located in prime lot in 55+ community. New heat pump, new roof, new thermal pane windows have this one upgraded and move-in ready! Nice, open floor plan. Large master has walk-in closet. All appliances included!Relax on the large covered porch or take a walk to the nearby Washougal River. 2 storage buildings!

16. 2010-10-12
    status Pending

    Show marketing remark (374 chars)

    Neat & very clean 1332 sq.ft.double wide manufactured home, located in prime lot in 55+ community. New heat pump, new roof, new thermal pane windows have this one upgraded and move-in ready! Nice, open floor plan. Large master has walk-in closet. All appliances included!Relax on the large covered porch or take a walk to the nearby Washougal River. 2 storage buildings!

17. 2010-09-17
    price $24,900

    Show marketing remark (374 chars)

    Neat & very clean 1332 sq.ft.double wide manufactured home, located in prime lot in 55+ community. New heat pump, new roof, new thermal pane windows have this one upgraded and move-in ready! Nice, open floor plan. Large master has walk-in closet. All appliances included!Relax on the large covered porch or take a walk to the nearby Washougal River. 2 storage buildings!

18. 2010-08-08
    listed $28,000 Active

    Show marketing remark (374 chars)

    Neat & very clean 1332 sq.ft.double wide manufactured home, located in prime lot in 55+ community. New heat pump, new roof, new thermal pane windows have this one upgraded and move-in ready! Nice, open floor plan. Large master has walk-in closet. All appliances included!Relax on the large covered porch or take a walk to the nearby Washougal River. 2 storage buildings!

19. 1999-12-29
    soldstatus $111,667
20. 1999-12-29
    soldstatus $95,984

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $24,180
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$1,934
• − Management: −$1,934
• − Depreciation: −$4,364
• Taxable income: $4,545
• Est. tax owed @ 24.0%: −$1,091
• After-tax cash flow: $5,572/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

+89.9% since first listed

9 events — show timeline

• 2023-04-12 Sold (MLS) $212,000 RMLS
• 2023-04-02 Pending — RMLS
• 2023-03-17 Listed $211,368 RMLS
• 2010-10-22 Sold (MLS) $23,000 RMLS
• 2010-10-12 Pending — RMLS
• 2010-09-17 Price Changed $24,900 RMLS
• 2010-08-08 Listed $28,000 RMLS
• 1999-12-29 Sold (Public Records) $95,984 Public Records
• 1999-12-29 Sold (Public Records) $111,667 Public Records

Property tax history

+8.4%/yr

Latest (2026): $19,582 · +56.9% YoY. Source: county tax records.