312 NE 103rd St · Salmon Creek, WA 98665

$186,000

2 bd · 1.5 ba · 1,088 sqft · Condo public records · 111 Days on market

Built 1978 $171/sqft · 24% below area Est $246k · 24% under $438/mo HOA · 24% of rent

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +6.9/30.0
• 1% rule +4.8/10.0
• Schools +4.3/10.0
• Livability +4.2/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• DSCR +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Stop paying your landlord’s mortgage and start building equity in this beautiful, move-in-ready 2-bedroom, 1.5-bath condo. Perfectly priced to make homeownership a reality, the home features a functional layout designed to maximize living space, complete with brand-new carpet and an included washer and dryer. Storage is a easy with your own detached garage featuring a brand-new door, plus a dedicated parking space right at your entrance. Inside, the main floor living area opens to a cozy deck where peaceful nature views create a wonderful sense of privacy and spaciousness. Conveniently located near shops and restaurants, with incredibly easy access to I-5.

Key facts

• Nature views
• Cozy deck
• Detached garage

Tags

• DETACHED GARAGE
• COZY DECK
• NATURE VIEWS
• DEDICATED PARKING SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $186k.

Deal economics

• At list price, monthly cash flow is $-278 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $137k (26.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $182k (2.2% below list).
• Recommended offer: $137k (26.4% below list) — sets the bar for cash-flow.
• Cap rate 4.5% vs local median 2.8% in Salmon Creek — 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 (#40 in WA, #702 nationally) — a professional / high-income tenant draw. Strengths: commute A+, employment A+, housing A+; Watch: cost of living F.
• 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: Sacajawea Elementary School (387 students, 46% FRL); Thomas Jefferson Middle School (743 students, 36% FRL); Columbia River High (1,134 students, 32% FRL).
• Market conditions: Rents rising (+2.0%/yr); 188 active listings in the ZIP; 37 comparable units currently listed for rent nearby; rentals leasing fast (median 10d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 111 days — a 9% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 18y ago; this cycle's ask has dropped $14k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $117k; list at $186k implies a 59% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.

Recommended offer $136,912 (26.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 111 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.98% ✗
• Cap rate: 4.50%
• Cash-on-cash: -6.40%
• DSCR: 0.72
• GRM: 8.5

CMA / ARV

• ARV (median comp): $245,957
• List price: $186,000
• Delta: -24.38%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.0% rent growth · sell at horizon

5-year hold

• IRR: -28.7%
• Equity multiple: 0.05×
• Total profit: $-49,359
• Equity at exit: $27,733

10-year hold

• IRR: -33.9%
• Equity multiple: -0.38×
• Total profit: $-71,876
• Equity at exit: $16,082

Cash invested: $52,080 (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 98665

• Rents YoY: 2.0%
• Active inventory: 188
• Price-to-rent: 8.5×

Monthly cashflow live

• Estimated rent: $1,820 high
• Mortgage (P&I): −$975
• Tax from tax record: −$225 /mo · $2,695/yr
• Insurance: −$78
• HOA: −$438
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $-278

Break-even live

Break-even rent $2,171

Max offer price $136,912

Occupancy floor —

Sensitivity live

Price	-10% $-173	-5% $-225	+0% $-278	+5% $-331	+10% $-383
Rent	-10% $-422	-5% $-350	+0% $-278	+5% $-206	+10% $-134
Rate	-1.0pp $-184	-0.5pp $-231	base $-278	+0.5pp $-326	+1.0pp $-375

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: $46,500
• Closing costs: $5,580
• Reserves months: —
• Total cash needed: —

Rent comps 37 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
345 NE 105th St Vancouver, WA	3.0	1.5	1260	$2,350	$1.87	6d	1	0.05mi
10223 NE Notchlog Dr Vancouver, WA	2.0	1.0	665	$1,646	$2.48	9d	1	0.16mi
10117 NE 9th Ave Vancouver, WA	1.0–2.0	1.0–2.0	790	$1,470	$1.86	0d	7	0.28mi
1115 NE 105th St Vancouver, WA	1.0–2.0	1.0–2.0	835	$1,615	$1.93	9d	6	0.37mi
10316 NE Stutz Rd Vancouver, WA	2.0	1.0	880	$1,300	$1.48	25d	1	0.37mi
9917 NE 13th Ave Vancouver, WA	2.0	1.0	707	$1,645	$2.33	4d	4	0.51mi
10223 NE 13th Ave Vancouver, WA	2.0	2.0	850	$1,675	$1.97	25d	1	0.54mi
1801 NE 99th St Unit 9802-6 Vancouver, WA	2.0	1.5	910	$1,395	$1.53	25d	1	0.74mi
1824 NE 104th Loop Vancouver, WA	2.0	1.0	847	$1,420	$1.68	25d	1	0.75mi
608 NE 86th St Vancouver, WA	2.0	2.0	1031	$1,825	$1.77	4d	1	0.77mi
932 NE 86th St Vancouver, WA	2.0	1.0	700	$1,295	$1.85	25d	1	0.80mi
928 NE 86th St Vancouver, WA	2.0	1.0	700	$1,250	$1.79	12d	1	0.81mi
1008 NE 86th St Vancouver, WA	2.0	1.0	700	$1,395	$1.99	25d	1	0.81mi
1016 NE 86th St Vancouver, WA	2.0	1.0	950	$1,475	$1.55	25d	1	0.82mi
8500 NE Hazel Dell Ave Vancouver, WA	1.0–2.0	1.0–2.0	837	$1,675	$2.00	12d	2	0.85mi
8917 NE 15th Ave Vancouver, WA	2.0	1.0	850	$1,392	$1.64	0d	11	0.85mi
9501 NE 19th Ave Vancouver, WA	1.0–2.0	1.0–2.5	844	$2,099	$2.49	0d	19	0.86mi
8415 NE Hazel Dell Ave Vancouver, WA	2.0–3.0	1.0	871	$1,500	$1.72	0d	4	0.87mi
1405 NE 88th St Vancouver, WA	1.0	1.0	733	$1,550	$2.11	25d	1	0.91mi
1532 NE 87th Way Vancouver, WA	3.0	2.5	1418	$2,295	$1.62	25d	1	0.92mi
11201 NE Highway 99 Vancouver, WA	2.0	1.0	825	$1,359	$1.65	9d	1	0.95mi
1106 NE 83rd St Vancouver, WA	1.0–3.0	1.0–2.5	1058	$1,932	$1.83	22d	1	1.00mi
1612 NW 109th St Vancouver, WA	2.0	1.0	900	$2,800	$3.11	25d	1	1.03mi
1800 NW 104th St Vancouver, WA	3.0	2.0	1406	$2,679	$1.91	4d	1	1.04mi
8208 NE 13th Ave Vancouver, WA	2.0	1.0	750	$1,450	$1.93	25d	1	1.07mi
1437 NE 82nd Dr Vancouver, WA	3.0	2.5	1500	$2,695	$1.80	4d	1	1.15mi
8601 NE 21st Ave Unit D Vancouver, WA	3.0	2.5	1155	$2,200	$1.90	14d	1	1.16mi
8601 NE 21st Ave Unit D Vancouver, WA	3.0	2.5	1155	$2,200	$1.90	16d	1	1.16mi
8003 NE 13th Ave Vancouver, WA	1.0–2.0	1.0–2.0	849	$2,045	$2.41	0d	14	1.19mi
2703 NE 99th St Vancouver, WA	1.0	1.0	800	$1,700	$2.12	6d	1	1.23mi
8005 NE 13th Ave Vancouver, WA	1.0–2.0	1.0–2.0	849	$2,045	$2.41	0d	12	1.24mi
7900 NE 18th Ave Vancouver, WA	1.0–3.0	1.0	755	$1,408	$1.86	0d	3	1.29mi
7317 NE Hazel Dell Ave #10 Vancouver, WA	2.0	1.0	1037	$1,395	$1.35	25d	1	1.40mi
7439 NE 13th Ave Vancouver, WA	2.0	1.0	817	$1,475	$1.81	0d	1	1.43mi
13203 NW 3rd Ct Vancouver, WA	3.0	2.0	1484	$2,100	$1.42	19d	1	1.44mi
2413 NW 111th St Vancouver, WA	2.0	1.0	1150	$1,895	$1.65	4d	1	1.44mi
2301 NE 81st St Vancouver, WA	1.0–3.0	1.0–2.0	1080	$1,975	$1.83	3d	10	1.47mi

HOA detail condo

• Monthly dues: $438 · $5,256/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-06-21
   days on market $186,000 Active 111 DOM
2. 2026-06-18
   days on market $186,000 Active 108 DOM
3. 2026-06-17
   days on market $186,000 Active 107 DOM
4. 2026-06-16
   days on market $186,000 Active 106 DOM
5. 2026-06-15
   days on market $186,000 Active 105 DOM
6. 2026-06-13
   days on market $186,000 Active 103 DOM
7. 2026-06-09
   days on market $186,000 Active 99 DOM
8. 2026-06-08
   days on market $186,000 Active 98 DOM
9. 2026-06-07
   days on market $186,000 Active 97 DOM
10. 2026-06-03
    days on market $186,000 Active 93 DOM
11. 2026-06-02
    days on market $186,000 Active 92 DOM
12. 2026-06-01
    days on market $186,000 Active 91 DOM
13. 2026-05-31
    days on market $186,000 Active 90 DOM
14. 2026-04-21
    price $210,000 670-char remark

    Show marketing remark (670 chars)

    Stop paying your landlord’s mortgage and start building equity in this beautiful, move-in-ready 2-bedroom, 1.5-bath condo. Perfectly priced to make homeownership a reality, the home features a functional layout designed to maximize living space, complete with brand-new carpet and an included washer and dryer. Storage is a easy with your own detached garage featuring a brand-new door, plus a dedicated parking space right at your entrance. Inside, the main floor living area opens to a cozy deck where peaceful nature views create a wonderful sense of privacy and spaciousness. Conveniently located near shops and restaurants, with incredibly easy access to I-5.

15. 2026-04-05
    price $224,000 670-char remark

    Show marketing remark (670 chars)

    Stop paying your landlord’s mortgage and start building equity in this beautiful, move-in-ready 2-bedroom, 1.5-bath condo. Perfectly priced to make homeownership a reality, the home features a functional layout designed to maximize living space, complete with brand-new carpet and an included washer and dryer. Storage is a easy with your own detached garage featuring a brand-new door, plus a dedicated parking space right at your entrance. Inside, the main floor living area opens to a cozy deck where peaceful nature views create a wonderful sense of privacy and spaciousness. Conveniently located near shops and restaurants, with incredibly easy access to I-5.

16. 2026-03-02
    listed $199,999 Active 670-char remark

    Show marketing remark (670 chars)

    Stop paying your landlord’s mortgage and start building equity in this beautiful, move-in-ready 2-bedroom, 1.5-bath condo. Perfectly priced to make homeownership a reality, the home features a functional layout designed to maximize living space, complete with brand-new carpet and an included washer and dryer. Storage is a easy with your own detached garage featuring a brand-new door, plus a dedicated parking space right at your entrance. Inside, the main floor living area opens to a cozy deck where peaceful nature views create a wonderful sense of privacy and spaciousness. Conveniently located near shops and restaurants, with incredibly easy access to I-5.

17. 2008-08-06
    soldstatus $117,000
18. 2008-08-01
    soldstatus $117,000 391-char remark

    Show marketing remark (391 chars)

    Looking for a screaming deal on a starter home? Beautiful low-maint condo w/ big yard & garage. Remodeled top to bottom by professional designer. New kitchen, baths, floors, windows. LR w/ Granite surround FP, builtin bookshelves, custom blinds & wired for surround. Convenient upstairs laundry. Full walkin shower. Near transit center & shopping. Motivated seller wants it gone!

19. 2008-06-21
    historical 391-char remark

    Show marketing remark (391 chars)

    Looking for a screaming deal on a starter home? Beautiful low-maint condo w/ big yard & garage. Remodeled top to bottom by professional designer. New kitchen, baths, floors, windows. LR w/ Granite surround FP, builtin bookshelves, custom blinds & wired for surround. Convenient upstairs laundry. Full walkin shower. Near transit center & shopping. Motivated seller wants it gone!

20. 2008-05-09
    listed $117,000 391-char remark

    Show marketing remark (391 chars)

    Looking for a screaming deal on a starter home? Beautiful low-maint condo w/ big yard & garage. Remodeled top to bottom by professional designer. New kitchen, baths, floors, windows. LR w/ Granite surround FP, builtin bookshelves, custom blinds & wired for surround. Convenient upstairs laundry. Full walkin shower. Near transit center & shopping. Motivated seller wants it gone!

21. 1991-04-04
    soldstatus $34,395

ⓘ 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: $2,695 · $225/mo
• Projected year-2 tax: $2,695 · $225/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $21,837
• − Mortgage interest: −$10,419
• − Property taxes: −$2,695
• − Insurance: −$930
• − Repairs & maintenance: −$1,747
• − Management: −$1,747
• − HOA: −$5,256
• − Depreciation: −$5,411
• Taxable loss: −$6,368
• Est. tax savings @ 24.0%: +$1,528
• After-tax cash flow: $-1,806/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: Vancouver School District
• NCES district ID: 5309270
• Math proficiency: 43% ▬ 0.00%
• Reading proficiency: 53% ▬ 0.00%
• Median HH income: $52,562
• Composite: 43.45/100
• National rank: #6479
• State rank: #156 of 291 in WA

Livability — Salmon Creek

• Score: 84/100
• State rank: #40
• US rank: #702

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Salmon Creek, WA
• County: Clark County · 513,189 people
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 28,910
• Household income: $88,559
• Rent vs Own: 42.0% rent · 58.0% own
• Severe rent burden: 1070.0

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 (70%)
• Race & ethnicity: White 70% Hispanic / Latino 14% Two or more races 11% Asian 5% Black 3%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Portuguese 5% Italian 4% Slovak 3%
• Foreign-born: 12% · Canada, China
• Languages at home: 80% English-only · Spanish 9% Russian/Polish/Slavic 3% Other Asian/Pacific 2%

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: ▼ -274.20%
• Current HPI: 303.1342
• Rent YoY: ▲ 2.00%
• 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

+510.6% since first listed

8 events — show timeline

• 2026-04-21 Price Changed $210,000 RMLS
• 2026-04-05 Price Changed $224,000 RMLS
• 2026-03-02 Listed $199,999 RMLS
• 2008-08-06 Sold (Public Records) $117,000 Public Records
• 2008-08-01 Sold (MLS) $117,000 RMLS
• 2008-06-21 Delisted — RMLS
• 2008-05-09 Listed $117,000 RMLS
• 1991-04-04 Sold (Public Records) $34,395 Public Records

Property tax history

+4.7%/yr

Latest (2026): $2,695 · +5.8% YoY. Source: county tax records.