312 NE 103rd St

Salmon Creek, WA 98665

$186,000D

2 bd · 1.5 ba · 1,088 sqft · Built 1978 · Condo · Active · 111 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,820/mo
• Mortgage (P&I): −$975
• Tax + insurance: −$302
• HOA: −$438
• Vac / Maint / Mgmt: −$382
• Net cashflow: $-278/mo
• Annual: $-3,334/yr
• Cap rate: 4.50%
• Cash-on-cash: -6.40%
• DSCR: 0.72
• 1% rule: 0.98%
• Cash to close: $52,080

Investor read

• This is a 2-bed/1.5-bath condo listed at $186k.
• 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).
• It's been on market 111 days — a 9% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $137k (26.4% below list) — sets the bar for cash-flow.
• 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.
• 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).
• Watch-outs: HOA is 24% of rent.
• 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).
• Clark County population projected at +29% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• 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.

Questions for listing agent

• 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?
• 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?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?