1805 NE 94th St #21

Hazel Dell, WA 98665

$75,000B+

2 bd · 1.5 ba · 1,080 sqft · Built 1995 · Manufactured · Pending · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,786/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$56
• HOA: −$0
• Vac / Maint / Mgmt: −$375
• Net cashflow: $962/mo
• Annual: $11,545/yr
• Cap rate: 21.69%
• Cash-on-cash: 54.98%
• DSCR: 3.45
• 1% rule: 2.38%
• Cash to close: $21,000

Investor read

• This is a 2-bed/1.5-bath manufactured listed at $75k.
• At list price, monthly cash flow is $962 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• It's been on market 16 days — a 2% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $74k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#67 in WA, #1,216 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime D+, cost of living D.
• 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: Sarah J Anderson Elementary (660 students, 53% FRL); Gaiser Middle School (763 students, 69% FRL); Skyview High School (1,739 students, 33% FRL).
• Market conditions: Rents rising (+2.0%/yr); 187 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 8d 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.
• At projected returns (-3.0% appreciation + 2.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 21.7% vs local median 3.2% in Hazel Dell — 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

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D 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?
• 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.
• 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.
• 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.