5101 NE 121st Ave #154 · Vancouver, WA 98682

$170,000

3 bd · 2.0 ba · 1,566 sqft · Manufactured public records · 18 Days on market

Built 2005 Est $171k · at est.

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +7.7/15.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Lovely 1566 S.F. 3 BR,2 Bth 2005 Palm Harbor-Third BR is Huge and could be separated into BR & Den/Office etc. Vaulted. In Third Stage of Creekside with newer homes-Floor Plan is Open & Spacious, Dining Room Has Coffered Ceiling, Heat Pump,All Appliances Included, Hardi-Plank Siding--Great Lot with Xtra Parking BehindFabulous Rec Center with Lap Pool & Sauna, Lovely Kitchen Party Room. Gated RV Parking for a Nominal Fee.

Key facts

• Central location
• Open layout
• Private bathroom

Tags

• CENTRAL LOCATION
• PRIVATE BATHROOM
• ABUNDANCE OF CABINETS
• PULL-OUT SHELVING
• ALL APPLIANCES INCLUDED
• OPEN LAYOUT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $170k.

Deal economics

• At list price, monthly cash flow is $651 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $167k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 2.7% in Vancouver — 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 82/100 on livability (#62 in WA, #1,133 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime F, cost of living D-.
• Evergreen School District (Clark) (urban): math 41% / reading 51% proficiency, ranked #164 of 291 in WA (top 56%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Image Elementary School (462 students, 67% FRL); Covington Middle School (868 students, 73% FRL); Heritage High School (1,625 students, 68% FRL) — zoned schools average 69% FRL vs 39% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 463 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; 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 $5k 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 + 0.6% rent growth), your $48k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $143k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $167,450 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Crime grade is F 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?
3. 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.
4. 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.
5. 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: 1.33% ✓
• Cap rate: 10.88%
• Cash-on-cash: 16.40%
• DSCR: 1.73
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $170,694
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5101 NE 121st Ave #154	0.00mi	2/2.0 (-1)	1,566 (0%)	1mo	$170,000	$109	94
5101 NE 121st Ave	0.15mi	3/2.0	1,617 (+3%)	2mo	$185,000	$114	86
5101 NE 121st Ave #12	0.15mi	3/2.0	1,501 (-4%)	1mo	$146,000	$97	85
5101 NE 121st Ave #9	0.15mi	3/2.0	1,635 (+4%)	2mo	$223,000	$136	84
5101 NE 121st Ave #1	0.15mi	3/2.0	1,512 (-3%)	4mo	$230,000	$152	84
5404 NE 121st Ave #73	0.37mi	3/2.0	1,536 (-2%)	1mo	$75,000	$49	78
5101 NE 121st Ave #118	0.15mi	3/2.0	1,432 (-9%)	2mo	$220,000	$154	77
13217 NE 59th St #126	0.44mi	2/2.0 (-1)	1,568 (+0%)	4mo	$140,000	$89	71
5101 NE 121st Ave #51	0.15mi	3/2.0	1,350 (-14%)	0mo	$100,000	$74	70
5404 NE 121st Ave #69	0.37mi	3/2.0	1,436 (-8%)	2mo	$75,000	$52	68
5101 NE 121st Ave #78	0.15mi	4/2.0 (+1)	1,376 (-12%)	5mo	$160,000	$116	64
5404 NE 121st Ave #44	0.37mi	2/2.0 (-1)	1,431 (-9%)	4mo	$140,000	$98	60

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 · 0.63% rent growth · sell at horizon

5-year hold

• IRR: 4.8%
• Equity multiple: 1.18×
• Total profit: $8,614
• Equity at exit: $25,348

10-year hold

• IRR: 12.0%
• Equity multiple: 1.85×
• Total profit: $40,230
• Equity at exit: $14,698

Cash invested: $47,600 (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 98682

• Rents YoY: 0.6%
• Active inventory: 463
• Price-to-rent: 6.2×

Monthly cashflow live

• Estimated rent: $2,268 high
• Mortgage (P&I): −$891
• Tax from tax record: −$179 /mo · $2,148/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $651

Break-even live

Break-even rent $1,445

Max offer price $170,000

Occupancy floor 66%

Sensitivity live

Price	-10% $747	-5% $699	+0% $651	+5% $602	+10% $554
Rent	-10% $471	-5% $561	+0% $651	+5% $740	+10% $830
Rate	-1.0pp $736	-0.5pp $694	base $651	+0.5pp $606	+1.0pp $562

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12600 NE 49th St Unit F16 Vancouver, WA	2.0	2.0	1170	$1,695	$1.45	25d	1	0.17mi
4825 NE 124th Ct Vancouver, WA	3.0	2.5	1586	$2,295	$1.45	45d	1	0.22mi
11716 NE 49th St Vancouver, WA	1.0–3.0	1.0–2.5	1090	$2,250	$2.06	9d	15	0.39mi
5719 NE 135th Ave Vancouver, WA	3.0	2.0	1260	$1,995	$1.58	45d	1	0.58mi
11328 NE 51st Cir Vancouver, WA	2.0–4.0	1.0–2.0	1086	$1,862	$1.71	9d	8	0.59mi
11205 NE 49th St Unit 11209B Vancouver, WA	2.0	1.0	1104	$1,675	$1.52	13d	1	0.66mi
13806 NE 47th St Vancouver, WA	3.0	2.0	1185	$2,779	$2.35	21d	1	0.70mi
4303 NE 136th Ave Vancouver, WA	3.0	2.5	1736	$2,500	$1.44	45d	1	0.71mi
13815 NE 63rd St Vancouver, WA	3.0	2.5	1601	$2,395	$1.50	25d	1	0.88mi
4202 NE Morrow Rd #201 Vancouver, WA	3.0	2.0	1155	$2,345	$2.03	45d	1	0.98mi
4202 NE Morrow Rd Vancouver, WA	3.0	2.0	1155	$2,395	$2.07	45d	1	0.98mi
12317 NE 33rd St Vancouver, WA	4.0	3.0	1700	$2,739	$1.61	45d	1	0.98mi
11603 NE 71st St Vancouver, WA	1.0–3.0	1.0–2.0	991	$2,563	$2.59	3d	55	1.01mi
6509 NE 139th Ct Vancouver, WA	3.0	2.0	1525	$2,529	$1.66	45d	1	1.02mi
6715 NE 139th Pl Vancouver, WA	3.0	2.5	1423	$2,400	$1.69	5d	1	1.07mi
6719 NE 139th Pl Vancouver, WA	3.0	2.5	1492	$2,570	$1.72	45d	1	1.08mi
11703 NE 32nd St Vancouver, WA	2.0	2.0	1158	$2,095	$1.81	45d	1	1.08mi
3109 NE 118th Ave Vancouver, WA	3.0	2.5	1833	$2,595	$1.42	45d	1	1.09mi
3605 NE 141st Ave Vancouver, WA	3.0	2.0	1126	$2,500	$2.22	4d	1	1.11mi
6117 NE 105th Ave Vancouver, WA	3.0	2.5	1521	$2,249	$1.48	23d	1	1.13mi
3708 NE 109th Ave Vancouver, WA	1.0–3.0	1.0–2.0	899	$2,156	$2.40	4d	30	1.16mi
6001 NE 102nd Ave Vancouver, WA	2.0–3.0	2.0	1125	$1,850	$1.64	3d	6	1.18mi
10300 NE 61st Cir Unit 10315 Vancouver, WA	3.0	2.5	1486	$2,495	$1.68	25d	1	1.20mi
10300 NE 61st Cir Unit 10404 Vancouver, WA	3.0	2.5	1653	$2,495	$1.51	9d	1	1.20mi
2641 NE 130th Ct Vancouver, WA	3.0	2.5	1624	$2,595	$1.60	5d	1	1.27mi
12607 NE 27th Way Vancouver, WA	3.0	2.5	2023	$2,695	$1.33	4d	1	1.28mi
2630 NE 131st Ct Vancouver, WA	3.0	2.5	1768	$2,695	$1.52	9d	1	1.29mi
7415 NE 136th Ave Vancouver, WA	3.0	2.5	1674	$2,495	$1.49	45d	1	1.31mi
2617 NE 131st Ct Vancouver, WA	4.0	3.0	1820	$2,495	$1.37	25d	1	1.32mi
12509 NE 26th St Vancouver, WA	3.0	2.5	1688	$2,495	$1.48	45d	1	1.32mi
13024 NE 26th St Vancouver, WA	3.0	2.5	1559	$2,295	$1.47	45d	1	1.34mi
2642 NE 116th Pl Vancouver, WA	3.0	2.0	1434	$2,350	$1.64	17d	1	1.34mi
2264 NE 116th Pl Vancouver, WA	4.0	2.5	1480	$2,700	$1.82	45d	1	1.38mi
2601 NE 115th Pl Vancouver, WA	3.0	2.5	1435	$2,800	$1.95	45d	1	1.39mi
7815 NE 117th Ave Unit 7815-2 Vancouver, WA	3.0	1.5	1200	$1,845	$1.54	45d	1	1.42mi
2508 NE 138th Ave Vancouver, WA	2.0–3.0	1.0–2.0	979	$2,025	$2.07	3d	5	1.44mi

Listing history 5 events

1. 2026-04-01
   status Pending
2. 2026-03-13
   listed $170,000 Active
3. 2018-02-16
   soldstatus $143,000 Sold 436-char remark

   Show marketing remark (436 chars)

   Lovely 1566 S.F. 3 BR,2 Bth 2005 Palm Harbor-Third BR is Huge and could be separated into BR & Den/Office etc. Vaulted. In Third Stage of Creekside with newer homes-Floor Plan is Open & Spacious, Dining Room Has Coffered Ceiling, Heat Pump,All Appliances Included, Hardi-Plank Siding--Great Lot with Xtra Parking BehindFabulous Rec Center with Lap Pool & Sauna, Lovely Kitchen Party Room. Gated RV Parking for a Nominal Fee.

4. 2018-01-26
   status Pending 436-char remark

   Show marketing remark (436 chars)

   Lovely 1566 S.F. 3 BR,2 Bth 2005 Palm Harbor-Third BR is Huge and could be separated into BR & Den/Office etc. Vaulted. In Third Stage of Creekside with newer homes-Floor Plan is Open & Spacious, Dining Room Has Coffered Ceiling, Heat Pump,All Appliances Included, Hardi-Plank Siding--Great Lot with Xtra Parking BehindFabulous Rec Center with Lap Pool & Sauna, Lovely Kitchen Party Room. Gated RV Parking for a Nominal Fee.

5. 2017-11-08
   listed $149,900 Active 436-char remark

   Show marketing remark (436 chars)

   Lovely 1566 S.F. 3 BR,2 Bth 2005 Palm Harbor-Third BR is Huge and could be separated into BR & Den/Office etc. Vaulted. In Third Stage of Creekside with newer homes-Floor Plan is Open & Spacious, Dining Room Has Coffered Ceiling, Heat Pump,All Appliances Included, Hardi-Plank Siding--Great Lot with Xtra Parking BehindFabulous Rec Center with Lap Pool & Sauna, Lovely Kitchen Party Room. Gated RV Parking for a Nominal Fee.

ⓘ 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: $2,148 · $179/mo
• Projected year-2 tax: $2,148 · $179/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: $27,217
• − Mortgage interest: −$9,523
• − Property taxes: −$2,148
• − Insurance: −$850
• − Repairs & maintenance: −$2,177
• − Management: −$2,177
• − Depreciation: −$4,945
• Taxable income: $5,397
• Est. tax owed @ 24.0%: −$1,295
• After-tax cash flow: $6,511/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: Evergreen School District (Clark)
• NCES district ID: 5302700
• Math proficiency: 41% ▼ -3.00%
• Reading proficiency: 51% ▼ -3.00%
• Median HH income: $59,418
• Composite: 42.53/100
• National rank: #6859
• State rank: #164 of 291 in WA

Livability — Vancouver

• Score: 82/100
• State rank: #62
• US rank: #1133

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Vancouver, WA
• County: Clark County · 513,189 people
• City population: 360,195
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 68,305
• Household income: $99,918
• Rent vs Own: 29.6% rent · 70.4% own
• Severe rent burden: 1618.0

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 (69%)
• Race & ethnicity: White 69% Hispanic / Latino 15% Two or more races 13% Asian 6% Black 2% Pacific Islander 1%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Portuguese 3% Subsaharan African 3% Scotch-Irish 2%
• Foreign-born: 13% · Canada, Vietnam, South Korea
• Languages at home: 79% English-only · Spanish 8% Russian/Polish/Slavic 6% 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: ▼ -303.95%
• Current HPI: 307.0529
• Rent YoY: ▲ 0.63%
• 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

+13.4% since first listed

5 events — show timeline

• 2026-04-01 Pending — RMLS
• 2026-03-13 Listed $170,000 RMLS
• 2018-02-16 Sold (MLS) $143,000 RMLS
• 2018-01-26 Pending — RMLS
• 2017-11-08 Listed $149,900 RMLS

Property tax history

+11.9%/yr

Latest (2026): $2,148 · +829.8% YoY. Source: county tax records.