5404 NE 121st Ave #95 · Vancouver, WA 98682

$89,900

2 bd · 2.0 ba · 980 sqft · Manufactured public records · 444 Days on market

Built 1977 $92/sqft · 27% below area Est $123k · 27% under ↓ 28% since listing

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Located in the desirable Fair Oaks Estates, an over-55 community, this beautifully updated single-wide manufactured home offers comfortable and modern living. Featuring two bedrooms and two bathrooms, this home boasts a thoughtfully designed floor plan with bedrooms situated on opposite ends for added privacy. Recent upgrades include a brand-new roof, fresh paint, and stylish new flooring throughout. The completely renovated kitchen is a standout, showcasing stainless steel appliances, new cabinets, a striking butcher block countertop, and a sleek tile backsplash. Natural light fills the open and bright living spaces, creating a welcoming atmosphere. A washer and dryer are conveniently included, adding to the home's practicality. Vinyl windows and a forced air furnace for comfort. Ramp to the front door, covered parking and a large shed. Experience the perfect blend of modern updates and comfortable living in this charming Fair Oaks Estates residence. Schedule a showing with your favorite agent today!

Key facts

• Fresh paint
• Brand new roof
• New flooring

Tags

• BRAND NEW ROOF
• FRESH PAINT
• NEW FLOORING
• COMPLETELY RENOVATED KITCHEN
• STAINLESS STEEL APPLIANCES
• NEW CABINETS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $90k.

Deal economics

• At list price, monthly cash flow is $768 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.5% 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.
• Market conditions: Rents flat; 461 active listings in the ZIP; 27 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k 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 $25k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 444 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $35k (28%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $79,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 444 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.90% ✓
• Cap rate: 16.55%
• Cash-on-cash: 36.62%
• DSCR: 2.63
• GRM: 4.4

CMA / ARV

• ARV (median comp): $123,063
• List price: $89,900
• Delta: -26.95%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5101 NE 121st Ave #45	0.23mi	2/2.0	924 (-6%)	2mo	$113,000	$122	78
5404 NE 121st Ave #80	0.00mi	2/2.0	1,071 (+9%)	13mo	$137,700	$129	74
5404 NE 121st Ave #34	0.00mi	2/2.0	1,116 (+14%)	5mo	$75,000	$67	73
5404 NE 121st Ave #28	0.00mi	2/2.0	880 (-10%)	20mo	$59,985	$68	67
5101 NE 121st Ave #47	0.23mi	2/1.0	924 (-6%)	19mo	$127,000	$137	60
5101 NE 121st Ave #91	0.23mi	3/2.0 (+1)	1,080 (+10%)	14mo	$145,000	$134	55
5900 NE 131st Ave	0.64mi	3/2.0 (+1)	924 (-6%)	2mo	$86,200	$93	54
13216 NE 59th St #50	0.75mi	3/2.0 (+1)	1,080 (+10%)	15mo	$164,900	$153	31

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: 29.8%
• Equity multiple: 2.21×
• Total profit: $30,383
• Equity at exit: $13,404

10-year hold

• IRR: 35.8%
• Equity multiple: 3.94×
• Total profit: $73,898
• Equity at exit: $7,773

Cash invested: $25,172 (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: 461
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $1,707 high
• Mortgage (P&I): −$471
• Tax from tax record: −$72 /mo · $860/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$359
• Net cashflow: $768

Break-even live

Break-even rent $735

Max offer price $89,900

Occupancy floor 50%

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 27 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5264 NE 121st Ave Vancouver, WA	2.0	2.0	944	$1,850	$1.96	44d	1	0.06mi
11328 NE 51st Cir Vancouver, WA	2.0–4.0	1.0–2.0	1086	$1,549	$1.43	8d	8	0.25mi
11716 NE 49th St Vancouver, WA	1.0–3.0	1.0–2.5	1090	$1,788	$1.64	8d	15	0.25mi
11412 NE 49th St Vancouver, WA	1.0–2.0	1.0–2.0	810	$1,730	$2.14	2d	6	0.32mi
4905 NE 122nd Ave Vancouver, WA	1.0	1.0	684	$1,500	$2.19	8d	1	0.38mi
11205 NE 49th St Unit 11303D Vancouver, WA	2.0	1.0	944	$1,595	$1.69	20d	1	0.45mi
11205 NE 49th St Unit 11209B Vancouver, WA	2.0	1.0	1104	$1,675	$1.52	12d	1	0.45mi
4821 NE 110th Ave Vancouver, WA	2.0	2.0	1020	$1,595	$1.56	24d	3	0.49mi
11114 NE 48th Cir Unit B Vancouver, WA	2.0	1.0	700	$1,395	$1.99	44d	1	0.50mi
11111 NE 48th Cir Unit D Vancouver, WA	2.0	1.0	860	$1,575	$1.83	44d	1	0.51mi
10809 NE 48th Cir Apt C Vancouver, WA	2.0	1.0	806	$1,395	$1.73	44d	1	0.66mi
11603 NE 71st St Vancouver, WA	1.0–3.0	1.0–2.0	991	$2,132	$2.15	2d	55	0.76mi
6001 NE 102nd Ave Vancouver, WA	2.0–3.0	2.0	1125	$1,750	$1.56	2d	6	0.81mi
4202 NE Morrow Rd #203 Vancouver, WA	2.0	1.5	921	$1,795	$1.95	44d	1	0.82mi
4000 NE 109th Ave Vancouver, WA	1.0–2.0	1.0–2.5	780	$1,950	$2.50	3d	2	0.93mi
3708 NE 109th Ave Vancouver, WA	1.0–3.0	1.0–2.0	899	$1,779	$1.98	3d	30	1.05mi
3702 NE 132nd Ave Unit 1 Vancouver, WA	2.0	1.0	790	$1,825	$2.31	8d	1	1.11mi
6603 NE 137th Ave Vancouver, WA	2.0	1.0	750	$1,545	$2.06	44d	1	1.12mi
7020 NE 100th Ct Vancouver, WA	2.0	1.0	980	$1,649	$1.68	20d	1	1.22mi
13608 NE 72nd St Vancouver, WA	1.0–2.0	1.0–2.0	839	$1,599	$1.90	2d	2	1.31mi
6513 NE 94th Ave Vancouver, WA	1.0	1.0	800	$1,195	$1.49	3d	1	1.33mi
4902 NE 94th Ave Vancouver, WA	2.0	1.0	471	$1,532	$3.25	2d	1	1.34mi
7505 NE 135th Ave Unit A Vancouver, WA	2.0	1.0	840	$1,800	$2.14	8d	1	1.37mi
7505 NE 135th Ave Unit B Vancouver, WA	2.0	1.0	840	$1,800	$2.14	8d	1	1.37mi
9013 NE 54th St Vancouver, WA	2.0	2.0	1033	$1,405	$1.36	2d	2	1.39mi
9009 NE 54th St Vancouver, WA	1.0–3.0	1.0–2.0	1175	$2,098	$1.78	2d	7	1.39mi
9001 NE 54th St Vancouver, WA	1.0–2.0	1.0	618	$1,660	$2.68	2d	1	1.50mi

Listing history 20 events

1. 2026-06-18
   days on market $89,900 Active 444 DOM
2. 2026-06-17
   days on market $89,900 Active 443 DOM
3. 2026-06-16
   days on market $89,900 Active 442 DOM
4. 2026-06-15
   days on market $89,900 Active 441 DOM
5. 2026-06-13
   days on market $89,900 Active 439 DOM
6. 2026-06-13
   days on market $89,900 Active 438 DOM
7. 2026-06-09
   days on market $89,900 Active 435 DOM
8. 2026-06-08
   days on market $89,900 Active 434 DOM
9. 2026-06-07
   days on market $89,900 Active 433 DOM
10. 2026-06-03
    days on market $89,900 Active 429 DOM
11. 2026-06-02
    days on market $89,900 Active 428 DOM
12. 2026-06-01
    days on market $89,900 Active 427 DOM
13. 2026-05-31
    days on market $89,900 Active 426 DOM
14. 2026-05-01
    price $89,900 1016-char remark

    Show marketing remark (1016 chars)

    Located in the desirable Fair Oaks Estates, an over-55 community, this beautifully updated single-wide manufactured home offers comfortable and modern living. Featuring two bedrooms and two bathrooms, this home boasts a thoughtfully designed floor plan with bedrooms situated on opposite ends for added privacy. Recent upgrades include a brand-new roof, fresh paint, and stylish new flooring throughout. The completely renovated kitchen is a standout, showcasing stainless steel appliances, new cabinets, a striking butcher block countertop, and a sleek tile backsplash. Natural light fills the open and bright living spaces, creating a welcoming atmosphere. A washer and dryer are conveniently included, adding to the home's practicality. Vinyl windows and a forced air furnace for comfort. Ramp to the front door, covered parking and a large shed. Experience the perfect blend of modern updates and comfortable living in this charming Fair Oaks Estates residence. Schedule a showing with your favorite agent today!

15. 2026-05-01
    status Active 1016-char remark

    Show marketing remark (1016 chars)

    Located in the desirable Fair Oaks Estates, an over-55 community, this beautifully updated single-wide manufactured home offers comfortable and modern living. Featuring two bedrooms and two bathrooms, this home boasts a thoughtfully designed floor plan with bedrooms situated on opposite ends for added privacy. Recent upgrades include a brand-new roof, fresh paint, and stylish new flooring throughout. The completely renovated kitchen is a standout, showcasing stainless steel appliances, new cabinets, a striking butcher block countertop, and a sleek tile backsplash. Natural light fills the open and bright living spaces, creating a welcoming atmosphere. A washer and dryer are conveniently included, adding to the home's practicality. Vinyl windows and a forced air furnace for comfort. Ramp to the front door, covered parking and a large shed. Experience the perfect blend of modern updates and comfortable living in this charming Fair Oaks Estates residence. Schedule a showing with your favorite agent today!

16. 2026-03-06
    price $99,900 1016-char remark

    Show marketing remark (1016 chars)

    Located in the desirable Fair Oaks Estates, an over-55 community, this beautifully updated single-wide manufactured home offers comfortable and modern living. Featuring two bedrooms and two bathrooms, this home boasts a thoughtfully designed floor plan with bedrooms situated on opposite ends for added privacy. Recent upgrades include a brand-new roof, fresh paint, and stylish new flooring throughout. The completely renovated kitchen is a standout, showcasing stainless steel appliances, new cabinets, a striking butcher block countertop, and a sleek tile backsplash. Natural light fills the open and bright living spaces, creating a welcoming atmosphere. A washer and dryer are conveniently included, adding to the home's practicality. Vinyl windows and a forced air furnace for comfort. Ramp to the front door, covered parking and a large shed. Experience the perfect blend of modern updates and comfortable living in this charming Fair Oaks Estates residence. Schedule a showing with your favorite agent today!

17. 2025-10-01
    status Active 1016-char remark

    Show marketing remark (1016 chars)

    Located in the desirable Fair Oaks Estates, an over-55 community, this beautifully updated single-wide manufactured home offers comfortable and modern living. Featuring two bedrooms and two bathrooms, this home boasts a thoughtfully designed floor plan with bedrooms situated on opposite ends for added privacy. Recent upgrades include a brand-new roof, fresh paint, and stylish new flooring throughout. The completely renovated kitchen is a standout, showcasing stainless steel appliances, new cabinets, a striking butcher block countertop, and a sleek tile backsplash. Natural light fills the open and bright living spaces, creating a welcoming atmosphere. A washer and dryer are conveniently included, adding to the home's practicality. Vinyl windows and a forced air furnace for comfort. Ramp to the front door, covered parking and a large shed. Experience the perfect blend of modern updates and comfortable living in this charming Fair Oaks Estates residence. Schedule a showing with your favorite agent today!

18. 2025-09-24
    price $110,000 1016-char remark

    Show marketing remark (1016 chars)

    Located in the desirable Fair Oaks Estates, an over-55 community, this beautifully updated single-wide manufactured home offers comfortable and modern living. Featuring two bedrooms and two bathrooms, this home boasts a thoughtfully designed floor plan with bedrooms situated on opposite ends for added privacy. Recent upgrades include a brand-new roof, fresh paint, and stylish new flooring throughout. The completely renovated kitchen is a standout, showcasing stainless steel appliances, new cabinets, a striking butcher block countertop, and a sleek tile backsplash. Natural light fills the open and bright living spaces, creating a welcoming atmosphere. A washer and dryer are conveniently included, adding to the home's practicality. Vinyl windows and a forced air furnace for comfort. Ramp to the front door, covered parking and a large shed. Experience the perfect blend of modern updates and comfortable living in this charming Fair Oaks Estates residence. Schedule a showing with your favorite agent today!

19. 2025-06-20
    price $120,000 1016-char remark

    Show marketing remark (1016 chars)

    Located in the desirable Fair Oaks Estates, an over-55 community, this beautifully updated single-wide manufactured home offers comfortable and modern living. Featuring two bedrooms and two bathrooms, this home boasts a thoughtfully designed floor plan with bedrooms situated on opposite ends for added privacy. Recent upgrades include a brand-new roof, fresh paint, and stylish new flooring throughout. The completely renovated kitchen is a standout, showcasing stainless steel appliances, new cabinets, a striking butcher block countertop, and a sleek tile backsplash. Natural light fills the open and bright living spaces, creating a welcoming atmosphere. A washer and dryer are conveniently included, adding to the home's practicality. Vinyl windows and a forced air furnace for comfort. Ramp to the front door, covered parking and a large shed. Experience the perfect blend of modern updates and comfortable living in this charming Fair Oaks Estates residence. Schedule a showing with your favorite agent today!

20. 2025-03-31
    listed $125,000 Active 1016-char remark

    Show marketing remark (1016 chars)

    Located in the desirable Fair Oaks Estates, an over-55 community, this beautifully updated single-wide manufactured home offers comfortable and modern living. Featuring two bedrooms and two bathrooms, this home boasts a thoughtfully designed floor plan with bedrooms situated on opposite ends for added privacy. Recent upgrades include a brand-new roof, fresh paint, and stylish new flooring throughout. The completely renovated kitchen is a standout, showcasing stainless steel appliances, new cabinets, a striking butcher block countertop, and a sleek tile backsplash. Natural light fills the open and bright living spaces, creating a welcoming atmosphere. A washer and dryer are conveniently included, adding to the home's practicality. Vinyl windows and a forced air furnace for comfort. Ramp to the front door, covered parking and a large shed. Experience the perfect blend of modern updates and comfortable living in this charming Fair Oaks Estates residence. Schedule a showing with your favorite agent today!

ⓘ 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: $860 · $72/mo
• Projected year-2 tax: $881 · $73/mo
• Expected delta: +$21/yr (+$2/mo · 2.5%)

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

Taxation est. · year 1

• Rental income: $20,487
• − Mortgage interest: −$5,036
• − Property taxes: −$860
• − Insurance: −$450
• − Repairs & maintenance: −$1,639
• − Management: −$1,639
• − Depreciation: −$2,615
• Taxable income: $8,249
• Est. tax owed @ 24.0%: −$1,980
• After-tax cash flow: $7,239/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

-28.1% since first listed

7 events — show timeline

• 2026-05-01 Price Changed $89,900 RMLS
• 2026-05-01 Relisted — RMLS
• 2026-03-06 Price Changed $99,900 RMLS
• 2025-10-01 Relisted — RMLS
• 2025-09-24 Price Changed $110,000 RMLS
• 2025-06-20 Price Changed $120,000 RMLS
• 2025-03-31 Listed $125,000 RMLS

Property tax history

+19.9%/yr

Latest (2026): $860 · +1001.8% YoY. Source: county tax records.