15509 SE Mill Plain Blvd #62 · Vancouver, WA 98684

$120,000

2 bd · 2.0 ba · 1,292 sqft · Manufactured public records · 9 Days on market

Built 1976 Est $129k · 7% under

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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 +10.7/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.3/10.0
• Livability +4.1/5.0
• Rent growth +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Comfortable home on a quiet dead end road at Fran Mar Villa. Convenient and affordable living with 2 bedrooms and 2 bathrooms. Perfect for shared living, or caregiver quarters; large back bedroom with separate entrance and parking space. Home has heat and a/c, newly weatherized, most of the home has drywall. Home comes with 1 carport with storage and 1 uncovered space and a storage shed in the back. Near shopping, restaurants, and bus system. Lot rent is $850 per month which includes water, sewer, and garbage. Buyer must be approved by management.

Key facts

• Separate entrance
• Large back bedroom
• Newly weatherized

Tags

• QUIET DEAD END ROAD
• LARGE BACK BEDROOM
• SEPARATE ENTRANCE
• PARKING SPACE
• NEWLY WEATHERIZED
• STORAGE SHED

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $688 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Cap rate 13.2% 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 rising (+1.2%/yr); 299 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 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 $830 of loan paydown is wiped out by about $4k 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 + 1.2% rent growth), your $34k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $120,000

Questions for the listing agent

1. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.60% ✓
• Cap rate: 13.17%
• Cash-on-cash: 24.56%
• DSCR: 2.09
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $129,200
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15411 SE Mill Plain Blvd Unit C-12	0.09mi	2/2.0	1,331 (+3%)	23mo	$119,000	$89	72
15509 SE Mill Plain Blvd #96	0.00mi	3/2.0 (+1)	1,476 (+14%)	19mo	$148,000	$100	55

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 · 1.16% rent growth · sell at horizon

5-year hold

• IRR: 15.8%
• Equity multiple: 1.62×
• Total profit: $20,895
• Equity at exit: $17,892

10-year hold

• IRR: 23.1%
• Equity multiple: 2.81×
• Total profit: $60,910
• Equity at exit: $10,375

Cash invested: $33,600 (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 98684

• Rents YoY: 1.2%
• Active inventory: 299
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $1,920 high
• Mortgage (P&I): −$629
• Tax est. 1.5%: −$150 /mo · $1,800/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $688

Break-even live

Break-even rent $1,050

Max offer price $120,000

Occupancy floor 59%

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1000 SE 160th Ave Unit RR-342 Vancouver, WA	2.0	2.0	906	$1,600	$1.77	23d	1	0.14mi
1000 SE 160th Ave Unit RR-336 Vancouver, WA	2.0	2.0	906	$1,600	$1.77	16d	1	0.14mi
1000 SE 160th Ave Apt DD238 Vancouver, WA	2.0	2.0	906	$1,600	$1.77	43d	1	0.14mi
1000 SE 160th Ave Apt M104 Vancouver, WA	2.0	2.0	906	$1,600	$1.77	7d	1	0.14mi
1000 SE 160th Ave Apt N116 Vancouver, WA	2.0	2.0	906	$1,600	$1.77	17d	1	0.14mi
1000 SE 160th Ave Apt FF257 Vancouver, WA	3.0	2.0	1050	$1,950	$1.86	43d	1	0.14mi
1302 SE 155th Ave Vancouver, WA	3.0	2.0	1558	$2,495	$1.60	44d	1	0.14mi
510 SE 157th Ave #35 Vancouver, WA	2.0	2.0	1060	$1,895	$1.79	23d	1	0.25mi
14913 SE Mill Plain Blvd Vancouver, WA	1.0–2.0	1.0–2.0	939	$2,000	$2.13	2d	4	0.38mi
112 SE 158th Ave Vancouver, WA	3.0	2.0	1174	$1,995	$1.70	23d	1	0.46mi
14600 SE 7th Way Vancouver, WA	3.0	2.5	1476	$2,345	$1.59	43d	1	0.54mi
15501 NE 2nd St Vancouver, WA	3.0	2.0	1264	$2,750	$2.18	1d	1	0.56mi
1600 SE 168th Ave Vancouver, WA	3.0	1.5	1210	$2,350	$1.94	4d	1	0.67mi
301 SE 166th Ave Vancouver, WA	3.0	1.0–2.0	883	$1,827	$2.07	7d	15	0.68mi
1707 SE 145th Ct Unit 1707 Vancouver, WA	2.0	2.0	1016	$1,795	$1.77	23d	1	0.68mi
14616 SE 1st St Vancouver, WA	3.0	1.5	1200	$1,975	$1.65	43d	1	0.69mi
Chase LNDG Gresham, OR	3.0	2.5	1389	$2,200	$1.58	12d	3	0.72mi
621 SE 168th Ave Vancouver, WA	3.0	1.0–2.0	869	$2,079	$2.39	14d	7	0.73mi
621 SE 168th Ave Vancouver, WA	2.0–3.0	1.0–2.0	1125	$1,649	$1.47	2d	9	0.73mi
16801 SE 1st St Vancouver, WA	2.0	1.0	960	$1,608	$1.68	23d	1	0.74mi
14111 SE 6th St Vancouver, WA	2.0	1.5	1201	$2,104	$1.75	23d	1	0.76mi
2404 SE 161st Ct Unit X182 Vancouver, WA	2.0	2.0	900	$1,495	$1.66	20d	1	0.78mi
701 SE 139th Ave Vancouver, WA	1.0–2.0	1.0	806	$1,600	$1.99	3d	6	0.82mi
2610 SE 164th Ave Unit G12 Vancouver, WA	2.0	2.0	1130	$2,265	$2.00	43d	1	0.84mi
905 SE 136th Ave Vancouver, WA	2.0	1.0	945	$1,810	$1.92	2d	2	0.94mi
16900 SE 26th Dr Vancouver, WA	2.0	2.0	1043	$1,926	$1.85	1d	5	0.97mi
600 SE 177th Ave Vancouver, WA	1.0–3.0	1.0–2.0	931	$2,030	$2.18	1d	20	0.97mi
16202 NE 8th St Unit B Vancouver, WA	2.0	2.5	1500	$2,150	$1.43	43d	1	0.99mi
17775 SE Mill Plain Blvd Vancouver, WA	1.0–2.0	1.0–2.0	732	$2,353	$3.21	4d	1	1.02mi
16506 SE 29th St Vancouver, WA	1.0–3.0	1.0–2.0	1062	$1,962	$1.85	1d	13	1.03mi
812 SE 136th Ave Vancouver, WA	1.0–3.0	1.0–2.0	931	$1,805	$1.94	3d	10	1.10mi
13601 SE 19th St Vancouver, WA	1.0–2.0	1.0–1.5	965	$2,224	$2.30	7d	6	1.10mi
13307 SE McGillivray Blvd Vancouver, WA	2.0	2.0	962	$1,895	$1.97	2d	1	1.13mi
13314 SE 19th St Vancouver, WA	1.0–2.0	1.0–2.0	899	$2,274	$2.53	3d	10	1.13mi
13213 SE 7th St Vancouver, WA	2.0–3.0	1.0–2.0	1097	$1,500	$1.37	2d	2	1.18mi
3100 SE 168th Ave Vancouver, WA	1.0–3.0	1.0–2.5	1040	$2,205	$2.12	1d	14	1.18mi
3114 SE 147th Pl Vancouver, WA	2.0–3.0	1.5	1271	$1,825	$1.44	14d	12	1.18mi
13210 SE 7th St Unit Q73 Vancouver, WA	3.0	2.0	1323	$2,395	$1.81	43d	1	1.19mi
16312 NE 12th St Unit 2 Vancouver, WA	3.0	2.0	1616	$2,059	$1.27	43d	1	1.23mi
2008 SE 134th Ave Vancouver, WA	3.0	2.0	1600	$6,000	$3.75	1d	1	1.24mi

Listing history 8 events

1. 2026-06-18
   days on market $120,000 Active 9 DOM
2. 2026-06-17
   days on market $120,000 Active 8 DOM
3. 2026-06-16
   days on market $120,000 Active 7 DOM
4. 2026-06-15
   days on market $120,000 Active 6 DOM
5. 2026-06-13
   days on market $120,000 Active 4 DOM
6. 2026-06-13
   days on market $120,000 Active 3 DOM
7. 2026-06-10
   remarks 553-char remark
8. 2026-06-10
   listed $120,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $23,044
• − Mortgage interest: −$6,722
• − Property taxes: −$1,800
• − Insurance: −$600
• − Repairs & maintenance: −$1,843
• − Management: −$1,843
• − Depreciation: −$3,491
• Taxable income: $6,744
• Est. tax owed @ 24.0%: −$1,619
• After-tax cash flow: $6,634/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): 37,298
• Household income: $90,620
• Rent vs Own: 46.6% rent · 53.4% own
• Severe rent burden: 1481.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 64% Hispanic / Latino 17% Two or more races 14% Asian 6% Pacific Islander 3% Black 2%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Portuguese 4% Slovak 3% Iranian 2%
• Foreign-born: 16% · Canada, China, Vietnam
• Languages at home: 77% English-only · Spanish 10% Other Asian/Pacific 3% Russian/Polish/Slavic 3%

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: ▼ -237.93%
• Current HPI: 290.416
• Rent YoY: ▲ 1.16%
• 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

1 event — show timeline

• 2026-06-05 Listed $120,000 Fizber.com

Property tax history

+7.2%/yr

Latest (2026): $185 · +66.8% YoY. Source: county tax records.