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1901 Norris Rd
Vancouver, WA

1901 Norris Rd

$480,000
5 bd • 2 ba • 1,550 sf

This analysis was generated by artificial intelligence on 1/24/2025. It is for entertainment purposes only and should not be considered as real estate or investment advice.

List Price

$480,000

Price/Sq.Ft

$310

Year Built

1976

AI Property Analysis

A comprehensive evaluation of this property's features, market position, and investment potential.

The Good

This duplex property offers strong investment potential with its prime location near Clark College. At $309.68/sqft, it's priced 15% below the Vancouver average of $365/sqft for multi-family properties. The 5-bedroom, 2-bathroom layout across two units (3BR and 2BR) provides flexibility for various tenant needs. Current month-to-month leases allow for potential rent increases to match market rates. The property includes valuable features like attached and detached garages, extra parking, and a fenced backyard. Its minimal flood (1/10) and fire (1/10) risk scores are significantly better than area averages, potentially leading to lower insurance costs.

The Bad

The property's age (built 1976) suggests potential for increased maintenance costs. With 297 days on market, it's significantly above the Vancouver average of 45 days, indicating possible overpricing or underlying issues. The lack of central air conditioning (only radiant heating mentioned) could be a drawback for tenants, especially given the area's moderate heat risk (3/10). The property has undergone multiple price reductions, dropping from $560,000 to $480,000 (-14.3%) over 8 months, which may indicate challenges in valuation or condition.

The Ugly

The extreme air quality risk (10/10) with 20 bad air days per year is a significant concern, potentially affecting tenant health and satisfaction. This could lead to higher turnover rates or difficulty attracting long-term tenants. The property's appreciation has been volatile, with a 36.6% increase from 2021 to 2024, followed by multiple price reductions, suggesting market instability or potential overvaluation. Total monthly ownership costs are high, estimated at $4,000+ ($2,500 mortgage + $500 taxes + $150 insurance + $850 maintenance/vacancy reserve), which could strain cash flow for investors.

Who is this property for?

These details are presented solely for entertainment purposes and are not meant to steer or limit any prospective buyer.

Best For

This property is best suited for experienced real estate investors with a household income above $150,000 (based on a 33% DTI ratio). It's ideal for those looking to build a rental portfolio in a growing college town market. The duplex structure appeals to investors seeking multiple income streams from a single property. The location near Clark College makes it attractive for student housing, potentially allowing for higher-than-average rents during the academic year.

Not For

Not suitable for first-time homebuyers or those seeking a primary residence. The high monthly costs ($4,000+) and potential for increased maintenance make it impractical for owner-occupants. Not ideal for passive investors seeking turnkey properties due to the age and potential upcoming maintenance needs. The extreme air quality risk makes it unsuitable for investors prioritizing properties in areas with excellent environmental conditions.
Demographics
Area Median Income

$61,579

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Risk Assessment

Climate Risks

airEXTREME

20 bad air quality days per year

heatMODERATE

7 extreme heat days per year

98th percentile: 91°F

floodMINIMAL

FEMA Zone: X_UNSHADED

Insurance: Optional

fireMINIMAL

Insurance: Optional

windMINIMAL

Insurance: Optional

Risk Analysis

The extreme air quality risk (10/10) could lead to increased HVAC maintenance costs and potential tenant health concerns. The property's age (48 years) suggests major systems (roof, plumbing, electrical) may need replacement within 5-10 years, totaling $30,000+. Month-to-month leases, while flexible, risk higher vacancy rates and turnover costs. The multiple price reductions and extended time on market (297 days) indicate potential overvaluation or hidden issues, risking further price drops. Local school ratings (1-3/10) may limit the tenant pool and future resale value.
Insurance
Annual Cost

$1,728

$144 per month

Financials

Monthly Costs

Price History

Property Taxes

$3,907
2023 Tax Assessment
13.4%from previous year
Assessed Value$417,559
Tax Rate0.94%

Location & Comparables

Subject Property
Comparable Sales
View on Zillow

Stats in the Area

Average Price

$354,400

-26.2% below list price

Median Price

$380,000

Based on 5 recent sales

Price per Sq.Ft

$257

Comparable Properties

1604 CELLARS AVE, Vancouver, WA 98661
Price: $380,000
Sq.Ft: 1,620
Beds/Baths: /
$/Sq.Ft:
$23524.3%
Sale Date: 10/11/2024
1600 CELLARS AVE, Vancouver, WA 98661
Price: $380,000
Sq.Ft: 1,680
Beds/Baths: /
$/Sq.Ft:
$22627.0%
Sale Date: 10/11/2024
2415 E 20TH ST, Vancouver, WA 98661
Price: $510,000
Sq.Ft: 1,640
Beds/Baths: /
$/Sq.Ft:
$3110.4%
Sale Date: 8/22/2024
4006 E 13th Street, Vancouver, WA 98661
Price: $251,000
Sq.Ft:
Beds/Baths: /
$/Sq.Ft: N/A
Sale Date: 9/7/2024
4006 E 13TH ST, Vancouver, WA 98661
Price: $251,000
Sq.Ft:
Beds/Baths: /
$/Sq.Ft: N/A
Sale Date: 9/7/2024

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