11602 SW Royal Villa Dr · Tigard, OR 97224

$40,000

2 bd · 2.0 ba · 1,280 sqft · Manufactured · 73 Days on market

Built 1969 Fair condition $31/sqft · 39% below area Est $65k · 39% under ↓ 10% since listing

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Why this score? — see what drove the C- 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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.9/10.0
• Livability +4.4/5.0
• Rent growth +2.4/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

NEW PRICE AND ADDITIONAL BUYER INCENTIVE! Seller will credit 1 month of space rent at closing with acceptable offer that closes by the end of May! This 1280 square foot, 2 Bedroom, 2 bath home in a fantastic 55+ community has been well maintained and lovingly cared for, in need of some cosmetic fixes but this one is ready for your touches! Roof and siding were both replaced around 2014. Great layout with spacious living area upon entry, dining room with slider to an enclosed porch, 2 good-sized bedrooms with built-in features and also separate laundry room with exterior door. The kitchen has a pantry along with plenty of cupboard and counter space. Refrigerator, Cooktop, Built-in Microwave/convection oven unit and stackable Washer/Dryer in dedicated laundry room are all included. This home also has a 20'x10' bonus room with many different potential uses - craft room, office, den or whatever you like! Heat Pump for heating and cooling plus double-paned vinyl windows for efficiency. 55+ Community includes access to Activities, Swimming Pool, Community Room, Exercise Room, Library, Pet areas, Walking Paths, Pickleball court and more for just $1225/mo. (buyer to verify Space Rent with Park Management). This home is very close to the community amenities and has great views of them as well! Please reach out for links to 3D Tour, floorplan, measurements.

Key facts

• Pantry
• Heat pump
• Bonus room

Tags

• ENCLOSED PORCH
• SEPARATE LAUNDRY ROOM
• PANTRY
• BONUS ROOM
• HEAT PUMP
• DOUBLE PANED VINYL WINDOWS

🏷️ Possibly a rental listed for sale. The $40,000 price doesn't fit this home's estimated sale value (~$65,196) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $40k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• Recommended offer: $38k (6.0% below list) — sets the bar for market timing.
• Cap rate 42.2% vs local median 2.5% in Tigard — 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 87/100 on livability (#14 in OR, #311 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, employment A+; Watch: crime D-, cost of living F.
• Tigard-Tualatin SD 23J (suburban): math 47% / reading 65% proficiency, ranked #6 of 58 in OR (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents soft (-0.4%/yr); 412 active listings in the ZIP; 34 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; 2,224 units permitted in Washington County in 2024 (242 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $277 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Washington County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($38k) is reasonable based on typical stale-listing flexibility.

Recommended offer $37,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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?
8. 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.
9. 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.
10. 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: 4.66% ✓
• Cap rate: 42.19%
• Cash-on-cash: 128.21%
• DSCR: 6.70
• GRM: 1.8

CMA / ARV

• ARV (median comp): $65,196
• List price: $40,000
• Delta: -38.65%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11768 SW Royal Villa Dr #124	0.11mi	2/2.0	1,248 (-2%)	2mo	$28,000	$22	89
11656 SW Royal Villa Dr #71	0.02mi	3/2.0 (+1)	1,344 (+5%)	6mo	$42,500	$32	81
11560 SW Royal Villa Dr	0.17mi	2/2.0	1,334 (+4%)	5mo	$35,000	$26	81
11668 SW Royal Villa Dr #77	0.01mi	2/2.0	1,440 (+12%)	3mo	$67,000	$47	76
11568 SW Royal Villa Dr	0.03mi	2/2.0	1,152 (-10%)	9mo	$155,000	$135	74
11444 SW Royal Villa Dr #165	0.21mi	2/2.0	1,440 (+12%)	7mo	$60,000	$42	64
17188 SW Eldorado Dr #111	0.73mi	2/2.0	1,248 (-2%)	1mo	$32,500	$26	61
12450 SW Fischer Rd #277	0.54mi	2/2.0	1,344 (+5%)	7mo	$55,000	$41	60
17009 SW Eldorado Dr #5	0.59mi	2/2.0	1,152 (-10%)	1mo	$60,000	$52	55
17041 SW Eldorado Dr	0.61mi	2/2.0	1,152 (-10%)	3mo	$81,500	$71	52
17084 SW Eldorado Dr	0.59mi	2/2.0	1,152 (-10%)	7mo	$42,000	$36	50
17088 SW Eldorado Dr	0.66mi	2/2.0	1,440 (+12%)	2mo	$23,000	$16	47

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 6.74×
• Total profit: $64,295
• Equity at exit: $5,964

10-year hold

• IRR: —
• Equity multiple: 12.89×
• Total profit: $133,119
• Equity at exit: $3,458

Cash invested: $11,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Oregon: 28 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

SB608 (2019): statewide rent cap (7% + CPI) and just-cause for tenancies > 1 yr. Portland has relocation assistance ordinance.

Methodology + full state rankings →

ZIP-level market 97224

• Rents YoY: -0.4%
• Active inventory: 412
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $1,865 high
• Mortgage (P&I): −$210
• Tax est. 1.5%: −$50 /mo · $600/yr
• Insurance: −$17
• HOA: −$0
• Vacancy / Maint / Mgmt: −$392
• Net cashflow: $1,197

Break-even live

Break-even rent $350

Max offer price $40,000

Occupancy floor 31%

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: $10,000
• Closing costs: $1,200
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12070 SW Fischer Rd Portland, OR	1.0–3.0	1.0–2.0	925	$1,812	$1.96	1d	9	0.32mi
16055 SW 108th Ave Tigard, OR	1.0–2.0	1.0–2.0	852	$1,940	$2.28	7d	9	0.49mi
10900 SW Gaarde St Portland, OR	2.0	1.0	825	$1,525	$1.85	7d	4	0.59mi
10900 SW Gaarde St Unit 273-16 Tigard, OR	2.0	1.0	900	$1,575	$1.75	23d	1	0.59mi
11773 SW King George Dr King City, OR	1.0–2.0	1.0–2.0	826	$2,500	$3.03	11d	7	0.62mi
11865 SW Tualatin Rd Tualatin, OR	2.0–3.0	2.0–2.5	1154	$1,697	$1.47	1d	19	0.63mi
15205 SW 119th Ave Portland, OR	2.0	2.0	1650	$2,150	$1.30	20d	1	0.64mi
16444 SW 130th Ter King City, OR	2.0	2.0	1002	$1,695	$1.69	43d	1	0.65mi
13060 SW Dickson St Portland, OR	2.0	2.0	1108	$1,850	$1.67	43d	1	0.71mi
11390 SW Naeve St Tigard, OR	1.0–2.0	1.0–2.0	893	$2,119	$2.37	3d	5	0.72mi
17979 SW 115th Ave Unit 6 Tualatin, OR	2.0	1.5	1064	$1,625	$1.53	23d	1	0.74mi
15199 SW Royalty Pkwy Portland, OR	1.0–3.0	1.0–2.0	884	$1,805	$2.04	1d	12	0.75mi
17987 SW 115th Ave Unit 1 Tualatin, OR	2.0	1.0	900	$1,475	$1.64	23d	1	0.75mi
17989 SW 115th Ave Tualatin, OR	2.0	1.0–1.5	982	$1,550	$1.58	23d	2	0.76mi
17865 SW Pacific Hwy Tualatin, OR	1.0–3.0	1.0–2.0	970	$1,970	$2.03	1d	13	0.76mi
11545 SW Beef Bend Rd Portland, OR	2.0	2.0	935	$1,514	$1.62	3d	1	0.77mi
16849 SW 131st Ave Portland, OR	2.0	2.0	1029	$1,950	$1.90	14d	1	0.78mi
16903 SW 133rd Ter Portland, OR	3.0	2.5	1665	$2,845	$1.71	10d	1	0.87mi
11430 SW Bull Mountain Rd Tigard, OR	2.0	2.0	986	$1,970	$2.00	3d	6	0.90mi
14844 SW 109th Ave Portland, OR	2.0	1.5	1024	$1,950	$1.90	43d	1	0.91mi
14799 SW 109th Ave Unit 2502 Tigard, OR	2.0	2.0	986	$1,645	$1.67	43d	1	0.91mi
14799 SW 109th Ave Unit 7504 Tigard, OR	2.0	2.0	986	$1,575	$1.60	23d	1	0.91mi
14799 SW 109th Ave Unit 5702 Tigard, OR	2.0	2.0	986	$1,745	$1.77	22d	1	0.91mi
14799 SW 109th Ave Unit 3102 Tigard, OR	2.0	2.0	986	$1,695	$1.72	7d	1	0.91mi
10695 SW Murdock St Tigard, OR	2.0	1.0	793	$1,806	$2.28	1d	13	0.97mi
17335 SW Montague Way Portland, OR	3.0	2.5	1687	$3,175	$1.88	1d	1	1.10mi
10779 SW Canterbury Ln Tigard, OR	3.0	2.5	1350	$2,275	$1.69	14d	1	1.14mi
10775 SW Canterbury Ln #102 Portland, OR	3.0	3.0	1373	$2,495	$1.82	23d	1	1.16mi
13830 SW Chinn Ln Portland, OR	1.0–3.0	1.0–2.0	839	$1,724	$2.05	3d	11	1.16mi
14100 SW 112th Ave Unit I08 Portland, OR	2.0	1.0	1084	$1,614	$1.49	12d	1	1.16mi
14130 SW 105th Ave Portland, OR	2.0	1.0	900	$1,495	$1.66	23d	1	1.27mi
9720 SW Tualatin Rd Tualatin, OR	2.0	2.0	1100	$1,750	$1.59	43d	1	1.27mi
14495 SW Beef Bend Rd Portland, OR	1.0–2.0	1.0–2.0	845	$1,925	$2.28	4d	12	1.34mi
15870 SW 88th Ave Unit A Tigard, OR	2.0	1.0	1013	$1,745	$1.72	43d	1	1.45mi

Listing history 10 events

1. 2026-06-18
   days on market $40,000 Active 73 DOM
2. 2026-06-17
   days on market $40,000 Active 72 DOM
3. 2026-06-16
   days on market $40,000 Active 71 DOM
4. 2026-06-15
   days on market $40,000 Active 70 DOM
5. 2026-06-13
   pricestatusdays on market $40,000 Active 68 DOM
6. 2026-06-02
   statusdays on market $44,900 Pending 65 DOM
7. 2026-06-01
   days on market $44,900 Active 64 DOM
8. 2026-05-31
   days on market $44,900 Active 63 DOM
9. 2026-05-05
   price $44,900 1373-char remark

   Show marketing remark (1373 chars)

   NEW PRICE AND ADDITIONAL BUYER INCENTIVE! Seller will credit 1 month of space rent at closing with acceptable offer that closes by the end of May! This 1280 square foot, 2 Bedroom, 2 bath home in a fantastic 55+ community has been well maintained and lovingly cared for, in need of some cosmetic fixes but this one is ready for your touches! Roof and siding were both replaced around 2014. Great layout with spacious living area upon entry, dining room with slider to an enclosed porch, 2 good-sized bedrooms with built-in features and also separate laundry room with exterior door. The kitchen has a pantry along with plenty of cupboard and counter space. Refrigerator, Cooktop, Built-in Microwave/convection oven unit and stackable Washer/Dryer in dedicated laundry room are all included. This home also has a 20'x10' bonus room with many different potential uses - craft room, office, den or whatever you like! Heat Pump for heating and cooling plus double-paned vinyl windows for efficiency. 55+ Community includes access to Activities, Swimming Pool, Community Room, Exercise Room, Library, Pet areas, Walking Paths, Pickleball court and more for just $1225/mo. (buyer to verify Space Rent with Park Management). This home is very close to the community amenities and has great views of them as well! Please reach out for links to 3D Tour, floorplan, measurements.

10. 2026-03-29
    listed $49,900 Active 1373-char remark

    Show marketing remark (1373 chars)

    NEW PRICE AND ADDITIONAL BUYER INCENTIVE! Seller will credit 1 month of space rent at closing with acceptable offer that closes by the end of May! This 1280 square foot, 2 Bedroom, 2 bath home in a fantastic 55+ community has been well maintained and lovingly cared for, in need of some cosmetic fixes but this one is ready for your touches! Roof and siding were both replaced around 2014. Great layout with spacious living area upon entry, dining room with slider to an enclosed porch, 2 good-sized bedrooms with built-in features and also separate laundry room with exterior door. The kitchen has a pantry along with plenty of cupboard and counter space. Refrigerator, Cooktop, Built-in Microwave/convection oven unit and stackable Washer/Dryer in dedicated laundry room are all included. This home also has a 20'x10' bonus room with many different potential uses - craft room, office, den or whatever you like! Heat Pump for heating and cooling plus double-paned vinyl windows for efficiency. 55+ Community includes access to Activities, Swimming Pool, Community Room, Exercise Room, Library, Pet areas, Walking Paths, Pickleball court and more for just $1225/mo. (buyer to verify Space Rent with Park Management). This home is very close to the community amenities and has great views of them as well! Please reach out for links to 3D Tour, floorplan, measurements.

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 12 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,375
• − Mortgage interest: −$2,241
• − Property taxes: −$600
• − Insurance: −$200
• − Repairs & maintenance: −$1,790
• − Management: −$1,790
• − Depreciation: −$1,164
• Taxable income: $14,591
• Est. tax owed @ 24.0%: −$3,502
• After-tax cash flow: $10,857/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.

Condition & rehab AI · 12 photos

Fair 45/100 Cosmetic rehab

This 1280 square foot, 2-bedroom, 2-bath home in a 55+ community is in fair condition with some cosmetic fixes needed. The kitchen and interior walls are in poor condition and require major repairs. Updating these areas would significantly increase its resale value.

Repairs flagged

• Major kitchen cabinets — poor condition
• Major kitchen countertops — poor condition
• Major kitchen appliances — dated and poor condition
• Major interior walls — dated paneling and paint

Value-add opportunities

• Resale update kitchen cabinets and countertops — modernizing the kitchen would significantly increase its appeal
• Resale paint interior walls — updating the interior walls would improve the home's curb appeal
• Resale replace carpet — new flooring would enhance the home's overall appearance

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · poor condition	Major	$15,000–50,000
kitchen countertops · poor condition	Major	$15,000–50,000
kitchen appliances · dated and poor condition	Major	$15,000–50,000
interior walls · dated paneling and paint	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Resale update kitchen cabinets and countertops — modernizing the kitchen would significantly increase its appeal ↑
• Resale paint interior walls — updating the interior walls would improve the home's curb appeal ↑
• Resale replace carpet — new flooring would enhance the home's overall appearance ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Tigard-Tualatin SD 23J
• NCES district ID: 4112240
• Math proficiency: 47% ▼ -3.00%
• Reading proficiency: 65% ▲ 3.00%
• Median HH income: $60,739
• Composite: 48.72/100
• National rank: #2100
• State rank: #6 of 58 in OR

Livability — Tigard

• Score: 87/100
• State rank: #14
• US rank: #311

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Washington County · 583,254 people
• City population: 87,096
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 36,569
• Household income: $98,125
• Rent vs Own: 30.0% rent · 70.0% own
• Severe rent burden: 1468.0

Population outlook (Washington County) Hauer SSP2

• Today (2025): 674,042 people
• By 2030: 721,804 · +7.1%
• By 2040: 812,732 · +20.6%
• By 2050: 895,143 · +32.8%
• By 2075: 1,058,806 · +57.1%
• By 2100: 1,131,692 · +67.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 10% Two or more races 8% Asian 8% Black 3%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 4% Lithuanian 4% Slovak 3%
• Foreign-born: 13% · Canada, Vietnam, China
• Languages at home: 83% English-only · Spanish 7% Other Indo-European 3% Vietnamese 2%

Political lean MEDSL · Washington

• 2024 margin: Solid D (+34.0) · D 65.3% · R 31.3% · Other 3.4%
• 2008→2024 swing: +11.8pp toward D · 2008: 22.1pp · 2024: 34.0pp
• All cycles: 2024: D+34.0 2020: D+34.6 2016: D+26.7 2012: D+17.5 2008: D+22.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -287.40%
• Current HPI: 277.57
• Rent YoY: ▼ -0.38%
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• State GDP YoY: ▲ 2.05%
• F500 in state: 2

Industry mix (Fortune 500 HQ in OR)

Industry	F500 HQs	Revenue
▸Consumer Goods	1	$51B

Price history

-10.0% since first listed

2 events — show timeline

• 2026-05-05 Price Changed $44,900 RMLS
• 2026-03-29 Listed $49,900 RMLS