11105 Main St NE #26

Donald, OR 97020

$150,000B-

3 bd · 2.0 ba · 1,456 sqft · Built 1998 · Manufactured · Active · 157 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,731/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$138
• HOA: −$0
• Vac / Maint / Mgmt: −$364
• Net cashflow: $443/mo
• Annual: $5,319/yr
• Cap rate: 9.84%
• Cash-on-cash: 12.66%
• DSCR: 1.56
• 1% rule: 1.15%
• Cash to close: $42,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $150k.
• At list price, monthly cash flow is $443 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 157 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-1.4%/yr); year-one equity from $1k of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#193 in OR) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living A; Watch: health & safety D+, amenities F, commute F.
• North Marion SD 15 (rural): math 27% / reading 43% proficiency, ranked #131 of 183 in OR (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Marion Intermediate School (math 15% / reading 24%, grade F, #366 of 412 statewide, top 91%, 360 students, 57% FRL); North Marion Middle School (math 12% / reading 27%, grade F, #124 of 128 statewide, top 98%, 385 students, 52% FRL); North Marion High School (math 10% / reading 50%, grade F, #107 of 143 statewide, top 78%, 603 students, 45% FRL) — zoned schools at 51% FRL track the district average.
• Zoned-school proficiency averages 23% at this address vs 35% district-wide (-12 pts) — the specific schools serving this property underperform the North Marion SD 15 average; the district grade overstates school quality for this exact location.
• Market conditions: 7 active listings in the ZIP; 1,591 units permitted in Marion County in 2024 (716 in 5+ unit buildings).
• Marion County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $25k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $125k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-1.4% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 157 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.
• 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.