90971 Hwy 101 #39

Warrenton, OR 97146

$84,000C+

3 bd · 2.0 ba · 1,296 sqft · Built 1989 · Manufactured · Pending · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,925/mo
• Mortgage (P&I): −$441
• Tax + insurance: −$86
• HOA: −$0
• Vac / Maint / Mgmt: −$404
• Net cashflow: $994/mo
• Annual: $11,929/yr
• Cap rate: 20.49%
• Cash-on-cash: 50.72%
• DSCR: 3.26
• 1% rule: 2.29%
• Cash to close: $23,520

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $84k.
• At list price, monthly cash flow is $994 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $84k).
• It's been on market 18 days — a 2% lower offer ($83k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $83k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $581 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#112 in OR) — a middle-class / working-renter tenant base. Strengths: housing A+, commute A-, employment B; Watch: health & safety C-, crime F, amenities F.
• Warrenton-Hammond SD 30 (town): math 38% / reading 49% proficiency, ranked #88 of 183 in OR (top 48%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Warrenton Grade School (reading 24%, 449 students, 48% FRL); Warrenton Middle School (244 students, 41% FRL); Warrenton High School (275 students, 51% FRL) — zoned schools at 47% FRL track the district average.
• Market conditions: 97 active listings in the ZIP; 98 units permitted in Clatsop County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 20.5% vs local median 2.6% in Warrenton — 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.