8531 N Edison St N · Portland, OR 97203

$690,000

9 bd · 9.9 ba · 5,610 sqft · MultiFamily · 64 Days on market

Built 2001 Poor condition

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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 +22.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.2/10.0
• 1% rule +5.9/10.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Rent growth +3.0/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Public: SERIOUS INQUIRES ONLY PLEASE. Don’t miss this golden opportunity to put your signature mark on a unique property with spectacular views of the St. Johns Bridge! Bring your A-game and imagination to complete this project quickly. Owner is willing to carry financing for 6 months and/or open to partnering with the right party to catalyze a remarkable outcome! See supplemental Promotional Flyer for more information. Each townhome is on a separate tax lot (8531 & 8527 N Edison); 4 units altogether (primary home + ADU on each lot). Constructed as mirror images. Visions include co-housing, cooperative living, low-income or mission-oriented housing, or PadSplit. Originally purchased as a two-level townhome, re-design was drafted by EMA Architects (2017), with eco-conscious quality construction by Birdsmouth. Originally built in 2001, the homes are to-the-stud remodels with ADU structures added in 2019. Eco-touches include Blue "Glo" windows and green roofs. Homes are enclosed and weather protected; need interior and exterior finishing work + mechanical, electrical and plumbing. Related to RMLS #198712609. Owner will consider sale of one or both townhomes.

Key facts

• To-the-stud remodels
• Green roofs
• Spectacular views

Tags

• SPECTACULAR VIEWS
• UNIQUE PROPERTY
• TO-THE-STUD REMODELS
• GREEN ROOFS

🏢 Co-op / cooperative unit. The $690,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/3.3-bath units multifamily listed at $690k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $382/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $690k).
• Recommended offer: $649k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 2.2% in Portland — 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 77/100 on livability (#72 in OR, #3,256 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living F.
• Portland SD 1J (urban): math 46% / reading 58% proficiency, ranked #23 of 183 in OR (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+2.1%/yr); 205 active listings in the ZIP; solid renter incomes; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• At $7,487/mo this rent would consume 114% of the median local household income ($79k/yr) (locally 1401% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($649k) is reasonable based on typical stale-listing flexibility.

Recommended offer $648,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.09% ✓
• Cap rate: 8.29%
• Cash-on-cash: 7.12%
• DSCR: 1.32
• GRM: 7.7

CMA / ARV

• ARV (median comp): $1,154,683
• List price: $690,000
• Delta: -40.24%
• Verdict: UNDERPRICED
• Comps: 10 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 2.11% rent growth · sell at horizon

5-year hold

• IRR: -6.4%
• Equity multiple: 0.77×
• Total profit: $-45,335
• Equity at exit: $102,881

10-year hold

• IRR: 2.1%
• Equity multiple: 1.15×
• Total profit: $28,206
• Equity at exit: $59,659

Cash invested: $193,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State Oregon: 28 Tenant-Leaning · D+6
• County: — inherits STATE
• City Portland: 0 Strongly Tenant-Friendly · D+39

Mandatory relocation for no-cause evictions; rent increase notice 90 days.

Methodology + full state rankings →

ZIP-level market 97203

• Rents YoY: 2.1%
• Active inventory: 205
• Price-to-rent: 23.0×

Monthly cashflow live

• Estimated rent: $7,487 high
• Mortgage (P&I): −$3,618
• Tax est. 1.5%: −$862 /mo · $10,350/yr
• Insurance: −$288
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,572
• Net cashflow: $1,146

Break-even live

Break-even rent $6,036

Max offer price $690,000

Occupancy floor 80%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	3	3.3	$7,488
Total (3 units)			$7,487

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: $172,500
• Closing costs: $20,700
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-18
   days on market $690,000 Active 64 DOM
2. 2026-06-17
   days on market $690,000 Active 63 DOM
3. 2026-06-16
   days on market $690,000 Active 62 DOM
4. 2026-06-15
   days on market $690,000 Active 61 DOM
5. 2026-06-13
   days on market $690,000 Active 59 DOM
6. 2026-06-09
   days on market $690,000 Active 55 DOM
7. 2026-06-08
   days on market $690,000 Active 54 DOM
8. 2026-06-07
   days on market $690,000 Active 53 DOM
9. 2026-06-03
   days on market $690,000 Active 49 DOM
10. 2026-06-02
    days on market $690,000 Active 48 DOM
11. 2026-06-01
    days on market $690,000 Active 47 DOM
12. 2026-05-31
    days on market $690,000 Active 46 DOM
13. 2026-04-15
    listed $690,000 Active 1193-char remark

    Show marketing remark (1193 chars)

    Public: SERIOUS INQUIRES ONLY PLEASE. Don’t miss this golden opportunity to put your signature mark on a unique property with spectacular views of the St. Johns Bridge! Bring your A-game and imagination to complete this project quickly. Owner is willing to carry financing for 6 months and/or open to partnering with the right party to catalyze a remarkable outcome! See supplemental Promotional Flyer for more information. Each townhome is on a separate tax lot (8531 & 8527 N Edison); 4 units altogether (primary home + ADU on each lot). Constructed as mirror images. Visions include co-housing, cooperative living, low-income or mission-oriented housing, or PadSplit. Originally purchased as a two-level townhome, re-design was drafted by EMA Architects (2017), with eco-conscious quality construction by Birdsmouth. Originally built in 2001, the homes are to-the-stud remodels with ADU structures added in 2019. Eco-touches include Blue "Glo" windows and green roofs. Homes are enclosed and weather protected; need interior and exterior finishing work + mechanical, electrical and plumbing. Related to RMLS #198712609. Owner will consider sale of one or both townhomes.

ⓘ 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 · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $89,844
• − Mortgage interest: −$38,651
• − Property taxes: −$10,350
• − Insurance: −$3,450
• − Repairs & maintenance: −$7,188
• − Management: −$7,188
• − Depreciation: −$20,073
• Taxable income: $2,946
• Est. tax owed @ 24.0%: −$707
• After-tax cash flow: $13,049/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

Poor 20/100 Extensive rehab

This multi-family property requires extensive renovation, including exterior siding, interior finishing, and all systems, to become move-in ready and significantly increase its value.

Repairs flagged

• Major Exterior siding — Exposed framing
• Major Interior drywall — Exposed framing
• Major Plumbing — Exposed framing
• Major Electrical — Exposed framing
• Major HVAC — Exposed framing

Value-add opportunities

• Both Complete exterior siding — Enhances curb appeal and value
• Both Install drywall and finish interior — Improves living space and value
• Both Install plumbing and fixtures — Ensures functionality and value
• Both Install electrical and lighting — Ensures safety and value
• Both Install HVAC and heating system — Ensures comfort and value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Exterior siding · Exposed framing	Major	$15,000–50,000
Interior drywall · Exposed framing	Major	$15,000–50,000
Plumbing · Exposed framing	Major	$15,000–50,000
Electrical · Exposed framing	Major	$15,000–50,000
HVAC · Exposed framing	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both Complete exterior siding — Enhances curb appeal and value ↑
• Both Install drywall and finish interior — Improves living space and value ↑
• Both Install plumbing and fixtures — Ensures functionality and value ↑
• Both Install electrical and lighting — Ensures safety and value ↑
• Both Install HVAC and heating system — Ensures comfort and value ↑

ⓘ 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: Portland SD 1J
• NCES district ID: 4110040
• Math proficiency: 46% ▼ -2.00%
• Reading proficiency: 58% ▼ -3.00%
• Median HH income: $57,851
• Composite: 47.1/100
• National rank: #5112
• State rank: #23 of 183 in OR

Livability — Portland

• Score: 77/100
• State rank: #72
• US rank: #3256

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portland, OR
• County: Multnomah County · 786,692 people
• City population: 774,334
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 33,116
• Household income: $78,660
• Rent vs Own: 43.0% rent · 57.0% own
• Severe rent burden: 1401.0

Population outlook (Multnomah County) Hauer SSP2

• Today (2025): 930,825 people
• By 2030: 996,904 · +7.1%
• By 2040: 1,121,379 · +20.5%
• By 2050: 1,242,124 · +33.4%
• By 2075: 1,464,431 · +57.3%
• By 2100: 1,576,181 · +69.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 55% Hispanic / Latino 17% Two or more races 16% Black 12% Asian 6% Native American 1% Pacific Islander 1%
• Hispanic origin (detail): Mexican 12%
• Common ancestry: Italian 3% Portuguese 3% Slovak 3%
• Foreign-born: 10% · Canada, China
• Languages at home: 81% English-only · Spanish 11% Other Asian/Pacific 3% Other Indo-European 1%

Political lean MEDSL · Multnomah

• 2024 margin: Solid D (+62.1) · D 79.3% · R 17.2% · Other 3.5%
• 2008→2024 swing: +6.0pp toward D · 2008: 56.1pp · 2024: 62.1pp
• All cycles: 2024: D+62.1 2020: D+61.3 2016: D+58.3 2012: D+54.9 2008: D+56.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -356.36%
• Current HPI: 348.4979
• Rent YoY: ▲ 2.11%
• 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

1 event — show timeline

• 2026-04-15 Listed $690,000 RMLS