8531 N Edison St N

Portland, OR 97203

$675,000C+

10 bd · 10.0 ba · 5,610 sqft · Built 2001 · MultiFamily · Active · 161 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,414/mo
• Mortgage (P&I): −$3,540
• Tax + insurance: −$1,125
• HOA: −$0
• Vac / Maint / Mgmt: −$1,767
• Net cashflow: $1,982/mo
• Annual: $23,787/yr
• Cap rate: 9.82%
• Cash-on-cash: 12.59%
• DSCR: 1.56
• 1% rule: 1.25%
• Cash to close: $189,000

Investor read

• This is a 2×3bd/2.5ba + 2×2bd/2.5ba units multifamily listed at $675k. Condition is rated poor.
• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $496/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $675k).
• It's been on market 161 days — a 12% lower offer ($594k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $594k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• 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.
• Zoned schools: James John Elementary School (337 students, 66% FRL); George Middle School (387 students, 64% FRL); Roosevelt High School (1,484 students, 65% FRL) — zoned schools average 65% FRL vs 37% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.1%/yr); 350 active listings in the ZIP; solid renter incomes; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 2.1% rent growth), your $189k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.8% vs local median 2.3% 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.
• This rent per unit runs 32% of the median local income ($79k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 161 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

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