13358 NW Marina Way Unit W3 · Portland, OR 97231

$265,000

2 bd · 2.0 ba · 1,300 sqft · SingleFamily · 27 Days on market

Built 1991 Fair condition $204/sqft · 34% below area Est $400k · 34% under $925/mo HOA · 44% of rent

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Why this score? — see what drove the F 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).

• ARV discount +15.0/15.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• 1% rule +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Cash flow +0.9/30.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Excellent opportunity for this nicely updated 2 bedroom, 2 bathroom floating home/boat house combo! Easy maintenance living on the water with stellar access to fishing and recreation on the Columbia River, Willamette River, and the Multnomah Channel. Covered boat well will accommodate a large 42 foot boat. It's even an easy walk to the slip from the gated parking area. Can't beat the price so don't miss this one!!!

Key facts

• Gated parking area
• Boat house
• Floating home

Tags

• FLOATING HOME
• MULTNOMAH CHANNEL
• BOAT HOUSE
• SPACIOUS APARTMENT
• INCOME PRODUCING PROPERTY
• GATED PARKING AREA

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $265k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-2k ($-18k/yr) — negative.
• To cash-flow at today's rent, offer at most $43k (83.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $208k (21.4% below list).
• Recommended offer: $43k (83.9% below list) — sets the bar for cash-flow.
• Cap rate 1.3% vs local median 2.3% in Portland — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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.
• Zoned schools: Skyline Elementary School (215 students, 13% FRL); Da Vinci Middle School (434 students, 34% FRL); Lincoln High School (1,525 students, 11% FRL) — zoned schools average 19% FRL vs 37% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 110 active listings in the ZIP; high-income renter base; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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 27 days — a 2% lower offer ($261k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 44% of rent.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $42,554 (83.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.79% ✗
• Cap rate: 1.26%
• Cash-on-cash: -17.96%
• DSCR: 0.20
• GRM: 10.6

CMA / ARV

• ARV (median comp): $400,073
• List price: $265,000
• Delta: -33.76%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
14581 NW Larson Rd #7	0.35mi	2/2.0	1,367 (+5%)	12mo	$670,000	$490	65
14940 NW Mill Rd Unit G	0.63mi	2/2.0	1,200 (-8%)	11mo	$96,400	$80	49
13398 NW Marina Way	0.10mi	1/1.0 (-1)	1,113 (-14%)	20mo	$395,000	$355	46
14936 NW Mill Rd Unit K	0.63mi	2/3.0	1,482 (+14%)	0mo	$345,000	$233	43
14908 NW Mill Rd Unit M-2	0.65mi	2/2.0	1,408 (+8%)	21mo	$450,000	$320	38

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -70.8%
• Equity multiple: -0.89×
• Total profit: $-139,989
• Equity at exit: $39,512

10-year hold

• IRR: —
• Equity multiple: -2.29×
• Total profit: $-244,472
• Equity at exit: $22,912

Cash invested: $74,200 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 1 active · 1 under contract
• Months of supply: 6.0 mo (17%/mo absorbed)
• Median asking: $400,000 ($342/sqft)
• Median days on market: 94 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -10.1% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 97231

• Home prices YoY: -31.9%
• Active inventory: 110
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $2,083 medium
• Mortgage (P&I): −$1,390
• Tax est. 1.5%: −$331 /mo · $3,975/yr
• Insurance: −$110
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$925
• Vacancy / Maint / Mgmt: −$437
• Net cashflow: $-1,537

Break-even live

Break-even rent $4,029

Max offer price $42,554

Occupancy floor —

Sensitivity live

Price	-10% $-1,354	-5% $-1,446	+0% $-1,537	+5% $-1,629	+10% $-1,720
Rent	-10% $-1,702	-5% $-1,620	+0% $-1,537	+5% $-1,455	+10% $-1,373
Rate	-1.0pp $-1,404	-0.5pp $-1,470	base $-1,537	+0.5pp $-1,606	+1.0pp $-1,676

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: $66,250
• Closing costs: $7,950
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Property features AI

Finance

• Other: No land lease
• HOA & community: Association fee approximately $925 per month

Exterior

• Parking: Off-street secured parking
• Security: Limited accessSecurity gate
• Utilities: Public waterPublic sewerElectric service
• Home design: Floating home (residential, resale)River viewMain and upper levels (living space on both levels)
• Construction: Metal roofMetal sidingBuilt in 1991
• Exterior features: Riverfront viewRV/boat storagePaved road access

Interior

• Kitchen: DishwasherMicrowaveFree-standing rangeBuilt-in refrigerator and free-standing refrigeratorRange hoodDisposalSolid surface and granite countertops
• Bedrooms: Primary bedroom (upper) with balcony, ensuite bathroom, bathtub with shower, ceiling fan, and wall-to-wall carpetSecond bedroom (upper) with ceiling fan and wall-to-wall carpet
• Flooring: Engineered hardwood in main living areasLaminate flooringWall-to-wall carpet in bedrooms
• Bathrooms: Two full bathrooms (one on main level, one on upper level)
• Heating & cooling: Mini split heating and coolingWall heater
• Interior features: Ceiling fansGranite surfacesLaminate flooringWall-to-wall carpetLaundry areaWasher and dryer included
• Laundry & utility: Washer and dryerElectric hot water

HOA detail $925/mo · $11,100/yr

• Likely covers: watersecurity

Listing history 50 events

1. 2026-09-23
   days on market $265,000 Active 27 DOM
2. 2026-09-22
   days on market $265,000 Active 26 DOM
3. 2026-09-21
   days on market $265,000 Active 25 DOM
4. 2026-09-20
   days on market $265,000 Active 24 DOM
5. 2026-09-19
   days on market $265,000 Active 23 DOM
6. 2026-09-18
   days on market $265,000 Active 22 DOM
7. 2026-09-17
   days on market $265,000 Active 21 DOM
8. 2026-09-16
   days on market $265,000 Active 20 DOM
9. 2026-09-15
   days on market $265,000 Active 19 DOM
10. 2026-09-14
    days on market $265,000 Active 18 DOM
11. 2026-09-14
    days on market $265,000 Active 17 DOM
12. 2026-09-12
    days on market $265,000 Active 16 DOM
13. 2026-09-11
    days on market $265,000 Active 15 DOM
14. 2026-09-05
    days on market $265,000 Active 9 DOM
15. 2026-09-04
    days on market $265,000 Active 8 DOM
16. 2026-09-03
    days on market $265,000 Active 7 DOM
17. 2026-08-31
    days on market $265,000 Active 4 DOM
18. 2026-08-30
    days on market $265,000 Active 3 DOM
19. 2026-08-29
    days on market $265,000 Active 2 DOM
20. 2026-08-28
    remarks 699-char remark
21. 2026-08-28
    days on marketlisting id $265,000 Active 1 DOM
22. 2026-08-27
    days on market $265,000 Active 129 DOM
23. 2026-08-25
    days on market $265,000 Active 127 DOM
24. 2026-08-24
    days on market $265,000 Active 126 DOM
25. 2026-08-23
    days on market $265,000 Active 125 DOM
26. 2026-08-22
    days on market $265,000 Active 124 DOM
27. 2026-08-21
    days on market $265,000 Active 123 DOM
28. 2026-08-20
    days on market $265,000 Active 122 DOM
29. 2026-08-19
    days on market $265,000 Active 121 DOM
30. 2026-08-18
    days on market $265,000 Active 120 DOM
31. 2026-08-17
    days on market $265,000 Active 119 DOM
32. 2026-08-16
    days on market $265,000 Active 118 DOM
33. 2026-08-15
    days on market $265,000 Active 117 DOM
34. 2026-08-14
    days on market $265,000 Active 116 DOM
35. 2026-08-13
    days on market $265,000 Active 115 DOM
36. 2026-08-11
    days on market $265,000 Active 113 DOM
37. 2026-08-10
    days on market $265,000 Active 112 DOM
38. 2026-08-09
    days on market $265,000 Active 111 DOM
39. 2026-08-08
    days on market $265,000 Active 110 DOM
40. 2026-08-06
    days on market $265,000 Active 108 DOM
41. 2026-08-05
    days on market $265,000 Active 107 DOM
42. 2026-08-04
    days on market $265,000 Active 106 DOM
43. 2026-08-03
    days on market $265,000 Active 105 DOM
44. 2026-07-31
    days on market $265,000 Active 102 DOM
45. 2026-07-30
    days on market $265,000 Active 101 DOM
46. 2026-07-30
    days on market $265,000 Active 100 DOM
47. 2026-07-28
    days on market $265,000 Active 99 DOM
48. 2026-07-26
    days on market $265,000 Active 97 DOM
49. 2026-07-24
    days on market $265,000 Active 95 DOM
50. 2026-07-23
    days on market $265,000 Active 94 DOM

ⓘ 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 AE · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥91°F today · 15 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: $24,997
• − Mortgage interest: −$14,844
• − Property taxes: −$3,975
• − Insurance: −$6,444
• − Repairs & maintenance: −$2,000
• − Management: −$2,000
• − HOA: −$11,100
• − Depreciation: −$7,709
• Taxable loss: −$23,074
• Est. tax savings @ 24.0%: +$5,538
• After-tax cash flow: $-12,909/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 Moderate rehab Est. rehab $32,500–$58,500 screening

This floating home requires moderate repairs and maintenance to improve its condition and value. Fresh paint and updated fixtures would significantly enhance its appeal.

Repairs flagged

• Minor Kitchen cabinets — Worn appearance
• Minor Bathroom fixtures — Possibly outdated design
• Moderate Exterior siding — Weathered appearance
• Minor Interior paint — Faded appearance

Value-add opportunities

• Resale Paint exterior siding — Fresh paint enhances curb appeal ↑
• Resale Paint interior walls — Fresh paint improves interior appearance ↑
• Resale Update kitchen cabinets — Fresh cabinets improve functionality and aesthetics ↑
• Resale Update bathroom fixtures — Fresh fixtures improve functionality and aesthetics ↑
• Both Landscaping — Well-maintained landscaping enhances curb appeal and property value ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

Zoned Schools

Elementary Skyline Elementary School Middle Da Vinci Middle School High Lincoln High School

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

B Composite livability gradescore 77/100

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

• County: Multnomah · 930,825 people
• City population: 774,334
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 4,304
• Household income: $122,063
• Rent vs Own: 12.7% rent · 87.3% own
• Severe rent burden: 14% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Two or more races 9% Hispanic / Latino 8% Asian 7%
• Hispanic origin (detail): Mexican 2% Salvadoran 2%
• Common ancestry: Lithuanian 6% Slovak 4% Italian 3%
• Foreign-born: 5% · Canada, Dominican Republic
• Languages at home: 90% English-only · Spanish 5% French/Haitian/Cajun 2% Other Indo-European 2%

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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: ▼ -120.95%
• Current HPI: 257.6546
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 2.05%
• F500 in state: 2

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Industry mix (Fortune 500 HQ in OR)

Industry	F500 HQs	Revenue
▸Consumer Goods	1	$51B

Property features AI

Finance

• Other: No land lease
• HOA & community: Association fee approximately $925 per month

Exterior

• Parking: Off-street secured parking
• Security: Limited accessSecurity gate
• Utilities: Public waterPublic sewerElectric service
• Home design: Floating home (residential, resale)River viewMain and upper levels (living space on both levels)
• Construction: Metal roofMetal sidingBuilt in 1991
• Exterior features: Riverfront viewRV/boat storagePaved road access

Interior

• Kitchen: DishwasherMicrowaveFree-standing rangeBuilt-in refrigerator and free-standing refrigeratorRange hoodDisposalSolid surface and granite countertops
• Bedrooms: Primary bedroom (upper) with balcony, ensuite bathroom, bathtub with shower, ceiling fan, and wall-to-wall carpetSecond bedroom (upper) with ceiling fan and wall-to-wall carpet
• Flooring: Engineered hardwood in main living areasLaminate flooringWall-to-wall carpet in bedrooms
• Bathrooms: Two full bathrooms (one on main level, one on upper level)
• Heating & cooling: Mini split heating and coolingWall heater
• Interior features: Ceiling fansGranite surfacesLaminate flooringWall-to-wall carpetLaundry areaWasher and dryer included
• Laundry & utility: Washer and dryerElectric hot water

Price history

+6.0% since first listed

5 events — show timeline

• 2026-08-27 Listed $265,000 RMLS
• 2021-11-23 Sold (MLS) $235,000 RMLS
• 2021-10-10 Pending — RMLS
• 2021-08-27 Price Changed $247,000 RMLS
• 2021-08-04 Listed $250,000 RMLS