13358 NW Marina Way Unit W3

Portland, OR 97231

$265,000F

2 bd · 2.0 ba · 1,300 sqft · Built 1991 · SingleFamily · Active · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,083/mo
• Mortgage (P&I): −$1,390
• Tax + insurance: −$868
• HOA: −$925
• Vac / Maint / Mgmt: −$437
• Net cashflow: $-1,537/mo
• Annual: $-18,447/yr
• Cap rate: 1.26%
• Cash-on-cash: -17.96%
• DSCR: 0.20
• 1% rule: 0.79%
• Cash to close: $74,200

Investor read

• This is a 2-bed/2.0-bath single-family listed at $265k. Condition is rated fair.
• 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).
• It's been on market 27 days — a 2% lower offer ($261k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $43k (83.9% below list) — sets the bar for cash-flow.
• 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.
• 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.
• Watch-outs: flood insurance adds $427/mo; HOA is 44% of rent.
• 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).
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• 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.

Questions for listing agent

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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?
• 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)

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• Minor: Bathroom fixtures — Possibly outdated design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