8951 SE Fuller Rd #7 · Portland, OR 97086

$75,000

3 bd · 1.0 ba · 1,070 sqft · Other · 66 Days on market

Built 1968 $70/sqft · 10% below area Est $83k · 10% under $59/mo HOA · 3% of rent

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Why this score? — see what drove the B 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 +30.0/30.0
• ARV discount +11.8/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.9/5.0
• Schools +3.2/10.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Affordable three-bedroom home in the Holly Tree Community, unit 7 offering 1,070 sq ft of single-level living near shops and transit. One of the lowest space rents out there at $885.154/mo and $59.30 for sewer. You must apply with community to qualify, as is common for parks. Cozy up to the living room woodstove on a rainy day and save on heat. Enjoy a sizable primary bedroom with a walk-in closet, and two more bedrooms - one on the smaller side and ideal for bonus/office/craft room (an individual bed/crib and dresser do fit inside). In-home laundry, covered XL carport that can double as a paved yard, and plenty of storage space. Enjoy the community room and playground included in park rent. Plenty of parking. Great commute access. Close to Clackamas Town Center, Fred Meyer, Trader Joe’s, and more. Move-in ready. Financing available.

Key facts

• Built 1968
• Listed 66 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath other listed at $75k.

Deal economics

• At list price, monthly cash flow is $979 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $75k).
• Recommended offer: $70k (6.0% below list) — sets the bar for market timing.
• Cap rate 22.0% 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.
• North Clackamas SD 12 (suburban): math 29% / reading 43% proficiency, ranked #22 of 58 in OR (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising (+1.9%/yr); 344 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 946 units permitted in Clackamas County in 2024 (188 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $519 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Clackamas County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 1.9% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($70k) is reasonable based on typical stale-listing flexibility.

Recommended offer $70,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
8. 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.
9. 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: 2.63% ✓
• Cap rate: 21.96%
• Cash-on-cash: 55.94%
• DSCR: 3.49
• GRM: 3.2

CMA / ARV

• ARV (median comp): $82,890
• List price: $75,000
• Delta: -9.52%
• Verdict: FAIR
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 1.89% rent growth · sell at horizon

5-year hold

• IRR: 53.0%
• Equity multiple: 3.29×
• Total profit: $48,088
• Equity at exit: $11,183

10-year hold

• IRR: 57.8%
• Equity multiple: 6.41×
• Total profit: $113,696
• Equity at exit: $6,485

Cash invested: $21,000 (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 97086

• Rents YoY: 1.9%
• Active inventory: 344
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,970 high
• Mortgage (P&I): −$393
• Tax est. 1.5%: −$94 /mo · $1,125/yr
• Insurance: −$31
• HOA: −$59
• Vacancy / Maint / Mgmt: −$414
• Net cashflow: $979

Break-even live

Break-even rent $731

Max offer price $75,000

Occupancy floor 45%

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: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8942 SE 79th Pl Unit 8942 Portland, OR	2.0	1.0	1000	$1,395	$1.40	2d	1	0.33mi
8950 SE 79th Pl Portland, OR	2.0	1.0	1000	$1,472	$1.47	24d	4	0.34mi
8950 SE 79th Pl Portland, OR	2.0	1.0	1000	$1,495	$1.50	22d	1	0.34mi
8495 SE Otty Rd Unit duplex Happy Valley, OR	3.0	1.0	924	$2,100	$2.27	43d	1	0.51mi
7707 SE Otty St Portland, OR	3.0	1.0	828	$2,245	$2.71	17d	1	0.63mi
8860 SE Flavel St Unit 6 Portland, OR	2.0	1.0	806	$1,469	$1.82	24d	1	0.63mi
8860 SE Flavel St Unit 48 Portland, OR	2.0	1.0	806	$1,549	$1.92	43d	1	0.63mi
8860 SE Flavel St Unit 46 Portland, OR	2.0	1.0	806	$1,469	$1.82	43d	1	0.63mi
8860 SE Flavel St Unit 51 Portland, OR	2.0	1.0	806	$1,449	$1.80	43d	1	0.63mi
9701 SE Johnson Creek Blvd Happy Valley, OR	1.0–2.0	1.0–2.0	937	$3,234	$3.45	1d	20	0.65mi
8300 SE Flavel St Unit 102 Portland, OR	2.0	1.0	1011	$1,650	$1.63	43d	1	0.66mi
8824 SE Flavel St Unit 8824-5 Portland, OR	2.0	1.0	720	$1,529	$2.12	24d	1	0.66mi
8824 SE Flavel St Unit 8824-4 Portland, OR	2.0	1.0	720	$1,569	$2.18	43d	1	0.66mi
7445 SE Crystal Springs Blvd Portland, OR	3.0	3.0	1464	$2,595	$1.77	24d	1	0.68mi
7240 SE Umatilla St Portland, OR	3.0	2.5	1310	$2,850	$2.18	4d	1	0.69mi
8756 SE Henderson St Unit 147-8753 Portland, OR	2.0	1.5	1100	$2,095	$1.90	43d	1	0.70mi
9118 SE Flavel St Portland, OR	1.0–2.0	1.0	800	$1,395	$1.74	11d	3	0.71mi
9118 SE Flavel St Unit 30 Portland, OR	2.0	1.0	850	$1,395	$1.64	4d	1	0.71mi
9118 SE Flavel St Unit 28 Portland, OR	2.0	1.0	850	$1,395	$1.64	24d	1	0.72mi
7828 SE Aspen Summit Dr Portland, OR	1.0–3.0	1.0–2.0	1000	$2,899	$2.90	1d	19	0.74mi
7400 SE Otty St Portland, OR	2.0	1.0	1406	$2,000	$1.42	20d	1	0.75mi
8104 SE 72nd Ave Portland, OR	2.0	1.0	1000	$2,195	$2.19	3d	1	0.76mi
7911 SE King Rd Unit 50 Milwaukie, OR	2.0	1.5	920	$1,595	$1.73	20d	1	0.78mi
7911 SE King Rd Portland, OR	2.0	1.5	920	$1,700	$1.85	22d	1	0.78mi
7911 SE King Rd Portland, OR	2.0	1.5	920	$1,700	$1.85	43d	1	0.78mi
7911 SE King Rd Unit 42 Milwaukie, OR	2.0	1.5	920	$1,595	$1.73	16d	1	0.79mi
7911 SE King Rd Unit 38 Milwaukie, OR	2.0	1.5	920	$1,495	$1.62	24d	1	0.82mi
7915 SE King Rd Portland, OR	2.0	1.0	925	$1,800	$1.95	4d	2	0.83mi
8036 SE Ogden St Portland, OR	4.0	2.0	1260	$2,865	$2.27	12d	1	0.85mi
7008 SE 86th Ave Portland, OR	3.0	1.0	1008	$2,345	$2.33	44d	1	0.89mi
7307 SE 76th Ave Unit A Portland, OR	3.0	1.0	1467	$2,299	$1.57	43d	1	0.92mi
10225 SE Bristol Ln Happy Valley, OR	2.0	2.0	1152	$2,395	$2.08	17d	1	0.95mi
7414 SE Ogden St Portland, OR	3.0	1.0	1293	$5,300	$4.10	43d	1	0.97mi
8057 SE Monroe St Portland, OR	2.0	2.0	900	$1,799	$2.00	2d	1	1.00mi
6721 SE 84th Ave Portland, OR	2.0	1.0	761	$2,299	$3.02	14d	1	1.01mi
10411 SE Cook Ct Portland, OR	2.0	2.0	893	$1,885	$2.11	14d	1	1.02mi
10411 SE Cook Ct Portland, OR	2.0	2.0	893	$1,765	$1.98	43d	1	1.02mi
7946 SE Monroe St Unit 7958 Milwaukie, OR	2.0	1.0	775	$1,499	$1.93	43d	1	1.03mi
6702 SE 80th Ave #9 Portland, OR	2.0	1.0	824	$1,520	$1.84	20d	1	1.09mi
6546 SE 88th Ave Portland, OR	3.0	1.0	1000	$2,195	$2.19	4d	1	1.11mi

HOA detail

• Monthly dues: $59 · $708/yr
• Likely covers: sewer

Listing history 14 events

1. 2026-06-18
   days on market $75,000 Active 66 DOM
2. 2026-06-17
   days on market $75,000 Active 65 DOM
3. 2026-06-16
   days on market $75,000 Active 64 DOM
4. 2026-06-15
   days on market $75,000 Active 63 DOM
5. 2026-06-13
   days on market $75,000 Active 61 DOM
6. 2026-06-09
   days on market $75,000 Active 57 DOM
7. 2026-06-08
   days on market $75,000 Active 56 DOM
8. 2026-06-07
   days on market $75,000 Active 55 DOM
9. 2026-06-05
   days on market $75,000 Active 52 DOM
10. 2026-06-03
    days on market $75,000 Active 51 DOM
11. 2026-06-02
    days on market $75,000 Active 50 DOM
12. 2026-06-01
    days on market $75,000 Active 49 DOM
13. 2026-05-31
    days on market $75,000 Active 48 DOM
14. 2026-04-13
    listed $75,000 Active 851-char remark

    Show marketing remark (851 chars)

    Affordable three-bedroom home in the Holly Tree Community, unit 7 offering 1,070 sq ft of single-level living near shops and transit. One of the lowest space rents out there at $885.154/mo and $59.30 for sewer. You must apply with community to qualify, as is common for parks. Cozy up to the living room woodstove on a rainy day and save on heat. Enjoy a sizable primary bedroom with a walk-in closet, and two more bedrooms - one on the smaller side and ideal for bonus/office/craft room (an individual bed/crib and dresser do fit inside). In-home laundry, covered XL carport that can double as a paved yard, and plenty of storage space. Enjoy the community room and playground included in park rent. Plenty of parking. Great commute access. Close to Clackamas Town Center, Fred Meyer, Trader Joe’s, and more. Move-in ready. Financing available.

ⓘ 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 · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 19 unhealthy d/yr today · 21 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,640
• − Mortgage interest: −$4,201
• − Property taxes: −$1,125
• − Insurance: −$375
• − Repairs & maintenance: −$1,891
• − Management: −$1,891
• − HOA: −$708
• − Depreciation: −$2,182
• Taxable income: $11,266
• Est. tax owed @ 24.0%: −$2,704
• After-tax cash flow: $9,044/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.

Schools (NCES district)

• District: North Clackamas SD 12
• NCES district ID: 4108830
• Math proficiency: 29% ▼ -14.00%
• Reading proficiency: 43% ▼ -13.00%
• Median HH income: $60,217
• Composite: 32.1/100
• National rank: #5807
• State rank: #22 of 58 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

• County: Clackamas County · 361,406 people
• City population: 774,334
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 34,567
• Household income: $102,359
• Rent vs Own: 37.3% rent · 62.7% own
• Severe rent burden: 1281.0

Population outlook (Clackamas County) Hauer SSP2

• Today (2025): 458,456 people
• By 2030: 485,185 · +5.8%
• By 2040: 532,932 · +16.2%
• By 2050: 574,445 · +25.3%
• By 2075: 665,497 · +45.2%
• By 2100: 697,488 · +52.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 63% Asian 17% Two or more races 12% Hispanic / Latino 9% Black 2%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 4% Portuguese 4% Lithuanian 2%
• Foreign-born: 18% · Canada, Vietnam, China
• Languages at home: 79% English-only · Spanish 5% Vietnamese 3% Chinese 3%

Political lean MEDSL · Clackamas

• 2024 margin: Lean D (+9.7) · D 53.4% · R 43.6% · Other 3.0%
• 2008→2024 swing: -0.6pp no change · 2008: 10.4pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+11.1 2016: D+6.1 2012: D+3.5 2008: D+10.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -279.06%
• Current HPI: 261.5208
• Rent YoY: ▲ 1.89%
• 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

• 2026-04-13 Listed $75,000 RMLS

Property tax history

+1.9%/yr

Latest (2018): $81 · -11.0% YoY. Source: county tax records.