10400 SE Cook Ct #65 · Milwaukie, OR 97222

$130,950

3 bd · 2.0 ba · 1,188 sqft · Condo · 49 Days on market

Built 1993 $110/sqft · at area comps Est $125k · at est. ↓ 3% since listing

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Why this score? — see what drove the D+ 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 +14.1/30.0
• 1% rule +9.5/10.0
• ARV discount +5.4/15.0
• Livability +4.5/5.0
• DSCR +4.3/10.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks

Remodeled 3-bedroom, 2-bath Redman home in the welcoming and desirable Giadanj Lake Estates community. This rare park location offers a full-size backyard with private green space behind—ideal for gardeners, pet lovers, or anyone who values a little extra breathing room. Enjoy the convenience of a fully enclosed yard with direct access from the back door—perfect for dog owners who want an easy start to the day. Inside, the primary suite features a walk-in closet and a beautifully updated bathroom with a stand-up shower, new vanity, toilet, flooring, lighting, wallpaper, and fresh paint. The second full bathroom has also been refreshed with a new vanity, flooring, paint, and wall

Key facts

• New appliances
• Private green space
• Walk in closet

Tags

• FULL SIZE BACKYARD
• PRIVATE GREEN SPACE
• FULLY ENCLOSED YARD
• WALK IN CLOSET
• UPDATED BATHROOM
• NEW APPLIANCES

Property features AI

Finance

• Other: Lot rent listed as monthly
• Financial info: Land lease (monthly lot rent); Land lease expires January 1, 2099
• HOA & community: Community amenities: basketball court, cable TV, common areas; Park: Giadanj Lake Estates; Pet restrictions: pets under 20 lbs

Exterior

• Parking: Carport (1 space); Off-street parking (total 1 space)
• Utilities: Electric hot water; Electric fuel; Public water; Public sewer
• Home design: Manufactured home in a park; Residential property, resale; Single-story (main level living); Entry facing view of trees/woods
• Construction: Built in 1993; Wood siding exterior; Shingle roof; Skirting foundation
• Exterior features: Fenced yard; Patio; Tool shed; Level lot; Paved road access; Trees/woods view

Interior

• Kitchen: Dishwasher; Free-standing range; Free-standing refrigerator; Microwave
• Bedrooms: Primary bedroom (main level) with suite, walk-in closet, and walk-in shower; Second bedroom (main level) with ceiling fan and vinyl flooring; Third bedroom (main level) with wall-to-wall carpet
• Flooring: Vinyl flooring in second bedroom; Wall-to-wall carpet in living room and third bedroom
• Bathrooms: Two full bathrooms (both on main level)
• Heating & cooling: Forced-air heating; No central cooling
• Interior features: Laundry area (main level); Washer and dryer included; Double-pane windows with vinyl frames; Ceiling fans in living room and second bedroom; Suite primary bedroom with walk-in closet and walk-in shower; Great room, family room, dining room, living room
• Laundry & utility: Washer and dryer in main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $131k.

Deal economics

• At list price, monthly cash flow is $18 ($217/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $131k).
• Recommended offer: $127k (3.0% below list) — sets the bar for market timing.
• Cap rate 6.5% vs local median 2.9% in Milwaukie — 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 90/100 on livability (#4 in OR, #108 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: cost of living D.
• 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.
• Zoned schools: Lewelling Elementary School (math 30% / reading 30%, grade F, #256 of 412 statewide, top 63%, 298 students, 74% FRL); Rowe Middle School (math 12% / reading 27%, grade F, #124 of 128 statewide, top 98%, 722 students, 70% FRL); Milwaukie High School (904 students, 93% FRL) — zoned schools average 79% FRL vs 34% district-wide (44 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-0.8%/yr); 139 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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 $906 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 49 days — a 3% lower offer ($127k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 36% of rent.

Recommended offer $127,021 (3.0% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.45% ✓
• Cap rate: 6.46%
• Cash-on-cash: 0.59%
• DSCR: 1.03
• GRM: 5.7

CMA / ARV

• ARV (median comp): $124,999
• List price: $130,950
• Delta: 4.76%
• Verdict: FAIR
• Comps: 13 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -20.7%
• Equity multiple: 0.31×
• Total profit: $-25,256
• Equity at exit: $19,525

10-year hold

• IRR: -33.2%
• Equity multiple: -0.10×
• Total profit: $-40,480
• Equity at exit: $11,322

Cash invested: $36,666 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 28 Tenant-Leaning
• State Oregon: 28 Tenant-Leaning · D+6
• County: — inherits STATE
• City: — inherits STATE

SB608 (2019): statewide rent cap (7% + CPI) and just-cause for tenancies > 1 yr. Portland has relocation assistance ordinance.

Methodology + full state rankings →

ZIP-level market 97222

• Rents YoY: -0.8%
• Active inventory: 139
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,901 high
• Mortgage (P&I): −$687
• Tax from tax record: −$67 /mo · $809/yr
• Insurance: −$55
• HOA est. from 3 same-building comps: −$675
• Vacancy / Maint / Mgmt: −$399
• Net cashflow: $18

Break-even live

Break-even rent $1,878

Max offer price $130,950

Occupancy floor 94%

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: $32,738
• Closing costs: $3,928
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10411 SE Cook Ct Portland, OR	2.0	2.0	893	$1,765	$1.98	43d	1	0.17mi
10411 SE Cook Ct Portland, OR	2.0	2.0	893	$1,885	$2.11	14d	1	0.17mi
7400 SE Otty St Portland, OR	2.0	1.0	1406	$2,000	$1.42	20d	1	0.18mi
7911 SE King Rd Portland, OR	2.0	1.5	920	$1,700	$1.85	21d	1	0.23mi
7911 SE King Rd Portland, OR	2.0	1.5	920	$1,700	$1.85	43d	1	0.23mi
7911 SE King Rd Unit 38 Milwaukie, OR	2.0	1.5	920	$1,495	$1.62	23d	1	0.24mi
7911 SE King Rd Unit 50 Milwaukie, OR	2.0	1.5	920	$1,595	$1.73	20d	1	0.24mi
7911 SE King Rd Unit 42 Milwaukie, OR	2.0	1.5	920	$1,595	$1.73	16d	1	0.24mi
7707 SE Otty St Portland, OR	3.0	1.0	828	$2,245	$2.71	17d	1	0.25mi
7915 SE King Rd Portland, OR	2.0	1.0	925	$1,800	$1.95	4d	2	0.27mi
8057 SE Monroe St Portland, OR	2.0	2.0	900	$1,799	$2.00	2d	1	0.39mi
7946 SE Monroe St Unit 7958 Milwaukie, OR	2.0	1.0	775	$1,499	$1.93	43d	1	0.42mi
9985 SE 65th Ave Portland, OR	2.0	1.0	925	$1,822	$1.97	10d	2	0.44mi
8495 SE Otty Rd Unit duplex Happy Valley, OR	3.0	1.0	924	$2,100	$2.27	43d	1	0.57mi
8950 SE 79th Pl Portland, OR	2.0	1.0	1000	$1,472	$1.47	23d	4	0.68mi
8950 SE 79th Pl Portland, OR	2.0	1.0	1000	$1,495	$1.50	21d	1	0.68mi
11444 SE Fuller Rd Milwaukie, OR	2.0	1.0	836	$1,550	$1.85	23d	2	0.68mi
8942 SE 79th Pl Unit 8942 Portland, OR	2.0	1.0	1000	$1,395	$1.40	2d	1	0.68mi
11259 SE Causey Cir Happy Valley, OR	2.0	2.5	1152	$2,070	$1.80	21d	1	0.73mi
11556 SE Fuller Rd Portland, OR	2.0	1.0	870	$1,550	$1.78	12d	5	0.76mi
8366 SE Causey Ave Happy Valley, OR	2.0	1.0	828	$1,800	$2.17	14d	10	0.80mi
8366 SE Causey Ave Happy Valley, OR	2.0	1.0	828	$1,800	$2.17	2d	9	0.80mi
5733 SE King Rd Unit 5753 Milwaukie, OR	2.0	1.0	1000	$1,699	$1.70	43d	1	0.82mi
8640 SE Causey Ave Happy Valley, OR	1.0–3.0	1.0–2.0	925	$1,899	$2.05	2d	12	0.85mi
9009 SE Causey Ave Happy Valley, OR	1.0–2.0	1.0–2.0	863	$1,535	$1.78	43d	1	0.90mi
8800 SE Causey Loop Happy Valley, OR	2.0	1.0–2.0	680	$1,866	$2.74	2d	22	0.98mi
11408 SE 90th Ave Unit 1033 Happy Valley, OR	2.0	1.0	880	$1,525	$1.73	23d	1	0.99mi
11408 SE 90th Ave Unit 1214 Happy Valley, OR	2.0	1.0	880	$1,625	$1.85	20d	1	0.99mi
11408 SE 90th Ave Happy Valley, OR	2.0	1.0	880	$1,625	$1.85	23d	1	0.99mi
11408 SE 90th Ave Happy Valley, OR	1.0–2.0	1.0	850	$1,625	$1.91	7d	5	0.99mi
7240 SE Umatilla St Portland, OR	3.0	2.5	1310	$2,850	$2.18	4d	1	1.01mi
6515 SE Aspen St Portland, OR	3.0	1.0	1100	$2,325	$2.11	7d	1	1.07mi
8104 SE 72nd Ave Portland, OR	2.0	1.0	1000	$2,195	$2.19	3d	1	1.10mi
7445 SE Crystal Springs Blvd Portland, OR	3.0	3.0	1464	$2,595	$1.77	23d	1	1.12mi
5041 SE King Rd Unit B Milwaukie, OR	3.0	2.5	1220	$2,750	$2.25	23d	1	1.18mi
12435 SE Linwood Ave Milwaukie, OR	2.0	1.0	578	$1,749	$3.03	3d	8	1.22mi
11299 SE Stevens Rd Happy Valley, OR	2.0	2.0	944	$1,688	$1.79	14d	5	1.25mi
11299 SE Stevens Rd Happy Valley, OR	2.0	2.0	944	$1,675	$1.77	21d	1	1.25mi
12444 SE 60th Ct Unit A Milwaukie, OR	2.0	1.5	900	$1,800	$2.00	43d	1	1.25mi
12582 SE Linwood Ave Portland, OR	1.0–2.0	1.0	707	$1,325	$1.87	12d	3	1.27mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-18
   days on market $130,950 Active 49 DOM
2. 2026-06-17
   days on market $130,950 Active 48 DOM
3. 2026-06-16
   days on market $130,950 Active 47 DOM
4. 2026-06-15
   days on market $130,950 Active 46 DOM
5. 2026-06-13
   days on market $130,950 Active 44 DOM
6. 2026-06-10
   price $130,950 Active 40 DOM
7. 2026-06-09
   days on market $134,950 Active 40 DOM
8. 2026-06-08
   days on market $134,950 Active 39 DOM
9. 2026-06-07
   days on market $134,950 Active 38 DOM
10. 2026-06-05
    days on market $134,950 Active 35 DOM
11. 2026-06-03
    days on market $134,950 Active 34 DOM
12. 2026-06-02
    days on market $134,950 Active 33 DOM
13. 2026-06-01
    days on market $134,950 Active 32 DOM
14. 2026-05-31
    days on market $134,950 Active 31 DOM
15. 2026-04-30
    listed $134,950 Active 1161-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OR · Resets to sale price

• Current annual tax: $809 · $67/mo
• Projected year-2 tax: $1,270 · $106/mo
• Expected delta: +$461/yr (+$38/mo · 56.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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: $22,812
• − Mortgage interest: −$7,335
• − Property taxes: −$809
• − Insurance: −$655
• − Repairs & maintenance: −$1,825
• − Management: −$1,825
• − HOA: −$8,100
• − Depreciation: −$3,809
• Taxable loss: −$1,547
• Est. tax savings @ 24.0%: +$371
• After-tax cash flow: $588/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 — Milwaukie

• Score: 90/100
• State rank: #4
• US rank: #108

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Clackamas County · 361,406 people
• City population: 36,398
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 36,398
• Household income: $83,119
• Rent vs Own: 43.7% rent · 56.3% own
• Severe rent burden: 1823.0

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: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 13% Two or more races 12% Asian 3% Black 1%
• Hispanic origin (detail): Mexican 8% Puerto Rican 1%
• Common ancestry: Slovak 3% Italian 3% Portuguese 3%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 6% Russian/Polish/Slavic 2% Arabic 1%

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: ▼ -447.07%
• Current HPI: 306.8458
• Rent YoY: ▼ -0.82%
• 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

-3.0% since first listed

2 events — show timeline

• 2026-06-09 Price Changed $130,950 RMLS
• 2026-04-30 Listed $134,950 RMLS

Property tax history

+17.4%/yr

Latest (2025): $809 · +3.7% YoY. Source: county tax records.