10400 SE Cook Ct #65

Milwaukie, OR 97222

$130,950D+

3 bd · 2.0 ba · 1,188 sqft · Built 1993 · Condo · Active · 49 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,901/mo
• Mortgage (P&I): −$687
• Tax + insurance: −$122
• HOA: −$675
• Vac / Maint / Mgmt: −$399
• Net cashflow: $18/mo
• Annual: $217/yr
• Cap rate: 6.46%
• Cash-on-cash: 0.59%
• DSCR: 1.03
• 1% rule: 1.45%
• Cash to close: $36,666

Investor read

• This is a 3-bed/2.0-bath condo listed at $131k.
• 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).
• It's been on market 49 days — a 3% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $127k (3.0% below list) — sets the bar for market timing.
• 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.
• 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.
• Watch-outs: HOA is 36% of rent.
• 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 21d 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).
• Clackamas County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.

Questions for listing agent

• 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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.