1199 N Terry St #282

Eugene, OR 97402

$115,000C+

2 bd · 2.0 ba · 1,152 sqft · Built 1980 · Manufactured · Active · 101 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,833/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$168
• HOA: −$0
• Vac / Maint / Mgmt: −$385
• Net cashflow: $677/mo
• Annual: $8,123/yr
• Cap rate: 14.05%
• Cash-on-cash: 27.70%
• DSCR: 2.23
• 1% rule: 1.59%
• Cash to close: $32,200

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $115k.
• At list price, monthly cash flow is $677 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• It's been on market 101 days — a 9% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $105k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#52 in OR, #1,587 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, cost of living C-, crime D-.
• Bethel SD 52 (urban): math 18% / reading 34% proficiency, ranked #52 of 58 in OR (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: Rents rising (+1.6%/yr); 302 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,808 units permitted in Lane County in 2024 (972 in 5+ unit buildings).
• Lane County population projected at +15% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts since 21y ago; this cycle's ask has dropped $14k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $37k; list at $115k implies a 211% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $32k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk; moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 14.0% vs local median 2.8% in Eugene — 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.
• This rent runs 38% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• Crime grade is D 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?
• 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.