737 N 15th Ave

Elgin, OR 97827

$165,000C+

3 bd · 2.0 ba · 1,200 sqft · Built 1985 · Manufactured · Active · 106 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,800/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$400
• HOA: −$0
• Vac / Maint / Mgmt: −$378
• Net cashflow: $157/mo
• Annual: $1,878/yr
• Cap rate: 8.34%
• Cash-on-cash: 7.32%
• DSCR: 1.33
• 1% rule: 1.09%
• Cash to close: $46,200

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $165k. Condition is rated fair.
• At list price, monthly cash flow is $157 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• It's been on market 106 days — a 9% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $150k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#98 in OR) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety C-, schools D+, employment D+.
• Elgin SD 23 (rural): math 30% / reading 50% proficiency, ranked #114 of 183 in OR (top 62%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $125/mo.
• Market conditions: 35 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 38 units permitted in Union County in 2024 (0 in 5+ unit buildings).
• Union County population projected to shrink 9% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance); major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 106 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• 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?
• 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Exterior siding — Significant damage and wear
• Major: Roof — Missing shingles
• Major: Paint — Chipped and peeling
• Major: Bathroom fixtures — Outdated and worn
• Major: Kitchen cabinets and countertops — Dated and worn