2519 NE 205th Ave · Fairview, OR 97024

$30,000

3 bd · 2.0 ba · 1,665 sqft · Land · 7 Days on market

Built 1998 $1000/mo HOA · 45% of rent

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.8/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks

Great investment opportunity! Home is situated in a great community and is priced to sell. Home is situated in a convent location in central Fairview, a short drive to the I-84, wood Village, shopping and restaurants! Don't miss this opportunity!

Key facts

• Built 1998
• Listed 7 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath land listed at $30k.

Deal economics

• At list price, monthly cash flow is $540 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $30k).
• Cap rate 27.9% vs local median 2.8% in Fairview — 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 75/100 on livability (#85 in OR, #4,103 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A-; Watch: cost of living D, amenities F.
• Reynolds SD 7 (suburban): math 21% / reading 36% proficiency, ranked #162 of 183 in OR (top 88%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Salish Ponds Elementary School (314 students, 99% FRL); Reynolds Middle School (837 students, 98% FRL); Reynolds High School (2,474 students, 67% FRL) — zoned schools average 88% FRL vs 66% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-1.0%/yr); 54 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• This rent runs 38% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $207 of loan paydown is wiped out by about $900 of value loss. Plan a longer hold.
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: HOA is 45% of rent.

Recommended offer $30,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
5. 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.
6. 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.
7. 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: 7.37% ✓
• Cap rate: 27.91%
• Cash-on-cash: 77.20%
• DSCR: 4.44
• GRM: 1.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 69.7%
• Equity multiple: 3.82×
• Total profit: $23,723
• Equity at exit: $4,473

10-year hold

• IRR: 71.7%
• Equity multiple: 6.07×
• Total profit: $42,555
• Equity at exit: $2,594

Cash invested: $8,400 (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 97024

• Home prices YoY: -20.3%
• Rents YoY: -1.0%
• Active inventory: 54
• Price-to-rent: 1.1×

Monthly cashflow live

• Estimated rent: $2,212 high
• Mortgage (P&I): −$157
• Tax est. 1.5%: −$38 /mo · $450/yr
• Insurance: −$12
• HOA: −$1,000
• Vacancy / Maint / Mgmt: −$465
• Net cashflow: $540

Break-even live

Break-even rent $1,528

Max offer price $30,000

Occupancy floor 71%

Sensitivity live

Price	-10% $561	-5% $551	+0% $540	+5% $530	+10% $520
Rent	-10% $366	-5% $453	+0% $540	+5% $628	+10% $715
Rate	-1.0pp $556	-0.5pp $548	base $540	+0.5pp $533	+1.0pp $525

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: $7,500
• Closing costs: $900
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2667 NE 205th Ave Fairview, OR	3.0	2.0	1115	$1,950	$1.75	25d	1	0.19mi
19927 NE Halsey St Unit 103 Portland, OR	3.0	2.5	1225	$1,895	$1.55	45d	1	0.48mi
3794 NE Fairview Lake Way Fairview, OR	3.0	2.0	1611	$2,795	$1.73	23d	1	0.60mi
21123 NE Osburn Loop Unit 21123 Fairview, OR	3.0	2.5	1586	$2,595	$1.64	6d	1	0.62mi
609 Lincoln St Unit 609 Fairview, OR	3.0	2.5	1100	$2,250	$2.05	45d	1	0.75mi
1497 NE Market Dr Fairview, OR	2.0	2.0	1136	$1,750	$1.54	45d	1	0.89mi
21933 NE Chinook Way Fairview, OR	1.0–3.0	1.0–2.5	874	$2,315	$2.65	3d	8	0.90mi
22100 NE Halsey St Fairview, OR	1.0–3.0	1.0–2.0	1003	$2,395	$2.39	4d	10	0.91mi
22032 NE Chinook Way Unit B Fairview, OR	2.0	2.5	1150	$2,045	$1.78	9d	1	1.00mi
22032 NE Chinook Way Apt A Fairview, OR	2.0	2.5	1150	$1,995	$1.73	45d	1	1.00mi
22620 NE Hancock St Fairview, OR	2.0	2.0	1196	$1,995	$1.67	23d	1	1.14mi
19316 NE Couch St Portland, OR	3.0	2.0	1325	$2,495	$1.88	0d	1	1.27mi
20121 SE Stark St Portland, OR	1.0–3.0	1.0–2.0	873	$2,150	$2.46	4d	5	1.31mi
18641 NE Everett Ct Portland, OR	4.0	1.0	1450	$2,500	$1.72	18d	1	1.38mi

HOA detail

• Monthly dues: $1,000 · $12,000/yr

Listing history 5 events

1. 2026-04-02
   status Pending
2. 2026-03-26
   listed $30,000 Active
3. 1996-07-17
   soldstatus $250,000
4. 1996-01-19
   soldstatus $20,000
5. 1994-03-07
   soldstatus $120,000

ⓘ 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 ≥93°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 23 unhealthy d/yr today · 27 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,548
• − Mortgage interest: −$1,680
• − Property taxes: −$450
• − Insurance: −$150
• − Repairs & maintenance: −$2,124
• − Management: −$2,124
• − HOA: −$12,000
• − Depreciation: −$873
• Taxable income: $7,147
• Est. tax owed @ 24.0%: −$1,715
• After-tax cash flow: $4,770/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: Reynolds SD 7
• NCES district ID: 4110520
• Math proficiency: 21% ▬ 0.00%
• Reading proficiency: 36% ▬ 0.00%
• Median HH income: $45,502
• Composite: 27.4/100
• National rank: #12399
• State rank: #162 of 183 in OR

Livability — Fairview

• Score: 75/100
• State rank: #85
• US rank: #4103

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fairview, OR
• County: Multnomah County · 786,692 people
• City population: 12,007
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 12,007
• Household income: $69,679
• Rent vs Own: 53.9% rent · 46.1% own
• Severe rent burden: 552.0

Population outlook (Multnomah County) Hauer SSP2

• Today (2025): 930,825 people
• By 2030: 996,904 · +7.1%
• By 2040: 1,121,379 · +20.5%
• By 2050: 1,242,124 · +33.4%
• By 2075: 1,464,431 · +57.3%
• By 2100: 1,576,181 · +69.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: White 48% Hispanic / Latino 27% Two or more races 15% Black 12% Pacific Islander 3% Native American 2% Asian 1%
• Hispanic origin (detail): Mexican 24%
• Common ancestry: Portuguese 3% Italian 3% Lithuanian 3%
• Foreign-born: 16% · Canada, Guatemala, Vietnam
• Languages at home: 69% English-only · Spanish 23% Other Asian/Pacific 3% Russian/Polish/Slavic 1%

Political lean MEDSL · Multnomah

• 2024 margin: Solid D (+62.1) · D 79.3% · R 17.2% · Other 3.5%
• 2008→2024 swing: +6.0pp toward D · 2008: 56.1pp · 2024: 62.1pp
• All cycles: 2024: D+62.1 2020: D+61.3 2016: D+58.3 2012: D+54.9 2008: D+56.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.88%
• Current HPI: 286.4915
• Rent YoY: ▼ -0.99%
• 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

-75.0% since first listed

5 events — show timeline

• 2026-04-02 Pending — RMLS
• 2026-03-26 Listed $30,000 RMLS
• 1996-07-17 Sold (Public Records) $250,000 Public Records
• 1996-01-19 Sold (Public Records) $20,000 Public Records
• 1994-03-07 Sold (Public Records) $120,000 Public Records

Property tax history

+3.6%/yr

Latest (2025): $17,886 · +5.9% YoY. Source: county tax records.