4665 W Silversands St

Netarts, OR 97141

$169,000C-

1 bd · 1.0 ba · 1,257 sqft · Built 1960 · Manufactured · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,579/mo
• Mortgage (P&I): −$886
• Tax + insurance: −$236
• HOA: −$0
• Vac / Maint / Mgmt: −$332
• Net cashflow: $125/mo
• Annual: $1,502/yr
• Cap rate: 7.18%
• Cash-on-cash: 3.17%
• DSCR: 1.14
• 1% rule: 0.93%
• Cash to close: $47,320

Investor read

• This is a 1-bed/1.0-bath manufactured listed at $169k.
• At list price, monthly cash flow is $125 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (6.6% below list).
• It's been on market 51 days — a 3% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $158k (6.6% below list) — sets the bar for 1% rule.
• 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 63/100 on livability (#235 in OR) — a middle-class / working-renter tenant base. Watch: crime C-, cost of living C-, health & safety D+.
• Tillamook SD 9 (town): math 21% / reading 39% proficiency, ranked #44 of 58 in OR (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Liberty Elementary School (276 students, 77% FRL); Tillamook Junior High School (math 20% / reading 42%, grade F, #83 of 128 statewide, top 65%, 344 students, 69% FRL); Tillamook High School (math 15% / reading 47%, grade F, #106 of 143 statewide, top 74%, 723 students, 34% FRL).
• Market conditions: 163 active listings in the ZIP; 86 units permitted in Tillamook County in 2024 (0 in 5+ unit buildings).
• Tillamook County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Cap rate 7.2% vs local median 1.8% in Netarts — 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 51 days. Have you received any prior offers? Is the seller open to a 7% concession, seller financing, or rate buy-down credit?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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 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.