28800 Salmon River Hwy

Grand Ronde, OR 97347

$115,000C+

2 bd · 1.0 ba · 773 sqft · Built 2005 · Manufactured · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,950/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$192
• HOA: −$615
• Vac / Maint / Mgmt: −$410
• Net cashflow: $131/mo
• Annual: $1,569/yr
• Cap rate: 7.66%
• Cash-on-cash: 4.87%
• DSCR: 1.22
• 1% rule: 1.70%
• Cash to close: $32,200

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $115k. Condition is rated good.
• At list price, monthly cash flow is $131 ($2k/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 24 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $113k (1.5% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($795 loan paydown + $2k appreciation (1.9% local appreciation)).
• Location reads 62/100 on livability (#246 in OR) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A; Watch: health & safety D+, amenities F, commute F.
• Willamina SD 30J (rural): math 13% / reading 31% proficiency, ranked #177 of 183 in OR (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Willamina Elementary School (math 8% / reading 12%, grade F, #411 of 412 statewide, top 100%, 379 students, 80% FRL); Willamina Middle School (204 students, 0% FRL); Willamina High School (308 students, 130% FRL).
• Zoned-school proficiency averages 10% at this address vs 22% district-wide (-12 pts) — the specific schools serving this property underperform the Willamina SD 30J average; the district grade overstates school quality for this exact location.
• Watch-outs: HOA is 32% of rent.
• Market conditions: 12 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 177 units permitted in Polk County in 2024 (14 in 5+ unit buildings).
• Polk County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (1.9% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

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