47775 Berry St Unit D6

Oakridge, OR 97463

$14,000C-

2 bd · 2.0 ba · 1,022 sqft · Built 1977 · Manufactured · Pending · 203 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,428/mo
• Mortgage (P&I): −$73
• Tax + insurance: −$90
• HOA: −$0
• Vac / Maint / Mgmt: −$300
• Net cashflow: $965/mo
• Annual: $11,580/yr
• Cap rate: 94.70%
• Cash-on-cash: 315.75%
• DSCR: 15.05
• 1% rule: 10.20%
• Cash to close: $3,920

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $14k.
• At list price, monthly cash flow is $965 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $14k).
• It's been on market 203 days — a 12% lower offer ($12k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $12k (12.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($97 loan paydown + $1k appreciation (10.0% local appreciation)).
• Location reads 62/100 on livability (#252 in OR) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A-; Watch: amenities F, commute F, employment F.
• Oakridge SD 76 (town): math 22% / reading 36% proficiency, ranked #163 of 183 in OR (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Oakridge Elementary School (math 30% / reading 34%, grade F, #242 of 412 statewide, top 59%, 278 students, 83% FRL); Oakridge Junior High School (math 5% / reading 10%, grade F, #128 of 128 statewide, top 100%, 87 students, 226% FRL); Oakridge High School (148 students, 0% FRL) — zoned schools average 103% FRL vs 68% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 62 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• 2 sale attempts; this cycle's ask has dropped $12k (47%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk; moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 94.7% vs local median 3.1% in Oakridge — 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 203 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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.