655 NE Burnett Rd #4 · McMinnville, OR 97128

$179,000

3 bd · 2.5 ba · 1,782 sqft · Manufactured public records · 5 Days on market

Built 1995 Est $194k · 8% under

---

Why this score? — see what drove the B 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 +30.0/30.0
• ARV discount +11.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.8/10.0
• Livability +3.8/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this well-maintained manufactured home is located in a peaceful all-ages community and offers comfortable living with plenty of space inside and out. The bright and inviting living room flows seamlessly into the open-concept kitchen featuring ample cabinetry, generous counter space, and a cozy breakfast nook perfect for morning coffee or casual dining. The spacious primary suite includes a relaxing soaking tub, creating the perfect retreat after a long day. Enjoy year-round comfort with central air conditioning and a functional floor plan designed for easy living. Recent exterior paint enhances curb appeal and provides a fresh, updated look. Outside, you'll find a covered carport

Key facts

• Dedicated tool shed
• Open-concept kitchen
• Soaking tub

Tags

• OPEN-CONCEPT KITCHEN
• SOAKING TUB
• CENTRAL AIR CONDITIONING
• RECENT EXTERIOR PAINT
• COVERED CARPORT
• DEDICATED TOOL SHED

Property features AI

Finance

• Other: Property type: Residential — Manufactured Home in Park; Main level living area approximately 1,782 (tax)
• HOA & community: Located in Heather Manor park; Land lease (monthly lot rent of $710) — lease expires August 31, 2026; Not a senior community

Exterior

• Parking: Carport; Driveway
• Security: Storm door(s)
• Utilities: Public water; Public sewer; Electric service
• Home design: Manufactured home in park (Fleetwood); Single-level living; Built in 1995; Skirting foundation
• Construction: Composition roof; Wood siding exterior; Skirting foundation
• Exterior features: Covered patio; Porch; Outbuilding; Workshop; Tool shed; Yard; Storm door(s); Wood siding

Interior

• Kitchen: Dishwasher; Disposal; Free-standing range
• Bedrooms: Primary bedroom on main level; Second bedroom on main level; Third bedroom on main level
• Flooring: Wall-to-wall carpet
• Bathrooms: 2 full bathrooms and 1 half bathroom (total 2.1); Two full baths located on the main level
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Vaulted ceilings; Wall-to-wall carpet; Double pane windows with vinyl frames; Washer/Dryer included; Accessible features: ground level, main floor bedroom with bath, minimal steps, one level, walk-in shower
• Laundry & utility: Washer and dryer included; Electric tank water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath manufactured listed at $179k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $179k).
• Cap rate 13.4% vs local median 3.2% in McMinnville — 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 76/100 on livability (#79 in OR, #3,556 nationally) — a middle-class / working-renter tenant base. Strengths: health & safety A+, housing A, crime B; Watch: commute D+.
• Mcminnville SD 40 (town): math 50% / reading 58% proficiency, ranked #20 of 183 in OR (top 11%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Grandhaven Elementary School (443 students, 70% FRL); Patton Middle School (699 students, 66% FRL); Mcminnville High School (2,319 students, 38% FRL).
• Market conditions: Rents flat; 390 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 282 units permitted in Yamhill County in 2024 (0 in 5+ unit buildings).
• This rent runs 44% of the median local income ($76k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Yamhill County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 0.8% rent growth), your $50k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $179,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.54% ✓
• Cap rate: 13.38%
• Cash-on-cash: 25.31%
• DSCR: 2.13
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $194,238
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
655 NE Burnett Rd #91	0.00mi	3/2.0	1,836 (+3%)	1mo	$200,500	$109	92
655 NE Burnett Rd #9	0.00mi	4/2.0 (+1)	1,728 (-3%)	1mo	$189,900	$110	87
655 NE Burnett Rd #57	0.00mi	3/2.0	1,620 (-9%)	23mo	$150,000	$93	64

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.79% rent growth · sell at horizon

5-year hold

• IRR: 16.4%
• Equity multiple: 1.64×
• Total profit: $32,309
• Equity at exit: $26,689

10-year hold

• IRR: 23.4%
• Equity multiple: 2.82×
• Total profit: $91,194
• Equity at exit: $15,477

Cash invested: $50,120 (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 97128

• Rents YoY: 0.8%
• Active inventory: 390
• Price-to-rent: 5.4×

Monthly cashflow live

• Estimated rent: $2,754 high
• Mortgage (P&I): −$939
• Tax from tax record: −$105 /mo · $1,259/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$578
• Net cashflow: $1,057

Break-even live

Break-even rent $1,415

Max offer price $179,000

Occupancy floor 57%

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3598 NE Jacob St McMinnville, OR	3.0	2.0	1600	$2,400	$1.50	18d	1	0.32mi
675 NE Autumn Ridge Dr McMinnville, OR	3.0	2.5	1364	$2,200	$1.61	3d	1	0.33mi
3844 NE Joel St McMinnville, OR	3.0	2.5	1678	$3,500	$2.09	44d	1	0.42mi
3267 NE Grandhaven Dr McMinnville, OR	3.0	2.0	1622	$2,495	$1.54	24d	1	0.50mi
2187 NE Grandhaven St McMinnville, OR	4.0	2.5	2161	$2,800	$1.30	18d	1	0.83mi
1328 NE 9th St Unit 1550272P McMinnville, OR	2.0	2.0	1980	$4,826	$2.44	8d	1	1.40mi

Listing history 5 events

1. 2026-06-18
   days on market $179,000 Active 5 DOM
2. 2026-06-17
   days on market $179,000 Active 4 DOM
3. 2026-06-16
   days on market $179,000 Active 3 DOM
4. 2026-06-15
   remarks 699-char remark
5. 2026-06-15
   listed $179,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OR · Resets to sale price

• Current annual tax: $1,259 · $105/mo
• Projected year-2 tax: $1,736 · $145/mo
• Expected delta: +$477/yr (+$40/mo · 37.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 8/10 Severe 10 unhealthy d/yr today · 11 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,045
• − Mortgage interest: −$10,027
• − Property taxes: −$1,259
• − Insurance: −$895
• − Repairs & maintenance: −$2,644
• − Management: −$2,644
• − Depreciation: −$5,207
• Taxable income: $10,370
• Est. tax owed @ 24.0%: −$2,489
• After-tax cash flow: $10,198/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: Mcminnville SD 40
• NCES district ID: 4108010
• Math proficiency: 50% ▼ -1.00%
• Reading proficiency: 58% ▼ -1.00%
• Median HH income: $47,382
• Composite: 47.69/100
• National rank: #4919
• State rank: #20 of 183 in OR

Livability — McMinnville

• Score: 76/100
• State rank: #79
• US rank: #3556

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: McMinnville, OR
• County: Yamhill County · 71,150 people
• City population: 38,664
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 38,664
• Household income: $75,896
• Rent vs Own: 34.2% rent · 65.8% own
• Severe rent burden: 1508.0

Population outlook (Yamhill County) Hauer SSP2

• Today (2025): 109,295 people
• By 2030: 112,060 · +2.5%
• By 2040: 115,975 · +6.1%
• By 2050: 118,155 · +8.1%
• By 2075: 120,968 · +10.7%
• By 2100: 116,163 · +6.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Hispanic / Latino 19% Two or more races 14% Asian 2%
• Hispanic origin (detail): Mexican 17%
• Common ancestry: Italian 6% Portuguese 3% Slovak 3%
• Foreign-born: 9% · Canada, China, South Korea
• Languages at home: 85% English-only · Spanish 13% Chinese 1% German/W. Germanic 1%

Political lean MEDSL · Yamhill

• 2024 margin: Lean R (+6.1) · D 45.3% · R 51.4% · Other 3.3%
• 2008→2024 swing: -4.8pp toward R · 2008: -1.4pp · 2024: -6.1pp
• All cycles: 2024: R+6.1 2020: R+4.0 2016: R+8.8 2012: R+6.7 2008: R+1.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -201.59%
• Current HPI: 320.373
• Rent YoY: ▲ 0.79%
• 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

1 event — show timeline

• 2026-06-13 Listed $179,000 RMLS

Property tax history

+2.0%/yr

Latest (2025): $1,259 · +5.5% YoY. Source: county tax records.