2796 S Main St #66 · Lebanon, OR 97355

$45,000

2 bd · 1.0 ba · 868 sqft · Other public records · 211 Days on market

Built 1974 $52/sqft · 16% below area Est $54k · 16% under

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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 +14.6/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming home in a peaceful 55+ community! Enjoy a bright kitchen, inviting dining area, and bar perfect for entertaining. Outside, a generous yard offers garden space, a covered deck and a handy storage shed—ideal for relaxing, gardening, or tinkering. All in a convenient and desirable location.

Key facts

• Bright kitchen
• Covered deck
• Generous yard

Tags

• BRIGHT KITCHEN
• INVITING DINING AREA
• COVERED DECK
• HANDY STORAGE SHED
• GENEROUS YARD
• GARDEN SPACE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $45k.

Deal economics

• At list price, monthly cash flow is $912 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Cap rate 30.6% vs local median 2.9% in Lebanon — 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 71/100 on livability (#126 in OR) — a middle-class / working-renter tenant base. Strengths: housing A+, crime A, cost of living A; Watch: schools C-, health & safety C-, amenities D+.
• Lebanon Community SD 9 (town): math 27% / reading 43% proficiency, ranked #26 of 58 in OR (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+4.5%/yr); 246 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 311 units permitted in Linn County in 2024 (60 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $311 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Linn County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 4.5% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 211 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 19y ago; this cycle's ask has dropped $5k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $13k; list at $45k implies a 246% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $39,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 211 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 3.35% ✓
• Cap rate: 30.61%
• Cash-on-cash: 86.84%
• DSCR: 4.86
• GRM: 2.5

CMA / ARV

• ARV (median comp): $53,500
• List price: $45,000
• Delta: -15.89%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.55% rent growth · sell at horizon

5-year hold

• IRR: 89.1%
• Equity multiple: 5.22×
• Total profit: $53,168
• Equity at exit: $6,710

10-year hold

• IRR: 92.4%
• Equity multiple: 11.41×
• Total profit: $131,186
• Equity at exit: $3,891

Cash invested: $12,600 (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 97355

• Rents YoY: 4.5%
• Active inventory: 246
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,506 high
• Mortgage (P&I): −$236
• Tax from tax record: −$23 /mo · $279/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $912

Break-even live

Break-even rent $352

Max offer price $45,000

Occupancy floor 34%

Sensitivity live

Price	-10% $937	-5% $925	+0% $912	+5% $899	+10% $886
Rent	-10% $793	-5% $852	+0% $912	+5% $971	+10% $1,031
Rate	-1.0pp $934	-0.5pp $923	base $912	+0.5pp $900	+1.0pp $888

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
300 Sand Ridge Ct Lebanon, OR	1.0–2.0	1.0–2.0	944	$1,525	$1.61	45d	6	0.24mi
1956 S Second St Lebanon, OR	1.0–2.0	1.0–2.0	840	$1,445	$1.72	45d	7	0.48mi
2180 Franklin St Lebanon, OR	1.0–2.0	1.0–2.0	862	$1,695	$1.97	45d	6	0.54mi
1900 S Second St Unit A103 Lebanon, OR	2.0	1.0	858	$1,350	$1.57	45d	1	0.55mi
1900 S Second St Unit A201 Lebanon, OR	2.0	2.0	1078	$1,450	$1.35	45d	1	0.55mi
E Airport Rd Lebanon, OR	1.0–3.0	1.0–2.0	993	$1,710	$1.72	45d	14	0.55mi
975 Wassom St Lebanon, OR	2.0	1.5	928	$1,525	$1.64	45d	1	0.70mi
45 Cox St Lebanon, OR	2.0	1.0	760	$1,395	$1.84	45d	1	0.86mi
198 E Milton St Unit 1 Lebanon, OR	2.0	1.0	800	$1,350	$1.69	45d	1	0.89mi
2400 12th St Lebanon, OR	1.0–2.0	1.0	926	$1,600	$1.73	45d	6	0.91mi
640 F St Lebanon, OR	2.0	1.0	980	$1,435	$1.46	45d	1	0.96mi
1515 David Dr Unit 1515-DA Lebanon, OR	2.0	1.0	1104	$1,450	$1.31	45d	1	1.06mi
865 E St Unit 865 Lebanon, OR	2.0	1.0	819	$1,500	$1.83	45d	1	1.10mi
900 S 10th St Lebanon, OR	2.0	1.5	960	$1,435	$1.49	45d	1	1.43mi
153 E Ash St Unit 153 Lebanon, OR	2.0	1.5	1050	$1,495	$1.42	45d	1	1.47mi

Listing history 20 events

1. 2026-06-19
   days on market $45,000 Active 211 DOM
2. 2026-06-18
   days on market $45,000 Active 210 DOM
3. 2026-06-17
   days on market $45,000 Active 209 DOM
4. 2026-06-16
   days on market $45,000 Active 208 DOM
5. 2026-06-15
   days on market $45,000 Active 207 DOM
6. 2026-06-14
   days on market $45,000 Active 205 DOM
7. 2026-06-13
   days on market $45,000 Active 204 DOM
8. 2026-06-10
   days on market $45,000 Active 202 DOM
9. 2026-06-09
   days on market $45,000 Active 201 DOM
10. 2026-06-08
    days on market $45,000 Active 200 DOM
11. 2026-06-07
    days on market $45,000 Active 199 DOM
12. 2026-06-03
    days on market $45,000 Active 195 DOM
13. 2026-06-02
    days on market $45,000 Active 194 DOM
14. 2026-06-01
    days on market $45,000 Active 193 DOM
15. 2026-05-31
    days on market $45,000 Active 192 DOM
16. 2026-05-30
    days on market $45,000 Active 191 DOM
17. 2025-11-20
    listed $50,000 Active 303-char remark

    Show marketing remark (303 chars)

    Charming home in a peaceful 55+ community! Enjoy a bright kitchen, inviting dining area, and bar perfect for entertaining. Outside, a generous yard offers garden space, a covered deck and a handy storage shed—ideal for relaxing, gardening, or tinkering. All in a convenient and desirable location.

18. 2007-10-23
    soldstatus $13,000 263-char remark

    Show marketing remark (263 chars)

    Nice home with large kitchen, open floor plan. Recent updates to home. landscaped, extra parking. Updates as per owner Furnace Serviced 3/27/07, new hot water heater 2005, new dryer, painted & new deck in 2006, new neopreem roof in 2004, New windows in 2004.

19. 2007-10-13
    historical 263-char remark

    Show marketing remark (263 chars)

    Nice home with large kitchen, open floor plan. Recent updates to home. landscaped, extra parking. Updates as per owner Furnace Serviced 3/27/07, new hot water heater 2005, new dryer, painted & new deck in 2006, new neopreem roof in 2004, New windows in 2004.

20. 2007-09-25
    listed $14,000 263-char remark

    Show marketing remark (263 chars)

    Nice home with large kitchen, open floor plan. Recent updates to home. landscaped, extra parking. Updates as per owner Furnace Serviced 3/27/07, new hot water heater 2005, new dryer, painted & new deck in 2006, new neopreem roof in 2004, New windows in 2004.

ⓘ 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: $279 · $23/mo
• Projected year-2 tax: $436 · $36/mo
• Expected delta: +$158/yr (+$13/mo · 56.7%)

ⓘ 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 5/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥91°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 11 unhealthy d/yr today · 13 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,072
• − Mortgage interest: −$2,521
• − Property taxes: −$279
• − Insurance: −$225
• − Repairs & maintenance: −$1,446
• − Management: −$1,446
• − Depreciation: −$1,309
• Taxable income: $10,847
• Est. tax owed @ 24.0%: −$2,603
• After-tax cash flow: $8,338/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: Lebanon Community SD 9
• NCES district ID: 4107380
• Math proficiency: 27% ▼ -10.00%
• Reading proficiency: 43% ▼ -4.00%
• Median HH income: $45,264
• Composite: 29.83/100
• National rank: #6418
• State rank: #26 of 58 in OR

Livability — Lebanon

• Score: 71/100
• State rank: #126
• US rank: #7209

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lebanon, OR
• County: Linn County · 70,700 people
• City population: 34,292
• Metro: Albany-Lebanon, OR
• Population (ZIP): 34,292
• Household income: $68,595
• Rent vs Own: 31.7% rent · 68.3% own
• Severe rent burden: 1051.0

Population outlook (Linn County) Hauer SSP2

• Today (2025): 127,026 people
• By 2030: 129,540 · +2.0%
• By 2040: 132,780 · +4.5%
• By 2050: 133,614 · +5.2%
• By 2075: 129,061 · +1.6%
• By 2100: 112,224 · -11.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 7% Two or more races 7%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Italian 5% Slovak 3% Portuguese 3%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 5% French/Haitian/Cajun 1%

Political lean MEDSL · Linn

• 2024 margin: Strong R (+24.4) · D 36.2% · R 60.6% · Other 3.1%
• 2008→2024 swing: -13.0pp toward R · 2008: -11.4pp · 2024: -24.4pp
• All cycles: 2024: R+24.4 2020: R+23.4 2016: R+27.8 2012: R+17.2 2008: R+11.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -528.42%
• Current HPI: 221.8977
• Rent YoY: ▲ 4.55%
• Metro: Albany-Lebanon, OR
• 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

+257.1% since first listed

4 events — show timeline

• 2025-11-20 Listed $50,000 WVMLS
• 2007-10-23 Sold (MLS) $13,000 WVMLS
• 2007-10-13 Listing Removed — WVMLS
• 2007-09-25 Listed $14,000 WVMLS

Property tax history

+2.9%/yr

Latest (2025): $279 · +3.3% YoY. Source: county tax records.