3500 Summers Ln Unit 28 · Altamont, OR 97603

$87,900

3 bd · 2.0 ba · 1,344 sqft · Manufactured public records · 33 Days on market

Built 1980 $65/sqft · 15% below area Est $104k · 15% under $492/mo HOA · 28% of rent

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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 +14.3/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.5/5.0
• Livability +3.2/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Pc1466 Space Rent Is $265 And Includes Water, Sewer And Garbage. Senior Park Must Be Approved By Park Mgr. Utility Shed Owned By Park. Perfect Caregiver Arrangement W/ Two Sep. Living Areas.

Key facts

• Formal dining room
• Carport
• In-ground sprinklers

Tags

• LANDSCAPED YARD
• IN-GROUND SPRINKLERS
• CARPORT
• STORAGE SHED
• FORMAL DINING ROOM
• BUILT-INS

Property features AI

Finance

• Financial info: Monthly land lease $492
• HOA & community: Has association with monthly fee ($492); Association amenities: Clubhouse, RV/boat storage, sewer, trash, water; Senior community; CCRs apply

Exterior

• Parking: Attached carport; Driveway; Asphalt parking
• Security: No audio or video surveillance on premises
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected
• Home design: Mobile home (double wide); Located in a park; One level; May remain in park; Manufactured by Skyline
• Construction: Built in 1980; Metal roof; Unknown foundation
• Exterior features: Landscaped; Level lot; Front and rear sprinklers; Shed(s)

Interior

• Kitchen: Cooktop; Double oven; Range hood; Microwave; Dishwasher; Disposal; Refrigerator; Kitchen space
• Bedrooms: 3 bedrooms (includes primary bedroom)
• Flooring: Carpet; Laminate; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Built-in features; Linen closet; Accessible approach with ramp
• Laundry & utility: Washer; Dryer; Water heater; Laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $88k.

Deal economics

• At list price, monthly cash flow is $366 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $88k).
• Recommended offer: $85k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.3% vs local median 3.7% in Altamont — 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 65/100 on livability (#195 in OR) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D, crime F.
• Klamath County SD (rural): math 21% / reading 37% proficiency, ranked #46 of 58 in OR (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Mazama High School (math 12% / reading 42%, grade F, #115 of 143 statewide, top 82%, 690 students, 72% FRL).
• Market conditions: Rents rising (+3.8%/yr); 263 active listings in the ZIP; 8 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; 232 units permitted in Klamath County in 2024 (72 in 5+ unit buildings).
• This rent runs 31% of the median local income ($67k/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 $608 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Klamath County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.8% rent growth), your $25k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 23y ago 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.
• Current owner paid $29k; list at $88k implies a 203% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent.

Recommended offer $85,263 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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: 1.98% ✓
• Cap rate: 11.29%
• Cash-on-cash: 17.84%
• DSCR: 1.79
• GRM: 4.2

CMA / ARV

• ARV (median comp): $103,507
• List price: $87,900
• Delta: -15.08%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4200 Summers Ln #52	0.50mi	3/2.0	1,296 (-4%)	1mo	$89,500	$69	70
4200 Summers Ln Unit 25	0.50mi	3/2.0	1,323 (-2%)	7mo	$107,000	$81	68
4200 Summers Ln Unit 23	0.50mi	2/2.0 (-1)	1,293 (-4%)	0mo	$95,000	$73	65
4647 Winter Ave Spc 55	0.45mi	3/2.0	1,260 (-6%)	9mo	$79,000	$63	61
3922 Austin St	0.63mi	3/2.0	1,404 (+4%)	6mo	$260,000	$185	58
3131 Bisbee St	0.36mi	3/2.0	1,144 (-15%)	2mo	$261,000	$228	56
4647 Winter Ave #78	0.45mi	3/2.0	1,173 (-13%)	3mo	$125,000	$107	56
4647 Winter Ave #92	0.44mi	3/2.0	1,173 (-13%)	5mo	$123,000	$105	54
4200 Summers Ln Unit 69	0.50mi	2/2.0 (-1)	1,188 (-12%)	0mo	$72,500	$61	52
4647 Winter Ave Spc 53	0.44mi	3/2.0	1,173 (-13%)	8mo	$130,000	$111	52
4200 Summers Ln #68	0.50mi	3/2.0	1,539 (+14%)	2mo	$95,000	$62	51
4647 Winter Ave Spc 65	0.45mi	3/2.0	1,144 (-15%)	6mo	$113,000	$99	49

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 · 3.8% rent growth · sell at horizon

5-year hold

• IRR: 10.9%
• Equity multiple: 1.44×
• Total profit: $10,742
• Equity at exit: $13,106

10-year hold

• IRR: 20.9%
• Equity multiple: 2.88×
• Total profit: $46,347
• Equity at exit: $7,600

Cash invested: $24,612 (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 97603

• Rents YoY: 3.8%
• Active inventory: 263
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,738 high
• Mortgage (P&I): −$461
• Tax from tax record: −$17 /mo · $209/yr
• Insurance: −$37
• HOA: −$492
• Vacancy / Maint / Mgmt: −$365
• Net cashflow: $366

Break-even live

Break-even rent $1,275

Max offer price $87,900

Occupancy floor 74%

Sensitivity live

Price	-10% $416	-5% $391	+0% $366	+5% $341	+10% $316
Rent	-10% $229	-5% $297	+0% $366	+5% $435	+10% $503
Rate	-1.0pp $410	-0.5pp $388	base $366	+0.5pp $343	+1.0pp $320

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: $21,975
• Closing costs: $2,637
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4195 Bristol Ct Klamath Falls, OR	2.0	1.0	1080	$1,350	$1.25	44d	1	0.54mi
4306 Fargo St Klamath Falls, OR	3.0	2.0	1288	$1,850	$1.44	44d	1	0.56mi
4305 Altamont Dr Klamath Falls, OR	4.0	2.0	1712	$2,300	$1.34	44d	1	0.67mi
3823 Kelley Dr Klamath Falls, OR	3.0	3.0	1600	$2,000	$1.25	44d	1	0.74mi
3039 Kane St Klamath Falls, OR	3.0	2.0	988	$1,395	$1.41	44d	1	0.77mi
4831 Darwin Pl Klamath Falls, OR	3.0	1.0	1092	$1,475	$1.35	44d	1	0.86mi
2439 Homedale Rd Klamath Falls, OR	3.0	1.0	1320	$1,400	$1.06	44d	1	1.09mi
3124 Sunset Ct Klamath Falls, OR	2.0	1.0	1091	$1,495	$1.37	44d	1	1.49mi

HOA detail

• Monthly dues: $492 · $5,904/yr
• Likely covers: watersewertrash

Listing history 13 events

1. 2026-06-12
   statusdays on market $87,900 Pending 33 DOM
2. 2026-06-09
   days on market $87,900 Active 32 DOM
3. 2026-06-08
   days on market $87,900 Active 31 DOM
4. 2026-06-07
   days on market $87,900 Active 30 DOM
5. 2026-06-05
   days on market $87,900 Active 27 DOM
6. 2026-06-02
   days on market $87,900 Active 25 DOM
7. 2026-06-01
   days on market $87,900 Active 24 DOM
8. 2026-05-31
   days on market $87,900 Active 23 DOM
9. 2026-05-30
   days on market $87,900 Active 22 DOM
10. 2026-05-08
    listed $87,900 Active 800-char remark
11. 2003-10-16
    soldstatus $29,000
12. 2003-09-25
    soldstatus $29,000 190-char remark

    Show marketing remark (190 chars)

    Pc1466 Space Rent Is $265 And Includes Water, Sewer And Garbage. Senior Park Must Be Approved By Park Mgr. Utility Shed Owned By Park. Perfect Caregiver Arrangement W/ Two Sep. Living Areas.

13. 2003-06-24
    listed $30,500 190-char remark

    Show marketing remark (190 chars)

    Pc1466 Space Rent Is $265 And Includes Water, Sewer And Garbage. Senior Park Must Be Approved By Park Mgr. Utility Shed Owned By Park. Perfect Caregiver Arrangement W/ Two Sep. Living Areas.

ⓘ 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: $209 · $17/mo
• Projected year-2 tax: $853 · $71/mo
• Expected delta: +$643/yr (+$54/mo · 307.5%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥90°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 38 unhealthy d/yr today · 39 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,854
• − Mortgage interest: −$4,924
• − Property taxes: −$209
• − Insurance: −$440
• − Repairs & maintenance: −$1,668
• − Management: −$1,668
• − HOA: −$5,904
• − Depreciation: −$2,557
• Taxable income: $3,484
• Est. tax owed @ 24.0%: −$836
• After-tax cash flow: $3,555/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: Klamath County SD
• NCES district ID: 4107020
• Math proficiency: 21% ▼ -17.00%
• Reading proficiency: 37% ▼ -16.00%
• Median HH income: $44,906
• Composite: 24.83/100
• National rank: #7593
• State rank: #46 of 58 in OR

Livability — Altamont

• Score: 65/100
• State rank: #195
• US rank: #12638

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Altamont, OR
• County: Klamath County · 56,186 people
• Metro: Klamath Falls, OR
• Population (ZIP): 33,222
• Household income: $66,937
• Rent vs Own: 29.7% rent · 70.3% own
• Severe rent burden: 1147.0

Population outlook (Klamath County) Hauer SSP2

• Today (2025): 63,870 people
• By 2030: 62,279 · -2.5%
• By 2040: 58,891 · -7.8%
• By 2050: 56,207 · -12.0%
• By 2075: 51,239 · -19.8%
• By 2100: 46,526 · -27.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 15% Two or more races 13% Native American 2%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Portuguese 5% Italian 4% Lithuanian 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 91% English-only · Spanish 7%

Political lean MEDSL · Klamath

• 2024 margin: Solid R (+41.9) · D 27.9% · R 69.8% · Other 2.4%
• 2008→2024 swing: -8.8pp toward R · 2008: -33.1pp · 2024: -41.9pp
• All cycles: 2024: R+41.9 2020: R+40.6 2016: R+44.8 2012: R+38.2 2008: R+33.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -122.75%
• Current HPI: 198.1814
• Rent YoY: ▲ 3.80%
• Metro: Klamath Falls, 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

+188.2% since first listed

5 events — show timeline

• 2026-06-11 Pending — MLSCO
• 2026-05-08 Listed $87,900 MLSCO
• 2003-10-16 Sold (Public Records) $29,000 Public Records
• 2003-09-25 Sold (MLS) $29,000 MLSCO
• 2003-06-24 Listed $30,500 MLSCO

Property tax history

+6.4%/yr

Latest (2025): $209 · +2.6% YoY. Source: county tax records.