1145 SW Cypress St #107 · McMinnville, OR 97128

$150,000

3 bd · 2.5 ba · 1,610 sqft · Manufactured public records · 55 Days on market

Built 1992 $93/sqft · 8% below area Est $163k · 8% 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 +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

Nice size manufactured home. Large living room and primary bedroom. Kitchen has walk-in pantry and all appliances stay. Newer paint and roof. Good size deck for outdoor entertainment. Bring your vision to make this your home.

Key facts

• 2 garage spots
• Built 1992
• Listed 54 days

Property features AI

Finance

• Other: Main level living area approximately 1,610; Unit length 60 feet
• HOA & community: Park management available; Located in Heidi Manor mobile home park; Lot rent paid monthly

Exterior

• Parking: Driveway; Two parking spaces; Two-space carport
• Utilities: Electric fuel; Public water; Public sewer; Cable internet available
• Home design: Manufactured home located in a park (Fleetwood Green Hill 27x60 model); Single-story (one level); Built in 1992; No notable view
• Construction: Composition roof; Lap siding exterior; Crawl space foundation; Built in 1992; Manufacturer: Fleetwood
• Exterior features: Deck; Fenced yard; Lap siding; Level lot; Paved road access

Interior

• Kitchen: Dishwasher; Free-standing range; Free-standing refrigerator; Pantry; Range hood; Skylight in kitchen; Vaulted ceiling in kitchen
• Bedrooms: Primary bedroom with vaulted ceiling, walk-in closet and private bathroom; Second bedroom with vaulted ceiling; Third bedroom with vaulted ceiling
• Bathrooms: Two full bathrooms (both on main level)
• Heating & cooling: Forced air heating; Heat pump cooling; Electric hot water
• Interior features: Skylights; Double pane windows; Crawl space
• Laundry & utility: Utility room on main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath manufactured listed at $150k.

Deal economics

• At list price, monthly cash flow is $947 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $146k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.9% 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: Columbus Elementary School (445 students, 71% FRL); Duniway Middle School (806 students, 66% FRL); Mcminnville High School (2,319 students, 38% FRL).
• Market conditions: Rents flat; 396 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 38% 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 $4k 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 $42k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($146k) is reasonable based on typical stale-listing flexibility.

Recommended offer $145,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.60% ✓
• Cap rate: 13.87%
• Cash-on-cash: 27.05%
• DSCR: 2.20
• GRM: 5.2

CMA / ARV

• ARV (median comp): $162,615
• List price: $150,000
• Delta: -7.76%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1156 SW Westvale St #197	0.16mi	2/2.0 (-1)	1,620 (+1%)	0mo	$168,800	$104	84
1156 SW Westvale St	0.16mi	2/2.0 (-1)	1,620 (+1%)	0mo	$168,800	$104	84
1230 SW Emma Dr	0.11mi	3/2.0	1,512 (-6%)	1mo	$172,800	$114	82
1154 SW Emma Dr	0.12mi	3/2.0	1,560 (-3%)	8mo	$173,000	$111	81
1145 SW Cypress St #63	0.11mi	3/2.0	1,556 (-3%)	9mo	$165,000	$106	80
1168 SW Emma Dr	0.12mi	3/2.0	1,512 (-6%)	9mo	$140,000	$93	74
1145 SW Cypress St #12	0.11mi	3/2.0	1,774 (+10%)	4mo	$162,500	$92	73
1679 SW Richard Ct	0.29mi	3/2.0	1,512 (-6%)	3mo	$160,000	$106	72
1177 SW Emma Dr	0.13mi	3/2.0	1,512 (-6%)	13mo	$170,000	$112	71
1926 SW Emma Dr	0.17mi	3/2.0	1,836 (+14%)	1mo	$207,935	$113	66
1501 SW Baker St #38	0.64mi	2/2.0 (-1)	1,368 (-15%)	8mo	$74,000	$54	32
1419 NW 2nd St	0.73mi	2/2.0 (-1)	1,440 (-11%)	14mo	$105,000	$73	29

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: 18.6%
• Equity multiple: 1.73×
• Total profit: $30,759
• Equity at exit: $22,365

10-year hold

• IRR: 25.4%
• Equity multiple: 3.00×
• Total profit: $83,892
• Equity at exit: $12,969

Cash invested: $42,000 (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: 396
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $2,395 high
• Mortgage (P&I): −$787
• Tax from tax record: −$96 /mo · $1,151/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$503
• Net cashflow: $947

Break-even live

Break-even rent $1,196

Max offer price $150,000

Occupancy floor 55%

Sensitivity live

Price	-10% $1,032	-5% $989	+0% $947	+5% $904	+10% $862
Rent	-10% $758	-5% $852	+0% $947	+5% $1,041	+10% $1,136
Rate	-1.0pp $1,022	-0.5pp $985	base $947	+0.5pp $908	+1.0pp $868

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
982 SW Hawthorne St McMinnville, OR	3.0	2.0	1458	$2,375	$1.63	23d	1	0.28mi
939 SW Fellows Ct McMinnville, OR	3.0	2.0	1729	$2,375	$1.37	45d	1	0.40mi
1302 SW Wright St McMinnville, OR	3.0	2.5	1763	$2,400	$1.36	45d	1	0.57mi
417 SW Pemberly Loop McMinnville, OR	3.0	2.5	1700	$2,200	$1.29	45d	1	0.61mi
136 SW Sharon Jane Pl McMinnville, OR	3.0	2.0	1477	$2,150	$1.46	23d	1	0.64mi
1795 NW 2nd St McMinnville, OR	2.0–4.0	1.0	1250	$1,788	$1.43	0d	2	0.65mi
467 NW Meadows Dr McMinnville, OR	3.0	2.0	1278	$2,100	$1.64	45d	1	0.73mi
1149 SW Brockwood Ave McMinnville, OR	3.0	2.0	1432	$3,600	$2.51	25d	1	0.75mi
140 SW Daniels St McMinnville, OR	3.0	1.0	1524	$1,995	$1.31	25d	1	0.82mi
624 SW Drumwood Ave McMinnville, OR	1.0–3.0	1.0–1.5	878	$2,400	$2.73	0d	4	0.92mi
1701 NW Wallace Rd Unit 1550269P McMinnville, OR	2.0	2.0	1560	$5,834	$3.74	0d	1	1.17mi
1116 SE Millright Ave McMinnville, OR	3.0	2.5	1652	$2,300	$1.39	45d	1	1.35mi
1126 SE Rummel St Unit 1128 McMinnville, OR	2.0	1.0	1070	$1,795	$1.68	17d	1	1.44mi

Listing history 16 events

1. 2026-06-21
   days on market $150,000 Active 55 DOM
2. 2026-06-18
   days on market $150,000 Active 52 DOM
3. 2026-06-17
   days on market $150,000 Active 51 DOM
4. 2026-06-16
   days on market $150,000 Active 50 DOM
5. 2026-06-15
   days on market $150,000 Active 49 DOM
6. 2026-06-13
   days on market $150,000 Active 47 DOM
7. 2026-06-13
   days on market $150,000 Active 46 DOM
8. 2026-06-09
   days on market $150,000 Active 43 DOM
9. 2026-06-08
   days on market $150,000 Active 42 DOM
10. 2026-06-07
    days on market $150,000 Active 41 DOM
11. 2026-06-05
    days on market $150,000 Active 38 DOM
12. 2026-06-03
    days on market $150,000 Active 37 DOM
13. 2026-06-02
    days on market $150,000 Active 36 DOM
14. 2026-06-01
    days on market $150,000 Active 35 DOM
15. 2026-05-31
    days on market $150,000 Active 34 DOM
16. 2026-04-27
    listed $150,000 Active 230-char remark

ⓘ 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: $1,151 · $96/mo
• Projected year-2 tax: $1,455 · $121/mo
• Expected delta: +$304/yr (+$25/mo · 26.5%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 4/10 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: $28,735
• − Mortgage interest: −$8,402
• − Property taxes: −$1,151
• − Insurance: −$750
• − Repairs & maintenance: −$2,299
• − Management: −$2,299
• − Depreciation: −$4,364
• Taxable income: $9,471
• Est. tax owed @ 24.0%: −$2,273
• After-tax cash flow: $9,087/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

• 2026-04-27 Listed $150,000 RMLS

Property tax history

+2.3%/yr

Latest (2025): $1,151 · +5.5% YoY. Source: county tax records.