24800 NW St Helens Rd Unit L10

Portland, OR 97231

$175,000D-

1 bd · 1.0 ba · 792 sqft · Built 1967 · SingleFamily · Active · 175 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,794/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$292
• HOA: −$1,054
• Vac / Maint / Mgmt: −$377
• Net cashflow: $-846/mo
• Annual: $-10,151/yr
• Cap rate: 0.49%
• Cash-on-cash: -20.72%
• DSCR: 0.08
• 1% rule: 1.03%
• Cash to close: $49,000

Investor read

• This is a 1-bed/1.0-bath single-family listed at $175k. Condition is rated good.
• At list price, monthly cash flow is $-846 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $53k (69.9% below list).
• Meets the 1% rule at list price ($2k rent vs $175k).
• It's been on market 175 days — a 12% lower offer ($154k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $53k (69.9% below list) — sets the bar for cash-flow.
• 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.
• Location reads 77/100 on livability (#72 in OR, #3,256 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living F.
• Scappoose SD 1J (town): math 37% / reading 51% proficiency, ranked #69 of 183 in OR (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Grant Watts Elementary School (reading 54%, 346 students, 38% FRL); Scappoose Middle School (math 30% / reading 75%, grade C+, #24 of 128 statewide, top 18%, 313 students, 28% FRL); Scappoose High School (656 students, 24% FRL) — zoned schools at 30% FRL track the district average.
• Watch-outs: HOA is 59% of rent.
• Market conditions: 110 active listings in the ZIP; high-income renter base; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 0.5% vs local median 2.3% in Portland — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.
• This rent is only 18% of the median local income ($122k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 175 days. Have you received any prior offers? Is the seller open to a 70% concession, seller financing, or rate buy-down credit?
• Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?