1940 Highway 101 · Rockaway Beach, OR 97136

$369,000

2 bd · 1.0 ba · 820 sqft · Other public records · 159 Days on market

Built 1949 2,613 sqft lot $450/sqft · 19% below area Est $454k · 19% 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 +29.0/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +6.8/10.0
• Schools +4.2/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Property is located along the famous Highway 101 Oregon Coast!! Was once an STR, no longer has a permit. The property offers plenty of parking, a side yard fully fenced w/small shed, back patio setting and a little yard to maintain. The home itself is a full interior/exterior remodel that has been professionally done w/permits. The interior has an open concept w/natural lighting skylighting & full decor throughout, full laundry room, full bathroom and two full bedrooms all remodeled and updated for quality living. Door code access, contact agent for the code. Use OREF forms only please. Buyer will have to apply for STR licence if desired use. Furniture is negotiable and not included in the sale.

Key facts

• Back patio setting
• Open concept
• Full laundry room

Tags

• FULLY FENCED SIDE YARD
• BACK PATIO SETTING
• FULL INTERIOR REMODEL
• OPEN CONCEPT
• NATURAL LIGHTING SKYLIGHTING
• FULL LAUNDRY ROOM

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $369k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $369k).
• Recommended offer: $325k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.4% vs local median 6.6% in Rockaway Beach — 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 74/100 on livability (#94 in OR, #4,777 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living A-; Watch: health & safety C-, employment D, amenities F.
• Neah-Kah-Nie SD 56 (rural): math 39% / reading 55% proficiency, ranked #62 of 183 in OR (top 34%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 126 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 86 units permitted in Tillamook County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Tillamook County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $103k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 159 days — a 12% lower offer ($325k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $324,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 159 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 1949 — 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: 1.18% ✓
• Cap rate: 10.39%
• Cash-on-cash: 14.63%
• DSCR: 1.65
• GRM: 7.1

CMA / ARV

• ARV (median comp): $453,945
• List price: $369,000
• Delta: -18.71%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 5.1%
• Equity multiple: 1.20×
• Total profit: $20,247
• Equity at exit: $55,019

10-year hold

• IRR: 14.5%
• Equity multiple: 2.16×
• Total profit: $120,255
• Equity at exit: $31,904

Cash invested: $103,320 (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 97136

• Home prices YoY: -34.6%
• Active inventory: 126
• Price-to-rent: 7.1×

Monthly cashflow live

• Estimated rent: $4,359 medium
• Mortgage (P&I): −$1,935
• Tax from tax record: −$95 /mo · $1,144/yr
• Insurance: −$154
• HOA: −$0
• Vacancy / Maint / Mgmt: −$915
• Net cashflow: $1,259

Break-even live

Break-even rent $2,765

Max offer price $369,000

Occupancy floor 66%

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: $92,250
• Closing costs: $11,070
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
406 N 3rd Ave Rockaway Beach, OR	2.0	1.0	762	$3,000	$3.94	44d	1	1.19mi
145 N Dolphin St Rockaway Beach, OR	2.0	2.0	1020	$6,000	$5.88	44d	1	1.24mi

Listing history 17 events

1. 2026-06-18
   days on market $369,000 Active 159 DOM
2. 2026-06-17
   days on market $369,000 Active 158 DOM
3. 2026-06-16
   days on market $369,000 Active 157 DOM
4. 2026-06-15
   days on market $369,000 Active 156 DOM
5. 2026-06-13
   days on market $369,000 Active 154 DOM
6. 2026-06-12
   days on market $369,000 Active 153 DOM
7. 2026-06-09
   days on market $369,000 Active 150 DOM
8. 2026-06-08
   days on market $369,000 Active 149 DOM
9. 2026-06-08
   days on market $369,000 Active 148 DOM
10. 2026-06-07
    days on market $369,000 Active 147 DOM
11. 2026-06-04
    days on market $369,000 Active 144 DOM
12. 2026-06-02
    days on market $369,000 Active 143 DOM
13. 2026-06-01
    days on market $369,000 Active 142 DOM
14. 2026-05-31
    days on market $369,000 Active 141 DOM
15. 2026-01-12
    listed $369,000 Active 708-char remark

    Show marketing remark (708 chars)

    Property is located along the famous Highway 101 Oregon Coast!! Was once an STR, no longer has a permit. The property offers plenty of parking, a side yard fully fenced w/small shed, back patio setting and a little yard to maintain. The home itself is a full interior/exterior remodel that has been professionally done w/permits. The interior has an open concept w/natural lighting skylighting & full decor throughout, full laundry room, full bathroom and two full bedrooms all remodeled and updated for quality living. Door code access, contact agent for the code. Use OREF forms only please. Buyer will have to apply for STR licence if desired use. Furniture is negotiable and not included in the sale.

16. 2026-01-12
    listed $369,000 Active 708-char remark

    Show marketing remark (708 chars)

    Property is located along the famous Highway 101 Oregon Coast!! Was once an STR, no longer has a permit. The property offers plenty of parking, a side yard fully fenced w/small shed, back patio setting and a little yard to maintain. The home itself is a full interior/exterior remodel that has been professionally done w/permits. The interior has an open concept w/natural lighting skylighting & full decor throughout, full laundry room, full bathroom and two full bedrooms all remodeled and updated for quality living. Door code access, contact agent for the code. Use OREF forms only please. Buyer will have to apply for STR licence if desired use. Furniture is negotiable and not included in the sale.

17. 2026-01-10
    listed $369,000 Active

ⓘ 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: $1,144 · $95/mo
• Projected year-2 tax: $3,579 · $298/mo
• Expected delta: +$2,436/yr (+$203/mo · 213.0%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 9 d/yr ≥76°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 8 unhealthy d/yr today · 9 by 30 yrs out

Taxation est. · year 1

• Rental income: $52,304
• − Mortgage interest: −$20,670
• − Property taxes: −$1,144
• − Insurance: −$1,845
• − Repairs & maintenance: −$4,184
• − Management: −$4,184
• − Depreciation: −$10,735
• Taxable income: $9,542
• Est. tax owed @ 24.0%: −$2,290
• After-tax cash flow: $12,820/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: Neah-Kah-Nie SD 56
• NCES district ID: 4108650
• Math proficiency: 39% ▼ -4.00%
• Reading proficiency: 55% ▼ -4.00%
• Median HH income: $42,437
• Composite: 41.68/100
• National rank: #7205
• State rank: #62 of 183 in OR

Livability — Rockaway Beach

• Score: 74/100
• State rank: #94
• US rank: #4777

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rockaway Beach, OR
• Population (ZIP): 2,422

Population outlook (Tillamook County) Hauer SSP2

• Today (2025): 26,318 people
• By 2030: 26,603 · +1.1%
• By 2040: 26,898 · +2.2%
• By 2050: 27,129 · +3.1%
• By 2075: 27,858 · +5.9%
• By 2100: 26,212 · -0.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 2% Two or more races 2% Asian 1%
• Common ancestry: Slovak 4% Iranian 4% Portuguese 3%
• Foreign-born: 2% · Canada
• Languages at home: 93% English-only · Spanish 4% French/Haitian/Cajun 1% Other Indo-European 1%

Political lean MEDSL · Tillamook

• 2024 margin: Toss-up / Even · D 47.9% · R 49.2% · Other 2.9%
• 2008→2024 swing: -11.2pp toward R · 2008: 9.9pp · 2024: -1.4pp
• All cycles: 2024: R+1.4 2020: R+1.7 2016: R+5.9 2012: D+4.7 2008: D+9.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -121.02%
• Current HPI: 228.3227
• Rent YoY: —
• Metro: —
• 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

+0.0% since first listed

3 events — show timeline

• 2026-01-12 Listed $369,000 OCMLS
• 2026-01-12 Listed $369,000 WVMLS
• 2026-01-10 Listed $369,000 RMLS

Property tax history

+3.2%/yr

Latest (2025): $1,144 · +8.6% YoY. Source: county tax records.