326 E Sage Ln

Culver, OR 97734

$349,000D

3 bd · 2.0 ba · 1,325 sqft · Built 1972 · Other · Pending · 214 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,281/mo
• Mortgage (P&I): −$1,830
• Tax + insurance: −$309
• HOA: −$0
• Vac / Maint / Mgmt: −$479
• Net cashflow: $-337/mo
• Annual: $-4,045/yr
• Cap rate: 5.13%
• Cash-on-cash: -4.14%
• DSCR: 0.82
• 1% rule: 0.65%
• Cash to close: $97,720

Investor read

• This is a 3-bed/2.0-bath other listed at $349k.
• At list price, monthly cash flow is $-337 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $289k (17.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $228k (34.6% below list).
• It's been on market 214 days — a 12% lower offer ($307k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $228k (34.6% below list) — sets the bar for 1% rule.
• In year one you build about $37k of equity ($2k loan paydown + $35k appreciation (10.0% local appreciation)).
• Location reads 68/100 on livability (#165 in OR) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety C-, schools D+, employment D+.
• Culver SD 4 (rural): math 25% / reading 41% proficiency, ranked #33 of 58 in OR (top 57%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 81 active listings in the ZIP; 108 units permitted in Jefferson County in 2024 (5 in 5+ unit buildings).
• Jefferson County population projected at +7% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 2, paydown + projected appreciation supports a ~$60k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.1% vs local median 2.9% in Culver — 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.

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 214 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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?
• 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.