2804 SE Courtney Ave #12 · Oak Grove, OR 97222

$115,999

2 bd · 2.0 ba · 1,080 sqft · Condo · 120 Days on market

Built 1987 $107/sqft · 76% above area ↓ 12% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Schools +3.2/10.0
• Condition / age +2.5/5.0
• Rent growth +2.3/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Remodeled home in quite 55+ aged Community. McCourt Terrace is a small community with space rent of $650 a month that includes water and sewer. The home has been updated with partially new luxury vinyl plank flooring, a brand new roof, skylight, carpet, interior paint, furnace. This home has low maintenance front, backyard yard and plenty of side yard space for gardening.

Key facts

• Interior paint
• Skylight
• Furnace

Tags

• REMODELED HOME
• NEW ROOF
• LUXURY VINYL PLANK FLOORING
• SKYLIGHT
• INTERIOR PAINT
• FURNACE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $116k.

Deal economics

• At list price, monthly cash flow is $659 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $116k).
• Recommended offer: $106k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.1% vs local median 2.7% in Oak Grove — 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 84/100 on livability (#37 in OR, #832 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: cost of living F.
• North Clackamas SD 12 (suburban): math 29% / reading 43% proficiency, ranked #22 of 58 in OR (top 38%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents soft (-0.8%/yr); 139 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 946 units permitted in Clackamas County in 2024 (188 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $802 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Clackamas County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $32k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($106k) is reasonable based on typical stale-listing flexibility.

Recommended offer $105,559 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.51% ✓
• Cap rate: 13.11%
• Cash-on-cash: 24.35%
• DSCR: 2.08
• GRM: 5.5

CMA / ARV

• ARV (median comp): $65,830
• List price: $115,999
• Delta: 76.21%
• Verdict: OVERPRICED
• Comps: 11 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 14.4%
• Equity multiple: 1.56×
• Total profit: $18,027
• Equity at exit: $17,296

10-year hold

• IRR: 20.9%
• Equity multiple: 2.53×
• Total profit: $49,851
• Equity at exit: $10,029

Cash invested: $32,480 (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 97222

• Rents YoY: -0.8%
• Active inventory: 139
• Price-to-rent: 5.5×

Monthly cashflow live

• Estimated rent: $1,748 high
• Mortgage (P&I): −$608
• Tax from tax record: −$65 /mo · $782/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$367
• Net cashflow: $659

Break-even live

Break-even rent $914

Max offer price $115,999

Occupancy floor 57%

Sensitivity live

Price	-10% $725	-5% $692	+0% $659	+5% $626	+10% $593
Rent	-10% $521	-5% $590	+0% $659	+5% $728	+10% $797
Rate	-1.0pp $717	-0.5pp $688	base $659	+0.5pp $629	+1.0pp $598

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: $29,000
• Closing costs: $3,480
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2600 SE Courtney Ave Portland, OR	1.0	1.0	600	$1,378	$2.30	24d	3	0.11mi
3025 SE Maple St Unit 4 Portland, OR	2.0	1.0	900	$1,695	$1.88	8d	1	0.21mi
3025 SE Maple St Portland, OR	2.0	1.0	900	$1,695	$1.88	20d	1	0.21mi
2301 SE Courtney Ave Unit 10 Oak Grove, OR	2.0	1.0	962	$1,295	$1.35	24d	1	0.26mi
2311 SE Courtney Ave Portland, OR	2.0	1.5	1000	$1,795	$1.79	24d	1	0.26mi
2295 SE Courtney Ave Portland, OR	1.0	1.0	727	$1,195	$1.64	4d	1	0.27mi
2295 SE Courtney Ave Portland, OR	2.0	1.0	962	$1,295	$1.35	24d	1	0.27mi
13822 SE Oatfield Rd Unit 3C Milwaukie, OR	3.0	2.5	1385	$2,595	$1.87	17d	1	0.30mi
14020 SE Arista Dr Portland, OR	2.0	1.5	970	$1,900	$1.96	44d	1	0.32mi
13500 SE Linden Ln Portland, OR	2.0	1.0	750	$1,500	$2.00	24d	1	0.32mi
14832 SE Cedar Ave Unit 3 Milwaukie, OR	2.0	1.0	850	$1,395	$1.64	13d	1	0.35mi
15318 SE Risley Ct Milwaukie, OR	2.0	1.0	1100	$2,395	$2.18	13d	1	0.69mi
15500 SE East Ave Unit 15530 Oak Grove, OR	2.0	1.5	900	$1,450	$1.61	22d	1	0.71mi
15303 SE Lee Ave Portland, OR	3.0	1.0	1398	$2,795	$2.00	44d	1	0.73mi
12566 SE 27th Ave Portland, OR	3.0	2.0	1481	$2,599	$1.75	24d	1	0.76mi
12600 SE River Rd Portland, OR	2.0	1.0	825	$1,520	$1.84	2d	4	0.80mi
12601 SE River Rd Portland, OR	2.0	1.0	697	$1,870	$2.68	2d	4	0.85mi
12200 SE McLoughlin Blvd Portland, OR	2.0	1.0–2.0	708	$2,145	$3.03	2d	9	0.88mi
12425 SE River Rd Portland, OR	1.0–2.0	1.0	803	$1,550	$1.93	4d	2	0.90mi
12150 SE 31st Pl Milwaukie, OR	2.0	1.0	974	$1,599	$1.64	16d	2	1.08mi
11850 SE 26th Ave Unit 217 Milwaukie, OR	2.0	1.0	740	$1,425	$1.93	44d	1	1.12mi
11850 SE 26th Ave Unit 315 Milwaukie, OR	2.0	1.0	740	$1,475	$1.99	44d	1	1.12mi
11850 SE 26th Ave Unit 110 Milwaukie, OR	2.0	1.0	740	$1,525	$2.06	17d	1	1.12mi
3624 SE Westview Ave Portland, OR	3.0	2.0	1052	$1,950	$1.85	15d	2	1.12mi
15607 SE Meadowlark Ln Portland, OR	3.0	2.5	1336	$2,695	$2.02	22d	1	1.19mi
5033 Foothills Rd Lake Oswego, OR	1.0–2.0	1.0–2.0	1105	$2,664	$2.41	2d	16	1.20mi
3412 SE Vineyard Rd Unit 1 Milwaukie, OR	2.0	2.0	1400	$1,950	$1.39	17d	1	1.29mi
65 Church St Lake Oswego, OR	2.0	2.0	1040	$2,200	$2.12	24d	1	1.43mi
785 2nd St Lake Oswego, OR	3.0	1.0	1116	$2,595	$2.33	15d	1	1.44mi
130 A Ave Lake Oswego, OR	1.0–3.0	1.0–2.5	1174	$5,142	$4.38	44d	17	1.45mi
130 A Ave Lake Oswego, OR	1.0–2.0	1.0–2.5	1154	$5,200	$4.50	2d	12	1.45mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Likely covers: watersewer
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-18
   days on market $115,999 Active 120 DOM
2. 2026-06-17
   days on market $115,999 Active 119 DOM
3. 2026-06-16
   days on market $115,999 Active 118 DOM
4. 2026-06-15
   days on market $115,999 Active 117 DOM
5. 2026-06-13
   days on market $115,999 Active 115 DOM
6. 2026-06-09
   days on market $115,999 Active 111 DOM
7. 2026-06-08
   pricedays on market $115,999 Active 110 DOM
8. 2026-06-07
   days on market $118,999 Active 109 DOM
9. 2026-06-05
   days on market $118,999 Active 106 DOM
10. 2026-06-03
    days on market $118,999 Active 105 DOM
11. 2026-06-02
    days on market $118,999 Active 104 DOM
12. 2026-06-01
    days on market $118,999 Active 103 DOM
13. 2026-05-31
    days on market $118,999 Active 102 DOM
14. 2026-04-30
    price $118,999 374-char remark

    Show marketing remark (374 chars)

    Remodeled home in quite 55+ aged Community. McCourt Terrace is a small community with space rent of $650 a month that includes water and sewer. The home has been updated with partially new luxury vinyl plank flooring, a brand new roof, skylight, carpet, interior paint, furnace. This home has low maintenance front, backyard yard and plenty of side yard space for gardening.

15. 2026-04-08
    price $120,999 374-char remark

    Show marketing remark (374 chars)

    Remodeled home in quite 55+ aged Community. McCourt Terrace is a small community with space rent of $650 a month that includes water and sewer. The home has been updated with partially new luxury vinyl plank flooring, a brand new roof, skylight, carpet, interior paint, furnace. This home has low maintenance front, backyard yard and plenty of side yard space for gardening.

16. 2026-03-27
    price $122,999 374-char remark

    Show marketing remark (374 chars)

    Remodeled home in quite 55+ aged Community. McCourt Terrace is a small community with space rent of $650 a month that includes water and sewer. The home has been updated with partially new luxury vinyl plank flooring, a brand new roof, skylight, carpet, interior paint, furnace. This home has low maintenance front, backyard yard and plenty of side yard space for gardening.

17. 2026-03-17
    price $124,999 374-char remark

    Show marketing remark (374 chars)

    Remodeled home in quite 55+ aged Community. McCourt Terrace is a small community with space rent of $650 a month that includes water and sewer. The home has been updated with partially new luxury vinyl plank flooring, a brand new roof, skylight, carpet, interior paint, furnace. This home has low maintenance front, backyard yard and plenty of side yard space for gardening.

18. 2026-03-05
    price $129,999 374-char remark

    Show marketing remark (374 chars)

    Remodeled home in quite 55+ aged Community. McCourt Terrace is a small community with space rent of $650 a month that includes water and sewer. The home has been updated with partially new luxury vinyl plank flooring, a brand new roof, skylight, carpet, interior paint, furnace. This home has low maintenance front, backyard yard and plenty of side yard space for gardening.

19. 2026-02-18
    listed $134,999 Active 374-char remark

    Show marketing remark (374 chars)

    Remodeled home in quite 55+ aged Community. McCourt Terrace is a small community with space rent of $650 a month that includes water and sewer. The home has been updated with partially new luxury vinyl plank flooring, a brand new roof, skylight, carpet, interior paint, furnace. This home has low maintenance front, backyard yard and plenty of side yard space for gardening.

ⓘ 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: $782 · $65/mo
• Projected year-2 tax: $1,125 · $94/mo
• Expected delta: +$343/yr (+$29/mo · 43.8%)

ⓘ 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 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 18 unhealthy d/yr today · 20 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,974
• − Mortgage interest: −$6,498
• − Property taxes: −$782
• − Insurance: −$580
• − Repairs & maintenance: −$1,678
• − Management: −$1,678
• − Depreciation: −$3,375
• Taxable income: $6,384
• Est. tax owed @ 24.0%: −$1,532
• After-tax cash flow: $6,375/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: North Clackamas SD 12
• NCES district ID: 4108830
• Math proficiency: 29% ▼ -14.00%
• Reading proficiency: 43% ▼ -13.00%
• Median HH income: $60,217
• Composite: 32.1/100
• National rank: #5807
• State rank: #22 of 58 in OR

Livability — Oak Grove

• Score: 84/100
• State rank: #37
• US rank: #832

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oak Grove, OR
• County: Clackamas County · 361,406 people
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 36,398
• Household income: $83,119
• Rent vs Own: 43.7% rent · 56.3% own
• Severe rent burden: 1823.0

Population outlook (Clackamas County) Hauer SSP2

• Today (2025): 458,456 people
• By 2030: 485,185 · +5.8%
• By 2040: 532,932 · +16.2%
• By 2050: 574,445 · +25.3%
• By 2075: 665,497 · +45.2%
• By 2100: 697,488 · +52.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Hispanic / Latino 13% Two or more races 12% Asian 3% Black 1%
• Hispanic origin (detail): Mexican 8% Puerto Rican 1%
• Common ancestry: Slovak 3% Italian 3% Portuguese 3%
• Foreign-born: 7% · Canada
• Languages at home: 89% English-only · Spanish 6% Russian/Polish/Slavic 2% Arabic 1%

Political lean MEDSL · Clackamas

• 2024 margin: Lean D (+9.7) · D 53.4% · R 43.6% · Other 3.0%
• 2008→2024 swing: -0.6pp no change · 2008: 10.4pp · 2024: 9.7pp
• All cycles: 2024: D+9.7 2020: D+11.1 2016: D+6.1 2012: D+3.5 2008: D+10.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -447.07%
• Current HPI: 306.8458
• Rent YoY: ▼ -0.82%
• 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

-11.9% since first listed

6 events — show timeline

• 2026-04-30 Price Changed $118,999 RMLS
• 2026-04-08 Price Changed $120,999 RMLS
• 2026-03-27 Price Changed $122,999 RMLS
• 2026-03-17 Price Changed $124,999 RMLS
• 2026-03-05 Price Changed $129,999 RMLS
• 2026-02-18 Listed $134,999 RMLS

Property tax history

+14.7%/yr

Latest (2025): $782 · +6.5% YoY. Source: county tax records.