32700 SE Leewood Ln #115 · Boring, OR 97009

$90,900

2 bd · 2.0 ba · 924 sqft · Condo · 45 Days on market

Built 1997

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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
• Schools +5.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Tucked into the peaceful, one-of-a-kind setting of Big Valley Woods, this beautifully updated home offers a rare blend of privacy, nature, and comfort. Surrounded by mature trees, tranquil ponds, and abundant wildlife, the community delivers a true wooded retreat feel while still being conveniently located in Boring, Oregon. This 2 bed, 2 bath, 924 sq ft home features an open floor plan with vaulted peak ceilings, creating a bright and spacious feel throughout the main living area. The layout flows comfortably into large bedrooms and well-sized bathrooms, offering both functionality and comfort. Recently remodeled and truly move-in ready, updates include vinyl windows, newer carpet, and fre

Key facts

• Open floor plan
• Abundant wildlife
• Peaceful setting

Tags

• PEACEFUL SETTING
• MATURE TREES
• TRANQUIL PONDS
• ABUNDANT WILDLIFE
• WOODED RETREAT
• OPEN FLOOR PLAN

Property features AI

Finance

• Other: Leased land; lot features include level terrain and trees; Concrete road surface within park
• Financial info: Monthly lot rent; Land lease in effect (lease expiration available)
• HOA & community: Community center, gym, recreation center; Disc golf and hiking trails; Common areas and maintained grounds; Trash and sewer services included; Water included; Weight room; Park name: Big Valley Woods; Park home lot is leased (land lease)

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer; Electric service; Internet service: other
• Home design: Manufactured home in a park (residential); Updated/remodeled condition; View of trees/woods; Single-story (main level living)
• Construction: Built in 1997; Composition roof; Pillar/post/pier foundation; Manufactured by Redman
• Exterior features: Outbuilding and tool shed; Public road access; T-111 siding; Trees/wooded view

Interior

• Kitchen: Free-standing range; Built-in range; Eat bar and kitchen/dining room combo
• Bedrooms: Primary bedroom on main level with closet and wall-to-wall carpet; Second bedroom on main level with closet and wall-to-wall carpet
• Flooring: Vinyl flooring in kitchen areas; Wall-to-wall carpet in living areas and bedrooms
• Bathrooms: Two full bathrooms (both on main level); Bathrooms include bathtub with shower
• Heating & cooling: Forced air heating; Window unit(s) for cooling; Electric hot water
• Interior features: High ceilings; Vinyl flooring in kitchen and other areas; Wall-to-wall carpet in living areas and bedrooms; Vinyl window frames; Minimal steps (accessibility)
• Laundry & utility: Main-level utility room with washer/dryer hookups

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $91k.

Deal economics

• At list price, monthly cash flow is $343 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $91k).
• Recommended offer: $88k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Oregon Trail SD 46 (town): math 47% / reading 64% proficiency, ranked #12 of 183 in OR (top 7%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Naas Elementary School (345 students, 47% FRL); Boring Middle School (405 students, 34% FRL); Sandy High School (1,440 students, 32% FRL) — zoned schools at 38% FRL track the district average.
• Market conditions: 38 active listings in the ZIP; 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 $628 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 + 3.0% rent growth), your $25k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($88k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 39% of rent.
• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $88,173 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
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: 2.51% ✓
• Cap rate: 10.82%
• Cash-on-cash: 16.18%
• DSCR: 1.72
• GRM: 3.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 7.7%
• Equity multiple: 1.30×
• Total profit: $7,677
• Equity at exit: $13,553

10-year hold

• IRR: 17.3%
• Equity multiple: 2.46×
• Total profit: $37,047
• Equity at exit: $7,859

Cash invested: $25,452 (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 97009

• Active inventory: 38
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $2,279 medium
• Mortgage (P&I): −$477
• Tax from tax record: −$45 /mo · $537/yr
• Insurance: −$38
• HOA est. from 5 same-building comps: −$898
• Vacancy / Maint / Mgmt: −$479
• Net cashflow: $343

Break-even live

Break-even rent $1,845

Max offer price $90,900

Occupancy floor 80%

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: $22,725
• Closing costs: $2,727
• Reserves months: —
• Total cash needed: —

HOA detail condo

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

Listing history 14 events

1. 2026-06-18
   days on market $90,900 Active 45 DOM
2. 2026-06-17
   days on market $90,900 Active 44 DOM
3. 2026-06-16
   days on market $90,900 Active 43 DOM
4. 2026-06-15
   days on market $90,900 Active 42 DOM
5. 2026-06-13
   days on market $90,900 Active 40 DOM
6. 2026-06-13
   days on market $90,900 Active 39 DOM
7. 2026-06-09
   days on market $90,900 Active 36 DOM
8. 2026-06-08
   days on market $90,900 Active 35 DOM
9. 2026-06-07
   days on market $90,900 Active 34 DOM
10. 2026-06-03
    days on market $90,900 Active 30 DOM
11. 2026-06-02
    days on market $90,900 Active 29 DOM
12. 2026-06-01
    days on market $90,900 Active 28 DOM
13. 2026-05-31
    days on market $90,900 Active 27 DOM
14. 2026-05-04
    listed $90,900 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: $537 · $45/mo
• Projected year-2 tax: $882 · $73/mo
• Expected delta: +$344/yr (+$29/mo · 64.1%)

ⓘ 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 5/10 Major
• 🌡 Heat 2/10 Low 7 d/yr ≥90°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 11 unhealthy d/yr today · 12 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,351
• − Mortgage interest: −$5,092
• − Property taxes: −$537
• − Insurance: −$454
• − Repairs & maintenance: −$2,188
• − Management: −$2,188
• − HOA: −$10,776
• − Depreciation: −$2,644
• Taxable income: $3,471
• Est. tax owed @ 24.0%: −$833
• After-tax cash flow: $3,286/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: Oregon Trail SD 46
• NCES district ID: 4110890
• Math proficiency: 47% ▬ 0.00%
• Reading proficiency: 64% ▲ 1.00%
• Median HH income: $61,406
• Composite: 50.19/100
• National rank: #4075
• State rank: #12 of 183 in OR

Livability — Boring

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 7,877

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 (73%)
• Race & ethnicity: White 73% Hispanic / Latino 18% Two or more races 14% Asian 1%
• Hispanic origin (detail): Mexican 14%
• Common ancestry: Portuguese 3% Slovak 3% Iranian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 91% English-only · Spanish 7% Other Indo-European 2%

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: ▼ -238.15%
• Current HPI: 307.0405
• 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

1 event — show timeline

• 2026-05-04 Listed $90,900 RMLS

Property tax history

+3.3%/yr

Latest (2025): $537 · +4.6% YoY. Source: county tax records.