5514 3rd St · Fairview, OR 97141

$689,000

8 bd · 4.0 ba · 3,572 sqft · MultiFamily public records · 97 Days on market

Built 1978 0.43 ac lot $193/sqft · 11% above area Est $620k · 11% over

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Why this score? — see what drove the D 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 +17.9/30.0
• DSCR +5.6/10.0
• Livability +3.8/5.0
• 1% rule +3.7/10.0
• ARV discount +2.5/15.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Investment Opportunity! This well-located 4-plex sits on a generous .43-acre parcel and is the last property before the Grange, offering a convenient setting with open views. The property is fully occupied with long-term tenants and presents excellent upside potential as current rents remain below market rates. Each unit is separately metered and served by septic and public water, helping keep monthly utility expenses low and management simple. Tenants enjoy private decks with views of the surrounding valley and mountains, along with ample onsite parking. With a strong rental history, consistent occupancy and room to increase income over time, this property represents a solid investment with promising future potential.

Key facts

• Private decks
• Ample onsite parking
• Generous parcel

Tags

• GENEROUS PARCEL
• PRIVATE DECKS
• AMPLE ONSITE PARKING
• STRONG RENTAL HISTORY
• CONSISTENT OCCUPANCY

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $689k.

Deal economics

• At list price, monthly cash flow is $582 ($7k/yr) — positive. Per door: $146/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $603k (12.5% below list).
• Recommended offer: $603k (12.5% below list) — sets the bar for 1% rule.
• Cap rate 7.3% vs local median 2.7% in Fairview — 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 75/100 on livability (#85 in OR, #4,103 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, housing A+, health & safety A-; Watch: cost of living D, schools F, amenities F.
• Tillamook SD 9 (town): math 21% / reading 39% proficiency, ranked #44 of 58 in OR (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 163 active listings in the ZIP; 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 $5k of loan paydown is wiped out by about $21k 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.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($627k) is reasonable based on typical stale-listing flexibility.
• 2 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.

Recommended offer $602,800 (12.5% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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?
9. 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.
10. 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.
11. 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: 0.87% ✗
• Cap rate: 7.31%
• Cash-on-cash: 3.62%
• DSCR: 1.16
• GRM: 9.5

CMA / ARV

• ARV (median comp): $620,394
• List price: $689,000
• Delta: 11.06%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -10.7%
• Equity multiple: 0.61×
• Total profit: $-74,820
• Equity at exit: $102,732

10-year hold

• IRR: -1.4%
• Equity multiple: 0.90×
• Total profit: $-18,471
• Equity at exit: $59,572

Cash invested: $192,920 (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 97141

• Active inventory: 163
• Price-to-rent: 38.1×

Monthly cashflow live

• Estimated rent: $6,028 medium
• Mortgage (P&I): −$3,613
• Tax from tax record: −$279 /mo · $3,353/yr
• Insurance: −$287
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,266
• Net cashflow: $582

Break-even live

Break-even rent $5,291

Max offer price $689,000

Occupancy floor 85%

Sensitivity live

Price	-10% $972	-5% $777	+0% $582	+5% $387	+10% $192
Rent	-10% $106	-5% $344	+0% $582	+5% $821	+10% $1,059
Rate	-1.0pp $929	-0.5pp $758	base $582	+0.5pp $404	+1.0pp $222

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,028
Total (4 units)			$6,028

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: $172,250
• Closing costs: $20,670
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $689,000 Active 97 DOM
2. 2026-06-18
   days on market $689,000 Active 95 DOM
3. 2026-06-17
   days on market $689,000 Active 94 DOM
4. 2026-06-16
   days on market $689,000 Active 93 DOM
5. 2026-06-15
   days on market $689,000 Active 92 DOM
6. 2026-06-13
   days on market $689,000 Active 90 DOM
7. 2026-06-12
   days on market $689,000 Active 89 DOM
8. 2026-06-09
   days on market $689,000 Active 86 DOM
9. 2026-06-08
   days on market $689,000 Active 85 DOM
10. 2026-06-08
    days on market $689,000 Active 84 DOM
11. 2026-06-07
    days on market $689,000 Active 83 DOM
12. 2026-06-04
    days on market $689,000 Active 80 DOM
13. 2026-06-02
    days on market $689,000 Active 79 DOM
14. 2026-06-01
    days on market $689,000 Active 78 DOM
15. 2026-05-31
    days on market $689,000 Active 77 DOM
16. 2026-03-15
    listed $689,000 Active 728-char remark

    Show marketing remark (728 chars)

    Investment Opportunity! This well-located 4-plex sits on a generous .43-acre parcel and is the last property before the grange, offering a convenient setting with open views. The property is fully occupied with long-term tenants and presents excellent upside potential as current rents remain below market rates. Each unit is separately metered and served by septic and public water, helping keep monthly utility expenses low and management simple. Tenants enjoy private decks with views of the surrounding valley and mountains, along with ample onsite parking. With a strong rental history, consistent occupancy and room to increase income over time, this property represents a solid investment with promising future potential.

17. 2026-03-15
    listed $689,000 Active 728-char remark

    Show marketing remark (728 chars)

    Investment Opportunity! This well-located 4-plex sits on a generous .43-acre parcel and is the last property before the grange, offering a convenient setting with open views. The property is fully occupied with long-term tenants and presents excellent upside potential as current rents remain below market rates. Each unit is separately metered and served by septic and public water, helping keep monthly utility expenses low and management simple. Tenants enjoy private decks with views of the surrounding valley and mountains, along with ample onsite parking. With a strong rental history, consistent occupancy and room to increase income over time, this property represents a solid investment with promising future potential.

ⓘ 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: $3,353 · $279/mo
• Projected year-2 tax: $6,683 · $557/mo
• Expected delta: +$3,330/yr (+$278/mo · 99.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone D · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥76°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 6/10 Major 9 unhealthy d/yr today · 10 by 30 yrs out

Taxation est. · year 1

• Rental income: $72,336
• − Mortgage interest: −$38,595
• − Property taxes: −$3,353
• − Insurance: −$3,445
• − Repairs & maintenance: −$5,787
• − Management: −$5,787
• − Depreciation: −$20,044
• Taxable loss: −$4,674
• Est. tax savings @ 24.0%: +$1,122
• After-tax cash flow: $8,111/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: Tillamook SD 9
• NCES district ID: 4112320
• Math proficiency: 21% ▼ -14.00%
• Reading proficiency: 39% ▼ -11.00%
• Median HH income: $42,989
• Composite: 25.47/100
• National rank: #7446
• State rank: #44 of 58 in OR

Livability — Fairview

• Score: 75/100
• State rank: #85
• US rank: #4103

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Fairview, OR
• City population: 12,007
• Population (ZIP): 12,734

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 (76%)
• Race & ethnicity: White 76% Hispanic / Latino 15% Two or more races 9% Native American 1% Black 1%
• Hispanic origin (detail): Mexican 15%
• Common ancestry: Portuguese 4% Lithuanian 3% Italian 2%
• Foreign-born: 6% · Canada
• Languages at home: 89% English-only · Spanish 10% Other Asian/Pacific 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: ▼ -185.35%
• Current HPI: 214.2308
• 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

2 events — show timeline

• 2026-03-15 Listed $689,000 RMLS
• 2026-03-15 Listed $689,000 OCMLS

Property tax history

+4.1%/yr

Latest (2025): $3,353 · +5.5% YoY. Source: county tax records.