4501 N Montana Ave · Portland, OR 97217

$659,950

16 bd · 16.0 ba · — sqft · MultiFamily · 21 Days on market

Built 1943 Fair condition 5,227 sqft lot ↓ 6% since listing

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Why this score? — see what drove the C- 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 +19.4/30.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• 1% rule +5.2/10.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Rent growth +2.7/5.0
• Condition / age +2.2/5.0
• 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

Investor Alert! Exceptional opportunity to own a well-maintained 4-plex in the highly sought-after Overlook neighborhood of North Portland. Each spacious, single-level unit offers 1 bed, 1 bath with comfortable living and thoughtful updates, quality finishes, and strong rental appeal. Tenants enjoy generous floor plans, private entrances, and a beautifully landscaped shared outdoor space—perfect for relaxing or entertaining. The property features newer systems and cosmetic upgrades including gas appliances and utilities keeping operations efficient and desirable while minimizing future capital expenses. The large basement provides ample storage options or potential for added value. Prime location near parks, public transit, and vibrant Mississippi Ave and Interstate Ave. Ideal for stable cash flow in a high-demand rental market!

Key facts

• Washer and dryer
• Full basement
• New roof

Tags

• INCOME PRODUCING FOURPLEX
• FULL BASEMENT
• ASSIGNED TENANT STORAGE SPACE
• WASHER AND DRYER
• NEW ROOF
• FRESH EXTERIOR TRIM PAINT

Property features AI

Finance

• Other: Zoning: CM3
• Financial info: Total of 4 units; Unit rents currently approximately $1,175; $1,245; $1,195; and $1,295; Rent includes grounds maintenance; Cap rate reported at 4.49; Gross rent multiplier reported at 12.37

Exterior

• Parking: On-street parking
• Utilities: Electricity; Public water; Public sewer
• Home design: Multi-family property; Not attached to other properties; Corner location at N Prescott and N Montana
• Construction: Built in 1943; Composition roof; Concrete perimeter foundation
• Exterior features: Level lot; Concrete and paved road access; Lap siding

Interior

• Bedrooms: Four 1-bedroom units (each unit listed as 1 bed)
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Wall heaters; Wall-mounted cooling units
• Interior features: Basement storage and individual storage units; Full, unfinished basement

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $660k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $742 ($9k/yr) — positive. Per door: $185/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $660k).
• Recommended offer: $650k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 2.2% in Portland — 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 77/100 on livability (#72 in OR, #3,256 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living F.
• Portland SD 1J (urban): math 46% / reading 58% proficiency, ranked #23 of 183 in OR (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Beach Elementary School (346 students, 65% FRL); Ockley Green Middle School (483 students, 65% FRL); Jefferson High School (606 students, 64% FRL) — zoned schools average 65% FRL vs 37% district-wide (28 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 298 active listings in the ZIP; solid renter incomes; 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).
• At $6,712/mo this rent would consume 80% of the median local household income ($100k/yr) (locally 1532% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $20k of value loss. Plan a longer hold.
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($650k) 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.

Risks & watch-outs

• Watch-outs: built in 1943 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $650,050 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1943 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 1.02% ✓
• Cap rate: 7.64%
• Cash-on-cash: 4.82%
• DSCR: 1.21
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.89% rent growth · sell at horizon

5-year hold

• IRR: -11.2%
• Equity multiple: 0.60×
• Total profit: $-73,555
• Equity at exit: $98,401

10-year hold

• IRR: -5.3%
• Equity multiple: 0.69×
• Total profit: $-57,705
• Equity at exit: $57,060

Cash invested: $184,786 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State Oregon: 28 Tenant-Leaning · D+6
• County: — inherits STATE
• City Portland: 0 Strongly Tenant-Friendly · D+39

Mandatory relocation for no-cause evictions; rent increase notice 90 days.

Methodology + full state rankings →

ZIP-level market 97217

• Rents YoY: 0.9%
• Active inventory: 298
• Price-to-rent: 32.8×

Monthly cashflow live

• Estimated rent: $6,712 high
• Mortgage (P&I): −$3,461
• Tax est. 1.5%: −$825 /mo · $9,899/yr
• Insurance: −$275
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,410
• Net cashflow: $742

Break-even live

Break-even rent $5,773

Max offer price $659,950

Occupancy floor 84%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$6,712
Total (4 units)			$6,712

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: $164,988
• Closing costs: $19,798
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $659,950 Active 21 DOM
2. 2026-06-17
   days on market $659,950 Active 20 DOM
3. 2026-06-16
   days on market $659,950 Active 19 DOM
4. 2026-06-15
   days on market $659,950 Active 18 DOM
5. 2026-06-13
   days on market $659,950 Active 16 DOM
6. 2026-06-09
   days on market $659,950 Active 12 DOM
7. 2026-06-08
   days on market $659,950 Active 11 DOM
8. 2026-06-07
   days on market $659,950 Active 10 DOM
9. 2026-06-03
   days on market $659,950 Active 6 DOM
10. 2026-06-02
    days on market $659,950 Active 5 DOM
11. 2026-06-01
    days on market $659,950 Active 4 DOM
12. 2026-05-31
    days on market $659,950 Active 3 DOM
13. 2026-05-28
    listed $659,950 Active
14. 2025-12-19
    soldstatus $639,900 Closed 846-char remark

    Show marketing remark (846 chars)

    Investor Alert! Exceptional opportunity to own a well-maintained 4-plex in the highly sought-after Overlook neighborhood of North Portland. Each spacious, single-level unit offers 1 bed, 1 bath with comfortable living and thoughtful updates, quality finishes, and strong rental appeal. Tenants enjoy generous floor plans, private entrances, and a beautifully landscaped shared outdoor space—perfect for relaxing or entertaining. The property features newer systems and cosmetic upgrades including gas appliances and utilities keeping operations efficient and desirable while minimizing future capital expenses. The large basement provides ample storage options or potential for added value. Prime location near parks, public transit, and vibrant Mississippi Ave and Interstate Ave. Ideal for stable cash flow in a high-demand rental market!

15. 2025-10-02
    price $639,900 846-char remark

    Show marketing remark (846 chars)

    Investor Alert! Exceptional opportunity to own a well-maintained 4-plex in the highly sought-after Overlook neighborhood of North Portland. Each spacious, single-level unit offers 1 bed, 1 bath with comfortable living and thoughtful updates, quality finishes, and strong rental appeal. Tenants enjoy generous floor plans, private entrances, and a beautifully landscaped shared outdoor space—perfect for relaxing or entertaining. The property features newer systems and cosmetic upgrades including gas appliances and utilities keeping operations efficient and desirable while minimizing future capital expenses. The large basement provides ample storage options or potential for added value. Prime location near parks, public transit, and vibrant Mississippi Ave and Interstate Ave. Ideal for stable cash flow in a high-demand rental market!

16. 2025-08-13
    price $679,900 846-char remark

    Show marketing remark (846 chars)

    Investor Alert! Exceptional opportunity to own a well-maintained 4-plex in the highly sought-after Overlook neighborhood of North Portland. Each spacious, single-level unit offers 1 bed, 1 bath with comfortable living and thoughtful updates, quality finishes, and strong rental appeal. Tenants enjoy generous floor plans, private entrances, and a beautifully landscaped shared outdoor space—perfect for relaxing or entertaining. The property features newer systems and cosmetic upgrades including gas appliances and utilities keeping operations efficient and desirable while minimizing future capital expenses. The large basement provides ample storage options or potential for added value. Prime location near parks, public transit, and vibrant Mississippi Ave and Interstate Ave. Ideal for stable cash flow in a high-demand rental market!

17. 2025-05-12
    listed $699,900 Active 846-char remark

    Show marketing remark (846 chars)

    Investor Alert! Exceptional opportunity to own a well-maintained 4-plex in the highly sought-after Overlook neighborhood of North Portland. Each spacious, single-level unit offers 1 bed, 1 bath with comfortable living and thoughtful updates, quality finishes, and strong rental appeal. Tenants enjoy generous floor plans, private entrances, and a beautifully landscaped shared outdoor space—perfect for relaxing or entertaining. The property features newer systems and cosmetic upgrades including gas appliances and utilities keeping operations efficient and desirable while minimizing future capital expenses. The large basement provides ample storage options or potential for added value. Prime location near parks, public transit, and vibrant Mississippi Ave and Interstate Ave. Ideal for stable cash flow in a high-demand rental market!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥92°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 19 unhealthy d/yr today · 20 by 30 yrs out

Taxation est. · year 1

• Rental income: $80,544
• − Mortgage interest: −$36,967
• − Property taxes: −$9,899
• − Insurance: −$3,300
• − Repairs & maintenance: −$6,444
• − Management: −$6,444
• − Depreciation: −$19,199
• Taxable loss: −$1,708
• Est. tax savings @ 24.0%: +$410
• After-tax cash flow: $9,310/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This fourplex is in fair condition with moderate repairs needed, particularly in the kitchen and bathroom. Upgrading these areas would significantly increase its value for both resale and rental.

Repairs flagged

• Moderate kitchen cabinets — dated and worn
• Moderate bathroom fixtures — dated and small
• Minor landscaping — overgrown lawn

Value-add opportunities

• Both update kitchen cabinets and countertops — modernizing kitchen would appeal to buyers and renters
• Both update bathroom fixtures — modernizing bathroom would appeal to buyers and renters
• Rental landscaping — improved landscaping would attract renters

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and worn	Moderate	$3,000–15,000
bathroom fixtures · dated and small	Moderate	$3,000–15,000
landscaping · overgrown lawn	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Both update kitchen cabinets and countertops — modernizing kitchen would appeal to buyers and renters ↑
• Both update bathroom fixtures — modernizing bathroom would appeal to buyers and renters ↑
• Rental landscaping — improved landscaping would attract renters ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Portland SD 1J
• NCES district ID: 4110040
• Math proficiency: 46% ▼ -2.00%
• Reading proficiency: 58% ▼ -3.00%
• Median HH income: $57,851
• Composite: 47.1/100
• National rank: #5112
• State rank: #23 of 183 in OR

Livability — Portland

• Score: 77/100
• State rank: #72
• US rank: #3256

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portland, OR
• County: Multnomah County · 786,692 people
• City population: 774,334
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 35,169
• Household income: $100,361
• Rent vs Own: 43.5% rent · 56.5% own
• Severe rent burden: 1532.0

Population outlook (Multnomah County) Hauer SSP2

• Today (2025): 930,825 people
• By 2030: 996,904 · +7.1%
• By 2040: 1,121,379 · +20.5%
• By 2050: 1,242,124 · +33.4%
• By 2075: 1,464,431 · +57.3%
• By 2100: 1,576,181 · +69.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Two or more races 12% Hispanic / Latino 9% Black 7% Asian 3%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Italian 5% Slovak 4% Portuguese 3%
• Foreign-born: 8% · Canada, China, Vietnam
• Languages at home: 90% English-only · Spanish 4% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Multnomah

• 2024 margin: Solid D (+62.1) · D 79.3% · R 17.2% · Other 3.5%
• 2008→2024 swing: +6.0pp toward D · 2008: 56.1pp · 2024: 62.1pp
• All cycles: 2024: D+62.1 2020: D+61.3 2016: D+58.3 2012: D+54.9 2008: D+56.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -747.13%
• Current HPI: 370.7526
• Rent YoY: ▲ 0.89%
• 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

-5.7% since first listed

5 events — show timeline

• 2026-05-28 Listed $659,950 RMLS
• 2025-12-19 Sold (MLS) $639,900 RMLS
• 2025-10-02 Price Changed $639,900 RMLS
• 2025-08-13 Price Changed $679,900 RMLS
• 2025-05-12 Listed $699,900 RMLS