2657 N Hwy 101 #6

Seaside, OR 97138

$69,999B+

3 bd · 2.0 ba · 1,440 sqft · Built 1975 · Manufactured · Active · 173 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,514/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$63
• HOA: −$0
• Vac / Maint / Mgmt: −$528
• Net cashflow: $1,556/mo
• Annual: $18,674/yr
• Cap rate: 32.97%
• Cash-on-cash: 95.28%
• DSCR: 5.24
• 1% rule: 3.59%
• Cash to close: $19,600

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $70k.
• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $70k).
• It's been on market 173 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($484 loan paydown + $7k appreciation (10.0% local appreciation)).
• Location reads 79/100 on livability (#60 in OR, #2,085 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-, crime D+, cost of living D+.
• Seaside SD 10 (town): math 11% / reading 41% proficiency, ranked #53 of 58 in OR (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 226 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 98 units permitted in Clatsop County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts since 15y ago; this cycle's ask has dropped $50k (42%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 33.0% vs local median 2.5% in Seaside — 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.
• At $2,514/mo this rent would consume 50% of the median local household income ($60k/yr) (locally 573% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 173 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1975 — 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?
• Crime grade is D 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?
• 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.
• 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.