3711 Bisbee St · Altamont, OR 97603

$124,900

3 bd · 2.0 ba · 1,536 sqft · Manufactured public records · 22 Days on market

Built 1974 8,276 sqft lot Est $117k · 7% over

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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
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• ARV discount +4.4/15.0
• Rent growth +3.5/5.0
• Livability +3.2/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This 4 bedroom 2 bath manufactured home is currently rented and makes a great rental property. It has excellent rental income and rents for $1,200 per month. 2 storage sheds, vinyl windows, fenced yard and it has a nice front deck. It is located in the suburbs.

Key facts

• Detached unit
• 8,276 sq ft lot
• Built 1974

Tags

• DETACHED UNIT
• END OF A DEAD-END DRIVE
• FENCING ALL THE WAY AROUND

Property features AI

Finance

• Financial info: Not currently rented
• HOA & community: No CCRs

Exterior

• Parking: Concrete parking
• Utilities: Public water; Public sewer; Public utilities
• Home design: One story; Residential manufactured-on-land; Accessory dwelling unit (detached, 420 sq ft) on the property; No common walls; Zoned RS
• Construction: Built in 1974; Double wide body type; Pillar/post/pier foundation
• Exterior features: Metal roof

Interior

• Kitchen: Kitchen
• Bedrooms: 4 bedrooms
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Vinyl flooring; Living room; Eating area
• Laundry & utility: Laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath manufactured listed at $125k.

Deal economics

• At list price, monthly cash flow is $679 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.8% vs local median 3.7% in Altamont — 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 65/100 on livability (#195 in OR) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D, crime F.
• Klamath County SD (rural): math 21% / reading 37% proficiency, ranked #46 of 58 in OR (top 79%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+3.8%/yr); 263 active listings in the ZIP; 6 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; 232 units permitted in Klamath County in 2024 (72 in 5+ unit buildings).
• This rent runs 33% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Klamath County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.8% rent growth), your $35k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y ago 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.
• Current owner paid $108k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $123,026 (1.5% below list)

Questions for the listing agent

1. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.49% ✓
• Cap rate: 12.81%
• Cash-on-cash: 23.28%
• DSCR: 2.04
• GRM: 5.6

CMA / ARV

• ARV (on-the-fly): $116,736
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4200 Summers Ln #68	0.40mi	3/2.0	1,539 (+0%)	2mo	$95,000	$62	80
4200 Summers Ln #5	0.40mi	3/2.0	1,555 (+1%)	5mo	$70,000	$45	76
4200 Summers Ln Unit 87	0.40mi	3/2.0	1,512 (-2%)	9mo	$115,000	$76	71
3922 Austin St	0.36mi	3/2.0	1,404 (-9%)	6mo	$260,000	$185	64
4200 Summers Ln #83	0.40mi	3/2.0	1,647 (+7%)	7mo	$119,000	$72	63
4200 Summers Ln Unit 60	0.40mi	3/2.0	1,620 (+6%)	13mo	$103,250	$64	62
4647 Winter Ave Spc 45	0.68mi	3/2.0	1,620 (+6%)	7mo	$104,900	$65	53
4200 Summers Ln Unit 25	0.40mi	3/2.0	1,323 (-14%)	7mo	$107,000	$81	53
3218 Summers Ln	0.41mi	2/2.0 (-1)	1,728 (+12%)	4mo	$325,000	$188	52
4436 Austin St	0.57mi	3/2.0	1,404 (-9%)	9mo	$257,500	$183	51
4200 Summers Ln Unit 13	0.40mi	3/2.0	1,323 (-14%)	11mo	$105,000	$79	49
3333 Anderson Ave	0.67mi	3/2.0	1,344 (-12%)	13mo	$45,000	$33	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.8% rent growth · sell at horizon

5-year hold

• IRR: 17.2%
• Equity multiple: 1.70×
• Total profit: $24,467
• Equity at exit: $18,623

10-year hold

• IRR: 26.2%
• Equity multiple: 3.38×
• Total profit: $83,157
• Equity at exit: $10,799

Cash invested: $34,972 (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 97603

• Rents YoY: 3.8%
• Active inventory: 263
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,855 high
• Mortgage (P&I): −$655
• Tax from tax record: −$80 /mo · $956/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$390
• Net cashflow: $679

Break-even live

Break-even rent $996

Max offer price $124,900

Occupancy floor 58%

Sensitivity live

Price	-10% $749	-5% $714	+0% $679	+5% $643	+10% $608
Rent	-10% $532	-5% $605	+0% $679	+5% $752	+10% $825
Rate	-1.0pp $741	-0.5pp $710	base $679	+0.5pp $646	+1.0pp $613

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4305 Altamont Dr Klamath Falls, OR	4.0	2.0	1712	$2,300	$1.34	44d	1	0.42mi
4306 Fargo St Klamath Falls, OR	3.0	2.0	1288	$1,850	$1.44	44d	1	0.56mi
3823 Kelley Dr Klamath Falls, OR	3.0	3.0	1600	$2,000	$1.25	44d	1	0.60mi
4195 Bristol Ct Klamath Falls, OR	2.0	1.0	1080	$1,350	$1.25	44d	1	0.67mi
4831 Darwin Pl Klamath Falls, OR	3.0	1.0	1092	$1,475	$1.35	44d	1	0.77mi
2439 Homedale Rd Klamath Falls, OR	3.0	1.0	1320	$1,400	$1.06	44d	1	1.38mi

Listing history 17 events

1. 2026-05-02
   status Pending
2. 2026-04-08
   listed $124,900 Active
3. 2026-04-07
   historical
4. 2026-03-10
   listed $124,900 Active
5. 2022-02-07
   soldstatus $107,700 Closed 261-char remark

   Show marketing remark (261 chars)

   This 4 bedroom 2 bath manufactured home is currently rented and makes a great rental property. It has excellent rental income and rents for $1,200 per month. 2 storage sheds, vinyl windows, fenced yard and it has a nice front deck. It is located in the suburbs.

6. 2022-02-07
   soldstatus $107,700

   Show marketing remark (261 chars)

   This 4 bedroom 2 bath manufactured home is currently rented and makes a great rental property. It has excellent rental income and rents for $1,200 per month. 2 storage sheds, vinyl windows, fenced yard and it has a nice front deck. It is located in the suburbs.

7. 2022-01-06
   status Pending 261-char remark

   Show marketing remark (261 chars)

   This 4 bedroom 2 bath manufactured home is currently rented and makes a great rental property. It has excellent rental income and rents for $1,200 per month. 2 storage sheds, vinyl windows, fenced yard and it has a nice front deck. It is located in the suburbs.

8. 2021-10-28
   listed $109,000 Active 261-char remark

   Show marketing remark (261 chars)

   This 4 bedroom 2 bath manufactured home is currently rented and makes a great rental property. It has excellent rental income and rents for $1,200 per month. 2 storage sheds, vinyl windows, fenced yard and it has a nice front deck. It is located in the suburbs.

9. 2021-07-30
   soldstatus $6,020,000
10. 2014-08-15
    soldstatus $25,000
11. 2014-03-07
    listed $39,900
12. 2006-08-07
    soldstatus $70,000
13. 2006-01-31
    soldstatus $55,000
14. 2006-01-31
    soldstatus $55,000
15. 2006-01-09
    listed $59,900
16. 1996-05-13
    soldstatus $56,500
17. 1989-09-01
    soldstatus $33,500

ⓘ 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: $956 · $80/mo
• Projected year-2 tax: $1,212 · $101/mo
• Expected delta: +$256/yr (+$21/mo · 26.8%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X · 23% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 3/10 Moderate 7 d/yr ≥90°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 38 unhealthy d/yr today · 39 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,257
• − Mortgage interest: −$6,996
• − Property taxes: −$956
• − Insurance: −$624
• − Repairs & maintenance: −$1,781
• − Management: −$1,781
• − Depreciation: −$3,633
• Taxable income: $6,486
• Est. tax owed @ 24.0%: −$1,557
• After-tax cash flow: $6,586/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: Klamath County SD
• NCES district ID: 4107020
• Math proficiency: 21% ▼ -17.00%
• Reading proficiency: 37% ▼ -16.00%
• Median HH income: $44,906
• Composite: 24.83/100
• National rank: #7593
• State rank: #46 of 58 in OR

Livability — Altamont

• Score: 65/100
• State rank: #195
• US rank: #12638

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Altamont, OR
• County: Klamath County · 56,186 people
• Metro: Klamath Falls, OR
• Population (ZIP): 33,222
• Household income: $66,937
• Rent vs Own: 29.7% rent · 70.3% own
• Severe rent burden: 1147.0

Population outlook (Klamath County) Hauer SSP2

• Today (2025): 63,870 people
• By 2030: 62,279 · -2.5%
• By 2040: 58,891 · -7.8%
• By 2050: 56,207 · -12.0%
• By 2075: 51,239 · -19.8%
• By 2100: 46,526 · -27.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (73%)
• Race & ethnicity: White 73% Hispanic / Latino 15% Two or more races 13% Native American 2%
• Hispanic origin (detail): Mexican 13%
• Common ancestry: Portuguese 5% Italian 4% Lithuanian 3%
• Foreign-born: 4% · Canada, China
• Languages at home: 91% English-only · Spanish 7%

Political lean MEDSL · Klamath

• 2024 margin: Solid R (+41.9) · D 27.9% · R 69.8% · Other 2.4%
• 2008→2024 swing: -8.8pp toward R · 2008: -33.1pp · 2024: -41.9pp
• All cycles: 2024: R+41.9 2020: R+40.6 2016: R+44.8 2012: R+38.2 2008: R+33.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -122.75%
• Current HPI: 198.1814
• Rent YoY: ▲ 3.80%
• Metro: Klamath Falls, OR
• 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

+272.8% since first listed

17 events — show timeline

• 2026-05-02 Pending — MLSCO
• 2026-04-08 Listed $124,900 MLSCO
• 2026-04-07 Listing Removed — MLSCO
• 2026-03-10 Listed $124,900 MLSCO
• 2022-02-07 Sold (Public Records) $107,700 Public Records
• 2022-02-07 Sold (MLS) $107,700 MLSCO
• 2022-01-06 Pending — MLSCO
• 2021-10-28 Listed $109,000 MLSCO
• 2021-07-30 Sold (Public Records) $6,020,000 Public Records
• 2014-08-15 Sold (MLS) $25,000 MLSCO
• 2014-03-07 Listed $39,900 MLSCO
• 2006-08-07 Sold (Public Records) $70,000 Public Records
• 2006-01-31 Sold (Public Records) $55,000 Public Records
• 2006-01-31 Sold (MLS) $55,000 MLSCO
• 2006-01-09 Listed $59,900 MLSCO
• 1996-05-13 Sold (Public Records) $56,500 Public Records
• 1989-09-01 Sold (Public Records) $33,500 Public Records

Property tax history

+4.1%/yr

Latest (2025): $956 · -26.6% YoY. Source: county tax records.