19605 River Rd #59 · Gladstone, OR 97027

$78,500

2 bd · 1.0 ba · 672 sqft · Other · 26 Days on market

Built 1967 $117/sqft · 11% above area Est $71k · 11% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +6.4/10.0
• Livability +4.5/5.0
• Rent growth +2.7/5.0
• ARV discount +2.5/15.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Stylish, contemporary, and delightfully eclectic, this inviting home offers comfort, character, and thoughtful updates throughout. Step outside to a fabulous, fenced yard featuring a curated mix of plants and just enough lawn to stay low-maintenance, plus a spacious covered patio—perfect for relaxing on warm summer evenings. Inside, the beautifully updated kitchen shines with shaker-style cabinetry, butcher block countertops, stainless steel appliances, updated lighting, and abundant storage. A moveable island adds flexibility for cooking and entertaining. The dining area and large living room are filled with soft, filtered natural light, complemented by tasteful décor and acce

Key facts

• Built 1967
• Listed 26 days

Property features AI

Finance

• Other: Park home public remarks note a senior cooperative with clubhouse, pool, and proximity to a local park
• Financial info: Lot rent $630 monthly
• HOA & community: Located in TWO RIVERS park; Senior community with clubhouse and pool; Land lease present (monthly lot rent of $630); Land lease expires December 31, 2028

Exterior

• Parking: Driveway
• Security: No specific security features listed
• Utilities: Public water; Public sewer; Electricity (fuel and hot water); Cable internet available
• Home design: Manufactured home in a park; Residential property, not attached; Updated/remodeled; Single-story (main level living); Built in 1967; Skirting foundation
• Construction: Metal roof; Metal siding; Skirting foundation; Year built 1967
• Exterior features: Covered deck; Fenced yard; Level lot; Paved road access; Metal siding

Interior

• Kitchen: Free-standing range; Free-standing refrigerator; Island
• Bedrooms: Primary bedroom on main level; Second bedroom
• Flooring: Luxury vinyl plank
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Forced air heating; Window air conditioning unit(s)
• Interior features: Accessible with minimal steps; Laundry area; Luxury vinyl plank flooring; Washer and dryer included; Double-pane windows with vinyl frames; Crawl space basement
• Laundry & utility: Washer and dryer included; Electric hot water

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $78k.

Deal economics

• At list price, monthly cash flow is $795 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $78k).
• Recommended offer: $77k (1.5% below list) — sets the bar for market timing.
• Cap rate 18.4% vs local median 2.9% in Gladstone — 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 89/100 on livability (#7 in OR, #168 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: cost of living D-.
• Gladstone SD 115 (suburban): math 75% / reading 75% proficiency, ranked #2 of 58 in OR (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: John Wetten Elementary School (574 students, 42% FRL); Walter L Kraxberger Middle School (373 students, 39% FRL); Gladstone High School (594 students, 35% FRL) — zoned schools at 38% FRL track the district average.
• Market conditions: Rents flat; 43 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 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 $543 of loan paydown is wiped out by about $2k 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 + 0.6% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($77k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $77,322 (1.5% below list)

Questions for the listing agent

1. Built in 1967 — 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. 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.
4. 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.
5. 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: 2.16% ✓
• Cap rate: 18.44%
• Cash-on-cash: 43.38%
• DSCR: 2.93
• GRM: 3.9

CMA / ARV

• ARV (median comp): $70,675
• List price: $78,500
• Delta: 11.07%
• Verdict: OVERPRICED
• Comps: 12 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.62% rent growth · sell at horizon

5-year hold

• IRR: 37.5%
• Equity multiple: 2.54×
• Total profit: $33,957
• Equity at exit: $11,705

10-year hold

• IRR: 42.9%
• Equity multiple: 4.61×
• Total profit: $79,353
• Equity at exit: $6,787

Cash invested: $21,980 (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 97027

• Rents YoY: 0.6%
• Active inventory: 43
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,693 high
• Mortgage (P&I): −$412
• Tax est. 1.5%: −$98 /mo · $1,178/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$355
• Net cashflow: $795

Break-even live

Break-even rent $687

Max offer price $78,500

Occupancy floor 48%

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: $19,625
• Closing costs: $2,355
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
458 W Berkeley St Gladstone, OR	1.0	1.0	400	$1,300	$3.25	43d	1	0.33mi
4900 SE Meldrum Ave Unit B Milwaukie, OR	1.0	1.0	750	$1,695	$2.26	43d	1	0.50mi
1937 Main St Oregon City, OR	1.0–3.0	1.0–2.0	1187	$2,380	$2.00	1d	19	0.77mi
5200 SE Jennings Ave Portland, OR	1.0	1.0	423	$1,497	$3.54	3d	2	0.94mi
911 15th St Apt 6 Oregon City, OR	1.0	1.0	580	$1,375	$2.37	15d	1	1.31mi
911 15th St Apt 19 Oregon City, OR	1.0	1.0	580	$1,425	$2.46	43d	1	1.31mi
18181 Webster Rd Gladstone, OR	3.0	1.0–2.0	771	$2,072	$2.69	7d	11	1.39mi

Listing history 4 events

1. 2026-06-02
   status $78,500 Pending 26 DOM
2. 2026-06-01
   days on market $78,500 Active 26 DOM
3. 2026-05-31
   days on market $78,500 Active 25 DOM
4. 2026-05-06
   listed $78,500 Active 1422-char remark

ⓘ 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 6/10 Major FEMA zone X (shaded) · 52% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 18 unhealthy d/yr today · 20 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,311
• − Mortgage interest: −$4,397
• − Property taxes: −$1,178
• − Insurance: −$392
• − Repairs & maintenance: −$1,625
• − Management: −$1,625
• − Depreciation: −$2,284
• Taxable income: $8,810
• Est. tax owed @ 24.0%: −$2,114
• After-tax cash flow: $7,421/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: Gladstone SD 115
• NCES district ID: 4105610
• Math proficiency: 75% ▲ 40.00%
• Reading proficiency: 75% ▲ 21.00%
• Median HH income: $53,736
• Composite: 63.88/100
• National rank: #589
• State rank: #2 of 58 in OR

Livability — Gladstone

• Score: 89/100
• State rank: #7
• US rank: #168

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gladstone, OR
• County: Clackamas County · 361,406 people
• City population: 12,347
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 12,347
• Household income: $94,375
• Rent vs Own: 35.0% rent · 65.0% own
• Severe rent burden: 494.0

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 (78%)
• Race & ethnicity: White 78% Two or more races 13% Hispanic / Latino 9% Black 2% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Italian 4% Lithuanian 3% Portuguese 2%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 94% English-only · Spanish 5% Tagalog/Filipino 1%

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: ▼ -332.75%
• Current HPI: 313.7905
• Rent YoY: ▲ 0.62%
• 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

2 events — show timeline

• 2026-06-01 Pending — RMLS
• 2026-05-06 Listed $78,500 RMLS

Property tax history

-4.9%/yr

Latest (2018): $51 · +14.3% YoY. Source: county tax records.