15651 Marcee Way · Sprague River, OR 97624

$125,000

2 bd · 1.0 ba · 720 sqft · Other public records · 7 Days on market

Built 1969 1.04 ac lot

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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 +15.1/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +4.6/10.0
• 1% rule +2.9/10.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Older manufactured home sitting on six individual tax lots totaling over 6.6 acres that border Forest Service public land with access to the Sprague River for fishing and water sports. This is a fixer or replacement opportunity. Has power, well, and septic. Power is active. Numerous large mature pines. 6 Parcels, you can add 6 homes if you'd like. Zoned R2 for each property. Go and check it out. Priced to sell extremely quickly and cash only. There is no chance of owner carry. Not bank-financeable in its present condition. Mostly fenced on all 4 sides. Very unique and rare opportunity. The manufactured home is in poor condition due to vandalism. Seller will not split off any parcels and wil

Key facts

• Zoned r2
• Over 6.6 acres
• 1.04 acre lot

Tags

• SIX INDIVIDUAL TAX LOTS
• OVER 6.6 ACRES
• ACCESS TO SPRAGUE RIVER
• POWER WELL AND SEPTIC
• NUMEROUS LARGE MATURE PINES
• ZONED R2

Property features AI

Finance

• Other: Multiple parcels (total of 6 parcels); Lot about 1.04 acres
• HOA & community: Not a senior community; Zoning: R2

Exterior

• Parking: Driveway; RV parking available
• Security: No security features listed
• Utilities: Water from well; Standard septic system; Electric fuel (and other)
• Home design: Manufactured home on real property; Residential property; Fixer condition; Mountain, territorial and wooded views
• Construction: Built in 1969; Foundation: pillar/post/pier with skirting; Roof: other; Exterior: aluminum and other materials
• Exterior features: Fenced yard; Outbuilding; Yard with trees/wooded areas; Gentle sloping to level terrain; Public road access; Gravel road surface

Interior

• Kitchen: Kitchen
• Bedrooms: Primary bedroom (main level); Second bedroom
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: No central heating listed; Other heating type; No cooling listed
• Interior features: Aluminum window frames; Great room; Family room; Dining room; Living room

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $125k.

Deal economics

• At list price, monthly cash flow is $40 ($485/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $99k (20.5% below list).
• Recommended offer: $99k (20.5% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• 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.
• Zoned schools: Chiloquin Elementary School (math 24% / reading 34%, grade F, #263 of 412 statewide, top 68%, 226 students, 76% FRL); Chiloquin High School (math 17% / reading 34%, grade F, #118 of 143 statewide, top 82%, 170 students, 59% FRL).
• Market conditions: 279 active listings in the ZIP; 232 units permitted in Klamath County in 2024 (72 in 5+ unit buildings).

Forward outlook

• In year one you build about $13k of equity ($864 loan paydown + $12k appreciation (10.0% local appreciation)).
• Klamath County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $6k; list at $125k implies a 1983% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $99,315 (20.5% below list)

Questions for the listing agent

1. Built in 1969 — 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: 0.79% ✗
• Cap rate: 6.68%
• Cash-on-cash: 1.39%
• DSCR: 1.06
• GRM: 10.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 25.3%
• Equity multiple: 3.02×
• Total profit: $70,595
• Equity at exit: $112,610

10-year hold

• IRR: 22.2%
• Equity multiple: 6.88×
• Total profit: $205,749
• Equity at exit: $242,848

Cash invested: $35,000 (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 97624

• Home prices YoY: 21.5%
• Active inventory: 279
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $993 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$37 /mo · $439/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$209
• Net cashflow: $40

Break-even live

Break-even rent $942

Max offer price $125,000

Occupancy floor 91%

Sensitivity live

Price	-10% $111	-5% $76	+0% $40	+5% $5	+10% $-30
Rent	-10% $-38	-5% $1	+0% $40	+5% $80	+10% $119
Rate	-1.0pp $103	-0.5pp $72	base $40	+0.5pp $8	+1.0pp $-25

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-19
   days on market $125,000 Active 7 DOM
2. 2026-06-18
   days on market $125,000 Active 6 DOM
3. 2026-06-17
   days on market $125,000 Active 5 DOM
4. 2026-06-16
   days on market $125,000 Active 4 DOM
5. 2026-06-15
   days on market $125,000 Active 3 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $125,000 Active 1 DOM

ⓘ 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: $439 · $37/mo
• Projected year-2 tax: $1,212 · $101/mo
• Expected delta: +$774/yr (+$64/mo · 176.4%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 3/10 Moderate 6 d/yr ≥92°F today · 12 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 9/10 Extreme 18 unhealthy d/yr today · 19 by 30 yrs out

Taxation est. · year 1

• Rental income: $11,918
• − Mortgage interest: −$7,002
• − Property taxes: −$439
• − Insurance: −$625
• − Repairs & maintenance: −$953
• − Management: −$953
• − Depreciation: −$3,636
• Taxable loss: −$1,691
• Est. tax savings @ 24.0%: +$406
• After-tax cash flow: $891/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 — Sprague River

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 3,756

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 (71%)
• Race & ethnicity: White 71% Native American 16% Two or more races 10% Hispanic / Latino 4%
• Common ancestry: Serbian 5% Portuguese 4% Slovak 3%
• Foreign-born: 4% · Canada
• Languages at home: 92% English-only · Russian/Polish/Slavic 2% Spanish 1%

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: ▲ 85.46%
• Current HPI: 483.6619
• 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

+1983.3% since first listed

2 events — show timeline

• 2026-06-11 Listed $125,000 RMLS
• 2002-05-20 Sold (Public Records) $6,000 Public Records

Property tax history

+3.6%/yr

Latest (2025): $439 · +5.1% YoY. Source: county tax records.