141 S 17th St #44

Independence, OR 97351

$92,000B+

2 bd · 2.0 ba · 1,056 sqft · Built 1983 · Manufactured · Active · 143 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,636/mo
• Mortgage (P&I): −$482
• Tax + insurance: −$153
• HOA: −$0
• Vac / Maint / Mgmt: −$344
• Net cashflow: $657/mo
• Annual: $7,880/yr
• Cap rate: 14.86%
• Cash-on-cash: 30.59%
• DSCR: 2.36
• 1% rule: 1.78%
• Cash to close: $25,760

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $92k. Condition is rated fair.
• At list price, monthly cash flow is $657 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $92k).
• It's been on market 143 days — a 12% lower offer ($81k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $81k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $636 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#194 in OR) — a middle-class / working-renter tenant base. Strengths: housing A+, commute A, crime B; Watch: employment D+, health & safety D+, schools F.
• Central SD 13J (town): math 26% / reading 41% proficiency, ranked #149 of 183 in OR (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.4%/yr); 47 active listings in the ZIP; 31 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 177 units permitted in Polk County in 2024 (14 in 5+ unit buildings).
• Polk County population projected at +25% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $37k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 5.4% rent growth), your $26k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 14.9% vs local median 3.4% in Independence — 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.

Questions for listing agent

• It's been on market 143 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: exterior siding — Significant wear and tear
• Major: interior walls — Visible wear and tear
• Major: flooring — Worn-out carpet