11803 SE Division St #38 · Portland, OR 97266

$49,000

3 bd · 1.0 ba · 720 sqft · Manufactured public records · 23 Days on market

Built 1971 $68/sqft · at area comps Est $57k · 13% under ↓ 23% since listing

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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
• ARV discount +13.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

(Open House Saturday 3-5pm. )This charming 3 bedroom, 2 bathroom manufactured home offering 720sqft of living space that blends comfort, style, and versatility. Move in ready and updated with modern upgrades throughout, this home provides a warm and welcoming atmosphere perfect for a variety of lifestyles. One of the standout features is the spacious additional room with its own private entrance and bathroom, offering excellent flexibility for guests, multigenerational living, a home office, or added privacy. The functional layout maximizes every square foot while maintaining an open and comfortable feel. Whether you're looking for a cozy primary residence, an investment opportunity, or a

Key facts

• Private entrance
• Built 1971
• Listed 22 days

Tags

• SPACIOUS ADDITIONAL ROOM
• PRIVATE ENTRANCE
• FLEXIBLE LIVING ARRANGEMENT

Property features AI

Finance

• Financial info: Resale property
• HOA & community: Located in Portland Mobile Home Community (space in a park); Lot rent $980 monthly

Exterior

• Parking: On-street parking
• Utilities: Electric fuel; Public water; Public sewer
• Home design: Manufactured home in a park (residential); Single-story / one level; No notable view
• Construction: Built in 1971; Composition roof; Skirting foundation
• Exterior features: Yard; Level lot; Concrete and paved road access; Metal siding

Interior

• Kitchen: Microwave
• Bedrooms: Primary bedroom on the main level with closet; Second bedroom on the main level with closet; Third bedroom on the main level
• Bathrooms: Two full bathrooms (both on the main level)
• Heating & cooling: Forced air heating; No central cooling
• Interior features: Accessible one-level layout; Washer and dryer included; Vinyl window frames; Crawl space basement
• Laundry & utility: Washer and dryer included; Electric hot water

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath manufactured listed at $49k.

Deal economics

• At list price, monthly cash flow is $991 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $49k).
• Recommended offer: $48k (1.5% below list) — sets the bar for market timing.
• Cap rate 30.6% vs local median 2.2% in Portland — 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 77/100 on livability (#72 in OR, #3,256 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: crime F, cost of living F.
• David Douglas SD 40 (urban): math 34% / reading 49% proficiency, ranked #99 of 183 in OR (top 54%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-0.1%/yr); 205 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 2,041 units permitted in Multnomah County in 2024 (905 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $339 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Multnomah County population projected at +33% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $26k (35%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $48,265 (1.5% below list)

Questions for the listing agent

1. Built in 1971 — 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: 3.43% ✓
• Cap rate: 30.56%
• Cash-on-cash: 86.65%
• DSCR: 4.86
• GRM: 2.4

CMA / ARV

• ARV (median comp): $56,556
• List price: $49,000
• Delta: 2.55%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12726 SE Division St #33	0.50mi	2/1.0 (-1)	744 (+3%)	15mo	$60,000	$81	54
3441 SE 111th Ave #6	0.66mi	2/1.0 (-1)	710 (-1%)	23mo	$106,000	$149	43
12726 SE Division St #1	0.50mi	2/1.0 (-1)	784 (+9%)	20mo	$58,500	$75	41

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 83.7%
• Equity multiple: 4.66×
• Total profit: $50,255
• Equity at exit: $7,306

10-year hold

• IRR: 86.3%
• Equity multiple: 8.73×
• Total profit: $106,060
• Equity at exit: $4,237

Cash invested: $13,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (CITY): 0 Strongly Tenant-Friendly
• State Oregon: 28 Tenant-Leaning · D+6
• County: — inherits STATE
• City Portland: 0 Strongly Tenant-Friendly · D+39

Mandatory relocation for no-cause evictions; rent increase notice 90 days.

Methodology + full state rankings →

ZIP-level market 97266

• Rents YoY: -0.1%
• Active inventory: 205
• Price-to-rent: 2.4×

Monthly cashflow live

• Estimated rent: $1,683 high
• Mortgage (P&I): −$257
• Tax est. 1.5%: −$61 /mo · $735/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$353
• Net cashflow: $991

Break-even live

Break-even rent $429

Max offer price $49,000

Occupancy floor 36%

Sensitivity live

Price	-10% $1,025	-5% $1,008	+0% $991	+5% $974	+10% $957
Rent	-10% $858	-5% $924	+0% $991	+5% $1,057	+10% $1,124
Rate	-1.0pp $1,015	-0.5pp $1,003	base $991	+0.5pp $978	+1.0pp $965

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: $12,250
• Closing costs: $1,470
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2016 SE 122nd Ave Portland, OR	1.0–2.0	1.0–1.5	881	$1,875	$2.13	13d	9	0.36mi
2016 SE 122nd Ave Portland, OR	1.0–2.0	1.0–1.5	881	$1,875	$2.13	8d	9	0.36mi
12094 SE Market St Portland, OR	2.0	2.0	700	$1,800	$2.57	44d	1	0.46mi
12815 SE Division St Unit 12809 Portland, OR	2.0	1.0	700	$1,325	$1.89	20d	1	0.52mi
12815 SE Division St Portland, OR	2.0	1.0	700	$1,300	$1.86	44d	2	0.52mi
12815 SE Division St Unit 12811 Portland, OR	2.0	1.0	700	$1,300	$1.86	24d	1	0.52mi
12550 SE Powell Blvd Portland, OR	1.0–3.0	1.0–2.0	1075	$2,300	$2.14	3d	2	0.69mi
12530 SE Powell Ct Portland, OR	1.0–2.0	1.0	642	$1,625	$2.53	5d	9	0.70mi
13210 SE Division St Portland, OR	2.0	1.0	660	$1,495	$2.27	15d	1	0.75mi
11111 SE Bush St Unit 15 Portland, OR	2.0	1.0	750	$1,400	$1.87	18d	1	0.76mi
11111 SE Bush St Unit 11111 Portland, OR	2.0	1.0	750	$1,450	$1.93	44d	1	0.76mi
10941 SE Bush St Unit 22 Portland, OR	2.0	1.0	700	$1,100	$1.57	24d	1	0.77mi
3815 SE 122nd Ave Unit 4 Portland, OR	2.0	1.0	750	$1,500	$2.00	44d	1	0.79mi
3815 SE 122nd Ave Unit 4 Portland, OR	2.0	1.0	750	$1,500	$2.00	24d	1	0.79mi
13130 SE Powell Blvd Unit 19 Portland, OR	2.0	1.0	720	$1,270	$1.76	24d	1	0.89mi
13130 SE Powell Blvd Apt 7 Portland, OR	2.0	1.0	720	$1,195	$1.66	11d	1	0.89mi
13130 SE Powell Blvd Unit 15 Portland, OR	2.0	1.0	720	$1,295	$1.80	24d	1	0.89mi
12636 SE Alder St Portland, OR	1.0–2.0	1.0–2.0	840	$1,550	$1.85	3d	3	0.92mi
10570 SE Cherry Blossom Dr Portland, OR	1.0–3.0	1.0–1.5	879	$1,650	$1.88	3d	7	0.93mi
441 SE 111th Ave Portland, OR	2.0	1.0	740	$1,510	$2.04	24d	6	1.07mi
12621 SE Stark St Portland, OR	1.0–2.0	1.0	564	$1,131	$2.01	44d	1	1.07mi
12026 SE Ash St Unit 214 Portland, OR	2.0	1.0	700	$1,300	$1.86	44d	1	1.11mi
12026 SE Ash St Apt 213 Portland, OR	2.0	1.0	700	$1,350	$1.93	13d	1	1.11mi
12026 SE Ash St Unit 207 Portland, OR	2.0	1.0	700	$1,200	$1.71	24d	1	1.11mi
13746 SE Powell Blvd Portland, OR	2.0–3.0	1.0	763	$1,325	$1.74	4d	2	1.11mi
13110 SE Stark St Unit 02 Portland, OR	2.0	1.0	750	$1,450	$1.93	44d	1	1.15mi
13110 SE Stark St Unit 13 Portland, OR	2.0	1.0	750	$1,375	$1.83	5d	1	1.15mi
10320 SE Pine St Portland, OR	1.0–3.0	1.0–2.0	977	$2,498	$2.56	2d	16	1.28mi
2609 SE 145th Ave Unit E-39 Portland, OR	2.0	1.0	750	$1,299	$1.73	44d	1	1.31mi
2609 SE 145th Ave Unit A-09 Portland, OR	2.0	1.0	750	$1,299	$1.73	24d	1	1.31mi
10610 E Burnside St Portland, OR	2.0	1.0	720	$1,245	$1.73	44d	1	1.33mi
13625 SE Stark St Portland, OR	1.0–2.0	1.0–1.5	787	$1,500	$1.90	8d	5	1.38mi
10451 E Burnside St Portland, OR	2.0	1.0	677	$1,543	$2.28	2d	9	1.40mi
5415 SE 122nd Ave Portland, OR	1.0–2.0	1.0	671	$1,572	$2.34	8d	7	1.46mi

Listing history 19 events

1. 2026-06-18
   days on market $49,000 Active 23 DOM
2. 2026-06-17
   days on market $49,000 Active 22 DOM
3. 2026-06-16
   days on market $49,000 Active 21 DOM
4. 2026-06-15
   days on market $49,000 Active 20 DOM
5. 2026-06-13
   days on market $49,000 Active 18 DOM
6. 2026-06-09
   days on market $49,000 Active 14 DOM
7. 2026-06-08
   days on market $49,000 Active 13 DOM
8. 2026-06-07
   days on market $49,000 Active 12 DOM
9. 2026-06-05
   days on market $49,000 Active 9 DOM
10. 2026-06-03
    days on market $49,000 Active 8 DOM
11. 2026-06-02
    days on market $49,000 Active 7 DOM
12. 2026-06-01
    days on market $49,000 Active 6 DOM
13. 2026-05-31
    days on market $49,000 Active 5 DOM
14. 2026-05-08
    historical
15. 2026-03-26
    price $58,000
16. 2026-01-10
    price $70,000
17. 2025-12-29
    status Active
18. 2025-12-20
    status Pending
19. 2025-11-25
    listed $75,000 Active

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥92°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 10/10 Extreme 23 unhealthy d/yr today · 27 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,193
• − Mortgage interest: −$2,745
• − Property taxes: −$735
• − Insurance: −$245
• − Repairs & maintenance: −$1,615
• − Management: −$1,615
• − Depreciation: −$1,425
• Taxable income: $11,812
• Est. tax owed @ 24.0%: −$2,835
• After-tax cash flow: $9,054/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: David Douglas SD 40
• NCES district ID: 4103940
• Math proficiency: 34% ▲ 1.00%
• Reading proficiency: 49% ▲ 1.00%
• Median HH income: $42,781
• Composite: 37.38/100
• National rank: #8926
• State rank: #99 of 183 in OR

Livability — Portland

• Score: 77/100
• State rank: #72
• US rank: #3256

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Portland, OR
• County: Multnomah County · 786,692 people
• City population: 774,334
• Metro: Portland-Vancouver-Hillsboro, OR-WA
• Population (ZIP): 35,423
• Household income: $72,577
• Rent vs Own: 45.9% rent · 54.1% own
• Severe rent burden: 2167.0

Population outlook (Multnomah County) Hauer SSP2

• Today (2025): 930,825 people
• By 2030: 996,904 · +7.1%
• By 2040: 1,121,379 · +20.5%
• By 2050: 1,242,124 · +33.4%
• By 2075: 1,464,431 · +57.3%
• By 2100: 1,576,181 · +69.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: White 54% Asian 16% Hispanic / Latino 14% Two or more races 11% Black 7% Native American 2%
• Hispanic origin (detail): Mexican 11%
• Common ancestry: Italian 3% Slovak 2% Portuguese 2%
• Foreign-born: 21% · China, Vietnam, Canada
• Languages at home: 70% English-only · Spanish 9% Vietnamese 6% Chinese 6%

Political lean MEDSL · Multnomah

• 2024 margin: Solid D (+62.1) · D 79.3% · R 17.2% · Other 3.5%
• 2008→2024 swing: +6.0pp toward D · 2008: 56.1pp · 2024: 62.1pp
• All cycles: 2024: D+62.1 2020: D+61.3 2016: D+58.3 2012: D+54.9 2008: D+56.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -300.41%
• Current HPI: 308.6145
• Rent YoY: ▼ -0.09%
• 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

-22.7% since first listed

6 events — show timeline

• 2026-05-08 Listing Removed — WVMLS
• 2026-03-26 Price Changed $58,000 WVMLS
• 2026-01-10 Price Changed $70,000 WVMLS
• 2025-12-29 Relisted — WVMLS
• 2025-12-20 Pending — WVMLS
• 2025-11-25 Listed $75,000 WVMLS

Property tax history

-39.5%/yr

Latest (2015): $6 · +0.0% YoY. Source: county tax records.